Home > Comparison > Technology > CRWD vs CPAY
The strategic rivalry between CrowdStrike Holdings, Inc. and Corpay, Inc. shapes the evolution of the software infrastructure sector. CrowdStrike operates as a cutting-edge cybersecurity platform focused on cloud-delivered endpoint protection. Corpay, in contrast, specializes in comprehensive corporate payment solutions, blending technology with financial services. This analysis contrasts their operational models and growth prospects to identify which offers the superior risk-adjusted return for a diversified portfolio in 2026.
Table of contents
Companies Overview
CrowdStrike and Corpay stand as pivotal players in the software infrastructure sector, each commanding distinct market segments.
CrowdStrike Holdings, Inc.: Cybersecurity Innovator
CrowdStrike dominates the cybersecurity space by delivering cloud-based endpoint and workload protection. Its core revenue stems from subscription sales of the Falcon platform and cloud modules. In 2026, the company strategically emphasizes expanding threat intelligence and Zero Trust identity protection, leveraging direct sales and channel partnerships to scale globally.
Corpay, Inc.: Payment Solutions Specialist
Corpay leads in business payment management, focusing on vehicle-related and corporate expense solutions worldwide. It generates revenue through payments for fuel, tolls, lodging, and accounts payable automation. The firm’s 2026 strategy centers on broadening cross-border payment capabilities and virtual card offerings to enhance corporate travel and expense workflows.
Strategic Collision: Similarities & Divergences
Both firms operate in software infrastructure but diverge sharply in focus: CrowdStrike builds a closed, security-centric ecosystem, while Corpay operates an open payment network spanning multiple industries. Their primary battleground lies in corporate IT spending—security versus payment automation. These differences define distinct investment profiles: high-growth cybersecurity meets steady, transaction-based payment processing.
Income Statement Comparison
The following data dissects the core profitability and scalability of both corporate engines to reveal who dominates the bottom line:
| Metric | CrowdStrike Holdings, Inc. (CRWD) | Corpay, Inc. (CPAY) |
|---|---|---|
| Revenue | 3.95B | 4.53B |
| Cost of Revenue | 991M | 1.36B |
| Operating Expenses | 3.08B | 1.21B |
| Gross Profit | 2.96B | 3.17B |
| EBITDA | 295M | 2.34B |
| EBIT | 81M | 1.95B |
| Interest Expense | 26M | 404M |
| Net Income | -19M | 1.07B |
| EPS | -0.08 | 15.25 |
| Fiscal Year | 2025 | 2025 |
Income Statement Analysis: The Bottom-Line Duel
This income statement comparison exposes the true efficiency and profitability engines behind CrowdStrike and Corpay’s recent financial performance.
CrowdStrike Holdings, Inc. Analysis
CrowdStrike’s revenue soared from 874M in 2021 to nearly 4B in 2025, reflecting robust growth. However, net income remains volatile, swinging from a loss of 93M in 2021 to a 89M profit in 2024, then back to a 19M loss in 2025. Its gross margin stays favorable near 75%, but net margin turns negative, signaling cost pressures and uneven profitability momentum.
Corpay, Inc. Analysis
Corpay generated steady revenue gains, rising from 2.83B in 2021 to 4.53B in 2025. Net income followed suit, climbing consistently to 1.07B in 2025. The company boasts a strong gross margin around 70% and an impressive EBIT margin above 43%, underlining operational efficiency. Despite a slight dip in net margin growth last year, Corpay maintains solid profitability and stable earnings momentum.
Growth Surge vs. Margin Strength
CrowdStrike impresses with explosive revenue growth over five years but struggles with net income consistency and margin compression. Corpay delivers less dramatic top-line gains but sustains high profitability and strong margin discipline. For investors prioritizing steady, margin-driven earnings, Corpay’s profile appears more attractive; those focused on rapid growth face higher risk with CrowdStrike’s uneven bottom line.
Financial Ratios Comparison
These vital ratios act as a diagnostic tool to expose the underlying fiscal health, valuation premiums, and capital efficiency of the companies compared below:
| Ratios | CrowdStrike Holdings, Inc. (CRWD) | Corpay, Inc. (CPAY) |
|---|---|---|
| ROE | -0.59% (2025) | 27.55% (2025) |
| ROIC | 0.70% (2025) | 8.78% (2025) |
| P/E | -5055.7 (2025) | 19.73 (2025) |
| P/B | 29.71 (2025) | 5.43 (2025) |
| Current Ratio | 1.67 (2025) | 0.98 (2025) |
| Quick Ratio | 1.67 (2025) | 0.98 (2025) |
| D/E | 0.24 (2025) | 2.58 (2025) |
| Debt-to-Assets | 9.07% (2025) | 37.86% (2025) |
| Interest Coverage | -4.58 (2025) | 4.83 (2025) |
| Asset Turnover | 0.45 (2025) | 0.17 (2025) |
| Fixed Asset Turnover | 4.76 (2025) | 9.59 (2025) |
| Payout ratio | 0% (2025) | 0% (2025) |
| Dividend yield | 0% (2025) | 0% (2025) |
| Fiscal Year | 2025 | 2025 |
Efficiency & Valuation Duel: The Vital Signs
Ratios act as a company’s DNA, revealing hidden risks and operational excellence through clear, quantifiable measures.
CrowdStrike Holdings, Inc.
CrowdStrike shows weak profitability with negative ROE and net margins, signaling operational challenges. Its valuation appears stretched, despite a favorable P/E driven by losses. The company maintains a strong current ratio and low debt, but lacks dividends, reinvesting heavily in R&D to fuel future growth.
Corpay, Inc.
Corpay delivers robust profitability, with a strong ROE of 27.55% and healthy net margins. Its valuation is moderate, reflecting reasonable P/E but elevated debt levels and a low current ratio, which raises liquidity concerns. Corpay does not pay dividends, focusing instead on operational efficiency and growth.
Operational Strength vs. Financial Stability
CrowdStrike balances risk with solid liquidity and low leverage but suffers from negative returns and stretched valuation. Corpay offers superior profitability but carries higher debt and weaker liquidity. Investors prioritizing operational efficiency may favor Corpay, while those valuing financial stability might lean toward CrowdStrike.
Which one offers the Superior Shareholder Reward?
I observe CrowdStrike (CRWD) opts for zero dividends, reinvesting heavily in growth and innovation, with no buybacks. Corpay (CPAY) also pays no dividends but executes significant buybacks, enhancing shareholder value directly. CPAY’s free cash flow per share of $18.5 and buyback intensity suggest a more shareholder-friendly capital allocation. CRWD’s reinvestment suits growth investors but risks margin volatility. CPAY’s robust 24% net margin, consistent free cash flow coverage, and buybacks offer a sustainable, attractive total return. I conclude Corpay provides the superior shareholder reward in 2026.
Comparative Score Analysis: The Strategic Profile
The radar chart reveals the fundamental DNA and trade-offs of CrowdStrike Holdings, Inc. and Corpay, Inc., highlighting their financial strengths and valuation dynamics:
Corpay leads with a more balanced profile, excelling in discounted cash flow (5 vs. 4) and return on equity (5 vs. 1). CrowdStrike struggles with profitability, reflected in very low ROE and ROA scores (both 1), but maintains moderate leverage control (debt-to-equity score 3 vs. 1 for Corpay). Valuation metrics (PE and PB scores) favor Corpay moderately, indicating it is less undervalued compared to CrowdStrike’s very unfavorable scores. Overall, Corpay’s profile shows consistent operational efficiency, while CrowdStrike relies heavily on discounted cash flow potential amid weaker profitability.
Bankruptcy Risk: Solvency Showdown
Corpay’s Altman Z-Score at 1.59 signals distress zone risk, whereas CrowdStrike’s 11.36 score places it securely in the safe zone, implying a stark contrast in long-term survival prospects:
Financial Health: Quality of Operations
Both firms show average Piotroski F-Scores (CrowdStrike 4, Corpay 5), indicating moderate financial health. Neither company demonstrates peak operational strength, but Corpay holds a slight edge without clear red flags:
How are the two companies positioned?
This section dissects the operational DNA of CrowdStrike and Corpay by comparing their revenue distribution and internal dynamics. The goal is to confront their economic moats to reveal which business model holds the most resilient, sustainable competitive advantage today.
Revenue Segmentation: The Strategic Mix
This visual comparison dissects how CrowdStrike Holdings, Inc. and Corpay, Inc. diversify their income streams and where their primary sector bets lie:
CrowdStrike anchors revenue heavily in Subscription and Circulation, generating $3.76B in 2025, dwarfing its $192M Professional Services segment. Corpay shows a more diversified mix, with Payments at $2B, Corporate Payments $1.22B, and Lodging $489M. CrowdStrike’s concentration signals strong ecosystem lock-in but raises concentration risk. Corpay’s broader base suggests resilience through sectoral diversification and infrastructure dominance in payments.
Strengths and Weaknesses Comparison
This table compares the Strengths and Weaknesses of CrowdStrike and Corpay based on diversification, profitability, financials, innovation, global presence, and market share:
CrowdStrike Strengths
- Strong subscription revenue base of 3.76B USD
- Diverse geographic sales, including 2.68B USD in the US and growing Asia Pacific and EMEA presence
- Favorable liquidity ratios with current and quick ratios at 1.67
- Low debt-to-assets at 9.07% indicating conservative leverage
- High fixed asset turnover at 4.76 reflecting efficient asset use
Corpay Strengths
- High net margin of 23.62% and ROE of 27.55% indicating strong profitability
- Favorable WACC at 6.26% supports cost-efficient capital structure
- Significant revenue from corporate payments (1.22B USD) and lodging (488M USD)
- Geographic diversification across US (2.08B USD), UK, and Brazil
- High fixed asset turnover of 9.59 points to efficient asset utilization
CrowdStrike Weaknesses
- Negative net margin (-0.49%) and ROE (-0.59%) reflect unprofitability
- ROIC low at 0.7% and high PB ratio at 29.71 signal valuation concerns
- Unfavorable asset turnover at 0.45 suggests weaker sales efficiency
- No dividend yield limits income for investors
- Heavy reliance on US market with less balanced geographic sales
Corpay Weaknesses
- Current ratio below 1.0 (0.98) raises liquidity concerns
- High debt-to-equity ratio at 2.58 implies leveraged balance sheet
- Unfavorable PB ratio at 5.43 indicates potential overvaluation
- Net margin and ROIC neutral to favorable but asset turnover low at 0.17
- No dividend yield may deter income-focused investors
CrowdStrike’s strength lies in its subscription model, geographic expansion, and liquidity, but it struggles with profitability and valuation. Corpay shows robust profitability and capital efficiency but faces liquidity and leverage risks. Both companies must balance growth with financial discipline to sustain competitive advantage.
The Moat Duel: Analyzing Competitive Defensibility
A structural moat shields long-term profits from relentless competition and market pressures. Without it, profits erode quickly. Here’s how CrowdStrike and Corpay defend their turf:
CrowdStrike Holdings, Inc.: Intangible Assets and Network Effects
CrowdStrike’s moat stems from its cloud-native Falcon platform and vast threat intelligence network. This drives high gross margins (~75%) but margin pressure caps EBIT near 2%. Its expanding global footprint in 2026 suggests deeper data moats but rising competition risks margin compression.
Corpay, Inc.: Cost Advantage and Operational Scale
Corpay leverages scale in global payments and automated expense management, delivering a robust 43% EBIT margin and over 23% net margin. Unlike CrowdStrike, Corpay’s moat is rooted in cost efficiency and sticky corporate contracts. In 2026, international expansion and product diversification could sustain its value creation despite a slight ROIC decline.
Moat Battle: Intangible Network Effects vs. Operational Scale
Corpay’s cost advantage produces a wider moat with consistent value creation (ROIC > WACC by 2.5%). CrowdStrike’s growing ROIC signals potential but currently destroys value (ROIC < WACC by nearly 8%). Corpay is better positioned to defend market share amid competitive pressures.
Which stock offers better returns?
The past year shows clear divergence in stock price momentum, with one company’s gains slowing while the other accelerates, reflecting distinct trading dynamics and market sentiment.
Trend Comparison
CrowdStrike Holdings, Inc. (CRWD) posted a bullish 25.3% gain over the past 12 months, though recent months reveal a -19.4% decline with decelerating momentum and high volatility.
Corpay, Inc. (CPAY) recorded a bullish 19.8% rise over the same period, with accelerating gains recently peaking at +22.63%, accompanied by lower volatility and strong buyer dominance.
Comparing trends, CRWD delivered higher overall returns but with recent weakness; CPAY shows steadier upward momentum and stronger recent performance.
Target Prices
Analysts present a bullish consensus for CrowdStrike Holdings, Inc. and Corpay, Inc., signaling upside potential from current prices.
| Company | Target Low | Target High | Consensus |
|---|---|---|---|
| CrowdStrike Holdings, Inc. | 353 | 706 | 551.26 |
| Corpay, Inc. | 300 | 390 | 359.33 |
CrowdStrike’s consensus target at 551.26 implies roughly 40% upside from its 395.5 price, reflecting confidence in its cloud security moat. Corpay’s 359.33 target closely matches its 354.19 price, suggesting stable expectations amid evolving payment solutions.
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How do institutions grade them?
The following tables summarize recent institutional grades for CrowdStrike Holdings, Inc. and Corpay, Inc.:
CrowdStrike Holdings, Inc. Grades
This table presents recent analyst grades and actions on CrowdStrike Holdings, Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Macquarie | Maintain | Neutral | 2026-01-27 |
| BTIG | Maintain | Buy | 2026-01-13 |
| Citigroup | Maintain | Buy | 2026-01-13 |
| Keybanc | Downgrade | Sector Weight | 2026-01-12 |
| Berenberg | Upgrade | Buy | 2026-01-09 |
| Morgan Stanley | Maintain | Equal Weight | 2025-12-18 |
| Stephens & Co. | Maintain | Overweight | 2025-12-18 |
| Freedom Capital Markets | Upgrade | Buy | 2025-12-11 |
| Citigroup | Maintain | Buy | 2025-12-04 |
| Goldman Sachs | Maintain | Buy | 2025-12-04 |
Corpay, Inc. Grades
This table presents recent analyst grades and actions on Corpay, Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Mizuho | Maintain | Neutral | 2026-02-06 |
| JP Morgan | Maintain | Overweight | 2026-02-05 |
| RBC Capital | Maintain | Sector Perform | 2026-02-05 |
| Morgan Stanley | Maintain | Overweight | 2026-02-05 |
| Morgan Stanley | Upgrade | Overweight | 2026-01-26 |
| Oppenheimer | Maintain | Outperform | 2026-01-12 |
| Oppenheimer | Upgrade | Outperform | 2025-12-05 |
| UBS | Maintain | Neutral | 2025-11-06 |
| RBC Capital | Maintain | Sector Perform | 2025-11-06 |
| JP Morgan | Maintain | Overweight | 2025-11-06 |
Which company has the best grades?
Corpay, Inc. shows a consistent pattern of upgrades toward Outperform and Overweight ratings, indicating positive analyst sentiment. CrowdStrike Holdings, Inc. has mostly Buy and Neutral grades with a recent downgrade to Sector Weight. Investors may interpret Corpay’s stronger upgrades as a signal of higher confidence from institutions.
Risks specific to each company
The following categories identify critical pressure points and systemic threats facing CrowdStrike Holdings, Inc. and Corpay, Inc. in the 2026 market environment:
1. Market & Competition
CrowdStrike Holdings, Inc.
- Faces intense competition in cloud security with pressure on margins and innovation pace.
Corpay, Inc.
- Operates in a competitive payments space with pressure to expand internationally and innovate payment solutions.
2. Capital Structure & Debt
CrowdStrike Holdings, Inc.
- Maintains low debt-to-equity (0.24), signaling financial prudence and stronger balance sheet.
Corpay, Inc.
- Exhibits high debt-to-equity (2.58), increasing financial risk and vulnerability to interest rate hikes.
3. Stock Volatility
CrowdStrike Holdings, Inc.
- Beta near 1.03 indicates average market volatility and sensitivity to tech sector swings.
Corpay, Inc.
- Lower beta at 0.81 suggests relatively less volatility and defensive stock characteristics.
4. Regulatory & Legal
CrowdStrike Holdings, Inc.
- Must navigate evolving cybersecurity regulations and data privacy laws globally.
Corpay, Inc.
- Faces complex financial regulations across multiple jurisdictions impacting payments and compliance costs.
5. Supply Chain & Operations
CrowdStrike Holdings, Inc.
- Relies heavily on cloud infrastructure stability and software development talent retention.
Corpay, Inc.
- Dependent on third-party payment networks and international transaction processing reliability.
6. ESG & Climate Transition
CrowdStrike Holdings, Inc.
- Faces pressure to enhance data security transparency and reduce carbon footprint in data centers.
Corpay, Inc.
- Must address sustainability in logistics and promote ESG-friendly payment solutions amid rising investor focus.
7. Geopolitical Exposure
CrowdStrike Holdings, Inc.
- Exposure to US-China tensions affecting technology export controls and supply chain.
Corpay, Inc.
- Operates in diverse markets including Brazil and UK, increasing risk from geopolitical instability and currency fluctuations.
Which company shows a better risk-adjusted profile?
CrowdStrike’s most significant risk lies in fierce market competition impacting profitability amid negative margins and weak ROIC. Corpay’s highest risk stems from its leveraged capital structure, raising solvency concerns. Despite CrowdStrike’s operational challenges, its low debt and safe Altman Z-score present a more balanced risk profile. Corpay’s distress-zone Z-score and high leverage signal elevated financial risk, overshadowing its profitability. The recent surge in CrowdStrike’s stock price despite earnings pressure highlights market optimism but underscores execution risk. Corpay’s steady dividend absence and weaker liquidity ratios add caution. Overall, CrowdStrike displays a better risk-adjusted profile in 2026’s volatile tech landscape.
Final Verdict: Which stock to choose?
CrowdStrike’s superpower lies in its rapid revenue growth and expanding profitability, signaling strong market traction in cybersecurity. However, its persistent negative net margins and value destruction on invested capital warrant vigilance. It fits best within an aggressive growth portfolio willing to absorb volatility for future payoff.
Corpay offers a strategic moat through consistent value creation and robust return on equity, driven by efficient capital use and stable cash flows. Its safety profile surpasses CrowdStrike’s, despite heavier leverage and a weaker liquidity position. Corpay suits a GARP portfolio seeking both growth and reasonable financial discipline.
If you prioritize high-growth potential with a tolerance for operational losses, CrowdStrike is the compelling choice due to its accelerating revenue and improving profitability trend. However, if you seek better stability and capital efficiency, Corpay offers superior value creation and a more favorable risk-return balance in a more mature growth phase.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of CrowdStrike Holdings, Inc. and Corpay, Inc. to enhance your investment decisions:
