Corpay

ticker: FLT step: 01 generated: 2026-05-13 source: quick-research

Corpay, Inc. (FLT / CPAY) — Business Overview

Note: FleetCor Technologies rebranded to Corpay, Inc. in 2024 and changed its NYSE ticker from FLT to CPAY to reflect its strategic pivot toward corporate payments. It remains indexed as FLT in the S&P 500 as of early 2026.

Business Description

Corpay is a global business payments company operating across three segments: Vehicle Payments (commercial fleet fuel cards, toll/parking, ~55% of revenue), Corporate Payments (virtual cards, cross-border FX, AP automation, ~31% of revenue, fastest-growing), and Lodging Payments (workforce/airline/insurance crew accommodation, ~14% of revenue). FY2024 revenue was $3.97B (+6% YoY); FY2026 guidance at $5.27B midpoint reflects accelerated growth from the $2.2B Alpha Group (FX/treasury services) acquisition (July 2025) and Mastercard's strategic minority investment in Corpay's cross-border platform.

Revenue Model

Primarily transaction-based: (1) Fleet/vehicle fee revenue — percentage of fuel transaction value + tolls + ancillary fees; (2) Virtual card interchange — Corpay issues virtual cards for AP automation and earns interchange/rebates; (3) Cross-border FX spread — Corpay earns bid-ask spreads on FX transactions for corporate clients (GPS Capital Markets + Alpha Group); (4) Lodging program management — negotiated rate arbitrage between hotel suppliers and corporate customers; (5) SaaS/subscription — analytics and fleet management software. FY2024 adj. net income margin ~35%. Long track record: 10%+ organic revenue growth and 13%+ EBITDA growth over many years.

Products & Services

• Corpay ONE — integrated corporate card + AP automation for SMBs
• Corpay Payables — enterprise AP automation and virtual card issuance
• Paymerang — AP automation acquisition (2024); mid-market focus
• GPS Capital Markets — cross-border corporate FX (acquisition Dec 2024)
• Alpha Group — institutional FX and treasury services ($2.2B acquisition, July 2025); ~7,000 clients, $3B deposits
• Mastercard minority investment — Mastercard took a minority stake in Corpay's cross-border payments platform, validating the strategy
• Fleet Card Products — branded fleet cards (in U.S., Brazil, UK, Australia, Russia, New Zealand)
• Comdata — truck stop network and fleet cards for long-haul transportation
• Lodging Solutions — workforce housing, airline crew hotels, insurance displacement housing
• EV Integration — expanding fleet card acceptance to EV charging networks

Customer Base & Go-to-Market

Large, diverse customer base: SMB fleets + Fortune 500 treasury departments + airlines + insurance carriers + logistics companies. B2B only (no consumer). Distribution: direct sales + reseller/banking partnerships + embedded software integrations. Geography: U.S. largest; Brazil, UK, Netherlands, Australia significant international.

Competitive Position

In fleet: competes with WEX, Comdata (own), and fuel brand cards. In corporate payments/FX: competes with Convera, OFX, Western Union Business, and banks' own FX desks. Corpay's differentiation: scale (processes $1T+ in annual spend), proprietary network data, acquisition-driven geographic and product expansion, and the emerging cross-border payments platform. The Mastercard minority investment in the cross-border segment is a significant competitive validation and distribution amplifier.

Key Facts

• Founded: 2000 (as FleetCor Technologies)
• Headquarters: Atlanta, Georgia
• Employees: ~10,000
• Exchange: NYSE (ticker changed from FLT to CPAY in 2024)
• Sector / Industry: Financials / B2B Payments & Corporate Payments
• Market Cap: ~$20–25B (at ~$280–320/share)

ticker: FLT step: 04 generated: 2026-05-13 source: quick-research

Corpay, Inc. (FLT / CPAY) — Financial Snapshot

Income Statement Summary

FY2024: Revenue $3.97B (+5.8%); adj. net income margin ~35%; Corporate Payments +26% YoY to $1.23B (31% of total). FY2025: Revenue accelerated significantly with Alpha Group acquisition (closed July 2025) — Q4 2025 revenues $1.25B (+20.7% YoY). FY2026 guidance: revenue $5.27B midpoint. Corporate Payments expected to exceed $1.5B in FY2025 (40% of total). Mastercard minority investment in cross-border platform validates strategy. Q1 2026 EPS guidance ($5.38–5.52) was below Street consensus ($5.82) — near-term integration/transition headwind.

Cash Flow & Balance Sheet (FY2024)

Corpay carries significant debt from its acquisition-driven growth strategy, but generates $1.5–2B in annual FCF to service and reduce it. Adj. free cash flow conversion is high (~90%+ of adj. net income). The $2.2B Alpha Group acquisition (2025) increased leverage temporarily. The Mastercard investment (undisclosed size) provided capital to partially offset.

Key Ratios (approximate)

• P/E: ~16–18x (non-GAAP) | EV/EBITDA: ~14–16x | FCF Yield: ~5–7%
• Revenue Growth: +5.8% organic (FY2024), accelerating with Alpha Group
• Adj. EBITDA Margin: ~47% (industry-leading for B2B payments)

Growth Profile

Corpay grew from ~$3.4B (FY2022) to $3.97B (FY2024) organically — modest but high-quality growth — then accelerated via the Alpha Group acquisition toward FY2026 guidance of $5.27B. The Corporate Payments segment is the strategic future: cross-border FX (Alpha Group, GPS Capital Markets) + AP automation (Paymerang, Corpay ONE) + virtual cards are compounding at 20–26% organically, far above the 5–8% fleet segment. The transformation from "fleet card company" to "global corporate payments platform" is the re-rating thesis.

Forward Estimates

• FY2026: Revenue $5.27B midpoint (+10–15% organic + Alpha Group full-year contribution)
• Adj. EPS FY2026: ~$22–25 (mid-teens growth)
• Analyst consensus PT: ~$350–390 (majority Buy) vs. current ~$280–320
• Morgan Stanley: Overweight, PT $390; Mizuho: Buy, PT $340
• Q1 2026 guidance soft ($5.38–5.52 adj. EPS vs. Street $5.82) — integration headwind acknowledged