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Back of Napkin

Corpay, Inc. CPAY

Three-pass checkedFresh as companies report

Corpay's debt reached $10.6B against $3.5B of book equity, three times over, after buying Alpha Group for about $2.4B in October.

Revenue grew 21.5% last quarter and operating income fell 1.5%, because integrating what it bought cost $99.9M in a line that was empty a year ago.

CPAY · price with moving averages

Daily · 6MWeekly · 3Y
$206$263$320$377$433 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Corpay sells businesses the plumbing for paying other businesses. Fuel cards for lorry fleets, which is the original business and still the largest. Corporate payment cards and accounts-payable automation. Cross-border payments and currency hedging, which is what Alpha added. Hotel booking and payment for companies that lodge workers.

The economics are a small slice of an enormous flow. The company estimates businesses spend roughly $145 trillion a year paying each other, and Corpay takes a fee on a sliver of it.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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