CPAY
ACCE-researchedOverview
ACCE thesis
Corpay processes B2B payments across corporate cards, lodging, tolls, and cross-border FX - moving roughly $100B annually through proprietary closed-loop networks that competitors can't easily replicate. Those closed-loop rails create switching costs so deep that enterprise clients essentially rebuild internal workflows around Corpay's infrastructure, keeping churn structurally low even in soft macro environments. The cross-border segment is the growth engine right now, with international revenue expanding faster than the core North American fleet business as CFOs consolidate FX exposure onto a single platform rather than maintaining relationships with three banks. At a 20.6x trailing P/E collapsing to 11.2x forward, the market is pricing in a deceleration that the 25.4% revenue growth and 41.4% operating margins don't support. ROE at 32.1% on a business with 79.7% gross margins tells you this is a capital-light compounder the Street is temporarily mispricing.
- highElevated leverage ratioDebt/Equity of 2.58 is high for a software-infrastructure firm, limiting financial flexibility if revenue growth decelerates.
- moderateInsider selling onlyLast 10 disclosed transactions show $6.13M in sales and zero buys, signaling no insider conviction at current prices.
- moderateWeak sequential growthQoQ revenue growth of just 1.0% contrasts sharply with 25.4% YoY, suggesting possible near-term momentum slowdown.
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Price
Valuation
INVESTORSix independent models converge on one confidence-weighted fair value, with full methodology and editable assumptions.
- +All six models: DCF, P/E and EV/EBITDA comps, Graham, dividend discount, residual income
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Quality
INVESTORThe full quality picture: conviction breakdown, earnings quality, score history, and backtested returns.
- +Conviction score breakdown and earnings-quality grade
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- +90-day score history and score-threshold backtests
Analysts
Wall Street consensus
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
- +Price-target low / average / high vs the current price, with implied upside
- +Forward revenue and EPS consensus by fiscal year
- +ACCE fair-value models lined up against the Street
Smart Money
PROFollow the institutions: 13F position changes, insider trades, and active 13D activist filings.
- +Quarter-over-quarter institutional position changes
- +Recent open-market insider transactions
- +Active 13D activist filings and top holders
Compare
Where it sits vs peers
Algorithmic peers (6)
| Ticker | Company | Mcap | P/E | ROE | D/E | Yield | Quality | |
|---|---|---|---|---|---|---|---|---|
| VRSN | VeriSign Inc. Common Stock | $27.4B | 32.9 | 0.0% | -0.83 | 1.1% | - | Compare |
| FFIV | F5 Inc. Common Stock | $24.5B | 34.5 | 19.8% | 0.01 | 0.0% | - | Compare |
| IOT | Samsara Inc. Class A Common Stock | $23.2B | 263.7 | 6.4% | 0.01 | 0.0% | - | Compare |
| MDB | MongoDB Inc. Class A Common Stock | $30.9B | 525.4 | 2.0% | 0.00 | 0.0% | - | Compare |
| RBRK | Rubrik Inc. Class A Common Stock | $22.0B | - | 0.0% | -2.18 | 0.0% | - | Compare |
| ADYEN.AS | Adyen | $31.8B | 24.7 | 21.3% | 0.01 | 0.0% | - | Compare |
Sector report card
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News and Record
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