Corpay

Playbook: reinvest in product and distribution, serial M&A in Corporate Payments/cross‑border, and opportunistic buybacks.

In 2024 Corpay deployed ~$2.5 billion including GPS and Paymerang and repurchased ~$1.3 billion of stock while keeping leverage ~2.75x; in 2025 it closed a 34% AvidXchange take‑private with option to buy the remainder, completed Alpha (≈$2.2–2.4 billion EV) and accepted a $300 million Mastercard investment into Cross‑Border at a ≈$13 billion valuation.

SBC appears moderate relative to earnings, and buybacks more than offset dilution; remaining authorization extends into 2026. Execution risk is non‑trivial given integration pace, but strategic intent to push mix toward Corporate Payments is rational and moat‑accretive.