Corpay

As of September 30, 2025 Corpay reported approximately $8.1 billion of total debt (including securitization) and $2.0 billion of cash, plus restricted cash balances that support program flows. The company upsized its credit facilities in 2025 and has maintained BB+/Ba1 ratings with stable outlooks.

Interest‑rate exposure is actively hedged via SOFR swaps. Liquidity is ample with meaningful revolver capacity. Leverage at this level requires disciplined integration and steady cash conversion, but the business model is asset‑light and historically cash‑generative.

Key risks: a sharper macro slowdown, credit losses from SMB exposure, integration debt for Alpha, and adverse rate moves.