{"schemaVersion":1,"research":true,"symbol":"cpay","name":"Corpay","topic":"moat","path":"/stock/cpay/moat","status":"published","version":3,"updatedAt":"2026-10-18T00:24:02.943Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Corpay has a narrow moat from payment workflows embedded in customer systems, supported by ERP integrations, reconciliation services and proprietary acceptance infrastructure. These create plausible replacement friction, although actual retention and switching costs are not quantified. Pricing evidence is mixed: lodging and gift yields improved, while Corporate Payments revenue per spend dollar declined because of customer mix. The passages do not establish a wide moat, proven network effects or a companywide cost advantage.","advantages":[{"mechanism":"switching_costs","claim":"Existing ERP integrations and support for complex approval, payment and reconciliation workflows make replacing Corpay operationally consequential. Proprietary merchant acceptance infrastructure complements this integration. The switching advantage is an inference from disclosed product functionality, rather than a measured customer migration cost.","durability":"Potentially multiyear where customers embed Corpay in accounts payable processes. Five-to-ten-year expected benefits for capitalized contract costs support management's expectation of lasting relationships, but are accounting estimates rather than demonstrated retention. The evidence supports a narrow advantage without establishing exceptional durability.","risks":"Alternative providers could reproduce integrations or simplify migration. Stablecoin payments could weaken bank-dependent cross-border services. Acquisitions complicate growth comparisons, and the realized FTC-related contingent loss demonstrates regulatory exposure. Improved segment yields do not establish unrestricted pricing power.","invalidation":"The thesis would fail if customers routinely replaced integrated Corpay workflows without substantial implementation effort, or disclosed renewals and customer cohorts showed sustained attrition or concessions despite continued integration. Persistent declines in comparable-customer payment yields and volumes following adoption of alternative payment rails would also undermine it.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: enterprise payment hierarchies, workflows and ERP integration","excerpt":"Our mid-market/enterprise solution meets the needs of the most complex global enterprises with multiple organizational hierarchies, approval workflows, locations, bank accounts, robust on-demand reporting and seamless integration with Enterprise Resource Planning (ERP) systems."},{"id":"e2","sourceId":"filing-1","location":"Business: remittance data and reconciliation","excerpt":"We also provide rich data on the remittance to the vendor, regardless of payment modality, which facilitates invoice reconciliations and payment posting."},{"id":"e3","sourceId":"filing-1","location":"Business: existing virtual card ERP integrations","excerpt":"We have integrated our virtual card offering into most leading enterprise resource planning (ERP) systems, providing a seamless experience for our customer's accounts payable personnel."},{"id":"e4","sourceId":"filing-1","location":"Business: proprietary merchant acceptance network","excerpt":"We have built a proprietary merchant acceptance network that accepts our virtual card payments."},{"id":"e5","sourceId":"filing-1","location":"Accounting policies: expected benefit period for contract costs","excerpt":"Contract acquisition and fulfillment costs are amortized using the straight-line method over the expected period of benefit (ranging from five to ten years)."},{"id":"e6","sourceId":"filing-3","location":"Business model: recurring volumes and asserted competitive barriers","excerpt":"In addition to delivering meaningful value to our customers, our solutions also share several important and attractive business model characteristics including: •Majority of revenue is derived primarily from business customers, which tend to have relatively predictable consistent volumes; •Recurring revenue models driven by recurring volume, resulting in predictable revenue; •Unique selling systems with common sales approaches, management and reporting; •Specialized technology platforms and proprietary payment acceptance networks, which we believe create competitive advantages and barriers to entry; and •Attractive EBITDA margins and strong cash flow conversion with relatively limited incremental infrastructure investment requirements."},{"id":"e7","sourceId":"filing-1","location":"2025 results: Corporate Payments revenue per spend dollar","excerpt":"Corporate Payments revenue per spend dollar decreased over the prior year due to the impact of new cross-border enterprise clients."},{"id":"e8","sourceId":"filing-1","location":"Risk factors: cross-border dependence on bank relationships","excerpt":"Because our cross-corder solution relies on carefully curated bank relationships, our exposure to these dynamics may be greater than that of certain competitors that are less dependent on traditional banking models."},{"id":"e9","sourceId":"filing-1","location":"Risk factors: potential blockchain price and volume competition","excerpt":"The success of stablecoin and blockchain-based payments could increase price competition and diminish volume on our existing solutions."},{"id":"e10","sourceId":"filing-2","location":"Second-quarter 2026 results: FTC-related contingent loss and dispositions","excerpt":"Vehicle Payments operating income decreased in the three months ended June 30, 2026 due to the impact of a contingent loss related to the FTC legal matter of $100 million and the impact of dispositions."},{"id":"e11","sourceId":"filing-1","location":"2025 results: gift transaction volume and revenue per transaction","excerpt":"Other Other revenues were $285.1 million in 2025, an increase of 11.7% compared to the prior year, driven by strong transaction volume and revenue per transaction growth in the gift card business."},{"id":"e12","sourceId":"filing-2","location":"Second-quarter 2026 results: lodging revenue per room night","excerpt":"The increase in Lodging Payments revenues was primarily due to an increase in revenue per room night across all solutions."},{"id":"e13","sourceId":"filing-1","location":"Market risk: merchant pricing agreements","excerpt":"The impact of changes in fuel price is somewhat mitigated by our agreements with certain merchants, where the price paid to the merchant is equal to the lesser of the merchant’s cost plus a markup or a percentage of the transaction purchase price."},{"id":"e14","sourceId":"filing-2","location":"Market risk: competitive constraints on customer fuel prices","excerpt":"The fuel price that we charge to our customer is dependent on several factors including, among others, the fuel price paid to the merchant, posted retail fuel prices and competitive fuel prices."},{"id":"e15","sourceId":"filing-1","location":"2025 results: Corporate Payments operating income growth","excerpt":"Corporate Payments operating income was $639.8 million in 2025, an increase of 28.4% compared to the prior year."},{"id":"e16","sourceId":"filing-1","location":"2025 results: integration synergies, investments and expenses","excerpt":"Corporate Payments operating income increased primarily due to the reasons discussed above and integration synergies, partially offset by sales investments to grow the business and one-time deal-related and integration expenses."},{"id":"e17","sourceId":"filing-1","location":"2025 results: lodging operating income and margin decline","excerpt":"Lodging Payments operating income and margin declined from the prior period due to the reasons discussed above."},{"id":"e18","sourceId":"filing-2","location":"Unaudited income statements: first-half and second-quarter 2026 results","excerpt":"and Subsidiaries Unaudited Consolidated Statements of Income (In Thousands, Except Per Share Amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues, net $ 1,338,809 $ 1,102,030 $ 2,599,796 $ 2,107,697 Expenses: Processing 275,165 238,517 547,227 460,361 Selling 150,607 115,777 298,814 223,334 General and administrative 223,674 176,994 427,473 333,953 Depreciation and amortization 118,297 91,350 233,123 183,538 Other operating, net 99,891 2 107,242 (3) Gain on disposition, net 1,099 — 122,522 — Operating income 472,274 479,390 1,108,439 906,514 Other expenses: Other expense (income), net 6,278 (10,572) 27,326 (6,477) Interest expense, net 114,719 96,872 224,819 190,794 Loss on extinguishment of debt 6,557 — 6,557 1,596 Total other expenses, net 127,554 86,300 258,702 185,913 Income before income taxes 344,720 393,090 849,737 720,601 Provision for income taxes 92,932 109,012 244,235 192,648 Net income 251,788 284,078 605,502 527,953 Less: Net income (loss) attributable to noncontrolling interest 3,481 (90) 7,129 552 Net income attributable to Corpay $ 248,307 $ 284,168 $ 598,373 $ 527,401 Earnings per share: Basic earnings per share attributable to Corpay* $ 3.75 $ 4.03 $ 8.91 $ 7.49 Diluted earnings per share attributable to Corpay* $ 3.70 $ 3.98 $ 8.79 $ 7.38 Weighted average shares outstanding: Basic shares 65,542 70,546 66,536 70,432 Diluted shares 66,325 71,429 67,379 71,494 *Basic and diluted earnings per share amounts are determined under the two-class method."},{"id":"e19","sourceId":"filing-2","location":"June 2026 balance sheet: debt, cash and outstanding shares","excerpt":"Financial Statements Corpay, Inc. and Subsidiaries Consolidated Balance Sheets (In Thousands, Except Share and Par Value Amounts) June 30, 2026 December 31, 2025 (Unaudited) Assets Current assets: Cash and cash equivalents $ 3,163,539 $ 2,408,097 Restricted cash 7,004,803 6,583,843 Accounts and other receivables (less allowance for credit losses of $176,244 at June 30, 2026 and $170,957 at December 31, 2025) 2,656,036 2,145,679 Securitized accounts receivable—restricted for securitization investors 2,300,000 1,823,000 Prepaid expenses and other current assets 1,359,614 1,002,621 Total current assets 16,483,992 13,963,240 Property and equipment, net 472,324 472,310 Goodwill 7,149,978 7,564,822 Other intangibles, net 2,919,689 3,237,729 Investments 576,175 601,942 Other assets 622,009 568,092 Total assets $ 28,224,167 $ 26,408,135 Liabilities and equity Current liabilities: Accounts payable $ 2,275,799 $ 1,564,548 Accrued expenses 568,426 606,600 Customer deposits 8,915,786 8,118,566 Securitization facility 2,300,000 1,823,000 Current portion of notes payable and lines of credit 2,225,389 1,522,530 Other current liabilities 673,699 661,433 Total current liabilities 16,959,099 14,296,677 Notes payable and other obligations, less current portion 6,098,142 6,656,157 Deferred income taxes 599,773 614,345 Other noncurrent liabilities 665,201 612,279 Total noncurrent liabilities 7,363,116 7,882,781 Commitments and contingencies (Note 12) Redeemable noncontrolling interest 314,000 302,000 Stockholders’ equity: Common stock, $0.001 par value; 475,000,000 shares authorized; 132,878,962 shares issued and 65,655,113 shares outstanding at June 30, 2026; and 132,186,610 shares issued and 68,362,289 shares outstanding at December 31, 2025 133 132 Additional paid-in capital 4,116,011 3,970,077 Retained earnings 10,857,309 10,264,751 Accumulated other comprehensive loss (1,356,551) (1,392,154) Less treasury stock, 67,223,849 shares at June 30, 2026 and 63,824,321 shares at December 31, 2025 (10,075,018) (8,958,942) Total Corpay stockholders’ equity 3,541,884 3,883,864 Noncontrolling interest 46,068 42,813 Total equity 3,587,952 3,926,677 Total liabilities, redeemable noncontrolling interest and equity $ 28,224,167 $ 26,408,135 See accompanying notes to unaudited consolidated financial statements."},{"id":"e20","sourceId":"filing-2","location":"Stockholders' equity: actual first-half 2026 repurchases","excerpt":"During the six months ended June 30, 2026, the Company repurchased 3.4 million shares for an aggregate purchase price of $1.1 billion."},{"id":"e21","sourceId":"filing-1","location":"2024 results: goodwill impairment","excerpt":"The Other operating loss in 2024 was driven by a $90 million non-cash goodwill impairment recorded in 2024."},{"id":"e22","sourceId":"filing-2","location":"Financing: June 2026 covenant compliance","excerpt":"The Company was in compliance with all financial and non-financial covenants under the Credit Agreement and Securitization Facility at June 30, 2026."},{"id":"e23","sourceId":"filing-3","location":"Compensation: disclosed ownership, clawback and trading policies","excerpt":"CORPAY AT A GLANCE Forward-Leaning Compensation Practices Corpay has embraced best practices in our compensation programs, which strongly support our pay-for-performance philosophy and culture: •Named executive officer (“NEO”) compensation aligned with Company and, as applicable, division performance •Total target pay levels generally at or below peer median •Significant portion of NEO compensation generally delivered in the form of equity-based awards •Different performance metrics for different compensation components •Incentive payouts tied closely to achieving published guidance •Significant stock ownership requirements •No repricing or cashing out of underwater stock options or stock appreciation rights •No hedging or pledging of common shares •No excise tax gross-ups •Maintain a compensation clawback policy that exceeds the Dodd-Frank Act requirements by extending to executive misconduct •Below-market severance policies •Shareholder engagement includes nomination and governance committee Chair, compensation committee Chair, additional Board members and management •Utilize an independent compensation consultant Shareholder Engagement Results Our 2025 shareholder outreach was a continuation of our annual comprehensive shareholder engagement plan."},{"id":"e24","sourceId":"filing-3","location":"Compensation: actual 2025 performance achievement and earned award","excerpt":"Walker’s 2025 Long-Term Equity Incentive grant with a one-year performance period was earned based on achievement against a target goal of Corpay consolidated full-year GAAP revenue, as adjusted, of $4,487 million for 2025 (all dollar values in millions).(1) Below Threshold (0%) ($) Threshold (25%) ($) Below Target (50%) ($) Below Target (75%) ($) Target (100%) ($) Above Target (125%) ($) Maximum (150%) ($) Achievement ($) Payout (%) Performance- Based Shares Earned (#) <4,352.4 4,352.4 4,397.3 4,442.1 4,487.0 4,531.9 4,576.7 4,447.2 78 938 (1)Corpay consolidated full-year GAAP revenue was adjusted (a) to be consistent with the macro-economic environment assumed in the 2025 budget and (b) for the impact of acquisitions and/or divestitures."},{"id":"e25","sourceId":"filing-3","location":"Compensation: repurchases included in performance metrics","excerpt":"The Company aligns its executive compensation arrangements with its overall capital allocation strategy that helps maximize shareholders’ interests, and share repurchases are accordingly not excluded from our performance metrics."},{"id":"e26","sourceId":"filing-3","location":"Appendix: historical GAAP net income and diluted EPS","excerpt":"Reconciliation of Net Income to Pro Forma Adjusted Net Income Set forth below is a reconciliation of adjusted net income and adjusted net income per diluted share attributable to Corpay to the most directly comparable GAAP measure, net income and net income per diluted share (in millions, except per share amounts): 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Net income attributable to Corpay $1,070 $1,004 $982 $954 $839 $704 $895 $811 $740 $452 $362 $369 $285 $216 $147 $108 Net income per diluted share $15.03 $13.97 $13.20 $12.42 $9.99 $8.12 $9.94 $8.81 $7.91 $4.75 $3.85 $4.24 $3.36 $2.52 $1.76 $1.34 2026 Notice of Annual Meeting & Proxy Statement 79 Table of Contents 23."},{"id":"e27","sourceId":"filing-3","location":"Governance: director independence","excerpt":"Except for our CEO, all of our directors are independent under the NYSE rules."},{"id":"e28","sourceId":"filing-3","location":"Governance: actual 2025 board and committee attendance","excerpt":"Each director attended 100% of Board and applicable committee meetings held during the year."},{"id":"e29","sourceId":"filing-1","location":"Controls: previously reported user-access material weakness","excerpt":"Remediation of Previously Reported Material Weakness As previously disclosed in Part II-Item 9A \"Controls and Procedures\" in our Annual Report on Form 10-K for the year ended December 31, 2024, we identified a material weakness in our internal control over financial reporting related to information technology general controls (ITGCs) in the area of user access management over certain information technology systems used in the execution of controls that support the Company’s financial reporting processes."},{"id":"e30","sourceId":"filing-1","location":"Controls: management and Audit Committee remediation measures","excerpt":"With respect to the material weakness above, management, under the oversight of the Audit Committee, implemented measures designed to ensure that control deficiencies contributing to the material weakness was remediated, and that these controls are designed, implemented and operating effectively."},{"id":"e31","sourceId":"filing-3","location":"Governance: combined CEO and chair leadership structure","excerpt":"The appointment of a Lead Independent Director precludes the need to permanently separate the role of CEO and Chairman of the Board."},{"id":"e32","sourceId":"filing-2","location":"Results comparability: significant acquisition effects","excerpt":"The impact of acquisitions has, and may continue to have, a significant impact on our results of operations and may make it difficult to compare our results between periods."},{"id":"e33","sourceId":"filing-2","location":"Second-quarter 2026 results: transaction volume growth in Other businesses","excerpt":"Other Other revenues were $86.7 million in the three months ended June 30, 2026, an increase of 4.6% from the comparable prior period, driven primarily by strong transaction volume growth in the Gift, Outsourced Card Processing and Payroll card businesses."},{"id":"e34","sourceId":"filing-1","location":"Critical audit matter: Alpha acquisition consideration","excerpt":"Valuation of acquired customer relationship intangible assets Description of the Matter As discussed in Notes 2 and 7 to the consolidated financial statements, the Company completed the acquisition of Alpha Group International plc (\"Alpha\") for total estimated purchase consideration of $2.4 billion."}],"changes":["No comparable previous version."],"limitations":["Only supplied passages were assessed. Source dates are filing dates: February 27, August 10 and April 10, 2026, respectively; they are not retrieval dates.","No supplied passage identifies a named company as a competitor. Named payment networks, partners, acquisition targets and financing counterparties do not establish competitor coverage.","Product integrations and reported financial results support assessment, but issuer descriptions of uniqueness, recurring revenue and barriers are not independent demonstrations of superiority.","No actual customer retention rate, cohort economics, migration costs, network participation trend or comparable competitive pricing is supplied. Contract-cost amortization periods are estimates, not contractual lock-in.","Yield changes may reflect customer or service mix. The passages do not isolate like-for-like price increases or provide broad customer repricing, termination or renewal rights.","Acquisitions, dispositions, legal charges and gains complicate performance comparisons. The supplied passages lack a usable operating cash-flow statement and acquisition return analysis.","The proxy supplies actual compensation practices and award outcomes, but not complete beneficial ownership or award terms. Proposed shareholder resolutions are not treated as adopted, and later award exhibit listings are not treated as evidence of vesting.","The FTC-related contingent loss is realized financial evidence; the supplied allegations do not independently establish final liability. Stablecoin risks describe possible erosion, not demonstrated customer losses."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Existing ERP integrations, reconciliation functions and proprietary acceptance infrastructure support switching friction. Relative superiority and a self-reinforcing network effect are not demonstrated.","evidenceIds":["e1","e2","e3","e4"]},{"criterion":"durability","grade":2,"rationale":"Embedded workflows and estimated five-to-ten-year contract benefits support multiyear persistence. These estimates do not establish realized retention, and alternative payment rails could weaken parts of the franchise.","evidenceIds":["e1","e5","e8","e9"]},{"criterion":"customer_dependency","grade":2,"rationale":"Approval hierarchies, ERP connections and reconciliation serve consequential operating processes. Dependency is inferred from functionality; exclusive commitments and observed switching behavior are absent.","evidenceIds":["e1","e2","e3"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Corporate Payments growth and other businesses' transaction growth show continuing demand. Lower Corporate Payments yields, possible payment-rail substitution and a realized regulatory charge limit evidence of resilience.","evidenceIds":["e7","e9","e10","e15","e33"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Gift revenue per transaction and lodging revenue per room night increased, while Corporate Payments revenue per spend dollar fell with new enterprise-client mix. Observed yield outcomes are mixed and do not isolate discretionary price increases.","evidenceIds":["e7","e11","e12"]},{"criterion":"retention","grade":2,"rationale":"Assessed indirectly from integrated workflows, reported recurring-volume characteristics and transaction growth. These support repeat demand but do not separate existing-customer retention from new customers or acquisitions; no retention rate is inferred.","evidenceIds":["e1","e3","e6","e32","e33"]},{"criterion":"margin_resilience","grade":2,"rationale":"Corporate Payments operating income benefited from synergies, but lodging margins declined in 2025. In second-quarter 2026, consolidated operating income fell despite higher revenue, with a significant FTC-related charge. These outcomes show mixed resilience without proving pricing causation.","evidenceIds":["e15","e16","e17","e18","e10"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Certain merchant agreements provide explicit cost-plus or transaction-percentage formulas that mitigate fuel-price exposure. Customer fuel pricing also depends on competitive prices. This establishes limited contractual flexibility, while broader unilateral repricing rights remain undisclosed.","evidenceIds":["e13","e14"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual repurchases reduced outstanding shares, and covenant compliance supports financing management. Against this, a $2.4 billion acquisition, substantial debt, $1.1 billion of first-half repurchases and an earlier goodwill impairment create a mixed allocation record. Cash generation and acquisition returns cannot be fully evaluated from these passages.","evidenceIds":["e19","e20","e21","e22","e34"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Disclosed equity, ownership and clawback policies and an actual below-target award payout demonstrate meaningful performance linkage. Repurchases remain included in performance metrics, and adjusted targets complicate interpretation. Complete ownership and realized long-term award outcomes are missing.","evidenceIds":["e23","e24","e25"]},{"criterion":"execution","grade":3,"rationale":"The multiyear GAAP earnings record, Corporate Payments operating growth and disclosed integration synergies demonstrate sustained execution. Assessment uses operating results rather than customer retention statistics. Acquisitions, disposition gains, integration costs and the recent legal charge limit attribution and prevent an exceptional grade.","evidenceIds":["e26","e15","e16","e18","e32","e10"]},{"criterion":"governance","grade":2,"rationale":"An otherwise independent board and full reported meeting attendance support oversight. The combined CEO-chair role, prior material control weakness and FTC-related contingent loss offset those strengths. Remediation measures are disclosed, but the selected passage alone does not establish lasting control effectiveness.","evidenceIds":["e27","e28","e29","e30","e31","e10"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"69428e198f760884aaf6f7954464fcc4ab81aee3c06733fbf2d27e47ce51435a","updatedAt":"2026-10-18T00:24:02.943Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1175454/000117545426000018/flt-20251231.htm","publishedAt":"2026-02-27","sha256":"c33defc58b058fc974e48196fae2cf34bcc860b08f07e696303a48c7d0756018","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1175454/000117545426000050/cpay-20260630.htm","publishedAt":"2026-08-10","sha256":"7436707fcf4ee63ff6790d7d369c40e57adcfc837a4b8c9a1c076f6e82da26dc","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1175454/000117545426000022/cpay-20260410.htm","publishedAt":"2026-04-10","sha256":"77ae2447dcc2d8539b1d42d989a674206c2611076f01e900f027ba31043cb5ba","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:f0075a8825522bdc92f8b15fecc814e55644611cc74cc5e1ba4252c50275f143","usage":{"input_tokens":52954,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3743,"reasoning_output_tokens":128}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":43.84868597498144,"roic":null,"fcf_margin":38.307485242097364,"sbc_revenue":2.825633721701669},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":42.211454544022125,"roic":13.993762089301526,"fcf_margin":17.605669351810217,"sbc_revenue":3.542790481478812},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":44.092519956920675,"roic":14.652798645741353,"fcf_margin":51.82159709121411,"sbc_revenue":3.0892677179959436},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":44.96457369554437,"roic":14.228444174649793,"fcf_margin":44.41689442606519,"sbc_revenue":2.9367564797265833},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":44.03556838912084,"roic":13.137026284979376,"fcf_margin":28.68881148608019,"sbc_revenue":2.2665164739092343},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1175454/000117545426000018/flt-20251231.htm","publishedAt":"2026-02-27","sha256":"c33defc58b058fc974e48196fae2cf34bcc860b08f07e696303a48c7d0756018","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1175454/000117545426000050/cpay-20260630.htm","publishedAt":"2026-08-10","sha256":"7436707fcf4ee63ff6790d7d369c40e57adcfc837a4b8c9a1c076f6e82da26dc","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1175454/000117545426000022/cpay-20260410.htm","publishedAt":"2026-04-10","sha256":"77ae2447dcc2d8539b1d42d989a674206c2611076f01e900f027ba31043cb5ba","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}