Corpay (CPAY) Investor presentation summary

Business profile and solutions

• Provides B2B payments and expense management for middle market businesses globally, focusing on employee, vendor, and cross-border spend.

• Offers three main solutions: Employee Payments (spend controls, fraud prevention), B2B Payments (AP automation, workflow orchestration), and Cross-Border Payments (global FX, risk management, foreign accounts).

• Proprietary networks, advanced controls, and global licensing support a strong competitive moat.

Market opportunity

• Targets massive, underpenetrated markets: $30T employee payments, $115T B2B payments, and $30T cross-border middle market spend.

• Less than 1% market share in key segments, with banks as primary competitors and low digitization rates.

• Ranked #1 B2B commercial Mastercard issuer in North America, but with under 2% US commercial card market share.

Financial performance and growth

• Achieved 17% revenue CAGR and 19% cash EPS CAGR from 2010 to 2026E, with revenue rising from $0.4B to $5.3B and cash EPS from $1.66 to $26.70.

• Consistent organic revenue growth of 10% or higher in most years, driven by high client retention (~93%).

• Growth algorithm targets >20% annual cash EPS growth, aiming for >$50/share by 2029.