Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Corpay is a business we understand and, in many respects, admire: a toll-collector on repetitive business payments with 90%-plus customer retention, EBITDA margins north of 50%, negligible capital requirements, and a fifteen-year record of compounding earnings per share at roughly 20% annually. The stock trades at about 14.7 times this year's guided cash earnings — not a demanding price for that record. So why only three stars? Because the two things we weight above everything else — the durability of the moat and the integrity of management — both carry asterisks we cannot ignore. In January 2026, the Eleventh Circuit Court of Appeals affirmed, on all counts, an FTC judgment that this company's fuel card business used misleading advertising and unfair billing practices, and it found CEO Ron Clarke personally liable.
Recent filings analysed: 10-Q (2026-08-10), 8-K (2026-08-05), 8-K (2026-07-24), 8-K (2026-05-12).
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