Corpay

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 10 Aug 2026 and 7 later 8-Ks.

• It carries a lot of debt: 2.6× its equity.

Whether the price already reflects the risks is what the deep dive is for.

• integration difficulties or increased costs and dilution to our stockholders, and we may never realize the anticipated benefits.

  Could happen

  For example, (a) our limited partnership agreement with TPG requires us, under specified circumstances, to deliver minimum return payments to third-party investors up to 1.6 times invested capital in connection with a subsequent sale or other exit event, and (b) Mastercard has a limited right to sell, or put, its interest back to the Company for a period of six months, after which, the Company has a limited six-month reciprocal right to repurchase, or call, Mastercard’s interest. Any payment under these provisions could be material, would reduce cash otherwise available upon a sale, and may require us to use cash or obtain additional financing, which may adversely affect our liquidity, leverage, covenant compliance and strategic flexibility.

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• could materially adversely affect our business, financial condition and results of operations.

  Could happen

  Stablecoins and blockchain-based payments are continuing to evolve and garnering attention from financial institutions, payment providers and end users. If we are unable to provide blockchain-based payments solutions to satisfy customer demand, there is a risk of decreased demand for our cross-corder solution. 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.

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• could materially adversely affect our business, financial condition and results of operations.

  Could happen

  In addition, the regulatory landscape for stablecoins and blockchain-based payments remains unsettled. Changes in, or inconsistent application of, laws and regulations relating to stablecoins could impose new licensing obligations, operational controls, reporting and disclosure obligations or other burdens. If we or our partners are unable to obtain or maintain necessary approvals or licenses, or if regulatory authorities impose restrictions on stablecoin issuance, redemption, use or distribution, we may be required to modify, suspend or discontinue related services, potentially at short notice. Compliance with multiple, evolving regimes could increase cost and complexity.

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• could materially adversely affect our business, financial condition and results of operations.

  Could happen

  The success of stablecoin and blockchain-based payments could increase price competition and diminish volume on our existing solutions. To remain competitive, we are integrating certain stablecoin and blockchain capabilities, but there is no assurance that our efforts will be sufficient. These efforts could require significant time and expense, specialized talent and technology, and may divert management attention. Our potential pursuit of stablecoin-enabled solutions could also increase our dependence on third parties that may experience outages, security incidents, insolvency, regulatory restrictions or changes in terms that impair our services or increase our costs. We cannot assure you that any such initiatives will be timely, successful or accepted by customers, or that they will offset any deterioration in our current offerings.

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• result in our inability to prevent disruptions in our services.

  Could happen

  We engage backup facilities for each of our processing centers for key systems and data. However, there could be material delays in fully activating backup facilities depending on the nature of the breakdown, security breach, cyberattack or catastrophic event (such as fire, explosion, flood, pandemic, natural disaster, power loss, telecommunications failure or physical break-in). Although, we have controls and documented measures to mitigate these risks, these mitigating controls might not reduce the duration, scope or severity of an outage in time to avoid adverse effects. Disruptions could result in transaction delays or failure, financial losses, contractual penalties, regulatory scrutiny and damage to our reputation. In addition, evolving regulatory frameworks focused on operational resilience and incident reporting may increase our obligations and potential exposure arising from such events.

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