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Fleetcor Technologies Inc

FLT

Services-Business Services, NEC

Mkt Cap

$22.4B

PE

22.82

Debt

$8.85B

Cash

$3.142B

EV

$28.11B

FCF

$1.947B

Market Cap

$22.4B

P/E Ratio

22.82

Debt

$8.85B

Cash

$3.142B

EV

$28.11B

FCF

$1.947B
Charts data: {"Earnings":[{"time":"2014-12-30","value":368707000},{"time":"2015-12-30","value":362431000},{"time":"2016-12-30","value":452385000},{"time":"2017-12-30","value":740200000},{"time":"2018-12-30","value":811483000},{"time":"2019-12-30","value":895073000},{"time":"2020-12-30","value":704216000},{"time":"2021-12-30","value":839497000},{"time":"2022-12-30","value":954327000},{"time":"2023-12-30","value":981890000}],"Sales":[{"time":"2014-12-30","value":1199390000},{"time":"2015-12-30","value":1702865000},{"time":"2016-12-30","value":1831546000},{"time":"2017-12-30","value":2249538000},{"time":"2018-12-30","value":2433492000},{"time":"2019-12-30","value":2648848000},{"time":"2020-12-30","value":2388855000},{"time":"2021-12-30","value":2833736000},{"time":"2022-12-30","value":3427129000},{"time":"2023-12-30","value":3757719000}],"Net Margins":[{"time":"2014-12-30","value":0.30741210115141865},{"time":"2015-12-30","value":0.21283601459892593},{"time":"2016-12-30","value":0.24699625343835208},{"time":"2017-12-30","value":0.3290453417546181},{"time":"2018-12-30","value":0.33346442067613125},{"time":"2019-12-30","value":0.3379102915682591},{"time":"2020-12-30","value":0.2947922749601797},{"time":"2021-12-30","value":0.2962509563346762},{"time":"2022-12-30","value":0.27846252650542186},{"time":"2023-12-30","value":0.26129947449503277}],"Assets":[{"time":"2014-12-30","value":8674506000},{"time":"2015-12-30","value":7891868000},{"time":"2016-12-30","value":9626732000},{"time":"2017-12-30","value":11318359000},{"time":"2018-12-30","value":11202477000},{"time":"2019-12-30","value":12248541000},{"time":"2020-12-30","value":11194579000},{"time":"2021-12-30","value":13404653000},{"time":"2022-12-30","value":14089260000},{"time":"2023-12-30","value":15476252000}],"Stockholders Equity":[{"time":"2014-12-30","value":2753137000},{"time":"2015-12-30","value":2830047000},{"time":"2016-12-30","value":3084038000},{"time":"2017-12-30","value":3676522000},{"time":"2018-12-30","value":3340180000},{"time":"2019-12-30","value":3711616000},{"time":"2020-12-30","value":3355411000},{"time":"2021-12-30","value":2866580000},{"time":"2022-12-30","value":2541493000},{"time":"2023-12-30","value":3282359000}],"ROE":[{"time":"2014-12-30","value":0.13392250367489886},{"time":"2015-12-30","value":0.12806536428546947},{"time":"2016-12-30","value":0.14668593577640743},{"time":"2017-12-30","value":0.20133158457912126},{"time":"2018-12-30","value":0.24294588914369883},{"time":"2019-12-30","value":0.2411545267613891},{"time":"2020-12-30","value":0.20987473665670167},{"time":"2021-12-30","value":0.2928566445032059},{"time":"2022-12-30","value":0.3754985750501772},{"time":"2023-12-30","value":0.2991415625164706}],"ROA":[{"time":"2014-12-30","value":0.06518515290669001},{"time":"2015-12-30","value":0.08458504374376256},{"time":"2016-12-30","value":0.0783394614080874},{"time":"2017-12-30","value":0.07895049096781609},{"time":"2018-12-30","value":0.09775739776122727},{"time":"2019-12-30","value":0.10053687210582876},{"time":"2020-12-30","value":0.08685141263463325},{"time":"2021-12-30","value":0.09269587209754702},{"time":"2022-12-30","value":0.10267686166626211},{"time":"2023-12-30","value":0.1070590605529039}]}

FLEETCOR Technologies, Inc., a business payments company that helps businesses spend less by enabling them to manage their expense-related purchasing and vendor payments processes. It offers corporate payments solutions, such as accounts payable automation; Virtual Card, which provides a single-use card number for a specific amount usable within a defined timeframe; Cross-Border that is used by its customers to pay international vendors, foreign office and personnel expenses, capital expenditures, and profit repatriation and dividends; and purchasing cards and travel and entertainment cards for its customers to analyze and manage their corporate spending. The company also provides vehicle and mobility solutions, including fuel solutions to businesses and government entities that operate vehicle fleets, as well as to oil and leasing companies, and fuel marketers; lodging solutions to businesses that have employees who travel overnight for work purposes, as well as to airlines and cruise lines to accommodate traveling crews and stranded passengers; and electronic toll payments solutions to businesses and consumers in the form of radio frequency identification tags affixed to vehicles' windshields. In addition, it offers gift card program management and processing services in plastic and digital forms that include card design, production and packaging, delivery and fulfillment, card and account management, transaction processing, promotion development and management, website design and hosting, program analytics, and card distribution channel management. Further, the company provides other products consisting of payroll cards, vehicle maintenance service solution, long-haul transportation solution, prepaid food vouchers or cards, and prepaid transportation cards and vouchers. It serves business, merchant, consumer, and payment network customers in North America, Brazil, and Internationally. The company was founded in 1986 and is headquartered in Atlanta, Georgia.

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$1.947B$2.1B$2.258B$2.42B$2.587B$2.757B$2.929B$3.103B$3.278B$3.452B$3.625B$36.25B
DCF$1.826B$1.707B$1.591B$1.479B$1.371B$1.266B$1.167B$1.072B$981.3M$896M$8.96B
Value$22.32B

In the chart Earnings are multiplied by this value.

Earnings Growth 12%
Earnings Stability 73%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Net Margin21%25%33%33%34%29%30%28%26%26%
ROA8.5%7.8%7.9%9.8%10%8.7%9.3%10%11%11%
ROE13%15%20%24%24%21%29%38%30%30%

What is the average Net Margin?

The average Net Margin over the past 5 years is +30.04%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -1.54%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +9.79%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +0.17%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +27.69%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +2.19%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Debt FCF5.358.0310.138.386.243.976.9015.544.544.54
Debt Equity1.351.681.672.061.831.652.613.692.702.70
MIN
Graham Stability--100%100%100%86%100%100%100%86%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 4.54.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 0.33.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.86.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201612-201812-202012-2022Trend
Revenue11%9.1%16%9.6%-1.9%
Net Income12%3.9%12%2.9%-2.2%
Stockholders Equity0.89%-0.35%-0.73%29%-0.39%
FCF17%19%12%220%11%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +9.08%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -1.93%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +3.89%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -2.25%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is -0.35%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -0.39%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +18.83%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +10.93%.