Forensic Analysis · Professional & Commercial Services · as of Aug 11, 2026

Corpay, Inc. (CPAY)

A forensic read on Corpay, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

2.9

Distress distance

Clean

Earnings quality

Forensic signals

22.8

P / E (ttm)

27.5%

ROE

$26.2B

Market cap

13.9%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Corpay, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.9, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+18.3%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +18.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 3% of net operating assets, diverging from the balance-sheet accrual read.

10.6%

FY2025

Return on invested capital. Return on invested capital is 10.6% in the latest fiscal year and slipping from 12% — around its ~10% cost of capital, so growth is roughly value-neutral.

$90M

FY2024–FY2024

Goodwill impairments. Took $90M of goodwill writedowns across 1 year (FY2024 ($90M)) — about 9% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$4.53B

Revenue Growth YoY+13.9%

Revenue CAGR (3yr)+9.7%

Net Margin23.6%

Free Cash Flow$1.30B

Return on Equity27.5%

Debt / Equity3.44x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.