Corpay, Inc. (CPAY) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Professional & Commercial Services · as of Sep 24, 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
3
Forensic signals
22.9
P / E (ttm)
27.5%
ROE
$25.9B
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, going concern, valuation). 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 3% of net operating assets, against an accruals ratio of 18.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
10.6%
FY2025
Return on invested capital.Return on invested capital is 10.6% in the latest fiscal year, against 12% in FY2021, having run between 10.6% and 13.1% across FY2021–FY2025 with no direction held — within 1.1 points of the ~10% cost of capital we hold this sector to, so the capital deployed to date has been roughly value-neutral. The capital base behind it grew +61% across FY2021–FY2025, from $8.1B to $13.0B, while the return fell 1.0 points, so the dollars added over that window earned less than the 12% the older base was already earning.
$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
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Corpay, Inc.'s actual 10-K/10-Q/8-K filings?