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Forensic Analysis · Professional & Commercial Services · as of Nov 9, 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.

B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.9
Distress distance
Clean
Earnings quality
2
Forensic signals
30.5%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.9, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

11.8%
FY2025
Return on invested capital. Return on invested capital is 11.8% in the latest fiscal year and steady across FY2023–FY2025, inside a 1.3-point range. After-tax operating profit was $1.2B in FY2023 and $1.4B in FY2025, with operating income at 44.1% of revenue in FY2023, 45.0% in FY2024 and 44.0% in FY2025. The capital base behind it grew +25% across FY2023–FY2025, from $9.4B to $11.8B, while the return fell 1.3 points, so the dollars added over that window earned less than the 13.1% the older base was already earning.
$90M
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 (2yr)+9.8%
Net Margin23.6%
Free Cash Flow$1.30B
Return on Equity30.5%
Debt / Equity3.44x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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