Corpay, Inc. — Earnings Quality Grade F
CPAY · Technology
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 173 days, change -19 days YoY
AR growth 2.6% vs revenue growth 13.9%
Revenue grew 13.9% but CFFO declined -22.7%
Expense Quality
No material inventory
CapEx growth 14.6% vs revenue 13.9%. Normal
SG&A/Gross Profit = 34.1%. Normal
Gross margin 78.6%, change +0.5pp. Stable
Cash Flow Quality
CFFO/NI = 1.40. Profits backed by cash
FCF $1.3B, FCF/NI = 1.21
Accruals ratio = -1.6%. Low accruals
Cash $2.4B covers only 24% of debt $10.0B
Balance Sheet Health
Goodwill+Intangibles $10.8B = 278% of equity. Over 50%
Debt/EBITDA = 4.3x (>4x). Financial stress
Other assets 26.7% vs revenue 13.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 29% YoY. Normal
Manipulation Score
M-Score = -2.57 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-09