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CPAY (Corpay) Piotroski F-Score : 4 (As of Mar. 17, 2025)


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What is Corpay Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Corpay has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Corpay's Piotroski F-Score or its related term are showing as below:

CPAY' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of Corpay was 8. The lowest was 4. And the median was 6.


Corpay Piotroski F-Score Historical Data

The historical data trend for Corpay's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Corpay Piotroski F-Score Chart

Corpay Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 8.00 5.00 8.00 4.00

Corpay Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 9.00 8.00 7.00 4.00

Competitive Comparison of Corpay's Piotroski F-Score

For the Software - Infrastructure subindustry, Corpay's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Corpay's Piotroski F-Score Distribution in the Software Industry

For the Software industry and Technology sector, Corpay's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Corpay's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 229.769 + 251.625 + 276.397 + 245.955 = $1,004 Mil.
Cash Flow from Operations was 350.184 + 540.921 + 400.788 + 648.672 = $1,941 Mil.
Revenue was 935.251 + 975.71 + 1029.197 + 1034.431 = $3,975 Mil.
Gross Profit was 727.84 + 766.511 + 805.502 + 805.651 = $3,106 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(15476.252 + 15830.131 + 16196.535 + 17638.411 + 17957.031) / 5 = $16619.672 Mil.
Total Assets at the begining of this year (Dec23) was $15,476 Mil.
Long-Term Debt & Capital Lease Obligation was $5,226 Mil.
Total Current Assets was $8,676 Mil.
Total Current Liabilities was $8,708 Mil.
Net Income was 214.835 + 239.702 + 271.496 + 255.857 = $982 Mil.

Revenue was 901.333 + 948.174 + 970.892 + 937.32 = $3,758 Mil.
Gross Profit was 696.366 + 742.909 + 762.675 + 735.861 = $2,938 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(14089.26 + 14587.923 + 15178.653 + 15264.467 + 15476.252) / 5 = $14919.311 Mil.
Total Assets at the begining of last year (Dec22) was $14,089 Mil.
Long-Term Debt & Capital Lease Obligation was $4,596 Mil.
Total Current Assets was $7,084 Mil.
Total Current Liabilities was $6,826 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Corpay's current Net Income (TTM) was 1,004. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Corpay's current Cash Flow from Operations (TTM) was 1,941. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec23)
=1003.746/15476.252
=0.06485718

ROA (Last Year)=Net Income/Total Assets (Dec22)
=981.89/14089.26
=0.06969067

Corpay's return on assets of this year was 0.06485718. Corpay's return on assets of last year was 0.06969067. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Corpay's current Net Income (TTM) was 1,004. Corpay's current Cash Flow from Operations (TTM) was 1,941. ==> 1,941 > 1,004 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=5226.106/16619.672
=0.31445302

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=4596.156/14919.311
=0.30806758

Corpay's gearing of this year was 0.31445302. Corpay's gearing of last year was 0.30806758. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec24)=Total Current Assets/Total Current Liabilities
=8675.869/8707.881
=0.99632379

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=7084.265/6825.753
=1.03787304

Corpay's current ratio of this year was 0.99632379. Corpay's current ratio of last year was 1.03787304. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Corpay's number of shares in issue this year was 71.464. Corpay's number of shares in issue last year was 73.349. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=3105.504/3974.589
=0.78133966

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2937.811/3757.719
=0.781807

Corpay's gross margin of this year was 0.78133966. Corpay's gross margin of last year was 0.781807. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec23)
=3974.589/15476.252
=0.25681858

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=3757.719/14089.26
=0.26670805

Corpay's asset turnover of this year was 0.25681858. Corpay's asset turnover of last year was 0.26670805. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+1+0+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Corpay has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Corpay  (NYSE:CPAY) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Corpay Piotroski F-Score Related Terms

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Corpay Business Description

Traded in Other Exchanges
Address
3280 Peachtree Road, Suite 2400, Atlanta, GA, USA, 30305
Corpay Inc is a global S&P500 corporate payments company that helps businesses and consumers pay expenses in a simple, controlled manner. Its suite of modern payment solutions helps its customers better manage vehicle-related expenses (such as fueling and parking), travel expenses (e.g. hotel bookings), and payables (e.g. paying vendors). This results in its customers saving time and ultimately spending less.
Executives
Richard Macchia director C/O INTERNET SECURITY SYSTEMS INC, 6303 BARFIELD RD, ATLANTA GA 30328
Alan King officer: President UK and Aust/NewZea 5445 TRIANGLE PARKWAY, NORCROSS GA 30092
Alissa B Vickery officer: Chief Accounting Officer 3280 PEACHTREE ROAD, SUITE 2400, ATLANTA GA 30305
Armando Lins Netto officer: CEO Brazil 5455 TRIANGLE PARKWAY, NORCROSS GA 30092
Joseph W Farrelly director 5445 TRIANGLE PARKWAY, NORCROSS GA 30092
Ronald Clarke director, officer: CEO & President 5445 TRIANGLE PARKWAY, NORCROSS GA 30092
Gerald C Throop director C/O CERIDIAN HCM HOLDING INC., 3311 EAST OLD SHAKOPEE ROAD, MINNEAPOLIS MN 55425
Thomas E Panther officer: Chief Financial Officer 10 GLENLAKE PARKWAY, SOUTH TOWER, SUITE 950, ATLANTA GA 30328
Rahul Gupta director 255 FISERV DRIVE, BROOKFIELD WI 53045
Annabelle G Bexiga director 1075 JORDAN CREEK PARKWAY, SUITE 300, WEST DES MOINES IA 50266
Eric Dey officer: CFO & Secretary 655 ENGINEERING DRIVE, SUITE 300, NORCROSS GA 30092
Jones Archie L Jr. director 3280 PEACHTREE ROAD, ATLANTA GA 30305
Alexey Gavrilenya officer: President East/Central Europe 5445 TRIANGLE PARKWAY, NORCROSS GA 30092
David J Krantz officer: Group President, NA Fuel 5445 TRIANGLE PARKWAY, SUITE 400, PEACHTREE CORNERS 2Q 30092
Hala G Moddelmog director