Corpay (MEX:CPAY) Beneish M-Score : -2.79 (As of Mar. 30, 2025)

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What is Corpay Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:CPAY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.53 Max: -1.84
Current: -2.79

During the past 13 years, the highest Beneish M-Score of Corpay was -1.84. The lowest was -2.89. And the median was -2.53.

Corpay Beneish M-Score Historical Data

The historical data trend for Corpay's Beneish M-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.

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Corpay Beneish M-Score Chart

Corpay Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.89

-2.47

-2.28

-2.78

-2.79

Corpay Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.78	-2.67	-2.80	-2.79	-2.79

Competitive Comparison of Corpay's Beneish M-Score

For the Software - Infrastructure subindustry, Corpay's Beneish M-Score, along with its competitors' market caps and Beneish M-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 Beneish M-Score Distribution in the Software Industry

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

* The bar in red indicates where Corpay's Beneish M-Score falls into.

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Corpay Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Corpay for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0317

0.528 * 1.0005

0.404 * 0.9534

0.892 * 1.1517

0.115 * 1.0956

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.997

4.679 * -0.049221

0.327 * 1.0514

-2.57

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was MXN43,599 Mil.
Revenue was 21573.783 + 20265.198 + 17875.108 + 15521.664 = MXN75,236 Mil.
Gross Profit was 16802.416 + 15860.576 + 14042.56 + 12079.418 = MXN58,785 Mil.
Total Current Assets was MXN180,941 Mil.
Total Assets was MXN374,506 Mil.
Property, Plant and Equipment(Net PPE) was MXN7,877 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN6,643 Mil.
Selling, General, & Admin. Expense(SGA) was MXN18,844 Mil.
Total Current Liabilities was MXN181,609 Mil.
Long-Term Debt & Capital Lease Obligation was MXN108,994 Mil.
Net Income was 5129.564 + 5442.34 + 4609.796 + 3813.305 = MXN18,995 Mil.
Non Operating Income was 524.25 + -106.485 + -81.708 + -49.125 = MXN287 Mil.
Cash Flow from Operations was 13528.509 + 7891.636 + 9909.728 + 5811.743 = MXN37,142 Mil.

Total Receivables was MXN36,691 Mil.
Revenue was 15910.302 + 16911.868 + 16255.4 + 16246.527 = MXN65,324 Mil.
Gross Profit was 12490.687 + 13284.957 + 12736.358 + 12551.997 = MXN51,064 Mil.
Total Current Assets was MXN120,250 Mil.
Total Assets was MXN262,698 Mil.
Property, Plant and Equipment(Net PPE) was MXN5,825 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN5,854 Mil.
Selling, General, & Admin. Expense(SGA) was MXN16,410 Mil.
Total Current Liabilities was MXN115,862 Mil.
Long-Term Debt & Capital Lease Obligation was MXN78,016 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(43598.841 / 75235.753)	/	(36691.297 / 65324.097)
	=	0.579496	/	0.561681
	=	1.0317

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(51063.999 / 65324.097)	/	(58784.97 / 75235.753)
	=	0.781702	/	0.781344
	=	1.0005

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (180941.321 + 7877.302) / 374506.451)	/	(1 - (120250.071 + 5824.781) / 262697.739)
	=	0.49582	/	0.520076
	=	0.9534

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	75235.753	/	65324.097
	=	1.1517

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(5853.987 / (5853.987 + 5824.781))	/	(6642.942 / (6642.942 + 7877.302))
	=	0.50125	/	0.457495
	=	1.0956

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(18844.201 / 75235.753)	/	(16410.496 / 65324.097)
	=	0.250469	/	0.251217
	=	0.997

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((108994.099 + 181608.954) / 374506.451)	/	((78016.292 + 115862.024) / 262697.739)
	=	0.775963	/	0.738028
	=	1.0514

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(18995.005 - 286.932	-	37141.616)	/	374506.451
	=	-0.049221

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Corpay has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.

Corpay Beneish M-Score Related Terms

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Corpay Business Description

Industry

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CPAY:USA 07G0:Germany

Address

3280 Peachtree Road, Suite 2400, Atlanta, GA, USA, 30305

Website

https://www.corpay.com

Corpay Inc is a corporate payments company that helps businesses and consumers manage and pay their expenses. Its suite of modern payment solutions helps customers manage vehicle-related expenses, lodging expenses, and corporate payments. Its reportable segments are; Vehicle Payments, Corporate Payments, Lodging Payments, and Other. The group's geographic areas are the United States, Brazil, the United Kingdom, and Other.