Forensic Analysis · Professional & Commercial Services · as of Nov 10, 2026
Repay Holdings Corp (RPAY)
A forensic read on Repay Holdings Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-2.6
Distress distance
Clean
Earnings quality
2
Forensic signals
-41.2%
ROE
-1.2%
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.
Repay Holdings Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -2.6, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-17.7%
FY2025
Return on invested capital.Return on invested capital is -17.7% in the latest fiscal year, against -6.5% in FY2023, having run between -17.7% and -0.5% across FY2023–FY2025 with no direction held. After-tax operating profit was ($88M) in FY2023 and ($201M) in FY2025, with operating income at -37.6% of revenue in FY2023, -2.5% in FY2024 and -82.4% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2023's operating profit carried a $76M asset write-down and a $76M goodwill write-off that took about 8.9 points off that year's return, and FY2025's carried a $243M asset write-down and a $242M goodwill write-off that took about 33.8 points off the latest; so, net of each other, the two charges take about 24.9 points off the -11.2-point change across FY2023–FY2025. A non-cash write-down lowers the reported return in the year it lands.
$318M
FY2023–FY2025
Goodwill impairments.Took $318M of goodwill writedowns across 2 years (FY2023 ($76M), FY2025 ($242M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$309.3M
Revenue Growth YoY-1.2%
Revenue CAGR (2yr)+2.1%
Net Margin-83.0%
Free Cash Flow$49.3M
Return on Equity-41.2%
Debt / Equity0.88x
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 Repay Holdings Corp's actual 10-K/10-Q/8-K filings?