Forensic Analysis · General / Diversified · as of Jun 28, 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.
C · Mixed — selective
Forensic grade
Distress
Financial health
-2.6
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-46.8%
ROE
$321M
Market cap
Repay Holdings Corp earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -2.6, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-20%Return on invested capital.Return on invested capital is -20% and slipping from -2% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
6% of revStock-based comp load.Stock-based compensation ran 6% of revenue and 20% of free cash flow in FY2025 — about $0.00 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$318MGoodwill impairments.Took $318M of goodwill writedowns across 2 year(s) (FY2023 ($76M), FY2025 ($242M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-83.0%
Debt / Equity0.88x
Free Cash Flow$90.8M
Latest Revenue$309.3M
Return on Equity-53.0%
Revenue Growth YoY-1.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Repay Holdings Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RPAY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown