Repay Holdings Corporation — Earnings Quality Grade F
RPAY · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 39 days, change +1 days YoY
AR growth 0.7% vs revenue growth -1.2%
Revenue -1.2%, CFFO -39.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -6.4% vs revenue -1.2%. Normal
SG&A/Gross Profit = 61.2%. Normal
Gross margin 75.0%, change -2.1pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = -0.19
Accruals ratio = -29.0%. Low accruals
Cash $0.1B covers only 26% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.8B = 166% of equity. Over 50%
Interest coverage = -0.9x (<2x). Financial stress
Other assets 10.0% vs revenue -1.2%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -27% YoY. Normal
Manipulation Score
M-Score = -3.86 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25