Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Repay Holdings Corp.RPAY · other | |
|---|---|
| Grade |  Eweakest fifth of 336 graded peers; percentile 84.5, sampling error 2.6 points; lower is stronger |
| Rank | 284 of 336 |
| Profitability | Cpercentile 46.5 |
| Solvency | Dpercentile 73.9 |
| Growth and financing | Dpercentile 63.8 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $1.2B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Mar 9, 2026214 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $3.882026-10-08; market equity $0; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 9, 2026; the document on sec.gov.
Further, we are obligated by our clients, sponsor banks and software integration partners to maintain the confidentiality and security of non-public consumer information that our clients and their end customers share with us. Our contracts may require periodic audits by independent parties regarding our compliance with applicable standards, and may permit our counterparties to audit our compliance with best practices established by regulatory guidelines with respect to confidentiality and security of non-public personal information.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 46.5 | |||||||
| Gross profitability | 19.3% | [1,3] | 27.1% | 60.4 | 289 | 2025-12-31 | |
| Return on invested capital | (29.0%) | [4-12] | 10.0% | 98.0 | 151 | 2025-12-31 | |
| Accruals ratio | (25.1%) | [1,13-15] | (5.9%) | 8.9 | 506 | 2025-12-31 | |
| Gross margin stability, five years | 1.0 pts | [2-3,16-23] | 2.2 pts | 18.7 | 204 | 2025-12-31 | |
| Solvency, sleeve percentile 73.9 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | (2.56) | [1,4,8,24-27] | 2.05 | 73.5 | 386 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 2.52x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | 2.18x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 0.82x | [24-25] | 1.32x | 74.3 | 506 | 2025-12-31 | |
| Growth and financing, sleeve percentile 63.8 | |||||||
| Revenue growth, three-year compound | 3.5% | [2,17,19,21] | 5.1% | 55.0 | 403 | 2025-12-31 | |
| Free cash flow growth, three-year compound | 8.5% | [14,28-34] | 8.7% | 49.8 | 220 | 2025-12-31 | |
| Reinvestment rate | not computable | 11.9% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | (9.7%) | [1,15,35-36] | 4.1% | 86.7 | 438 | 2025-12-31 | |
| Net share issuance, one year | not computable | (0.4%) | |||||
| two annual share counts are required; found 0 | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.235; sampling error 2.6 percentile points on 336 peers.
Among 336 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 279 | Access Newswire Inc. (ACCS) Access Newswire Inc. (ACCS) Eweakest fifth; percentile 83.0 NYSE · Services-Management Consulting Services market equity $17.6M; last close $4.67 No active warnings; 9 of 14 inputs | 83.0 | E | |
| 280 | NextTrip, Inc. (NTRP) NextTrip, Inc. (NTRP) Eweakest fifth; percentile 83.3 Nasdaq · Transportation Services market equity $28.5M; last close $1.94 Warnings: dilution, short runway; 8 of 14 inputs | 83.3 | E | dilution, short runway |
| 281 | Stagwell Inc. (STGW) Stagwell Inc. (STGW) Eweakest fifth; percentile 83.6 Nasdaq · Services-Advertising Agencies market equity $2.1B; last close $8.77 No active warnings; 12 of 14 inputs | 83.6 | E | |
| 282 | Delek Logistics Partners, L.P. (DKL) Delek Logistics Partners, L.P. (DKL) Eweakest fifth; percentile 83.9 NYSE · Pipe Lines (No Natural Gas) market equity $3.0B; last close $56.57 No active warnings; 10 of 14 inputs | 83.9 | E | |
| 283 | Travelzoo (TZOO) Travelzoo (TZOO) Eweakest fifth; percentile 84.2 Nasdaq · Services-Advertising market equity $54.7M; last close $5.36 No active warnings; 9 of 14 inputs | 84.2 | E | |
| 284 | Repay Holdings Corp. (RPAY) Repay Holdings Corp. (RPAY) Eweakest fifth; percentile 84.5 Nasdaq · Services-Business Services, NEC last close $3.88 No active warnings; 9 of 14 inputs | 84.5 | E | |
| 285 | Addentax Group Corp. (ATXG) Addentax Group Corp. (ATXG) Eweakest fifth; percentile 84.8 Nasdaq · Services-Mailing, Reproduction, Commercial Art & Photography market equity $3.7M; last close $3.44 Warnings: dilution; 9 of 14 inputs | 84.8 | E | dilution |
| 286 | Target Hospitality Corp. (TH) Target Hospitality Corp. (TH) Eweakest fifth; percentile 85.1 Nasdaq · Hotels, Rooming Houses, Camps & Other Lodging Places market equity $1.8B; last close $18.34 Warnings: late filer, fortress balance sheet; 10 of 14 inputs | 85.1 | E | late filer, fortress balance sheet |
| 287 | CSX Corp. (CSX) CSX Corp. (CSX) Eweakest fifth; percentile 85.4 Nasdaq · Railroads, Line-Haul Operating market equity $87.7B; last close $47.34 No active warnings; 7 of 14 inputs | 85.4 | E | |
| 288 | RXO, Inc. (RXO) RXO, Inc. (RXO) Eweakest fifth; percentile 85.7 NYSE · Transportation Services market equity $4.8B; last close $28.92 No active warnings; 7 of 14 inputs | 85.7 | E | |
| 289 | Forward AIR Corp. (FWRD) Forward AIR Corp. (FWRD) Eweakest fifth; percentile 86.0 Nasdaq · Arrangement of Transportation of Freight & Cargo market equity $551.3M; last close $16.33 Warnings: late filer; 8 of 14 inputs | 86.0 | E | late filer |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D/E | 80.2 | 2204 |
| sector peers, equal sleeves (the grade) | E | 84.5 | 336 |
| same exchange, equal sleeves | D | 76.8 | 1219 |
| sector peers, equal inputs | D | 77.0 | 336 |
Each letter is one fifth of the 336 graded peers, about 67 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (31.4%) | 2.0% | 21 | hotter than 21 of 100 peers |
| Distance from 52-week high | (25.6%) | (26.8%) | 51 | closer to its high than 51 of 100 peers |
| EBIT to enterprise value | not computable | 4.4% | required accounting or market input is missing | |
| Free cash flow yield | not computable | 4.1% | required accounting or market input is missing | |
| Book value to price | not computable | 0.34 | required accounting or market input is missing | |
| Sales to price | not computable | 0.70 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | (8.8%) | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | (0.52) | (0.13) | 21 | ahead of 21 of 100 peers |
Inputs: EBIT -$254.7M; free cash flow $90.8M; book equity $472.5M; sales $309.3M; debt $310.0M; cash $83.7M[37].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (16.3%) | ✗ fail[13,15] |
| Operating cash flow above zero | $91.1M | ✓ pass[14] |
| Return on assets improved | (15.7 pts) | ✗ fail[13,15,35,38] |
| Operating cash flow exceeds net income | $347.8M | ✓ pass[13-14] |
| Long-term leverage fell | (11.9 pts) | ✓ pass[1,15,35,39-40] |
| Current ratio improved | (187.4 pts) | ✗ fail[24-25,41-42] |
| No new shares issued | n/a | |
| Gross margin improved | (2.1 pts) | ✗ fail[2-3,16-17] |
| Asset turnover improved | (0.9 pts) | ✗ fail[2,15,17,35] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $83.7M[43] |
| Operating cash flow, four quarters | $112.6M[14,43-47] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 60 |
| 10-Q received Aug 10, 2026 | |
| Median daily dollar volume | $1.5M |
| 63 sessions | |
| Days since newest grade input | 214 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $1.2B | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $309.3M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $232.0M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 4 | operating income | us-gaap:OperatingIncomeLoss | -$254.7M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 5 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | -$277.0M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 6 | income tax | us-gaap:IncomeTaxExpenseBenefit | -$5.9M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 7 | total debt | us-gaap:LongTermDebt | $280.1M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 8 | book equity | us-gaap:StockholdersEquity | $484.4M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 9 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $115.7M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 10 | total debt | us-gaap:LongTermDebt | $496.8M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | $761.3M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 12 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $189.5M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 13 | net income | us-gaap:NetIncomeLoss | -$256.7M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 14 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $91.1M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 15 | assets | us-gaap:Assets | $1.6B | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 16 | gross profit | us-gaap:GrossProfit | $241.4M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $313.0M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 18 | gross profit | us-gaap:GrossProfit | $226.9M | 2023-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 19 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $296.6M | 2023-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 20 | gross profit | us-gaap:GrossProfit | $214.4M | 2022-12-31 | 2025-03-03 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $279.2M | 2022-12-31 | 2025-03-03 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $219.3M | 2021-12-31 | 2024-02-29 | 10-K | filing · viewer · series |
| 23 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $55.5M | 2021-12-31 | 2024-02-29 | 10-K | filing · viewer · series |
| 24 | current assets | us-gaap:AssetsCurrent | $196.8M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 25 | current liabilities | us-gaap:LiabilitiesCurrent | $240.6M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 26 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$590.5M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 27 | liabilities | us-gaap:Liabilities | $718.0M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 28 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $286,000 | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $150.1M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 30 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $989,000 | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $103.6M | 2023-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 32 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $733,000 | 2023-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $74.2M | 2022-12-31 | 2025-03-03 | 10-K | filing · viewer · series |
| 34 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $3.2M | 2022-12-31 | 2025-03-03 | 10-K | filing · viewer · series |
| 35 | assets | us-gaap:Assets | $1.5B | 2023-12-31 | 2025-03-03 | 10-K | filing · viewer · series |
| 36 | assets | us-gaap:Assets | $1.6B | 2022-12-31 | 2024-02-29 | 10-K | filing · viewer · series |
| 37 | shares outstanding | us-gaap:CommonStockSharesOutstanding | 6,468,750 | 2018-06-18 | 2018-08-10 | 10-Q | filing · viewer · series |
| 38 | net income | us-gaap:NetIncomeLoss | -$10.2M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 39 | long term debt | us-gaap:LongTermDebtNoncurrent | $280.1M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 40 | long term debt | us-gaap:LongTermDebtNoncurrent | $496.8M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 41 | current assets | us-gaap:AssetsCurrent | $275.2M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 42 | current liabilities | us-gaap:LiabilitiesCurrent | $102.2M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 43 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $83.7M | 2026-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
| 44 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $57.1M | 2026-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
| 45 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $16.8M | 2026-03-31 | 2026-05-04 | 10-Q | filing · viewer · series |
| 46 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $67.8M | 2025-09-30 | 2025-11-10 | 10-Q | filing · viewer · series |
| 47 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $35.6M | 2025-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 84.5 is 4.5 points from the nearest band edge; sampling error is 2.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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