MeritValue

Repay Holdings Corp

RPAYdata completeness 100%9 fiscal years on file
The thesis, from the filings

Repay Holdings Corp earns about -6% on invested capital, below its ~9% cost of capital, but has diluted owners by 3% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.03 and $0.06 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$219.3M1$279.2M2$296.6M3$313M3$309.3M3
Net income−$50.1M4$12.8M5−$110.5M6−$10.2M6−$256.7M6
Operating cash flow$53.3M7$74.2M8$103.6M9$150.1M9$91.1M9
Capital expenditure$2.86M10$3.18M11$733,00012$989,00012$286,00012
Free cash flow (derived)$50.5M7$71M8$102.9M9$149.1M9$90.8M9
Total debt$897M13$902.6M14$868.3M15$993.6M16$706.6M16
Cash & equivalents$50M17$64.9M18$118.1M19$189.5M19$115.7M19
Diluted shares83.32B110.67B90.05B89.92B85.56B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.06
your share of equity
Profit it earned you last year
−$0.03
Free cash flow it threw off
$0.01
Debt you’d be carrying
$0.08

10 shares is a claim on $0.06 of net worth that earned you −$0.03 and generated $0.01 of cash last year, against $0.08 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 5y
FY21 -4%FY22 1%FY23 -6%FY24 -1%FY25 -20%

It earned about -6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 5y

Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 21% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 2 estimate methods that apply put fair value between $0.03 and $0.06 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$0.06
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$102.9M
DCF · Growth Exit 5Y
$0.03
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$102.9M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.03
The three cases
Bear0.0%$0.01
Base20.0%$0.03
Bull20.0%$0.03

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-023102 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-030855 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-098518 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-023102 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-030855 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-098518 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-023102 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-030855 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-098518 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-023102 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-030855 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-098518 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-005561 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-023102 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-030855 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-098518 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-24-023102 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-25-030855 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001193125-26-098518 (CashAndCashEquivalentsAtCarryingValue)