Repay Holdings
RPAY on Nasdaq. Repay Holdings Corporation sells payment processing services to businesses. Market value $399.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.02 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -3 cents a year. Above 10 is good.
Quality score: 60 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.83 a share, 67% above its 1-year low
Over the past year the price has ranged from $2.30 to $5.25.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $219m | $279m | $297m | $313m | $309m |
| Operating margin | |||||
| Operating margin | -24.6% | -16.9% | -37.6% | -2.5% | -82.4% |
| Debt to equity | |||||
| Debt to equity | 0.51 | 0.50 | 0.53 | 0.65 | 0.88 |
| Shares outstanding | |||||
| Shares outstanding | 83.32bn | 110.67bn | 90.05bn | 89.92bn | 85.56bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.88× equity
- Revenue growth, five yearsStrong, 14.8% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $101 million last quarter, up 33% on a year ago.
- A loss of $11 million, compared with a loss of $102 million a year ago.
- It loses 44 cents on each $1 of sales, compared with 36 cents a year earlier.
- Spare cash over the past 12 months: $68 million, down from $87 million.
- 6% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $671 million more than cash, up from $336 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $79m |
| December 2024 | $78m |
| March 2025 | $77m |
| June 2025 | $76m |
| September 2025 | $78m |
| December 2025 | $79m |
| March 2026 | $81m |
| June 2026 | $101m |
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | -$4m |
| March 2025 | -$8m |
| June 2025 | -$102m |
| September 2025 | -$6m |
| December 2025 | -$140m |
| March 2026 | -$10m |
| June 2026 | -$11m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 141 funds in all.
- Royce & AssociatesChuck Royce
- Value
- $99,065
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $99,065 | <0.1% |
Largest holders overall
- Forager Capital Management$47mAdded
- Veradace Capital Management$30m
- Private Management Group$27mAdded
- BlackRock$26m
- American Century Companies$26mAdded
- AQR Capital Management$19mAdded
- Vanguard Capital Management$13mCut
- Dimensional Fund Advisors LP$12mCut
- Pacific Ridge Capital Partners$9mAdded
- State Street$8mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
13 investors own more than 5%; 1 of them is pushing for change.
- Forager Capital Management, LLCStrategic holderat least 12.4%0.0 pts(filed with 3 related holders)Since 26 June 2026
What they said
On June 26, 2026 the Reporting Persons delivered a non-binding proposal (the "Proposal Letter") to the Board of Directors of the Issuer to offer to acquire all of the outstanding shares of the Issuer not already owned by the Reporting Persons at a price of $5.25 per share,…
Read the filing - Edward KisselPassive investorat least 11.9%+1.9 pts(filed with 1 related holder)Since 1 April 2026
- Forager Capital Management, LLCPassive investor10.0%Since 12 March 2026
What they said
The Reporting Persons acquired the shares of Common Stock for investment purposes. The Reporting Persons intend to review their investment in the Issuer on an ongoing basis and, in the course of their review, may take actions (including through one or more of their affiliates)…
Read the filing - Forager Fund, L.P.Passive investorat least 10.0%+4.1 pts(filed with 2 related holders)Since 9 March 2026
- BT Parent GP, LLCPassive investorat least 9.4%(filed with 1 related holder)Since 13 July 2026
- Alexander VezendanActivistat least 8.2%−0.4 pts(filed with 3 related holders)Since 2 June 2026
What they said
Item 4 is hereby amended and supplemented by the addition of the following: On June 2, 2026, the Reporting Persons delivered a notice to the Issuer withdrawing the nomination by the Reporting Persons of Mr. Vezendan and Mr. Jacobs for election to the board of directors of the…
Read the filing - John A. Morris, Sr.Insider or founderat least 8.2%(filed with 2 related holders)Since 11 March 2026
- American Century Investment Management, Inc.Passive investorat least 6.8%+2.2 pts(filed with 2 related holders)Since 30 June 2026
- PRIVATE MANAGEMENT GROUP INCPassive investor6.6%+1.5 ptsSince 31 December 2025
- BlackRock, Inc.Passive investor6.1%−1.1 ptsSince 31 December 2025
- Veradace Partners LPPassive investor5.1%Since 3 November 2025
- AQR Capital Management, LLCPassive investorat least 5.0%−1.4 pts(filed with 1 related holder)Since 30 June 2026
- SUNRIVER MANAGEMENT LLCPassive investorat least 3.9%(filed with 1 related holder)Since 30 June 2025
- Wellington Management Group LLPPassive investorSold down below 5%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Forager Capital Management, LLC Strategic holder | at least 12.4%0.0 pts (filed with 3 related holders) | 26 June 2026 | What they saidOn June 26, 2026 the Reporting Persons delivered a non-binding proposal (the "Proposal Letter") to the Board of Directors of the Issuer to offer to acquire all of the outstanding shares of the Issuer not already owned by the Reporting Persons at a price of $5.25 per share,… Read the filing |
Edward Kissel Passive investor | at least 11.9%+1.9 pts (filed with 1 related holder) | 1 April 2026 | |
Forager Capital Management, LLC Passive investor | 10.0% | 12 March 2026 | What they saidThe Reporting Persons acquired the shares of Common Stock for investment purposes. The Reporting Persons intend to review their investment in the Issuer on an ongoing basis and, in the course of their review, may take actions (including through one or more of their affiliates)… Read the filing |
Forager Fund, L.P. Passive investor | at least 10.0%+4.1 pts (filed with 2 related holders) | 9 March 2026 | |
BT Parent GP, LLC Passive investor | at least 9.4% (filed with 1 related holder) | 13 July 2026 | |
Alexander Vezendan Activist | at least 8.2%−0.4 pts (filed with 3 related holders) | 2 June 2026 | What they saidItem 4 is hereby amended and supplemented by the addition of the following: On June 2, 2026, the Reporting Persons delivered a notice to the Issuer withdrawing the nomination by the Reporting Persons of Mr. Vezendan and Mr. Jacobs for election to the board of directors of the… Read the filing |
John A. Morris, Sr. Insider or founder | at least 8.2% (filed with 2 related holders) | 11 March 2026 | |
American Century Investment Management, Inc. Passive investor | at least 6.8%+2.2 pts (filed with 2 related holders) | 30 June 2026 | |
PRIVATE MANAGEMENT GROUP INC Passive investor | 6.6%+1.5 pts | 31 December 2025 | |
BlackRock, Inc. Passive investor | 6.1%−1.1 pts | 31 December 2025 | |
Veradace Partners LP Passive investor | 5.1% | 3 November 2025 | |
AQR Capital Management, LLC Passive investor | at least 5.0%−1.4 pts (filed with 1 related holder) | 30 June 2026 | |
SUNRIVER MANAGEMENT LLC Passive investor | at least 3.9% (filed with 1 related holder) | 30 June 2025 | |
Wellington Management Group LLP Passive investor | Sold down below 5% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $157,948, $142,198 of it under preset trading plans.
- Dempsey Tyler BGeneral CounselSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 11,112
- Price
- $4.00
- Value
- $44,448
- Dempsey Tyler BGeneral CounselSoldunder a preset trading plan
- Date
- 17 September 2026
- Shares
- 25,000
- Price
- $3.91
- Value
- $97,750
- THORNBURGH RICHARD EDirectorSold
- Date
- 17 November 2025
- Shares
- 4,500
- Price
- $3.50
- Value
- $15,750
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | Dempsey Tyler B General Counsel | Sold under a preset trading plan | 11,112 | $4.00 | $44,448 |
| 17 September 2026 | Dempsey Tyler B General Counsel | Sold under a preset trading plan | 25,000 | $3.91 | $97,750 |
| 17 November 2025 | THORNBURGH RICHARD E Director | Sold | 4,500 | $3.50 | $15,750 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.