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ZYBERNO

Stock Report

Updated Jun 6, 2026

FLEXSHOPPER, INC. (FPAY)

NASDAQ

$0.00

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

29.0/100

POOR BUSINESS

FLEXSHOPPER, INC. (FPAY) scores 29/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full FPAY quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-45.9%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full FPAY valuation analysis · → View full FPAY Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-16.0%)

Debt-to-Equity (Solvency Risk):POOR (1.63x)

Operating Margin (Operational Efficiency):GOOD (16.8%)

Return on Capital (Capital Efficiency):GOOD (17.6%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

FLEXSHOPPER, INC. (FPAY) stock report — Zyberno Score 29/100 (POOR BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, FLEXSHOPPER, INC. (FPAY) shows a Brina Gap of -45.9%, which weakens the case: based on the company's ROIC (17.6%) and reinvestment rate (-362.9%), the business can fundamentally grow at -64.0% — but the current enterprise value implies the market expects -18.1%.

Over the trailing twelve months, FPAY generated -$23.67M in Owner Earnings. Capital was deployed as follows: $6.40M invested in capital expenditures. Reinvestment rate: -362.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.00

Market Cap:$2.16K

Valuation Multiples (3)

P/B Ratio:0.00x

P/S Ratio:0.00x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$48.23M

Ev Ebitda Ratio:0.70x

B. Profitability Assessment

Return Metrics (7)

ROE:

-16.0%

📊 Click to view full FPAY ROE analysis →

ROA:-2.7%

Roic:

17.6%

📊 Click to view full FPAY ROIC analysis →

Reinvestment Rate:-362.9%

Fundamental Growth Rate (g):-64.0%

Market-Implied Growth Rate:-18.1%

Brina Gap:

-45.9%

☷ Click to view full FPAY Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:16.8%

Net Margin Ttm:-3.4%

Ebitda Margin:51.2%

TTM Performance (2)

Operating Margin Ttm:16.8%

Net Margin Ttm:-3.4%

Yield Metrics (2)

Earnings Yield:-$230.00K

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.23

📊 Click to view full FPAY Earnings Surprise analysis →

EPS Surprise vs Expected:366.7%

Latest Earnings Filed:2024-11-19

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):2.3%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):100.0%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):19.0%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):51.8%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:7.98x

Quick Ratio:7.98x

Cash Ratio:0.00x

Leverage Analysis (3)

Debt To Equity Ttm:1.63x

Debt-to-Equity Ratio:1.63x

Debt To Ebitda:0.70x

Coverage Ratios (2)

Interest Coverage Ratio:0.64x

Times Interest Earned:0.64

Capital Structure (4)

Working Capital:130,579,965.00

Cash And Cash Equivalents:0.00

Long Term Debt:$1.11M

Net Debt:$48.23M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $134.56M

Linear Growth: 2.3%

📊 Click to view full FPAY Revenue analysis & methodology →

Cost Of Revenue Ttm:$10.30M

Profitability Breakdown (2)

$527.95M

Operating income TTM: $22.60M

Linear Growth: 51.8%

📊 Click to view full FPAY Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$4.62M

Linear Growth: 100.0%

📊 Click to view full FPAY Net Income analysis & methodology →

Income Before Tax:-$5.66M

Ebitda Ttm:68,871,776.00

Operating Expenses (5)

Operating Expenses:111,967,791.00

R And D Expense:0.00

Sga Expense:0.00

Income Tax Expense:-$1.04M

Interest Expense:21,280,931.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:0.0%

Ebitda Margin:51.2%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$187.26M

Current Assets:$149.30M

Ppe Net:35,834,687.00

Goodwill:0.00

Intangible Assets:$12.06M

Liability Structure (4)

Total Liabilities:157,453,187.00

Current Liabilities:18,718,590.00

Long Term Debt:$1.11M

Short Term Debt:$47.12M

Equity & Capital (3)

Equity:$29.81M

Retained Earnings:-$35.28M

Common Stock:40,000,000.00

Working Capital Items (3)

Accounts Receivable:66,181,471.00

Inventory:0.00

Accounts Payable:3,604,816.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:156,922.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$17.91M

Linear Growth: 19.0%

-$24.30M

Investment Activities (2)

Investing Cash Flow:-$2.28M

Capital Expenditures Ttm:6,396,567.00

Financing Activities (3)

Financing Cash Flow:$9.10M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:46,276,558.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.23

Eps diluted TTM: -$0.23

Linear Growth: 60.2%

📊 Click to view full FPAY EPS analysis & methodology →

Earnings Per Share Ttm:-$0.21

Revenue & Cash Per Share (2)

Sales Per Share Ttm:6.23

Operating Cash Flow Per Share:-$0.31

Book Value & Capital (2)

Book Value Per Share:$1.38

Cash Per Share:-999.00

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.79x

Working Capital Turnover Ttm:1.03x

Receivables Management (2)

Receivables Turnover Ttm:2.03x

Days Sales Outstanding Ttm:179.52

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:127.71

Cash Conversion Cycle:-947.20

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$23.67M

Damodaran Growth Analysis (4)

Reinvestment Rate:-362.9%

Fundamental Growth Rate (g):-64.0%

Market-Implied Growth Rate:-18.1%

Brina Gap:

-45.9%

☷ Click to view full FPAY Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):2.3%

Net Income Growth Rate (Linear):100.0%

Operating Income Growth Rate (Linear):51.8%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):19.0%

Other Growth Rates (1)

Book Value Growth Rate (Linear):32.4%

C. Company Profile & Context

Corporate Information (6)

Symbol:FPAY

Company Name:FLEXSHOPPER, INC.

Sector:Unknown

Industry:Services-Equipment Rental & Leasing, NEC

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:21.59M

Shares Outstanding Basic:21.59M

Shares Outstanding Diluted:22.23M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-06-06 23:06:01 UTC

Data Timestamp:2026-06-06T23:06:01.415188