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Flywire Corp (FLYW) stock

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NASDAQ: FLYW Nasdaq Transaction & Payment Processing Services Next results ~November 3, 2026

C+ Fundamentals grade

Flywire Corp is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$19

Cash-flow model

Base case. Range ~$15–$25 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 1% above our base value.

Price used: $19.49, November 2, 2026

Flywire Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 11 selling3 purchases and 53 sales by directors and officers, last 12 monthsInsider trades
  • Funds150 adding, 85 cuttingOf 46 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Flywire files

Where Flywire stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $714m, up 32.2% on a year earlier, about the same pace as a quarter earlier. That growth ranks 2 of 22 among the transaction & payment processing services companies we cover. Free-cash-flow margin rose to 23.2% from 17.4% a year earlier. Operating margin widened to 5.5% from -1.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $19.80 a share, against a share price of $19.32. At that price, our model says the market is pricing in about 19.5% a year of cash-flow growth for five years, slower than the 28.8% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Flywire Corp's trailing-twelve-month revenue grew 32.2% year on year, with a free-cash-flow margin of 23.2%. Where it stands out: revenue growth of 32.2% ranks 4 of 30 transaction & payment processing services companies we cover. Where it lags: stock pay as % of revenue of 9.9% ranks 26 of 30 transaction & payment processing services companies we cover.

Our discounted-cash-flow model values the business at ~$19 per share in the base case (~$15–$25 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 75.5% while net income grew 398.3%: a 323pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 32.2% over the last 12 months, against a median of 9.7% for transaction & payment processing services companies we cover.
  • Margins widening. Operating margin is up 6.5 points on a year ago.
  • Strong cash generation. 23.2% of revenue turned into free cash flow, against a median of 18.4% for transaction & payment processing services companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.3bn.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 8.6% over 90 days.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • High earnings multiple. The shares trade at 74 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of 1.3 against the S&P 500.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 9.9% ranks 26 of 30 transaction & payment processing services companies we cover (median 2.3%).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.11 against an average estimate of $0.12: missed by 3.9%
Revenue
$168m, up 27.2% on a year earlier
Share reaction
+12.1% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
FX-Neutral Revenue Less Ancillary Services Growth growth 21% to 27% (Fiscal Year 2026); adjusted EBITDA Margin Growth 200 to 400 (Fiscal Year 2026)
Next report
November 3, 2026; average EPS estimate $0.49

Flywire's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%
  • 1 week+1.8%
  • 1 month+10.9%
  • This year+37.6%
  • 1 year+46.3%
  • 5 years-56.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$714M
Operating margin
5.5%
Net margin
4.8%
EPS (TTM, diluted)
$0.26

Growth

Revenue growth
+32.2%
Change in growth rate
−0.3 pts
Share count change
+0.3%

Cash

Free cash flow (TTM)
$165M
FCF margin
23.2%
Stock pay % of revenue
9.9%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Results
  7. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Flywire Corp valuation models and calculator

What the price is pricing in

The share price implies about 19.5% a year of cash-flow growth for five years.That is slower than the 28.8% a year revenue growth Flywire has delivered.

  • Priced in19.5%
  • Last 12 months32.2%
  • 3 years a year27.1%
  • 5 years a year28.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($19.46, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$19
Price used
$19.46close November 3, 2026
Implied change
▲ +0%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Flywire Corp's free cash flow after stock-based pay with after-tax interest added back ($47M, FY2026 Q2 TTM), growing 19.1% and 18.5% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$15–~$25 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Flywire Corp's free cash flow after stock-based pay ( $47M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Flywire Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.06 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$19 ~$15–$25 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$12 ~$8.7–$15 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$12 ~$8.6–$26 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.6 ~$0.3–$1.2 Left out: out of range vs price (0.03x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$16 ~$12–$19 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Flywire Corp with Transaction & Payment Processing Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +31%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $8$10$13$16$21$27
8.5% $7$8$10$13$16$20
10% $6$7$8$10$13$16

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$38.06$24.47$23.15$20.62$14.16$19.49
Market value$2.7bn$2.6bn$2.7bn$2.7bn$1.8bn$2.5bn
+ Net debt (− = net cash)−$359m−$349m−$655m−$495m−$315m−$282m
Enterprise value$2.3bn$2.3bn$2.0bn$2.2bn$1.5bn$2.2bn
Multiples
Price / sales 13.5x9.1x6.6x5.4x2.9x3.5x
Price / earnings ———n/m134.0x73.9x
Price / free cash flow 168.4xn/m35.3x27.3x18.3x15.2x
EV / EBITDA ———n/m40.0x38.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

37 /100

Weak moat

How hard Flywire's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -2.4% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -5.9%; its worst year was -9.9%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 5 of 6 years, at a median 13.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (42 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $233m and EPS of $0.49 (range $0.42 to $0.54) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.08 +130% $761m +26%
Next $1.36 +27% $877m +15%

Next year's EPS estimate has moved +8.6% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.8% on 90 days ago. In the last 30 days, 1 analyst raised Flywire Corp's forecast and 1 cut it.

Consensus EPS forecast Flywire Corp, last 90 days
$1.00 $1.10 $1.20 $1.30 $1.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.03 Current fiscal year, 60 days ago: $1.05 Current fiscal year, 30 days ago: $1.05 Current fiscal year, 7 days ago: $1.08 Current fiscal year, Now: $1.08 $1.08 Next fiscal year, 90 days ago: $1.25 Next fiscal year, 60 days ago: $1.35 Next fiscal year, 30 days ago: $1.34 Next fiscal year, 7 days ago: $1.36 Next fiscal year, Now: $1.36 $1.36

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.03$1.25
60 days ago $1.05$1.35
30 days ago $1.05$1.34
7 days ago $1.08$1.36
Now $1.08$1.36

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.12 $0.11 −3.9%
Mar 2026 $0.18 $0.21 +18.4%
Dec 2025 $0.14 $0.14 +2.6%
Sept 2025 $0.35 $0.37 +5.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • FX-Neutral Revenue Less Ancillary Services Growth Fiscal Year 2026 21% growth to 27% growth Non-GAAP Raised
    “FX-Neutral Revenue Less Ancillary Services Growth 21-27% YoY” source
  • FX-Neutral Revenue Less Ancillary Services Growth Third Quarter 2026 16% growth to 22% growth Non-GAAP
    “FX-Neutral Revenue Less Ancillary Services Growth 16-22% YoY” source
  • Adjusted EBITDA Margin Growth Fiscal Year 2026 200 to 400 Non-GAAP Raised
    “Adjusted EBITDA Margin Growth +200 to 400 bps YoY” source
  • Adjusted EBITDA Margin Growth Third Quarter 2026 100 to 300 Non-GAAP
    “Adjusted EBITDA Margin Growth 100-300 bps YoY” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Flywire Corp's revenue by +19.1% next year and +18.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+18.7%, weight 66%) and the company's own record (+20.0%, weight 34%) . How the weights are set.

Analyst recommendations

15 analysts, Oct 2026
Buy853%
Hold747%
Sell00%

Monthly trend

  1. Oct 202635715
  2. Sep 202635614
  3. Aug 202635614
  4. Jul 202635614

Counts of recommendations published by analysts covering Flywire Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.9%
of tradable shares
Days to cover
8.21
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.1%
of shares
Employees
1,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +46.3%

$13.32 on October 31, 2025 to $19.49

ThenNowEffect
Revenue (last 12 months) $540m $714m +32.2%
Net margin 1.3% 4.8% +276.9%
P/E multiple n/m 73.9x −70.6%
Share count 129m 129m −0.3%

Biggest factor: net margin.

Last 3 years −31.5%

$28.47 on November 3, 2023 to $19.49

ThenNowEffect
Revenue (last 12 months) $348m $714m +105.3%
P/S multiple 9.0x 3.5x −60.7%
Share count 110m 129m −15.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
FLYW−36%−5%−11%−31%+38%
Industry peers (median)−26%+8%+13%−23%+5%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
FLYW33%50%33%50%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
FLYW−60%−44%−47%−60%−28%
S&P 500−25%−10%−8%−19%−9%

Worst fall since May 26, 2021: 84% from October 14, 2021 to April 10, 2025. Getting back needed a 541% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$10.64 – $19.69
From 52-week high
−1.0%
vs 50-day average
+6.5%
vs 200-day average
+25.3%
Volatility (1 year)
46%
Beta vs S&P 500
1.29

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±16.6%
After a week
8 up, 4 down
typical move ±14.7%
After a month
8 up, 4 down
typical move ±13.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +12.1% +1.6% +5.1% +13.2%
May 5, 2026 +23.1% +2.2% +17.2% +2.5%
February 24, 2026 +17.7% +1.6% +18.0% +16.5%
November 4, 2025 +4.2% −0.8% +2.3% +2.5%
August 5, 2025 +17.3% +0.3% +14.0% +26.3%
May 6, 2025 +12.1% −0.4% +14.2% +4.7%
February 25, 2025 −36.2% −0.4% −38.6% −42.2%
November 7, 2024 +16.9% +1.2% +21.3% +16.9%
August 6, 2024 +1.5% +0.2% −1.7% −2.6%
May 7, 2024 −13.8% +0.1% −15.9% −13.2%
February 27, 2024 +19.6% +0.1% +9.9% +2.5%
November 7, 2023 −24.2% +0.4% −17.6% −17.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Flywire Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Flywire Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Flywire Corp
$300M $400M $500M $600M $700M $800M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $375.6M Revenue (TTM), FY23 Q4: $403.1M Revenue (TTM), FY24 Q1: $422.8M Revenue (TTM), FY24 Q2: $441.6M Revenue (TTM), FY24 Q3: $475.1M Revenue (TTM), FY24 Q4: $492.1M Revenue (TTM), FY25 Q1: $511.5M Revenue (TTM), FY25 Q2: $539.7M Revenue (TTM), FY25 Q3: $583M Revenue (TTM), FY25 Q4: $623M Revenue (TTM), FY26 Q1: $677.7M Revenue (TTM), FY26 Q2: $713.5M $713.5M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $375.6M
FY23 Q4 $403.1M
FY24 Q1 $422.8M
FY24 Q2 $441.6M
FY24 Q3 $475.1M
FY24 Q4 $492.1M
FY25 Q1 $511.5M
FY25 Q2 $539.7M
FY25 Q3 $583M
FY25 Q4 $623M
FY26 Q1 $677.7M
FY26 Q2 $713.5M
Revenue growth, TTM YoY Flywire Corp
20% 25% 30% 35% 40% 45% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 40.3% Revenue growth, TTM YoY, FY23 Q4: 39.3% Revenue growth, TTM YoY, FY24 Q1: 32.5% Revenue growth, TTM YoY, FY24 Q2: 27.1% Revenue growth, TTM YoY, FY24 Q3: 26.5% Revenue growth, TTM YoY, FY24 Q4: 22.1% Revenue growth, TTM YoY, FY25 Q1: 21.0% Revenue growth, TTM YoY, FY25 Q2: 22.2% Revenue growth, TTM YoY, FY25 Q3: 22.7% Revenue growth, TTM YoY, FY25 Q4: 26.6% Revenue growth, TTM YoY, FY26 Q1: 32.5% Revenue growth, TTM YoY, FY26 Q2: 32.2% 32.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 40.3%
FY23 Q4 39.3%
FY24 Q1 32.5%
FY24 Q2 27.1%
FY24 Q3 26.5%
FY24 Q4 22.1%
FY25 Q1 21.0%
FY25 Q2 22.2%
FY25 Q3 22.7%
FY25 Q4 26.6%
FY26 Q1 32.5%
FY26 Q2 32.2%
Operating margin (TTM) Flywire Corp
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -5.6% Operating margin (TTM), FY23 Q4: -5.3% Operating margin (TTM), FY24 Q1: -4.9% Operating margin (TTM), FY24 Q2: -4.5% Operating margin (TTM), FY24 Q3: -2.4% Operating margin (TTM), FY24 Q4: -1.5% Operating margin (TTM), FY25 Q1: -2.4% Operating margin (TTM), FY25 Q2: -1.0% Operating margin (TTM), FY25 Q3: 1.1% Operating margin (TTM), FY25 Q4: 1.8% Operating margin (TTM), FY26 Q1: 4.9% Operating margin (TTM), FY26 Q2: 5.5% 5.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -5.6%
FY23 Q4 -5.3%
FY24 Q1 -4.9%
FY24 Q2 -4.5%
FY24 Q3 -2.4%
FY24 Q4 -1.5%
FY25 Q1 -2.4%
FY25 Q2 -1.0%
FY25 Q3 1.1%
FY25 Q4 1.8%
FY26 Q1 4.9%
FY26 Q2 5.5%
FCF margin (TTM) Flywire Corp
0% 10% 20% 30% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 14.1% FCF margin (TTM), FY23 Q4: 18.7% FCF margin (TTM), FY24 Q1: 13.8% FCF margin (TTM), FY24 Q2: 9.9% FCF margin (TTM), FY24 Q3: 38.3% FCF margin (TTM), FY24 Q4: 19.9% FCF margin (TTM), FY25 Q1: 10.8% FCF margin (TTM), FY25 Q2: 17.4% FCF margin (TTM), FY25 Q3: 11.3% FCF margin (TTM), FY25 Q4: 15.9% FCF margin (TTM), FY26 Q1: 24.2% FCF margin (TTM), FY26 Q2: 23.2% 23.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 14.1%
FY23 Q4 18.7%
FY24 Q1 13.8%
FY24 Q2 9.9%
FY24 Q3 38.3%
FY24 Q4 19.9%
FY25 Q1 10.8%
FY25 Q2 17.4%
FY25 Q3 11.3%
FY25 Q4 15.9%
FY26 Q1 24.2%
FY26 Q2 23.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Flywire took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $623M
  2. Other income $10.1M · 1.6%
  3. Research and development $70.2M · 11.3%
  4. Selling, general and admin $292M · 46.9%
  5. Other operating costs $249M · 40.0%
  6. Operating income $11.3M · 1.8%
  7. Income tax $7.9M · 1.3%
  8. Net income $13.5M · 2.2%

Shares of revenue. Source: Flywire's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 95 132 201 289 403 492 623 714
EBITDA −14 −9 −4 −18 −6 10 37 57
Operating income −17 −16 −13 −30 −22 −7 11 39
Net income −20 −11 −28 −39 −9 3 13 34
Diluted EPS −$0.31 −$0.15 −$0.39 −$0.36 −$0.07 $0.02 $0.11 $0.26
Growth (year on year)
Revenue — +38.8% +52.6% +43.9% +39.3% +22.1% +26.6% +32.2%
EBITDA — — — — — — +269.5% —
Margins
EBITDA margin −14.5% −6.8% −2.1% −6.2% −1.4% 2.1% 6.0% 8.0%
Operating margin −18.4% −12.0% −6.6% −10.4% −5.3% −1.5% 1.8% 5.5%
Net margin −21.2% −8.4% −14.0% −13.6% −2.1% 0.6% 2.2% 4.8%
Free-cash-flow margin 0.3% −12.4% 8.0% 1.4% 18.7% 19.9% 15.9% 23.2%
Cash flow
Cash from operations 4 −14 17 5 76 99 100 166
Capital spending 4 2 1 1 1 1 1 1
Free cash flow 0 −16 16 4 75 98 99 165
Stock-based pay 3 4 19 30 44 65 72 71
Free cash flow after stock pay −3 −20 −3 −26 32 33 27 94
Balance sheet
Cash 86 104 385 349 655 495 330 282
Total debt 0 25 26 0 0 0 15 —
Net debt (negative = net cash) −86 −79 −359 −349 −655 −495 −315 −282
Diluted shares 64m 74m 71m 108m 115m 129m 128m 129m
Returned to shareholders
Buybacks 0 0 0 — — — — —
Total returned 0 0 0 — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $1.2bn
Short-term assets $504mLonger-term assets $659m
What it owes, and who funded it · $1.2bn
Short-term liabilities $331mLonger-term liabilities $15mShareholders' equity $817m
  • Short-term assets cover short-term liabilities $504m of assets due within a year against $331m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $504m short-term assets against $15m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $39m against $2m of interest.

From Flywire Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.3%
year over year
R&D spending
10.4%
of revenue
Days sales outstanding
20 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in transaction & payment processing services
Last 12 months unless stated FLYW MQ PMTS IMXI SEZL PRTH Median
Revenue, last 12 months $714m $677m $587m $555m $532m $1.0bn $1.6bn
Revenue growth, last 12 months 32.2% 22.4% 16.9% −13.5% 43.1% 8.9% 9.3%
Revenue growth, 3-year average 27.1% −7.1% 6.5% −3.1% 56.7% 12.0% 7.9%
Revenue growth, latest quarter 27.2% 17.0% 15.0% −18.6% 51.7% 9.4% 14.0%
Gross margin — 70.0% 31.0% — — 30.4% 45.0%
Operating margin 5.5% −1.9% 9.2% 6.2% 40.4% 13.8% 9.8%
Operating margin, 3-year average −0.0% −12.1% 10.9% 11.3% 33.3% 14.1% 11.1%
Net margin 4.8% 1.5% 2.3% 3.4% 30.4% 5.6% 6.1%
Cash from operations / revenue 23.3% 29.5% 15.6% 5.6% 51.8% 12.8% 18.4%
Free-cash-flow margin 23.2% 29.3% 13.0% 1.6% 51.6% 10.4% 16.1%
Free-cash-flow margin, 3-year average 16.8% 18.7% 8.5% 12.2% 34.0% 7.4% 16.3%
Stock pay / revenue 9.9% 13.9% 1.1% 1.3% 0.8% 1.0% 2.2%
Change in share count 0.3% −6.5% −0.5% −3.1% −1.7% 5.6% −2.7%

Median of all 30 companies we cover in transaction & payment processing services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

30 transaction & payment processing services companies
Measure Company Peer median Rank
Revenue growth Growth 32.2% 9.7% 4 of 30
Change in growth rate Growth -0.3pp -0.3pp 15 of 30
Operating margin Profitability 5.5% 9.8% 21 of 29
Net margin Profitability 4.8% 6.6% 17 of 30
Free-cash-flow margin Cash generation 23.2% 18.4% 10 of 25
Stock pay as % of revenue Cash generation 9.9% 2.3% 26 of 30
Long-term debt as % of assets Balance sheet 1.2% 25.3% 4 of 19
Change in share count Balance sheet 0.3% -1.7% 18 of 26
Days sales outstanding Balance sheet 20 days 53 days 3 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Transactions $503M 80.7% ▲ 22.5%
Platform and Other Revenues $120M 19.3% ▲ 47.0%
Geography
Region Revenue Share YoY
United States and Canada Americas $286M 45.9% ▲ 28.9%
Europe The Middle East and Africa Emea $241M 38.7% ▲ 27.6%
Asia and Pacific Apac $96.3M 15.4% ▲ 17.9%

From Flywire Corp's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.3B
Institutions reporting
237
Shares held vs prior quarter
▲ 12.1%
Positions opened / closed
51 / 24

Top buyers and sellers, Q2 2026: 150 institutions bought and 85 sold ; the biggest buyer was Driehaus Capital Management LLC (+4.5M shares) and the biggest seller Balyasny Asset Management L.P (−1.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Voss Capital, LP $239M 13.6M 10.5% 0.0%
Blackrock, Inc. $161M 9.1M 7.0% ▲ 5.5%
Divisadero Street Capital Management, LP $117M 6.6M 5.1% ▲ 9.5%
Temasek Holdings (Private) Ltd $108M 6.2M 4.8% 0.0%
Cadian Capital Management, LP $101M 5.7M 4.4% ▼ 13.2%
Wellington Management Group LLP $93.8M 5.3M 4.1% ▲ 1.2%
Jennison Associates LLC $92.6M 5.3M 4.1% ▼ 0.5%
Vanguard Portfolio Management LLC $87.3M 5.0M 3.8% ▼ 0.2%
Vanguard Capital Management LLC $87.2M 5.0M 3.8% ▼ 1.7%
Driehaus Capital Management LLC $79.2M 4.5M 3.5% New
Geode Capital Management, LLC $56.3M 3.2M 2.5% ▲ 7.0%
Mangrove Partners Im, LLC $52.4M 3.0M 2.3% ▼ 1.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Flywire Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $3.5M 3 trades by 1 insider, last 12 months Insider sales History → $28.2M 53 trades by 11 insiders · 60% under pre-set plans
Net ▼ $24.8M net selling
Insider Date Trade Shares Price Value
King David R. See Remarks October 13, 2026 Sell pre-set plan 36,900 $18.32 $675,838
King David R. See Remarks September 11, 2026 Sell pre-set plan 36,900 $17.88 $659,772
Butterfield Peter General Counsel and CCO September 8, 2026 Sell pre-set plan 12,156 $17.99 $218,686
Kansal Mohit Chief Payments Officer September 2, 2026 Sell pre-set plan 12,423 $18.69 $232,186
Massaro Michael Chief Executive Officer September 1, 2026 Sell pre-set plan 112,500 $18.39 $2.1M
Voss Value-Oriented Special Situations Fund, Lp 10% owner August 28, 2026 Sell 7,763 $18.78 $145,789
Voss Value-Oriented Special Situations Fund, Lp 10% owner August 28, 2026 Sell 37,005 $18.78 $694,954
Voss Capital, Lp 10% owner August 27, 2026 Sell 1,996 $18.91 $37,744
Voss Capital, Lp 10% owner August 27, 2026 Sell 91,931 $18.92 $1.7M
Voss Capital, Lp 10% owner August 26, 2026 Sell 555 $18.99 $10,539
Voss Capital, Lp 10% owner August 26, 2026 Sell 25,539 $18.99 $484,986
Voss Value Master Fund, Lp 10% owner August 25, 2026 Sell 169,295 $19.19 $3.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

No trades in Flywire Corp disclosed in the last 12 months; 6 earlier trades on record.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded April 17, 2025, filed May 6, 2025
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded March 19, 2025, filed April 10, 2025
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded July 19, 2024, filed August 15, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • February 24, 2026
  • November 4, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Flywire Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Flywire Corp in brief

What does Flywire Corp do?
Flywire Corp is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.
What is Flywire Corp's stock ticker?
Flywire Corp trades under the ticker FLYW on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Flywire Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Flywire Corp reported revenue of $714M, 32.2% higher than a year earlier, according to its SEC filings.
What is Flywire Corp's free cash flow?
Flywire Corp's free-cash-flow margin is 23.2% of revenue over the trailing twelve months, ranking 10 of the 25 transaction & payment processing services companies we cover.
What is Flywire Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Flywire Corp's free cash flow after stock-based pay gives ~$19 per share in the base case, and ~$15–$25 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Flywire Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Voss Capital, LP, Blackrock, Inc. and Divisadero Street Capital Management, LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Flywire Corp's market cap?
On November 2, 2026, Flywire Corp's market capitalisation was about $2.5B, with a price-to-earnings ratio of 73.9 and net debt of -$282M. Market figures come from third-party market data and may be delayed.
Who are Flywire Corp's competitors?
In our Transaction & Payment Processing Services peer group, the companies closest to Flywire Corp are Marqeta, Inc., CPI Card Group Inc., International Money Express, Inc., Sezzle Inc. and Priority Technology Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Flywire Corp's.
Are insiders buying or selling Flywire Corp stock?
Over the last 12 months, Flywire Corp's directors and officers reported 3 open-market purchases and 53 sales on Form 4. The insider trading page charts every trade.
When is Flywire Corp's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Flywire Corp announces its own schedule.