FLYW Technology

Flywire Corporation

$19.15-1.74%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Technology
Industry: Software - Infrastructure
Country: United States
Market cap: 2.3B USD
Enterprise value: 2.0B USD
Full-time employees: 1,500

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: its share price swings more than most peers’ (beta 1.35 vs a peer median of 0.87)bigger price swings (beta 1.35 vs peers 0.87)
About average: profitability, valuation and risk (debt, liquidity and share-price swings)profitability, valuation and risk

Ranks #486 of 1,612 technology companies (top 31%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 13% from December 2022 to June 2026.
Flywire had 13% more shares at June 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Flywire had 13% more shares at June 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 12% of revenue in 2025.
Flywire paid employees $72M in stock in 2025, 12% of its $623M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating margin at a 6-year high. 1.8% in 2025, the best of the last 6 years.
Flywire kept 1.8% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Cash flow well above reported profit. Free cash flow is 4.9× reported profit.
Free cash flow is 4.9× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

StockQuotient Score

60/ 100

Oct 5 62 → Nov 4 60 (-2)

Valuation

Is the price right?

50/100

Moderate▼ 3 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 53 → 50

Share price +1.6%-1
Peer companies moved-2

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.5%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.35Sector median: 0.0225 · MAD: 0.0225

EBITDA yield3.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.25Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield7.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 1.59Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield35.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

99/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 5.3%

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth393.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 9.19Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth27.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.81Sector median: 0.0483 · MAD: 0.0793

Revenue growth32.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.33Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

45/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 44 → 45

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin5.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.11Sector median: 0.0631 · MAD: 0.0710

Return on assets2.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.00Sector median: 0.0293 · MAD: 0.0362

Return on invested capital5.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.13Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin59.6%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity4.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Debt / equity
▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.35

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.29Sector median: 0.8710 · MAD: 0.3700

Current ratio1.52×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.45Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.02×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.02Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Flywire

Is Flywire getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 60/100 since Oct 28, 2026.
How is Flywire valued vs its peers?: Priced about in line with its peers. Valuation scores 50/100 against 1,711 technology peers. Free cash flow yield 7.1% vs a peer median of 2.7% (stronger than 78% of peers).Free cash flow yield 7.1% vs peers 2.7% (stronger than 78% of peers).
Is Flywire growing?: Yes, faster than most of its peers. Growth scores 99/100 against 1,711 technology peers. Earnings per share growth 393.0% vs a peer median of 11.1% (stronger than 96% of peers).Earnings per share growth 393.0% vs peers 11.1% (stronger than 96% of peers).
How profitable is Flywire?: About as profitable as its peers. Profitability scores 45/100 against 1,711 technology peers.
How risky is Flywire?: Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.02× vs a peer median of 0.25× (stronger than 86% of peers).Debt / equity 0.02× vs peers 0.25× (stronger than 86% of peers). Beta 1.35 vs a peer median of 0.87 (weaker than 77% of peers).Beta 1.35 vs peers 0.87 (weaker than 77% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	677.7M USD	713.5M USD	+5.3%
Net income (12 months)	30.2M USD	34.0M USD	+12.8%
Operating margin	4.9%	5.5%	+0.6 pts
Free cash flow (12 months)	163.8M USD	165.3M USD	+0.9%
Cash	311.9M USD	282.4M USD	−9.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Infrastructure · 71 companies

Valuations in Software - Infrastructure are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +19% and earnings +22% (medians): prices and earnings moved broadly together.
Median price-to-sales is +97% vs the whole market, against a usual +103%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-6.6%	-10.4%	-5.3%	-1.5%	1.8%	▲ 3.3 pts
Net margin	-14.0%	-13.6%	-2.1%	0.6%	2.2%	▲ 1.6 pts
Return on assets (ROA)	-4.4%	-5.8%	-0.8%	0.3%	1.1%	▲ 0.8 pts
Return on equity (ROE)	-5.8%	-8.2%	-1.1%	0.4%	1.6%	▲ 1.3 pts
Free cash flow margin	8.0%	1.4%	18.7%	19.9%	15.9%	▼ 4.0 pts
Current ratio	3.78×	2.54×	2.98×	2.63×	1.50×	▼ 43%
Debt to equity	0.05×	0.00×	—	—	—	—
Interest coverage	-6.56×	-24.95×	-57.84×	-13.49×	3.20×	▲ 124%

FLYW price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: its share price swings more than most peers’ (beta 1.35 vs a peer median of 0.87)bigger price swings (beta 1.35 vs peers 0.87)

About average: profitability, valuation and risk (debt, liquidity and share-price swings)profitability, valuation and risk

Ranks #486 of 1,612 technology companies (top 31%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 13% from December 2022 to June 2026.

Flywire had 13% more shares at June 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Flywire had 13% more shares at June 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 12% of revenue in 2025.

Flywire paid employees $72M in stock in 2025, 12% of its $623M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating margin at a 6-year high. 1.8% in 2025, the best of the last 6 years.

Flywire kept 1.8% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Cash flow well above reported profit. Free cash flow is 4.9× reported profit.

Free cash flow is 4.9× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Questions investors ask about Flywire

Is Flywire getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 60/100 since Oct 28, 2026.

How is Flywire valued vs its peers?

Priced about in line with its peers. Valuation scores 50/100 against 1,711 technology peers. Free cash flow yield 7.1% vs a peer median of 2.7% (stronger than 78% of peers).Free cash flow yield 7.1% vs peers 2.7% (stronger than 78% of peers).

Is Flywire growing?

Yes, faster than most of its peers. Growth scores 99/100 against 1,711 technology peers. Earnings per share growth 393.0% vs a peer median of 11.1% (stronger than 96% of peers).Earnings per share growth 393.0% vs peers 11.1% (stronger than 96% of peers).

How profitable is Flywire?

About as profitable as its peers. Profitability scores 45/100 against 1,711 technology peers.

How risky is Flywire?

Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.02× vs a peer median of 0.25× (stronger than 86% of peers).Debt / equity 0.02× vs peers 0.25× (stronger than 86% of peers). Beta 1.35 vs a peer median of 0.87 (weaker than 77% of peers).Beta 1.35 vs peers 0.87 (weaker than 77% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

677.7M USD

713.5M USD

+5.3%

Net income (12 months)

30.2M USD

34.0M USD

+12.8%

Operating margin

4.9%

5.5%

+0.6 pts

Free cash flow (12 months)

163.8M USD

165.3M USD

+0.9%

Cash

311.9M USD

282.4M USD

−9.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-6.6%

-10.4%

-5.3%

-1.5%

1.8%

▲ 3.3 pts

Net margin

-14.0%

-13.6%

-2.1%

0.6%

2.2%

▲ 1.6 pts

Return on assets (ROA)

-4.4%

-5.8%

-0.8%

0.3%

1.1%

▲ 0.8 pts

Return on equity (ROE)

-5.8%

-8.2%

-1.1%

0.4%

1.6%

▲ 1.3 pts

Free cash flow margin

8.0%

1.4%

18.7%

19.9%

15.9%

▼ 4.0 pts

Current ratio

3.78×

2.54×

2.98×

2.63×

1.50×

▼ 43%

Debt to equity

0.05×

0.00×

—

Interest coverage

-6.56×

-24.95×

-57.84×

-13.49×

3.20×

▲ 124%