Flywire: Diversified Growth, Discounted Valuation, and Defensible Moat Support Buy Rating

William Blair analyst Christopher Kennedy has reiterated their bullish stance on FLYW stock, giving a Buy rating on December 17.

Christopher Kennedy has given his Buy rating due to a combination of factors tied to Flywire’s growth profile, valuation, and competitive positioning. Following investor meetings, he highlights that roughly three-quarters of Flywire’s revenue now comes from geographies, verticals, and products outside U.S. and Canadian cross-border education, and these areas are expanding faster than the company average. He raises his 2026 forecasts, projects at least $115 million in free cash flow, and introduces 2027 expectations of mid-teens revenue growth, noting that the shares trade at a meaningful discount to both fintech peers and recent sector M&A on an EBITDA multiple basis. This backdrop supports his view that as investors gain confidence in Flywire’s durable growth, the valuation multiple has room to move higher.
At the business level, Kennedy emphasizes Flywire’s diversification away from U.S. education, which he expects will represent under one-fifth of revenue in 2025, helped by domestic education growth and expansion in other regions and verticals. He sees substantial runway in international education outside the largest markets, strong traction in healthcare, and additional upside from travel, including cross-selling Sertifi and better monetizing payment volumes. He also points to Flywire’s global payment network, vertical-specific software integrations, and increasingly comprehensive product suite as a defensible moat relative to legacy fintech providers and niche point-solution competitors. Finally, he views management’s assumption of a modest U.S. visa–related revenue headwind as a prudent de-risking of expectations, with significant remaining opportunity in U.S. student financial services that could benefit from a tougher operating environment, collectively reinforcing his Buy recommendation.

In another report released on December 17, RBC Capital also maintained a Buy rating on the stock with a $18.00 price target.

Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FLYW in relation to earlier this year.