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Flywire
(NASDAQ:FLYW)
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Rating:75Outperform
Price Target:
$21.00
▲(54.30% Upside)
Action:Reiterated
Date:07/03/26
The score is driven primarily by improving financial performance (strong gross margins, rising free cash flow, and a debt-free balance sheet) and a notably positive earnings outlook with raised guidance and continued margin expansion. Technicals are supportive but appear overextended (high RSI/Stoch), while the high P/E and lack of dividend yield weigh on the valuation component.
Positive Factors
High gross margins
Sustained gross margins near 60% provide structural cushion for operating leverage. High take-rates on complex cross-border flows and platform services enable durable profitability as TPV scales, supporting reinvestment, margin expansion and resilience to competitive pricing pressure over the medium term.
Negative Factors
Ramp-driven gross margin pressure
Large payment-processing ramps and mix shifts have materially compressed gross margins. Because these migration and processing ramps can span multiple quarters, they can sustainably reduce headline gross-profit dollars per TPV until pricing or mix normalizes, limiting near-term margin durability.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained gross margins near 60% provide structural cushion for operating leverage. High take-rates on complex cross-border flows and platform services enable durable profitability as TPV scales, supporting reinvestment, margin expansion and resilience to competitive pricing pressure over the medium term.
Read all positive factors
Flywire Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes revenue from different business units or product lines, highlighting which areas drive growth and which might need strategic adjustments.
Analyzes revenue from different business units or product lines, highlighting which areas drive growth and which might need strategic adjustments.
Data provided by:
The Fly
The FlyFlywire (FLYW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.18B
Dividend YieldN/A
Average Volume (3M)2.58M
Price to Earnings (P/E)74.5
Beta (1Y)1.21
Revenue Growth32.49%
EPS Growth539.48%
CountryUS
Employees1,400
SectorTechnology
Sector Strength88
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)0.24
Shares Outstanding121,544,560
10 Day Avg. Volume2,923,051
30 Day Avg. Volume2,584,556
Financial Highlights & Ratios
PEG Ratio0.35
Price to Book (P/B)2.07
Price to Sales (P/S)2.78
P/FCF Ratio17.53
Enterprise Value/Market Cap0.72
Enterprise Value/Revenue2.31
Enterprise Value/Gross Profit3.96
Enterprise Value/Ebitda21.47
Forecast
1Y Price Target
$19.09Price Target Upside40.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)0.45
Revenue Forecast (FY)$750.01M
Flywire Business Overview & Revenue Model
Company Description
Flywire Corporation, together with its subsidiaries, operates as a payment enablement and software company in the United States, Europe, the Middle East, and Africa and the Asia Pacific. The company provides a payment platform that integrates into...
How the Company Makes Money
Flywire makes money by facilitating payment transactions for its clients and charging fees tied primarily to payment volume processed on its platform. Its core revenue model is largely transaction-based: when an end payer (for example, a student p...
Flywire Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call conveyed materially positive operating and financial momentum: strong double-digit top-line growth, sizable EBITDA margin expansion, upgraded guidance, major customer wins, geographic diversification, and measurable AI-driven efficiencies. Headwinds noted were largely described as temporary (ramp-related margin pressure, seasonality) or deliberate (investments to scale Sertifi and build data/AI infrastructure) and management provided context and mitigation timelines. Given the breadth of growth, profitability improvement and proactive capital allocation, the positives substantially outweigh the transitory lowlights.Positive Updates
Strong Top-Line Growth
Q1 revenue of $184M, up 43% on a spot basis and 37% FX-neutral YoY; transaction revenue $155M, up 43% YoY; platform & other revenue $29M, up 40% YoY.
Negative Updates
Gross Margin Compression in Q1
Adjusted gross margin declined to 60.1%, down ~400 basis points YoY driven primarily by mix shifts, FX and temporary large payment processing ramps (≈250 bps impact from Cleveland Clinic and B2B invoice ramps).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Q1 revenue of $184M, up 43% on a spot basis and 37% FX-neutral YoY; transaction revenue $155M, up 43% YoY; platform & other revenue $29M, up 40% YoY.
Read all positive updates
Company Guidance
Flywire raised its 2026 outlook, now targeting FX‑neutral revenue growth of 18%–24% (with ~3–4 points from B2B/healthcare payment‑processing ramps concentrated in H1 and roughly 1.5 points of inorganic lift from Sertifi), adjusted gross profit growth of just above the mid‑teens at spot, and full‑year adjusted EBITDA margin expansion of ~175–375 basis points (about 22.8% at the midpoint). For Q2 the company expects FX‑neutral revenue growth of 18%–24% (about a 1‑point FX tailwind at current spot rates), mid‑teens gross‑profit dollar growth at spot (including a low‑single‑digit YoY FX‑on‑settlement benefit) and roughly +75 bps of adjusted EBITDA margin year‑over‑year at the midpoint; management cautioned H2 revenue growth will decelerate versus H1 as Cleveland Clinic and invoice ramps are anniversaryed (ramps largely complete by end‑2026). They also reiterated GAAP net income growth of ~3–4x for the year, target stock‑based compensation at ~10% of revenue, expect free‑cash‑flow conversion of 70%–75% of adjusted EBITDA, and noted ~$215M of corporate cash plus an up to $50M accelerated share‑repurchase (having deployed $128M in buybacks to date).Flywire Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
83
Very Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 677.68M | 623.02M | 492.14M | 403.09M | 289.38M | 201.15M |
| Gross Profit | 395.24M | 382.67M | 314.65M | 255.75M | 181.44M | 130.96M |
| EBITDA | 72.85M | 51.02M | 19.76M | 11.78M | -23.84M | -14.91M |
| Net Income | 30.18M | 13.50M | 2.90M | -8.57M | -39.35M | -28.09M |
Balance Sheet | ||||||
| Total Assets | 1.16B | 1.25B | 1.12B | 1.08B | 674.29M | 639.85M |
| Cash, Cash Equivalents and Short-Term Investments | 325.08M | 355.00M | 611.09M | 654.61M | 349.18M | 385.36M |
| Total Debt | 1.45M | 1.35M | 1.72M | 1.47M | 1.81M | 25.94M |
| Total Liabilities | 310.15M | 418.14M | 307.68M | 293.61M | 192.38M | 157.64M |
| Stockholders Equity | 852.23M | 835.17M | 814.77M | 786.12M | 481.90M | 482.20M |
Cash Flow | ||||||
| Free Cash Flow | 156.41M | 98.83M | 90.54M | 74.61M | -2.21M | 10.45M |
| Operating Cash Flow | 163.22M | 100.17M | 91.47M | 80.63M | 4.88M | 17.13M |
| Investing Cash Flow | 51.35M | -194.23M | -215.80M | -38.78M | -24.68M | -62.91M |
| Financing Cash Flow | -102.60M | -78.40M | -37.63M | 263.42M | -23.97M | 327.51M |
Flywire Technical Analysis
Positive
13.61
Price Trends
15.87
Positive
14.07
Positive
13.79
Positive
Market Momentum
0.84
Negative
59.21
Neutral
74.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLYW, the sentiment is Positive. The current price of 13.61 is below the 20-day moving average (MA) of 16.46, below the 50-day MA of 15.87, and below the 200-day MA of 13.79, indicating a bullish trend. The MACD of 0.84 indicates Negative momentum. The RSI at 59.21 is Neutral, neither overbought nor oversold. The STOCH value of 74.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FLYW.
Flywire Risk Analysis
Flywire disclosed 73 risk factors in its most recent earnings report. Flywire reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Flywire Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $2.18B | 74.52 | 3.65% | ― | 32.49% | 539.48% | |
75 Outperform | $3.52B | 47.92 | 13.47% | ― | 33.01% | 44.89% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $253.40M | 18.62 | 15.84% | 2.41% | -5.71% | -38.81% | |
51 Neutral | $398.23M | -2.24 | -28.61% | ― | 3.26% | -39594.38% | |
50 Neutral | $1.38B | -2.69 | -63.91% | ― | -35.67% | -49.96% |
* Technology Sector Average
FLYW
Flywire
18.02
6.39
54.94%
HCKT
The Hackett Group
9.93
-14.54
-59.42%
PSFE
Paysafe
7.90
-5.81
-42.38%
AI
C3ai
9.01
-17.80
-66.39%
PAY
Paymentus Holdings
28.27
-1.03
-3.52%
Flywire Corporate Events
Executive/Board ChangesShareholder Meetings
Flywire Shareholders Back Directors, Auditor and Executive Pay
Positive
Jun 5, 2026
At its 2026 annual meeting held on June 2, Flywire Corporation shareholders considered standard governance items, including the election of Class II directors, ratification of the company’s external auditor and an advisory vote on executive ...
Business Operations and StrategyStock Buyback
Flywire Advances Share Repurchase Strategy With New Buyback
Positive
May 15, 2026
On May 13, 2026, Boston-based Flywire Corporation entered a privately negotiated agreement to repurchase about 1.87 million shares of its non-voting common stock from a pre-IPO shareholder for roughly $29 million, funded entirely with cash on its ...
Business Operations and StrategyStock BuybackFinancial Disclosures
Flywire Delivers Strong Q1 Results and Raises Guidance
Positive
May 5, 2026
On May 5, 2026, Flywire reported strong first-quarter 2026 results, with revenue rising 41.0% year over year to $188.1 million and revenue less ancillary services up 43.0% to $184.0 million. The company swung to a GAAP net income of $12.5 million ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.