Remitly Global, Inc. (RELY)
NASDAQ:RELY
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Remitly Global
(NASDAQ:RELY)
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Rating:78Outperform
Price Target:
$24.00
▲(19.94% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by improving financial performance (rapid revenue growth, profitability inflection, low leverage) and a positive earnings outlook with margin expansion and free-cash-flow strength. The main constraints are overbought technical conditions and some margin/cash-flow durability risks, while valuation appears reasonable but without dividend support.
Positive Factors
Revenue scale and growth
Sustained multi-year revenue scaling demonstrates durable product-market fit in cross-border remittances. Growing active users and send volume improve network effects, expand payout partner leverage, and provide a larger base to convert into higher-margin services over the next 2–6 months.
Negative Factors
Gross margin compression and thin operating margins
Notable gross-margin compression and modest operating margins leave limited buffer for adverse trends (higher partner fees, FX spread pressure, or increased transaction losses). If growth slows, fixed costs and lower gross margins could constrain sustainable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue scale and growth
Sustained multi-year revenue scaling demonstrates durable product-market fit in cross-border remittances. Growing active users and send volume improve network effects, expand payout partner leverage, and provide a larger base to convert into higher-margin services over the next 2–6 months.
Read all positive factors
Remitly Global Key Performance Indicators (KPIs)
Any
Active Customers
Reflects the number of individuals using Remitly's services, indicating customer base size, engagement, and potential for revenue growth through increased transactions.
Reflects the number of individuals using Remitly's services, indicating customer base size, engagement, and potential for revenue growth through increased transactions.
Data provided by:
The Fly
The FlyRemitly Global (RELY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.54B
Dividend YieldN/A
Average Volume (3M)5.33M
Price to Earnings (P/E)16.9
Beta (1Y)1.30
Revenue Growth27.27%
EPS GrowthN/A
CountryUS
Employees2,800
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.50
Shares Outstanding210,561,080
10 Day Avg. Volume9,147,366
30 Day Avg. Volume5,333,991
Financial Highlights & Ratios
PEG Ratio-0.15
Price to Book (P/B)3.27
Price to Sales (P/S)1.74
P/FCF Ratio9.61
Enterprise Value/Market Cap0.87
Enterprise Value/Revenue2.28
Enterprise Value/Gross Profit3.85
Enterprise Value/Ebitda26.63
Forecast
1Y Price Target
$25.00Price Target Upside24.94% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.63
Revenue Forecast (FY)$1.97B
Remitly Global Business Overview & Revenue Model
Company Description
Remitly Global, Inc. provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 150 countries. The company was incorporated in 2011 and is headquartered in Seattle, ...
How the Company Makes Money
Remitly primarily makes money from fees and foreign-exchange (FX) revenue generated on remittance transactions processed through its platform. (1) Transaction fees: For many transfers, Remitly charges the sender an upfront service fee that can var...
Remitly Global Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed predominantly positive momentum: record revenue and adjusted EBITDA, strong volume and customer growth, improving unit economics (RLTE), meaningful free cash flow and GAAP profitability, plus clear early traction in high-value senders and business customers. Management emphasized disciplined cost control, aggressive AI adoption to drive efficiencies, and an active share repurchase program. Notable cautions include workforce reductions, reliance on some temporary tailwinds (tax refunds, remittance tax, geopolitical spikes), nascent contribution from new product categories (receivers, cards, wallets), and variability in transaction losses. On balance, the positives—sizable, recurring financial improvements and clear product/market traction—outweigh the lowlights.Positive Updates
Record Revenue and Strong Top-Line Growth
Q1 revenue of $453 million, up 25% year-over-year and $16 million above the midpoint of guidance; full-year 2026 revenue guidance of $1.96–$1.975 billion (20%–21% growth).
Negative Updates
Workforce Reductions and Organizational Changes
More than 250 headcount reductions year-to-date, over 50 roles redeployed, and >10% corporate workforce reduction in Q1; short-term pause in hiring which may impact near-term capacity and morale.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Revenue and Strong Top-Line Growth
Q1 revenue of $453 million, up 25% year-over-year and $16 million above the midpoint of guidance; full-year 2026 revenue guidance of $1.96–$1.975 billion (20%–21% growth).
Read all positive updates
Company Guidance
Remitly guided Q2 2026 revenue of $483M–$485M (up 17%–18% YoY), with Send volume expected to exceed revenue growth and revenue growth roughly in line with quarterly active user (QAU) growth; Send volume per active customer is expected to grow mid‑ to high‑single digits. Q2 adjusted EBITDA is guided to $86M–$88M (~18% margin, ~+250 bps YoY), and full‑year revenue is guided to $1.96B–$1.975B (20%–21% growth) with full‑year adjusted EBITDA of $370M–$385M (~19% margin, ~+250 bps YoY). Management expects Q2 RLTE margins modestly higher YoY and full‑year RLTE broadly in line with 2025 on a normalized basis (assuming normal transaction loss levels), expects positive GAAP net income each quarter and strong YoY GAAP net income and free cash flow growth, and reiterated that revenues from new products should more than double in 2026 while growth accelerators are expected to be ~5% of revenue in 2026 and exceed 10% by 2028. They also noted SBC will increase in absolute dollars in 2026 but decline as a percent of revenue (Q2 elevated), plan continued opportunistic buybacks after Q1 repurchases of $44M, and ended Q1 with roughly $650M of cash.Remitly Global Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.73B | 1.64B | 1.26B | 944.28M | 653.56M | 458.61M |
| Gross Profit | 1.02B | 934.37M | 748.44M | 532.65M | 326.63M | 221.47M |
| EBITDA | 147.72M | 104.27M | -8.96M | -96.47M | -104.95M | -31.20M |
| Net Income | 105.63M | 67.93M | -36.98M | -117.84M | -114.02M | -38.76M |
Balance Sheet | ||||||
| Total Assets | 1.39B | 1.46B | 1.01B | 1.04B | 695.95M | 625.66M |
| Cash, Cash Equivalents and Short-Term Investments | 649.06M | 828.88M | 368.10M | 323.71M | 300.63M | 403.26M |
| Total Debt | 39.30M | 220.26M | 16.29M | 142.99M | 9.20M | 6.15M |
| Total Liabilities | 478.34M | 589.92M | 347.40M | 506.97M | 215.87M | 145.34M |
| Stockholders Equity | 907.44M | 868.79M | 665.47M | 529.34M | 480.09M | 480.33M |
Cash Flow | ||||||
| Free Cash Flow | 252.37M | 295.65M | 176.78M | -62.69M | -112.33M | -22.93M |
| Operating Cash Flow | 274.07M | 325.08M | 194.49M | -53.59M | -108.66M | -18.39M |
| Investing Cash Flow | -66.77M | -69.93M | -17.70M | -50.04M | -7.31M | -4.53M |
| Financing Cash Flow | -57.74M | -89.78M | -127.44M | 126.65M | 14.59M | 238.20M |
Remitly Global Technical Analysis
Neutral
20.01
Price Trends
19.14
Positive
16.80
Positive
16.42
Positive
Market Momentum
0.79
Positive
50.80
Neutral
7.93
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RELY, the sentiment is Neutral. The current price of 20.01 is below the 20-day moving average (MA) of 22.54, above the 50-day MA of 19.14, and above the 200-day MA of 16.42, indicating a neutral trend. The MACD of 0.79 indicates Positive momentum. The RSI at 50.80 is Neutral, neither overbought nor oversold. The STOCH value of 7.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for RELY.
Remitly Global Risk Analysis
Remitly Global disclosed 67 risk factors in its most recent earnings report. Remitly Global 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
Remitly Global Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $4.54B | 16.85 | 12.66% | ― | 27.27% | ― | |
75 Outperform | $1.66B | 21.31 | 10.01% | ― | 7.19% | -36.03% | |
74 Outperform | $2.19B | 33.25 | 10.20% | ― | 27.12% | ― | |
69 Neutral | $3.52B | 23.16 | 37.04% | ― | 46.60% | 66.04% | |
64 Neutral | $2.59B | 6.76 | 14.62% | 1.40% | 8.43% | 10.81% | |
62 Neutral | $2.69B | 2.70 | 29.14% | ― | -33.91% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
RELY
Remitly Global
21.58
-0.76
-3.40%
PAGS
Pagseguro Digital
9.32
1.38
17.31%
STNE
Stoneco
11.05
0.39
3.61%
AVPT
AvePoint
10.35
-7.97
-43.50%
PAYO
Payoneer
4.96
-1.94
-28.12%
DLO
DLocal
11.92
1.00
9.16%
Remitly Global Corporate Events
Business Operations and StrategyFinancial Disclosures
Remitly Global Reports Record Q1 2026 Results, Profitability Soars
Positive
May 6, 2026
Remitly Global reported record results for the first quarter ended March 31, 2026, with active customers rising 20% year over year to 9.6 million and send volume climbing 37% to $22.1 billion. Revenue grew 25% to $452.8 million, while net income s...
Business Operations and StrategyExecutive/Board Changes
Remitly Global Adds Veteran Technologist to Board Leadership
Positive
Apr 10, 2026
On April 6, 2026, Remitly Global, Inc. expanded its Board of Directors from 10 to 11 members and appointed veteran technologist Adam Messinger as a Class III director, with his term running through the 2027 annual shareholders’ meeting, and ...
Executive/Board Changes
Remitly Announces Planned Chief Accounting Officer Transition
Neutral
Mar 20, 2026
On March 17, 2026, Remitly Global, Inc. announced that Chief Accounting Officer Luke Tavis will retire from that role effective March 31, 2026, while remaining Vice President, Accounting, until June 2026 to ensure an orderly transition, with the c...
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.