Flywire Corp (FLYW)

Price$18.55Cached quoteAs of 2026-09-06 07:53 UTC

AI: Fair-priced

Price checkThe market price discounts meaningful growth, but valuation still looks reasonable if profit expansion continues.

Research confirms Flywire Corporation trades on the Nasdaq Global Select Market under FLYW. At current levels, the company has about a $2.2 billion equity value and roughly $1.9 billion enterprise value, meaning market value adjusted for cash and debt. That is about 2.6 times trailing sales. A roughly 69-times trailing earnings multiple looks rich, while the forward multiple near 15 times and a reported 7.7% free-cash-flow yield, cash left after investment relative to market value, look more balanced.

Big pictureLiquidity is strong and debt is low, though cash flow remains seasonal and settlement-timing sensitive.

At June quarter-end, Flywire reported about $294 million of cash and short-term investments, no borrowings on its revolving credit line, and $300 million of available credit. First-half operating cash flow improved by about $66 million year over year to a small positive amount, but payment-settlement timing can move cash sharply between periods. The company also spent about $60 million on first-half share repurchases. Liquidity therefore looks comfortable, but investors should judge cash durability across a full year rather than from one quarter.

Business strengthGrowth and adjusted margins are improving, while mix pressure and stock compensation still deserve attention.

Second-quarter revenue rose 27%, total payment volume rose 38%, and adjusted EBITDA grew about 45% with margin expansion. Management also lifted its full-year outlook and signed more than 200 clients across 45 countries. The weaker point is mix: both GAAP and adjusted gross margins declined as lower-margin processing grew faster. Adjusted EBITDA excludes stock compensation and other items; first-half stock compensation was about $35 million. Buybacks can offset dilution, but continued share issuance can reduce each shareholder’s ownership over time.

What could change the storyExecution against raised guidance could unlock upside; education policy, margin pressure, or dilution could reverse it.

Bull case: FX-neutral revenue less ancillary services grows within management’s 21%-27% range, adjusted EBITDA margin expands 2-4 percentage points, travel, healthcare, and B2B growth diversifies education exposure, and gross margins stabilize. Bear case: visa and student-funding changes weaken the education peak, travel demand slows, lower-margin payment mix persists, or stock compensation outpaces repurchases. Because the third quarter is historically education-heavy, a weaker peak season would matter quickly. Those outcomes could move the valuation from reasonable toward clearly cheap or expensive.

AI: News

Davidson rollout expandsDavidson is scaling Flywire’s hospitality payments after early savings and faster digital contracting across its portfolio.

On September 9, Flywire said Davidson Hospitality Group is expanding its use of Flywire’s payment and transaction tools across its portfolio. Davidson reported meaningful processing-fee savings, while Flywire said digital signature turnaround times fell roughly 75% after deployment. The win supports Flywire’s hospitality strategy, where integrated bank transfers, card payments, signatures, and reconciliation can deepen client usage and increase payment volume without relying solely on education.

Trustly expands North AmericaFlywire extended open-banking payments into the U.S. and Canada through its long-running Trustly partnership.

On August 12, Flywire expanded its Trustly partnership to support Pay by Bank transactions in the U.S. and Canada, building on a relationship dating to 2017 in Europe. The service lets payers authorize high-value bank payments directly through online banking, with balance checks and clearer transaction status. For Flywire, the expansion broadens local payment choices and may reduce payment failures and processing friction across cross-border flows.

Guidance moves higherStrong second-quarter growth and margin expansion led management to raise its full-year operating outlook.

On August 4, Flywire reported second-quarter revenue growth of 27% and adjusted EBITDA growth of about 45%, while payment volume rose 38%. Management raised full-year FX-neutral revenue-less-ancillary-services growth guidance to 21%-27% and targeted 2-4 percentage points of adjusted EBITDA margin expansion. The main counterweight was lower gross margin from payment mix, and management remained cautious about education demand because of visa-policy uncertainty.

Buyback executed directlyFlywire used balance-sheet cash for a large direct repurchase within its broader shareholder-return authorization.

On May 15, Flywire announced a privately negotiated repurchase of about 1.87 million non-voting shares for roughly $29 million, funded entirely with balance-sheet cash. The transaction replaced the previously planned accelerated repurchase structure and sat within the company’s broader $300 million authorization. Management also said it intends to keep annual net dilution around 3% over time, making future stock compensation and repurchase pacing important to per-share value.

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Revenue

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2020

2021

2022

2023

2024

2025

Net income

2019

2020

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2022

2023

2024

2025

Free cash flow

2019

2020

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$623.0M	$492.1M	$403.1M	$289.4M	$201.1M	$131.8M	$94.9M
Research & development	$70.2M	$66.6M	$62.0M	$50.3M	$31.3M	$24.5M	$15.0M
Operating expenses	$611.7M	$499.4M	$424.6M	$319.6M	$214.4M	$147.6M	$112.4M
Operating income	$11.3M	−$7.3M	−$21.5M	−$30.2M	−$13.3M	−$15.8M	−$17.5M
Operating margin	1.81%	−1.47%	−5.34%	−10.44%	−6.59%	−12.00%	−18.39%
EBITDA	$37.4M	$10.1M	−$5.8M	−$17.9M	−$4.3M	−$9.0M	−$13.7M
EBITDA margin	6.00%	2.05%	−1.43%	−6.19%	−2.12%	−6.85%	−14.46%
Net income	$13.5M	$2.9M	−$8.6M	−$39.3M	−$28.1M	−$11.1M	−$20.1M
Net profit margin	2.17%	0.59%	−2.13%	−13.60%	−13.96%	−8.43%	−21.19%
Basic EPSper basic share	$0.11	$0.02	-$0.07	-$0.36	-$0.39	-$0.60	-$1.25
Diluted EPSper diluted share	$0.11	$0.02	-$0.07	-$0.36	-$0.39	-$0.60	-$1.25

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

11.21%of listed shares

Voss Capital, LP13.63M shares · Jun 30, 2026

View holders

Top 20 reported holders of FLYW
Holder	% owned
Voss Capital, LP	11.21%13.63M shares
BlackRock, Inc.	7.52%9.14M shares
Divisadero Street Capital Management, LP	5.46%6.64M shares
Temasek Holdings (Private) Ltd	5.08%6.17M shares
CADIAN CAPITAL MANAGEMENT, LP	4.72%5.74M shares
WELLINGTON MANAGEMENT GROUP LLP	4.39%5.34M shares
JENNISON ASSOCIATES LLC	4.34%5.27M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.08%4.97M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.08%4.96M shares
Driehaus Capital Management LLC	3.71%4.51M shares
GEODE CAPITAL MANAGEMENT, LLC	2.63%3.2M shares
Massaro Michael	≈2.61%3.18M shares
MANGROVE PARTNERS IM, LLC	2.45%2.98M shares
STATE STREET CORP	2.36%2.87M shares
UBS Group AG	2.33%2.83M shares
CITADEL ADVISORS LLC	2.13%2.59M shares
WASATCH ADVISORS LP	2.06%2.51M shares
FULLER & THALER ASSET MANAGEMENT, INC.	1.94%2.35M shares
First Eagle Investment Management, LLC	1.90%2.31M shares
DIMENSIONAL FUND ADVISORS LP	1.85%2.25M shares

Percentages use 121.61M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$3.58M disclosed value

Sells (SEC code S)44$12.00M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 25, 2026Form 4 · 10b5-1	Kansal MohitChief Payments Officer	SellVoting Common Stock	3.6K	$16.96	$61.9K	500.7K
Jun 15, 2026Form 4 · 10b5-1	Kansal MohitChief Payments Officer	SellVoting Common Stock	54.5K	$15.15	$826.3K	504.3K
Jun 15, 2026Form 4 · 10b5-1	Massaro MichaelChief Executive Officer	SellVoting Common Stock	50.0K	$15.26	$763.0K	2.68M
Jun 15, 2026Form 4 · 10b5-1	Butterfield PeterGeneral Counsel and CCO	SellVoting Common Stock	6.5K	$15.08	$98.4K	652.2K
Jun 8, 2026Form 4	Santos Edwin JDirector	SellVoting Common Stock	6.5K	$14.12	$92.1K	11.6K