Remitly Global, Inc. (RELY)

Price$21.77Cached quoteAs of 2026-10-04 05:58 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because rapid growth is offset by dilution and demanding cash-flow expectations.

Remitly's market value is about $5.4 billion and enterprise value, after subtracting net cash, roughly $4.8 billion. Against management's $410-$415 million 2026 adjusted operating cash-profit guidance, enterprise value is about 12 times the midpoint. Trailing free cash flow is roughly $388 million, implying about 14 times equity value. Those multiples are attractive for revenue growth above 20%, but adjusted profit excludes substantial stock compensation, so the valuation already assumes that recent margin expansion remains durable.

Big pictureCustomer growth and rising margins show strong scale benefits, though remittance competition remains intense.

Second-quarter active customers reached 10.2 million, up 20%, while send volume increased 27% to $23.5 billion and revenue grew 20% to $495 million. Transaction-margin dollars rose 25%, and adjusted operating cash-profit margin reached 23%, showing that scale and cost discipline are improving economics. Digital remittances still have a long growth runway as customers move away from cash-based transfer networks. However, pricing, customer-acquisition spending, regulation, and competition from banks and other fintech platforms can pressure returns as Remitly expands.

Business strengthNet cash is substantial, but stock compensation and share growth still dilute long-term owners.

June cash was about $676 million against only $38 million of debt, leaving roughly $638 million of net cash and a $550 million revolving facility for liquidity. First-half operating cash flow was about $217 million with very little capital spending. Remitly also repurchased 3.9 million shares for $65.6 million. However, first-half stock compensation was roughly $62 million and total shares remain about 5% above a year earlier, so repurchases have not yet fully offset employee equity issuance.

What could change the storyNew financial products could lift lifetime value, while slower growth would quickly expose the current premium.

The bull case is Remitly becoming more than a transfer service. The Global Card, UAE license, Brazil launch, business payments and credit products could increase revenue earned from each customer while the core remittance network keeps growing. Sustained revenue growth near 20% with annual free cash flow above roughly $450 million would strengthen the valuation case. The bear case is growth falling below about 15% while stock compensation keeps shares rising; that combination would make the current double-digit cash-flow multiple much less attractive.

AI: News

Second-quarter earnings surgeA major earnings beat and higher guidance triggered a sharp positive market reassessment.

On August 5, Remitly reported revenue of $495.2 million, 20% higher year over year, and adjusted operating cash profit of $114.7 million, up 79%. Management raised full-year revenue guidance to $1.978-$1.988 billion and adjusted operating cash-profit guidance to $410-$415 million. Shares gained about 7.7% the following session. The reaction is consistent with investors rewarding the beat, stronger margins, and raised outlook, although broader market trading may also have influenced the move.

Global Card launchRemitly expanded beyond transfers with a card combining spending, saving, borrowing, and cross-border money movement.

On July 30, Remitly launched its Global Card, offering everyday spending, remittances, direct deposit, access to credit, global ATM use, and the ability to hold fiat currency or USDC in one product. Shares rose about 0.7% that session, so there was no large immediate market reaction. The strategic importance is longer term: successful adoption could deepen customer relationships, raise revenue per user, and reduce dependence on transaction fees from traditional remittances alone.

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Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2019

2020

2021

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2025

Total cash / debt

CashTotal debt

2019

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2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$1.64B	$1.26B	$944.3M	$653.6M	$458.6M	$257.0M	$126.6M
Research & development	$313.9M	$269.8M	$219.9M	$138.7M	$64.1M	$40.8M	$32.0M
Operating expenses	$1.56B	$1.30B	$1.06B	$774.6M	$498.3M	$286.1M	$177.2M
Operating income	$77.5M	−$39.1M	−$114.2M	−$121.0M	−$39.7M	−$29.2M	−$50.6M
Operating margin	4.74%	−3.09%	−12.09%	−18.52%	−8.66%	−11.36%	−39.98%
EBITDA	$102.5M	−$21.0M	−$101.1M	−$114.3M	−$34.5M	−$25.1M	−$47.9M
EBITDA margin	6.27%	−1.66%	−10.70%	−17.49%	−7.52%	−9.78%	−37.88%
Net income	$67.9M	−$37.0M	−$117.8M	−$114.0M	−$38.8M	−$32.6M	−$51.4M
Net profit margin	4.15%	−2.93%	−12.48%	−17.45%	−8.45%	−12.67%	−40.60%
Basic EPSper basic share	$0.33	-$0.19	-$0.65	-$0.68	-$0.64	-$1.52	-$2.98
Diluted EPSper diluted share	$0.31	-$0.19	-$0.65	-$0.68	-$0.64	-$1.52	-$2.98

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

10.28%of listed shares

FMR LLC21.76M shares · Jun 30, 2026

View holders

Top 20 reported holders of RELY
Holder	% owned
FMR LLC	10.28%21.76M shares
BlackRock, Inc.	8.66%18.33M shares
Prosus N.V. / NASPERS LTD / PayU Fintech Investments B.V.	≈6.35%13.44M shares
BAILLIE GIFFORD & CO	5.85%12.38M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.88%10.32M shares
GOLDMAN SACHS GROUP INC	4.03%8.53M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.78%7.99M shares
STATE STREET CORP	3.25%6.87M shares
GENERATION INVESTMENT MANAGEMENT LLP	2.31%4.89M shares
GEODE CAPITAL MANAGEMENT, LLC	2.25%4.76M shares
MARSHALL WACE, LLP	2.25%4.76M shares
Oppenheimer Matthew B.	≈2.13%4.51M shares
Divisadero Street Capital Management, LP	1.76%3.72M shares
Hug Joshua	1.73%3.67M shares
DIMENSIONAL FUND ADVISORS LP	1.63%3.45M shares
Capital International Investors	1.41%2.99M shares
WELLINGTON MANAGEMENT GROUP LLP	1.34%2.84M shares
Lead Edge Capital Management, LLC	1.27%2.69M shares
MORGAN STANLEY	1.15%2.43M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.15%2.42M shares

Percentages use 211.67M 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

Buys0$0.00 disclosed value

Sells (SEC code S)132$498.84M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 30, 2026Form 4 · 10b5-1	Hug JoshuaDirector	SellCommon Stock	16.8K	$22.53	$378.5K	3.37M
Jun 29, 2026Form 4 · 10b5-1	Hug JoshuaDirector	SellCommon Stock	16.8K	$22.97	$385.9K	3.39M
Jun 17, 2026Form 4 · 10b5-1	Hug JoshuaDirector	SellCommon Stock	9.5K	$20.76	$197.9K	3.40M
Jun 17, 2026Form 4 · 10b5-1	Hug JoshuaDirector	SellCommon Stock	6.5K	$20.76	$134.9K	3.41M
Jun 16, 2026Form 4 · 10b5-1	Hug JoshuaDirector	SellCommon Stock	2.0K	$20.09	$40.2K	3.42M