FLYW Nasdaq Services-Business Services, Nec Financials FY2019βFY2025
Flywire Corp had $623M of revenue in fiscal 2025, up 26.6% on the year before. Over five years, revenue changed +36.4% a year on average.
Last close Β· Oct 23, 2026
$19.40
1.3%Hi! I read Flywire Corpβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+26.6%
Yes. Sales grew 26.6% last year.
Does it make a profit?
2.2%
A little. It keeps 2.2% of every sale as profit.
Does profit turn into cash?
15.9%
Yes. 15.9% of sales ends up as free cash.
How healthy are the accounts?
6 / 7
Mixed. It passes 6 of 7 health tests.
How is the share priced?
71.9x
One share costs 71.9 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Flywire Corp had $623M of revenue in fiscal 2025, up 26.6% on the year before. Over five years, revenue changed +36.4% a year on average. Its operating margin was 1.8%, up 3.3Β pts: of every 100 in sales, about 2 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Flywire Corp made $13.5M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $98.8M in fiscal 2025, 15.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $3.5M and sold $28.2M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$3.5M
1 insider
Sold, 12 months
$28.2M
11 insiders
Of sales under plans
60%
$17.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 13, 2026 | David R. KingSee Remarks | Sold plan | 36,900 | $18.32 | $0.7M | Form 4 |
| Sep 11, 2026 | David R. KingSee Remarks | Sold plan | 36,900 | $17.88 | $0.7M | Form 4 |
| Sep 8, 2026 | Peter ButterfieldGeneral Counsel and CCO | Sold plan | 12,156 | $17.99 | $0.2M | Form 4 |
| Sep 2, 2026 | Mohit KansalChief Payments Officer | Sold plan | 12,423 | $18.69 | $0.2M | Form 4 |
| Sep 1, 2026 | Michael MassaroChief Executive Officer, Director | Sold plan | 112,500 | $18.39 | $2.1M | Form 4 |
| Aug 28, 2026 | Voss Value-Oriented Special Situations Fund, LP10% owner | Sold | 44,768 | $18.78 | $0.8M | Form 4 |
| Aug 27, 2026 | Voss Capital, LP10% owner | Sold | 93,927 | $18.92 | $1.8M | Form 4 |
| Aug 26, 2026 | Voss Capital, LP10% owner | Sold | 26,094 | $18.99 | $0.5M | Form 4 |
| Aug 25, 2026 | Voss Value Master Fund, LP10% owner | Sold | 172,973 | $19.19 | $3.3M | Form 4 |
| Aug 24, 2026 | Voss Value Master Fund, LP10% owner | Sold | 101,300 | $19.49 | $2.0M | Form 4 |
| Aug 19, 2026 | Voss Value Master Fund, LP10% owner | Sold | 25,000 | $18.86 | $0.5M | Form 4 |
| Aug 18, 2026 | Voss Value Master Fund, LP10% owner | Sold | 79,500 | $18.34 | $1.5M | Form 4 |
| Aug 7, 2026 | Phillip John RieseDirector | Sold | 36,000 | $18.22 | $0.7M | Form 4 |
| Jul 17, 2026 | Michael MassaroChief Executive Officer, Director | Sold plan | 32,328 | $18.20 | $0.6M | Form 4 |
| Jul 16, 2026 | Michael MassaroChief Executive Officer, Director | Sold plan | 92,672 | $18.62 | $1.7M | Form 4 |
| Jul 1, 2026 | Peter ButterfieldGeneral Counsel and CCO | Sold plan | 31,096 | $18.06 | $0.6M | Form 4 |
| Jun 25, 2026 | Mohit KansalChief Payments Officer | Sold plan | 3,650 | $16.96 | $0.1M | Form 4 |
| Jun 15, 2026 | Michael MassaroChief Executive Officer, Director | Sold plan | 50,000 | $15.26 | $0.8M | Form 4 |
| Jun 15, 2026 | Mohit KansalChief Payments Officer | Sold plan | 54,543 | $15.15 | $0.8M | Form 4 |
| Jun 15, 2026 | Peter ButterfieldGeneral Counsel and CCO | Sold plan | 6,528 | $15.08 | $0.1M | Form 4 |
| Jun 8, 2026 | Edwin J SantosDirector | Sold | 6,524 | $14.12 | $0.1M | Form 4 |
| Jun 5, 2026 | Peter ButterfieldGeneral Counsel and CCO | Sold plan | 6,188 | $14.40 | $0.1M | Form 4 |
| Jun 4, 2026 | Edwin J SantosDirector | Sold | 10,466 | $14.69 | $0.2M | Form 4 |
| Jun 2, 2026 | Phillip John RieseDirector | Sold plan | 5,000 | $15.42 | $0.1M | Form 4 |
| Jun 1, 2026 | Rob OrgelPresident and COO | Sold plan | 178,980 | $17.00 | $3.0M | Form 4 |
| May 7, 2026 | Peter ButterfieldGeneral Counsel and CCO | Sold plan | 1,480 | $18.02 | $0.0M | Form 4 |
| May 6, 2026 | Cosmin PitigoiChief Financial Officer | Sold plan | 35,000 | $17.38 | $0.6M | Form 4 |
| May 6, 2026 | Michael MassaroChief Executive Officer, Director | Sold plan | 50,000 | $16.39 | $0.8M | Form 4 |
| May 6, 2026 | Mohit KansalChief Payments Officer | Sold plan | 16,101 | $15.90 | $0.3M | Form 4 |
| May 6, 2026 | Phillip John RieseDirector | Sold plan | 37,921 | $16.86 | $0.6M | Form 4 |
| Apr 21, 2026 | Cosmin PitigoiChief Financial Officer | Sold plan | 30,000 | $14.00 | $0.4M | Form 4 |
| Mar 5, 2026 | Peter ButterfieldGeneral Counsel and CCO | Sold plan | 9,009 | $13.05 | $0.1M | Form 4 |
| Mar 2, 2026 | Michael MassaroChief Executive Officer, Director | Sold plan | 150,000 | $12.31 | $1.8M | Form 4 |
| Feb 13, 2026 | Voss Value Master Fund, LP10% owner | Bought | 25,000 | $10.99 | $0.3M | Form 4 |
| Jan 7, 2026 | Peter ButterfieldGeneral Counsel and CCO | Sold plan | 13,327 | $15.01 | $0.2M | Form 4 |
| Jan 7, 2026 | Phillip John RieseDirector | Sold plan | 16,612 | $15.08 | $0.3M | Form 4 |
| Dec 31, 2025 | Voss Value Master Fund, LP10% owner | Bought | 44,991 | $14.23 | $0.6M | Form 4 |
| Dec 30, 2025 | Voss Value Master Fund, LP10% owner | Bought | 181,121 | $14.15 | $2.6M | Form 4 |
| Dec 23, 2025 | Phillip John RieseDirector | Sold plan | 367 | $15.00 | $0.0M | Form 4 |
| Dec 9, 2025 | Peter ButterfieldGeneral Counsel and CCO | Sold plan | 8,120 | $13.69 | $0.1M | Form 4 |
| Nov 5, 2025 | Peter ButterfieldGeneral Counsel and CCO | Sold plan | 1,000 | $15.00 | $0.0M | Form 4 |
| Nov 5, 2025 | Phillip John RieseDirector | Sold plan | 100 | $15.02 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Flywire Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $385M | $349M | $655M | $611M | $355M |
| Debt incl. finance leases | $25.9M | $0.7M | β | $0.0M | β |
| Net debt / EBITDA | β | β | β | β60.5x | β |
| Debt / equity | 0.1x | 0.0x | β | 0.0x | β |
| Interest coverage | β6.6x | β25.0x | β57.8x | β13.5x | 3.2x |
| Current ratio | 3.8x | 2.5x | 3.0x | 2.6x | 1.5x |
| Quick ratio | 3.8x | 2.5x | 3.0x | 2.6x | 1.5x |
| Total assets | $640M | $674M | $1.1B | $1.1B | $1.3B |
| Total liabilities | $158M | $192M | $294M | $308M | $418M |
| Shareholders' equity | $482M | $482M | $786M | $815M | $835M |
| Net debt (β = net cash) | β$359M | β$348M | β | β$611M | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Flywire Corp passes 6 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 4 | 4 / 8 | 4 / 8 | 4 / 7 | 5 / 7 | 6 / 7 |
| Accruals ratio | β | 1.1% | β9.9% | β6.8% | β9.7% | β8.7% | β7.3% |
| Altman Z'' | β | β0.81 | 5.78 | 4.19 | 5.45 | 5.01 | 2.80 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $94.9M | $132M | $201M | $289M | $403M | $492M | $623M |
| Research and development | $15.0M | $24.5M | $31.3M | $50.3M | $62.0M | $66.6M | $70.2M |
| Operating income | β$17.5M | β$15.8M | β$13.3M | β$30.2M | β$21.5M | β$7.3M | $11.3M |
| Interest expense | $2.5M | $2.5M | $2.0M | $1.2M | $0.4M | $0.5M | $3.5M |
| Pretax income | β$19.6M | β$18.3M | β$25.9M | β$37.4M | β$4.4M | $1.9M | $21.4M |
| Income tax | $0.6M | β$7.2M | $2.2M | $2.0M | $4.2M | β$1.0M | $7.9M |
| Net income | β$20.1M | β$11.1M | β$28.1M | β$39.3M | β$8.6M | $2.9M | $13.5M |
| Net income to common | β | β$11.1M | β$28.1M | β$39.3M | β$8.6M | $2.9M | $13.5M |
| Diluted EPS | β$1.25 | β$0.60 | β$0.39 | β$0.36 | β$0.07 | $0.02 | $0.11 |
| Diluted shares | 0.02B | 0.02B | 0.07B | 0.11B | 0.11B | 0.13B | 0.13B |
| Cash flow | |||||||
| Cash from operations | $4.1M | β$14.2M | $17.1M | $5.4M | $76.3M | $98.7M | $100M |
| Capital expenditure | $3.7M | $2.1M | $1.0M | $1.4M | $1.0M | $0.9M | $1.4M |
| Free cash flow | $0.3M | β$16.4M | $16.1M | $4.1M | $75.3M | $97.7M | $98.8M |
| Depreciation and amortization | $3.7M | $6.8M | $9.0M | $12.3M | $15.8M | $17.4M | $26.1M |
| Stock-based compensation | $2.9M | $3.8M | $18.9M | $30.3M | $43.7M | $64.9M | $71.8M |
| Acquisitions | $0.0M | $79.4M | $56.1M | $17.1M | $32.8M | $45.2M | $325M |
| Share buybacks | $0.3M | $0.0M | $0.0M | β | β | β | β |
| Dividends and buybacks | $0.3M | $0.0M | $0.0M | β | β | β | β |
| Balance sheet | |||||||
| Cash and short-term investments | $86.0M | $104M | $385M | $349M | $655M | $611M | $355M |
| Total debt | β | $24.4M | $25.9M | $0.0M | β | $0.0M | β |
| Finance lease liabilities | β | β | $0.0M | $0.7M | β | β | β |
| Current assets | β | $149M | $444M | $451M | $816M | $763M | $602M |
| Current liabilities | β | $88.4M | $117M | $177M | $274M | $290M | $402M |
| Property and equipment, net | β | $5.1M | $9.4M | $13.3M | $15.1M | $17.2M | $22.1M |
| Goodwill | $12.9M | $44.7M | $85.8M | $97.8M | $122M | $150M | $407M |
| Intangible assets | β | $68.2M | $93.6M | $97.6M | $108M | $119M | $189M |
| Total assets | β | $271M | $640M | $674M | $1.1B | $1.1B | $1.3B |
| Total liabilities | β | $123M | $158M | $192M | $294M | $308M | $418M |
| Preferred stock | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$75.3M | β$81.8M | $482M | $482M | $786M | $815M | $835M |
| Margins | |||||||
| Operating margin | β18.4% | β12.0% | β6.6% | β10.4% | β5.3% | β1.5% | 1.8% |
| EBITDA margin | β14.5% | β6.8% | β2.1% | β6.2% | β1.4% | 2.1% | 6.0% |
| Net margin | β21.2% | β8.4% | β14.0% | β13.6% | β2.1% | 0.6% | 2.2% |
| FCF margin | 0.3% | β12.4% | 8.0% | 1.4% | 18.7% | 19.9% | 15.9% |
| Returns | |||||||
| Return on capital | β | β | β8.5% | β18.0% | β | β3.6% | β |
| Return on capital employed | β | β8.6% | β2.5% | β6.1% | β2.7% | β0.9% | 1.3% |
| Return on equity | β | β | β14.0% | β8.2% | β1.4% | 0.4% | 1.6% |
| Return on assets | β | β4.1% | β6.2% | β6.0% | β1.0% | 0.3% | 1.1% |
| Return on tangible equity | β | β | β9.3% | β13.7% | β1.5% | 0.5% | 5.6% |
| Growth | |||||||
| Revenue growth | β | 38.8% | 52.6% | 43.9% | 39.3% | 22.1% | 26.6% |
| Net income growth | β | β | β | β | β | β | 365.4% |
| EPS growth | β | β | β | β | β | β | 450.0% |
| FCF growth | β | β5,135.1% | β | β74.7% | 1,749.2% | 29.7% | 1.1% |
| Share count change | β | 14.5% | 287.0% | 51.7% | 6.4% | 12.6% | β1.2% |
| Financial health | |||||||
| Net debt / EBITDA | β | β | β | β | β | β60.5x | β |
| Debt / equity | β | β | 0.1x | 0.0x | β | 0.0x | β |
| Interest coverage | β7.1x | β6.2x | β6.6x | β25.0x | β57.8x | β13.5x | 3.2x |
| Current ratio | β | 1.7x | 3.8x | 2.5x | 3.0x | 2.6x | 1.5x |
| Quick ratio | β | 1.7x | 3.8x | 2.5x | 3.0x | 2.6x | 1.5x |
| Capital allocation | |||||||
| Capex / revenue | 3.9% | 1.6% | 0.5% | 0.5% | 0.3% | 0.2% | 0.2% |
| Stock comp / revenue | 3.1% | 2.9% | 9.4% | 10.5% | 10.8% | 13.2% | 11.5% |
| Payouts / FCF | 90.8% | β | 0.0% | β | β | β | β |
| Quality scores | |||||||
| Piotroski F-score | β | β | 4.0 | 4.0 | 4.0 | 5.0 | 6.0 |
| Altman Z'' | β | β0.8 | 5.8 | 4.2 | 5.4 | 5.0 | 2.8 |
| Accruals ratio | β | 1.1% | β9.9% | β6.8% | β9.7% | β8.7% | β7.3% |
Source: SEC EDGAR XBRL filings (CIK 0001580560). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
