One-glance verdict
Undervalued
$38.78 our estimate vs market $17.34
Wall Street consensus: $21.15 (-45.4% lower than our fair-value estimate)
55% below our estimate, below the bear case
Fundamentals snapshot
Flywire Corporation
FLYW · NMS · Technology · Software - Infrastructure
Current price
$17.34
52-week range
$10.55 - $19.73
Market cap
$2.11B
Balance sheet
Healthy
5.67x Adequate
Net cash $292.71M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 14.5% last year.
- Reward Returns 4.2% on equity, ahead of 16% of its peers.
- Reward Free cash flow was positive in 6/10 years.
- Risk Insider ownership is only 3.1% (peer median: 4.3%).
What this company does
Flywire Corporation
Flywire is a software company that helps organizations like universities, hospitals, and travel companies collect large payments from their customers, especially from other countries. The company makes money by taking a small fee from each transaction it handles. This is valuable because its specialized software simplifies the often complicated process of accepting big payments that involve different currencies and international banking systems.
How the company got here
Flywire started in 2009 with a different name, peerTransfer, and a single goal: to make it easier for international students to pay their tuition to universities in other countries. The founder saw that students were dealing with high fees and confusing currency exchange when sending money across borders. Over time, the company realized that other industries had similar problems with complicated, high-value payments, so it expanded and changed its name to Flywire in 2016. It then grew by moving into healthcare, travel, and business-to-business payments, sometimes by acquiring (buying) smaller, specialized companies. In 2021, Flywire became a public company, meaning its stock is now traded on the Nasdaq stock exchange.
What it actually does
Flywire provides a software platform that helps businesses and institutions get paid, especially for large, complex, and often international transactions. Think of it as a specialized checkout system for things like university tuition, hospital bills, or luxury travel bookings. Instead of just a simple credit card button, Flywire's software handles payments in over 140 different currencies and offers many local payment methods, like digital wallets or bank transfers, making it easier for customers around the world to pay. The company's clients—the universities, hospitals, and travel companies—use Flywire to simplify their billing and ensure they receive the full payment amount without getting lost in currency conversions or hidden bank fees.
Education
This is Flywire's original and largest business area, helping universities, colleges, and private schools collect tuition and fees from students, particularly those from other countries. Instead of students having to make complicated international wire transfers, Flywire lets them pay in their own currency using familiar local payment methods. The university gets the full amount it's owed in its currency, and the process is clearer and easier for the student's family. This segment makes money by charging fees on the transactions and from currency exchange.
Healthcare
Flywire helps hospitals and healthcare systems in the U.S. make it easier for patients to pay their medical bills. The software looks at a patient's financial situation and offers personalized payment options, such as paying in full, setting up a payment plan, or even arranging interest-free financing for larger bills. This helps hospitals collect more of what they are owed while being more flexible with patients. The hospital or health system is the client that pays Flywire for this service, which often involves a mix of software fees and transaction-based charges.
Travel
In this segment, Flywire serves luxury travel operators, destination management companies, and high-end hotels that handle expensive and often international bookings. When a traveler books a complex, multi-country trip, Flywire's platform securely handles the large deposit and final payments, allowing the traveler to pay in their home currency. This saves both the travel company and the guest from dealing with high bank fees and unpredictable currency exchange rates (the constantly changing value of one country's money versus another's). Revenue here comes from a combination of software fees and charges for processing the payments.
B2B (Business-to-Business)
This part of the company focuses on helping businesses that sell to other businesses, especially internationally, get their invoices paid more easily. Flywire's software automates the entire process from sending an invoice (a bill for goods or services) to collecting the payment and matching it to the right entry in the company's financial records. This is particularly helpful for companies dealing with different currencies and payment systems across the globe. Flywire makes money here through transaction fees and by offering currency exchange services.
What management is betting on now
The company's main focus is to get its existing clients in education, healthcare, travel, and B2B to use more of its software, making Flywire a more essential part of their operations. They are also concentrating on expanding their reach within these specific industries rather than jumping into many new ones. Another key priority is growing their international presence and adding more local payment options to make their platform useful in more countries. Finally, management is aiming to improve its profitability by becoming more efficient as the company grows, which is often referred to as achieving better operating leverage (when revenues grow faster than costs).
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$190.12M
FY2024 Q4
$-41.56M
FY2025 Q1
$-79.08M
FY2025 Q2
$23.53M
FY2025 Q3
$149.87M
FY2025 Q4
$4.50M
FY2026 Q1
$-15.99M
FY2026 Q2
$20.83M
Revenue
$167.74M
Net income
$-8.15M
Diluted EPS
-0.07
Operating cash flow
$21.10M
Free cash flow
$20.83M
Fetching…
Sources
Revenue
$188.11M
Net income
$12.52M
Diluted EPS
0.10
Operating cash flow
$-15.85M
Free cash flow
$-15.99M
Fetching…
Sources
Revenue
$157.54M
Net income
$33.00K
Diluted EPS
0.01
Operating cash flow
$4.89M
Free cash flow
$4.50M
Fetching…
Sources
Revenue
$200.14M
Net income
$29.63M
Diluted EPS
0.23
Operating cash flow
$150.10M
Free cash flow
$149.87M
Fetching…
Sources
Revenue
$131.89M
Net income
$-12.01M
Diluted EPS
-0.10
Operating cash flow
$24.08M
Free cash flow
$23.53M
Fetching…
Sources
Revenue
$133.45M
Net income
$-4.16M
Diluted EPS
-0.03
Operating cash flow
$-78.89M
Free cash flow
$-79.08M
Fetching…
Sources
Revenue
$117.55M
Net income
$-15.90M
Diluted EPS
-0.12
Operating cash flow
$-41.46M
Free cash flow
$-41.56M
Fetching…
Sources
Revenue
$156.81M
Net income
$38.90M
Diluted EPS
0.30
Operating cash flow
$190.34M
Free cash flow
$190.12M
Fetching…
Sources
Is it cheap or expensive?
Fair value $38.78 vs current price $17.34
Wall Street consensus is the average analyst price target: $21.15 (-45.4% lower than our fair-value estimate).
Our most-likely fair value is $38.78 a share — about 123.6% above today's price of $17.34, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $292.7M - more cash than debt. Interest coverage 5.7x.
Net debt
$-292.71M
Interest coverage
5.67x
Flywire Corporation's profit covers its interest bill about 5.7 times over. which is stronger than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
FLYW
BASELINE
Flywire Corporation
Total debt $1.47M Interest coverage 5.67x This is the baseline the peer rows are being compared against.
Total debt $1.90B Interest coverage 0.90x -84% vs FLYW Carries about 6.3x less debt cushion than FLYW.
Total debt $67.37M Interest coverage 874.43x +15,328% vs FLYW Carries about 154.3x more debt cushion than FLYW.
Total debt $4.57B Interest coverage 1.77x -69% vs FLYW Carries about 3.2x less debt cushion than FLYW.
Total debt $86.16M Interest coverage -11.78x -100% vs FLYW This peer has almost no interest-payment cushion compared with FLYW.
Total debt $1.33B Interest coverage 2.73x -52% vs FLYW Carries about 2.1x less debt cushion than FLYW.
What you should know
The case for and against FLYW
3 Rewards
1 Risk
Rewards
-
Revenue grew 14.5% last year.
-
Returns 4.2% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 6/10 years.
Risks
-
Insider ownership is only 3.1% (peer median: 4.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
64.22x
Forward P/E
12.89x
P/B
2.58x
P/S
2.96x
EV/EBITDA
28.65x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
59.6%
Operating margin
-1.4%
Net margin
4.8%
ROE
4.2%
ROA
2.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.00x
Current ratio
1.52x
Quick ratio
1.40x
Total debt
$1.47M
Total cash
$294.18M
Growth
How the business has been compounding
Revenue TTM
$713.54M
Revenue 5Y CAGR
32.7%
EPS TTM
0.27
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$160.24M
Free CF TTM
$98.83M
FCF margin
13.9%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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