Estados financieros detallados de Flywire Corp (FLYW): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Flywire Corp registró ingresos de $623.0M en el último ejercicio fiscal, con un CAGR de 5 años del 36.4%.
Márgenes de los últimos 12 meses: margen bruto 57.5%, margen operativo 5.5%, margen neto 4.8%.
Al precio actual de $17.80, FLYW cotiza a un P/E de 66.04 y un ROE del 4.08%. La capitalización bursátil es de $2.2B.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $94.9M | $131.8M | $201.1M | $289.4M | $403.1M | $492.1M | $623.0M |
| Coste de Ventas | $36.7M | $47.8M | $70.2M | $107.9M | $147.3M | $177.5M | $240.4M |
| Beneficio Bruto | $58.2M | $84.0M | $131.0M | $181.4M | $255.8M | $314.7M | $382.7M |
| I+D | $15.0M | $24.5M | $31.3M | $50.3M | $62.0M | $66.6M | $70.2M |
| Generales y Administrativos | $60.6M | $75.3M | $112.9M | $161.4M | $215.2M | $255.3M | $292.5M |
| Gastos Operativos | $75.6M | $99.8M | $144.2M | $211.7M | $277.3M | $321.9M | $362.7M |
| Beneficio Operativo | -$17.5M | -$15.8M | -$13.3M | -$30.2M | -$21.5M | -$7.3M | $20.0M |
| EBITDA | -$13.4M | -$8.9M | -$14.9M | -$23.8M | $11.8M | $19.8M | $51.0M |
| Gastos por Intereses | $2.5M | $2.5M | $2.0M | $1.2M | $372000 | $538000 | $3.5M |
| Beneficio Antes de Impuestos | -$19.6M | -$18.3M | -$25.9M | -$37.4M | -$4.4M | $1.9M | $21.4M |
| Impuestos | $550000 | -$7.2M | $2.2M | $2.0M | $4.2M | -$1.0M | $7.9M |
| Beneficio Neto | -$20.1M | -$11.1M | -$28.1M | -$39.3M | -$8.6M | $2.9M | $13.5M |
| BPA | $-0.20 | $-0.11 | $-0.26 | $-0.36 | $-0.07 | $0.02 | $0.11 |
| BPA Diluido | $-0.20 | $-0.11 | $-0.26 | $-0.36 | $-0.07 | $0.02 | $0.11 |
| Acciones en Circulación (Diluidas) | $101.1M | $101.1M | $106.4M | $107.9M | $114.8M | $129.3M | $127.7M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $200.1M | $157.5M | $188.1M | $167.7M |
| Beneficio Bruto | $127.8M | $94.0M | $95.5M | $93.0M |
| Beneficio Operativo | $32.3M | -$965000 | $10.8M | -$2.8M |
| EBITDA | $39.2M | $7.9M | $23.0M | $6.6M |
| Beneficio Neto | $29.6M | $33000 | $12.5M | -$8.1M |
| BPA | $0.24 | $0.00 | $0.10 | $-0.07 |
| BPA Diluido | $0.23 | $0.00 | $0.10 | $-0.07 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $86.0M | $104.1M | $385.4M | $349.2M | $654.6M | $495.2M | $330.3M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | $115.8M | $24.7M |
| Cuentas por Cobrar | $19.4M | $35.8M | $44.6M | $81.9M | $142.8M | $129.3M | $210.8M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $108.2M | $148.6M | $443.8M | $450.6M | $815.7M | $762.9M | $602.3M |
| Inmovilizado Material | $4.8M | $5.1M | $9.4M | $13.3M | $15.1M | $17.2M | $22.1M |
| Fondo de Comercio | $12.9M | $44.6M | $85.8M | $97.8M | $121.6M | $149.6M | $406.5M |
| Activos Intangibles | $14.3M | $68.2M | $93.6M | $97.6M | $108.2M | $118.7M | $189.1M |
| Activos Totales | $141.0M | $271.4M | $639.8M | $674.3M | $1.08B | $1.12B | $1.25B |
| Cuentas por Pagar | $2.9M | $5.4M | $10.2M | $13.3M | $12.6M | $15.4M | $15.3M |
| Deuda a Corto | $3.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $82.8M | $88.4M | $117.5M | $177.3M | $273.8M | $289.8M | $401.8M |
| Deuda a Largo | $20.7M | $24.4M | $25.9M | 0 | 0 | 0 | 0 |
| Pasivos Totales | $216.3M | $353.2M | $157.6M | $192.4M | $293.6M | $307.7M | $418.1M |
| Reservas | -$86.7M | -$97.8M | -$125.9M | -$165.2M | -$173.8M | -$170.9M | -$157.4M |
| Patrimonio Neto | -$75.3M | -$81.8M | $482.2M | $481.9M | $786.1M | $814.8M | $835.2M |
| Deuda Total | $24.6M | $24.4M | $25.9M | $1.8M | $1.5M | $1.7M | $1.3M |
| Deuda Neta | -$61.4M | -$79.7M | -$359.4M | -$347.4M | -$653.1M | -$609.4M | -$353.6M |
| Capital Circulante | $25.4M | $60.2M | $326.3M | $273.4M | $541.9M | $473.1M | $200.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $354.9M | $330.3M | $311.9M | $282.4M |
| Activos Totales | $1.26B | $1.25B | $1.16B | $1.16B |
| Pasivos Totales | $430.7M | $418.1M | $310.2M | $346.4M |
| Patrimonio Neto | $829.1M | $835.2M | $852.2M | $816.6M |
| Deuda Total | $16.2M | $1.3M | $1.5M | 0 |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$20.1M | -$11.1M | -$28.0M | -$39.3M | -$8.6M | $2.9M | $13.5M |
| Amortizaciones | $3.7M | $6.8M | $9.0M | $12.3M | $15.8M | $17.4M | $26.1M |
| Compensación en Acciones | $2.9M | $3.8M | $18.9M | $30.3M | $43.7M | $64.9M | $71.8M |
| Cambio en Capital Circulante | $16.2M | -$12.1M | $3.3M | $3.9M | $26.8M | $16.4M | $359000 |
| Flujo de Caja Operativo | $4.1M | -$14.2M | $17.1M | $4.9M | $80.6M | $91.5M | $100.2M |
| Inversiones (CapEx) | -$3.7M | -$2.1M | -$6.7M | -$7.1M | -$6.0M | -$924000 | -$1.4M |
| Adquisiciones | 0 | -$79.4M | -$56.1M | -$17.6M | -$32.8M | -$45.2M | -$324.9M |
| Recompra de Acciones | -$295000 | 0 | 0 | 0 | 0 | -$43.7M | -$78.5M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $325000 | -$16.4M | $10.4M | -$2.2M | $74.6M | $90.5M | $98.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $150.1M | $4.9M | -$15.8M | $21.1M |
| Inversiones (CapEx) | -$226000 | -$390000 | -$3.6M | -$3.3M |
| Flujo de Caja Libre | $149.9M | $4.5M | -$19.4M | $17.8M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $17.7M | $18.3M | $17.5M | $17.3M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +38.8% | +52.6% | +43.9% | +39.3% | +22.1% | +26.6% |
| Crecimiento Beneficio Neto (anual) | | +44.8% | -152.9% | -40.1% | +78.2% | +133.9% | +365.4% |
| Crecimiento BPA (anual) | | +45.0% | -136.4% | -38.5% | +79.3% | +131.2% | +372.1% |
| Cambio en Acciones (anual) | | +0.0% | +5.3% | +1.4% | +6.4% | +12.6% | -1.2% |
| Crecimiento FCF (anual) | | -5135.1% | +163.8% | -121.2% | +3473.1% | +21.4% | +9.1% |
| Margen Bruto | 61.3% | 63.7% | 65.1% | 62.7% | 63.4% | 63.9% | 61.4% |
| Margen Operativo | -18.4% | -12.0% | -6.6% | -10.4% | -5.3% | -1.5% | 3.2% |
| Margen EBITDA | -14.1% | -6.8% | -7.4% | -8.2% | 2.9% | 4.0% | 8.2% |
| Margen Neto | -21.2% | -8.4% | -14.0% | -13.6% | -2.1% | 0.6% | 2.2% |
| Margen FCF | 0.3% | -12.4% | 5.2% | -0.8% | 18.5% | 18.4% | 15.9% |
| Tasa Impositiva Efectiva | -2.8% | 39.2% | -8.3% | -5.3% | -96.8% | -55.9% | 37.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.00 | $-0.16 | $0.10 | $-0.02 | $0.65 | $0.70 | $0.77 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $101.1M | $101.1M | $106.4M | $107.9M | $114.8M | $124.3M | $122.4M |
Qué mirar en Industrials
Aeroespacial, defensa, maquinaria, transporte. Semi-cíclicos. Clave: backlog, márgenes operativos, y conversión de FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — El mejor indicador de disciplina operativa en industriales
- ROIC — Industriales de calidad tienen ROIC >15% — el resto destruyen capital
- FCF conversion — FCF / Net Income — en industriales bueno >85%
- Deuda neta / EBITDA — Industriales cíclicos con deuda alta sufren mucho en recesión
- Capex / Ingresos — Mantener la maquinaria. <4% = posible infraversión (deterioro futuro)
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
Rentabilidad
| Rentabilidad sobre capital | 4.08% |
| Rentabilidad sobre capital invertido | 3.93% |
| Rentabilidad sobre activos | 2.93% |
| Margen bruto | 57.49% |
| Margen operativo | 5.51% |
| Margen neto | 4.77% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 1.52 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.05 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -175.50 | -319.09 | -146.38 | -67.97 | -310.32 | 884.98 | 128.73 |
| P/VC | -47.14 | -43.40 | 8.40 | 5.48 | 3.38 | 3.15 | 2.07 |
| P/V | 37.39 | 26.93 | 20.14 | 9.13 | 6.59 | 5.21 | 2.78 |
| Margen Bruto | 61.3% | 63.7% | 65.1% | 62.7% | 63.4% | 63.9% | 61.4% |
| Margen Operativo | -18.4% | -12.0% | -6.6% | -10.4% | -5.3% | -1.5% | 3.2% |
| Margen Neto | -21.2% | -8.4% | -14.0% | -13.6% | -2.1% | 0.6% | 2.2% |