Detailed financial statements for Flywire Corp (FLYW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Flywire Corporation, together with its subsidiaries, operates as a payment enablement and software company in the United States, Europe, the Middle East, and Africa and the Asia Pacific. The company provides a payment platform that integrates into existing apps and workflows and have access to solutions, such as tailored invoicing, settlement and reconciliation tools, single sign-on and checkout, recurring payments, and split payouts.
Analysis Summary
Flywire Corp reported revenue of $623.0M in the most recent fiscal year, growing at a 5-year CAGR of 36.4%.
Trailing-twelve-month margins: gross margin 57.5%, operating margin 5.5%, net margin 4.8%.
At the current price of $17.87, FLYW trades at a P/E of 65.67 and an ROE of 4.08%. Market capitalisation stands at $2.2B.
Balance sheet quality for FLYW: current ratio of 1.5, net cash position of $353.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $98.8M represents 732% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $94.9M | $131.8M | $201.1M | $289.4M | $403.1M | $492.1M | $623.0M |
| Cost of Revenue | $36.7M | $47.8M | $70.2M | $107.9M | $147.3M | $177.5M | $240.4M |
| Gross Profit | $58.2M | $84.0M | $131.0M | $181.4M | $255.8M | $314.7M | $382.7M |
| Research & Development | $15.0M | $24.5M | $31.3M | $50.3M | $62.0M | $66.6M | $70.2M |
| Selling, General & Admin | $60.6M | $75.3M | $112.9M | $161.4M | $215.2M | $255.3M | $292.5M |
| Operating Expenses | $75.6M | $99.8M | $144.2M | $211.7M | $277.3M | $321.9M | $362.7M |
| Operating Income | -$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 |
| Interest Expense | $2.5M | $2.5M | $2.0M | $1.2M | $372000 | $538000 | $3.5M |
| Pre-tax Income | -$19.6M | -$18.3M | -$25.9M | -$37.4M | -$4.4M | $1.9M | $21.4M |
| Income Tax | $550000 | -$7.2M | $2.2M | $2.0M | $4.2M | -$1.0M | $7.9M |
| Net Income | -$20.1M | -$11.1M | -$28.1M | -$39.3M | -$8.6M | $2.9M | $13.5M |
| EPS | $-0.20 | $-0.11 | $-0.26 | $-0.36 | $-0.07 | $0.02 | $0.11 |
| EPS (Diluted) | $-0.20 | $-0.11 | $-0.26 | $-0.36 | $-0.07 | $0.02 | $0.11 |
| Shares Outstanding (Diluted) | $101.1M | $101.1M | $106.4M | $107.9M | $114.8M | $129.3M | $127.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $200.1M | $157.5M | $188.1M | $167.7M |
| Gross Profit | $127.8M | $94.0M | $95.5M | $93.0M |
| Operating Income | $32.3M | -$965000 | $10.8M | -$2.8M |
| EBITDA | $39.2M | $7.9M | $23.0M | $6.6M |
| Net Income | $29.6M | $33000 | $12.5M | -$8.1M |
| EPS | $0.24 | $0.00 | $0.10 | $-0.07 |
| EPS (Diluted) | $0.23 | $0.00 | $0.10 | $-0.07 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $86.0M | $104.1M | $385.4M | $349.2M | $654.6M | $495.2M | $330.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $115.8M | $24.7M |
| Receivables | $19.4M | $35.8M | $44.6M | $81.9M | $142.8M | $129.3M | $210.8M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $108.2M | $148.6M | $443.8M | $450.6M | $815.7M | $762.9M | $602.3M |
| Property, Plant & Equipment | $4.8M | $5.1M | $9.4M | $13.3M | $15.1M | $17.2M | $22.1M |
| Goodwill | $12.9M | $44.6M | $85.8M | $97.8M | $121.6M | $149.6M | $406.5M |
| Intangible Assets | $14.3M | $68.2M | $93.6M | $97.6M | $108.2M | $118.7M | $189.1M |
| Total Assets | $141.0M | $271.4M | $639.8M | $674.3M | $1.08B | $1.12B | $1.25B |
| Accounts Payable | $2.9M | $5.4M | $10.2M | $13.3M | $12.6M | $15.4M | $15.3M |
| Short-term Debt | $3.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $82.8M | $88.4M | $117.5M | $177.3M | $273.8M | $289.8M | $401.8M |
| Long-term Debt | $20.7M | $24.4M | $25.9M | 0 | 0 | 0 | 0 |
| Total Liabilities | $216.3M | $353.2M | $157.6M | $192.4M | $293.6M | $307.7M | $418.1M |
| Retained Earnings | -$86.7M | -$97.8M | -$125.9M | -$165.2M | -$173.8M | -$170.9M | -$157.4M |
| Total Equity | -$75.3M | -$81.8M | $482.2M | $481.9M | $786.1M | $814.8M | $835.2M |
| Total Debt | $24.6M | $24.4M | $25.9M | $1.8M | $1.5M | $1.7M | $1.3M |
| Net Debt | -$61.4M | -$79.7M | -$359.4M | -$347.4M | -$653.1M | -$609.4M | -$353.6M |
| Working Capital | $25.4M | $60.2M | $326.3M | $273.4M | $541.9M | $473.1M | $200.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $354.9M | $330.3M | $311.9M | $282.4M |
| Total Assets | $1.26B | $1.25B | $1.16B | $1.16B |
| Total Liabilities | $430.7M | $418.1M | $310.2M | $346.4M |
| Total Equity | $829.1M | $835.2M | $852.2M | $816.6M |
| Total Debt | $16.2M | $1.3M | $1.5M | 0 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$20.1M | -$11.1M | -$28.0M | -$39.3M | -$8.6M | $2.9M | $13.5M |
| Depreciation & 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 |
| Change in Working Capital | $16.2M | -$12.1M | $3.3M | $3.9M | $26.8M | $16.4M | $359000 |
| Operating Cash Flow | $4.1M | -$14.2M | $17.1M | $4.9M | $80.6M | $91.5M | $100.2M |
| Capital Expenditure | -$3.7M | -$2.1M | -$6.7M | -$7.1M | -$6.0M | -$924000 | -$1.4M |
| Acquisitions | 0 | -$79.4M | -$56.1M | -$17.6M | -$32.8M | -$45.2M | -$324.9M |
| Stock Repurchased | -$295000 | 0 | 0 | 0 | 0 | -$43.7M | -$78.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $325000 | -$16.4M | $10.4M | -$2.2M | $74.6M | $90.5M | $98.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $150.1M | $4.9M | -$15.8M | $21.1M |
| Capital Expenditure | -$226000 | -$390000 | -$3.6M | -$3.3M |
| Free Cash Flow | $149.9M | $4.5M | -$19.4M | $17.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $17.7M | $18.3M | $17.5M | $17.3M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +38.8% | +52.6% | +43.9% | +39.3% | +22.1% | +26.6% | |
| Net Income Growth (YoY) | +44.8% | -152.9% | -40.1% | +78.2% | +133.9% | +365.4% | |
| EPS Growth (YoY) | +45.0% | -136.4% | -38.5% | +79.3% | +131.2% | +372.1% | |
| Shares Change (YoY) | +0.0% | +5.3% | +1.4% | +6.4% | +12.6% | -1.2% | |
| FCF Growth (YoY) | -5135.1% | +163.8% | -121.2% | +3473.1% | +21.4% | +9.1% | |
| Gross Margin | 61.3% | 63.7% | 65.1% | 62.7% | 63.4% | 63.9% | 61.4% |
| Operating Margin | -18.4% | -12.0% | -6.6% | -10.4% | -5.3% | -1.5% | 3.2% |
| EBITDA Margin | -14.1% | -6.8% | -7.4% | -8.2% | 2.9% | 4.0% | 8.2% |
| Net Margin | -21.2% | -8.4% | -14.0% | -13.6% | -2.1% | 0.6% | 2.2% |
| FCF Margin | 0.3% | -12.4% | 5.2% | -0.8% | 18.5% | 18.4% | 15.9% |
| Effective Tax Rate | -2.8% | 39.2% | -8.3% | -5.3% | -96.8% | -55.9% | 37.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.00 | $-0.16 | $0.10 | $-0.02 | $0.65 | $0.70 | $0.77 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $101.1M | $101.1M | $106.4M | $107.9M | $114.8M | $124.3M | $122.4M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 4.08% |
| Return on Invested Capital | 3.93% |
| Return on Assets | 2.93% |
| Gross Margin | 57.49% |
| Operating Margin | 5.51% |
| Net Margin | 4.77% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.52 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.05 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -175.50 | -319.09 | -146.38 | -67.97 | -310.32 | 884.98 | 128.73 |
| P/B | -47.14 | -43.40 | 8.40 | 5.48 | 3.38 | 3.15 | 2.07 |
| P/S | 37.39 | 26.93 | 20.14 | 9.13 | 6.59 | 5.21 | 2.78 |
| Gross Margin | 61.3% | 63.7% | 65.1% | 62.7% | 63.4% | 63.9% | 61.4% |
| Operating Margin | -18.4% | -12.0% | -6.6% | -10.4% | -5.3% | -1.5% | 3.2% |
| Net Margin | -21.2% | -8.4% | -14.0% | -13.6% | -2.1% | 0.6% | 2.2% |
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Explore sector: Industrials · Specialty Business Services
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