FLYW
Flywire Corp
Technology • CIK: 0001580560
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Market Cap
$1.73B
P/E (TTM)
128.7x
Rev Growth (TTM)
+26.6%
Net Margin (TTM)
2.2%
FCF Yield (TTM)
5.7%
FCF Margin (TTM)
15.9%
Cash Flow Health
Free Cash Flow4/8 positive
TTM$99M
Q4 '25
$4M-97%
Q3 '25
$150M+537%
FCF Margin
TTM15.9%
Q4 '252.9%-96%
Sector: 10.0%Above Avg
OCF Margin16.1%
OCF/NI7.42x
CapEx Coverage74.2x
FCF Yield5.7%
FCF Growth (2Y)+189%
Cash Conversion Cycle
19 days
DSO: 19+DIO: –−DPO: –
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM4.3%
Div Yield0.0%
+Buyback (TTM)4.3%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$98.8M
Stock Repurchases (TTM)$74.4M
Capital Return / FCF75.2%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
0.9%
Moderate
+0.0% YoY+7.6%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
1.1%
8Q: -6.0%
Asset Turnover
0.54x
8Q: 0.49x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 0.6% ≈ 0.9% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
32.67x
8Q:29.69x
+496.9%
Invested Cap Turn
0.76x
8Q:0.66x
+25.5%
CapEx Intensity
0.2%
8Q:0.1%
CapEx/Depreciation
0.05x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $623.0M | $157.5M↓21.3% | $200.1M↑51.7% | $131.9M↓1.2% | $133.5M↑13.5% | $117.5M↓25.0% | $156.8M↑51.3% | $103.7M↓9.1% | $114.1M |
Operating Income | $11.3M | $-965.0K↓103.0% | $32.3M↑458.2% | $-9.0M↑18.0% | $-11.0M↓90.3% | $-5.8M↓128.5% | $20.3M↑228.4% | $-15.8M↓164.7% | $-6.0M |
Net Income | $13.5M | $33.0K↓99.9% | $29.6M↑346.8% | $-12.0M↓188.6% | $-4.2M↑73.8% | $-15.9M↓140.9% | $38.9M↑380.2% | $-13.9M↓123.3% | $-6.2M |
Operating Cash Flow | $100.2M | $4.9M↓96.7% | $150.1M↑523.4% | $24.1M↑130.5% | $-78.9M↓176.3% | $-28.6M↓115.5% | $184.6M↑1055.6% | $-19.3M↑49.3% | $-38.1M |
Free Cash Flow | $98.8M | $4.5M↓97.0% | $149.9M↑536.9% | $23.5M↑129.8% | $-79.1M↓176.0% | $-28.7M↓115.5% | $184.4M↑1037.5% | $-19.7M↑48.7% | $-38.3M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
128.7x
Valuation Lenses
Earnings
128.7x
vs – sector
Cash Flow
14.0x
EV/FCF vs –
Growth-Adj
0.1xPEG
Undervalued for growth
Quality-Adj
148.4P/E per %ROIC
ROIC: 0.9%
Shareholder Returns
Dividend
–
Buyback
4.3%
Total Yield
4.3%
Market Cap$1.73B
EV$1.39B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
48/100
Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
1.7%
8Q:–
Return on Invested Capital (ROIC)Top 25%
0.9%
8Q:–
+7.6%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 1.1%
Asset Turnover: 0.54x
Earnings Quality
Cash Conversion
7.42x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover0.76x
Working Capital
Cash Conversion Cycle19 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
26.6%
OpInc Growth YoY
83.3%
EPS Growth YoY
900.0%
FCF 3Y CAGR
189.5%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 8.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
1.8%
Below Avg in sector
Net
2.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+13.7 pts
FCF: 15.9% | Net: 2.2%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $355.00M
Interest Coverage
–
+Net cash position: $355.00M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis