Flywire Corporation
- Open
- 18.97
- Day high
- 19.27
- Day low
- 18.93
- Prev close
- 18.83
- Volume
- 92K
- Mkt cap
- $2.3B
- P/E (TTM)
- 70.0
- EPS (TTM)
- $0.27
- P/B
- 2.8
- P/S
- 3.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$16.0M over the last 3 months (0 open-market buys, 28 sales)
- 🏛Institutions accumulating (13F)
Flywire Corporation (FLYW) is a Technology company listed on NASDAQ. The stock is up 41% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 28 sales (SEC Form 4).
Flywire Corporation (FLYW) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FLYW earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $-0.02 | $-0.07 | -182.9% | $164M | +4.7% |
| May 5, 2026 | $0.03 | $0.10 | +233.3% | $184M | +8.1% |
| Feb 24, 2026 | $-0.01 | $0.00 | +102.6% | $158M | -6.2% |
| Nov 7, 2024 | $0.15 | $0.30 | +100.0% | $157M | +31.9% |
| Feb 27, 2024 | $-0.07 | $0.01 | +114.3% | $101M | -8.5% |
| Feb 28, 2023 | $-0.11 | $-0.01 | +90.9% | $73M | -13.4% |
| Mar 2, 2022 | $-0.08 | $-0.11 | -37.5% | $51M | +24.9% |
| Jun 1, 2021 | — | $-0.09 | — | $45M | — |
| Sep 30, 2020 | — | $0.06 | — | $42M | — |
| Jun 30, 2020 | — | $-0.18 | — | $24M | — |
FLYW insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 1, 2026 | Voss Capital, LP10 percent owner | Sell | 37,005 | $18.78 |
| Sep 1, 2026 | Voss Capital, LP10 percent owner | Sell | 7,763 | $18.78 |
| Aug 28, 2026 | Voss Capital, LP10 percent owner | Sell | 1,996 | $18.91 |
| Aug 28, 2026 | Voss Capital, LP10 percent owner | Sell | 91,931 | $18.91 |
| Aug 28, 2026 | Voss Capital, LP10 percent owner | Sell | 25,539 | $18.99 |
| Aug 28, 2026 | Voss Capital, LP10 percent owner | Sell | 555 | $18.99 |
| Aug 26, 2026 | Voss Capital, LP10 percent owner | Sell | 99,146 | $19.49 |
| Aug 26, 2026 | Voss Capital, LP10 percent owner | Sell | 3,678 | $19.19 |
| Aug 26, 2026 | Voss Capital, LP10 percent owner | Sell | 169,295 | $19.19 |
| Aug 26, 2026 | Voss Capital, LP10 percent owner | Sell | 2,154 | $19.49 |
| Aug 20, 2026 | Voss Capital, LP10 percent owner | Sell | 18,553 | $18.40 |
| Aug 20, 2026 | Voss Capital, LP10 percent owner | Sell | 15,723 | $18.40 |
| Aug 20, 2026 | Voss Capital, LP10 percent owner | Sell | 9,276 | $18.24 |
| Aug 20, 2026 | Voss Capital, LP10 percent owner | Sell | 15,724 | $18.40 |
| Aug 20, 2026 | Voss Capital, LP10 percent owner | Sell | 10,947 | $18.24 |
Source: FLYW SEC Form 4 filings, latest Sep 1, 2026. For informational purposes only — not investment advice.
See the full FLYW insider & 13F page →Flywire Corporation company profile
Overview
Flywire Corporation (NASDAQ:FLYW) is a Boston-based payment enablement and software company founded in 2009 as peerTransfer Corporation before rebranding in December 2016. The company went public in May 2021 and operates as a specialized payment processor focused on complex, high-value transactions across multiple currencies and payment methods. Flywire serves clients in education, healthcare, travel, and business-to-business sectors, facilitating cross-border payments and providing vertical-specific software solutions to help organizations get paid more efficiently while helping their customers navigate complex payment processes.
Business
Flywire operates in the payment processing and financial technology industry, specifically focusing on complex, cross-border transactions that traditional payment processors often struggle to handle effectively. The company's core offering is a payment platform that combines payment processing capabilities with vertical-specific software solutions. The company's primary product is its payment platform and network, which facilitates payment flows across multiple currencies, payment types, and payment options. This platform provides direct connections to alternative payment methods popular in different regions, such as Alipay (China), Boleto (Brazil), PayPal/Venmo (US), and Trustly (Europe). Unlike traditional payment processors that focus on simple domestic transactions, Flywire specializes in complex international payments where customers need to navigate currency conversions, regulatory requirements, and local payment preferences. Flywire operates across four main vertical markets: 1. **Education (largest segment)**: Serves universities and educational institutions by facilitating international student tuition payments, application fees, and related educational expenses. This segment handles payments from international students who need to convert currencies and navigate complex payment requirements. The education vertical has faced recent headwinds due to visa policy changes in Canada and Australia affecting international student enrollment. 2. **Travel (second-largest segment, ~13% of revenue)**: Provides payment solutions for travel companies, tour operators, and hospitality businesses. This segment has shown strong growth, expanding over 55% year-over-year, and serves clients who need to handle international bookings and multi-currency transactions. 3. **Healthcare**: Focuses on patient payment solutions, helping healthcare providers collect payments from patients, including payment plans and financing options. This vertical offers integrated financing solutions and has been experiencing modest growth. 4. **Business-to-Business (B2B)**: Serves companies that need to make or receive complex B2B payments, particularly those involving international transactions. The company recently acquired Invoiced, an accounts receivable SaaS platform, to strengthen its B2B offerings. The platform also includes software solutions tailored to each vertical, such as student financial software for educational institutions and specialized tools for healthcare patient payments.
Revenue model
Flywire generates revenue through two primary streams: transaction-based revenue and platform/software revenue. The transaction revenue model charges fees based on payment volume processed through its platform, typically earning a percentage of each transaction value. This creates a variable revenue stream that scales with client payment volumes. The platform and software revenue includes SaaS licensing fees, subscription-based services, and other recurring revenue streams from its vertical-specific software solutions. The company's customers are primarily institutions and businesses rather than individual consumers, operating a B2B business model. Educational institutions pay Flywire to process their international student payments, travel companies use the platform for international booking payments, healthcare providers utilize patient payment solutions, and B2B companies rely on the platform for complex cross-border transactions. In many cases, while Flywire's direct customers are businesses, the end users making payments are consumers (students, patients, travelers), creating a B2B2C dynamic. Several factors influence Flywire's margins and profitability. **Positive margin drivers** include: payment corridor mix (some currency pairs and regions generate higher margins), payment method optimization (steering customers toward lower-cost payment methods), foreign exchange settlement activities, economies of scale as transaction volumes grow, and cross-selling additional software products to existing clients. **Negative margin pressures** come from: competitive pricing in certain verticals, regulatory changes affecting international payment flows (such as visa policy changes impacting international student numbers), currency fluctuations that can affect FX-related revenue, the need for ongoing technology investments to maintain platform capabilities, and expansion into new markets that may initially operate at lower margins. The company's revenue is also subject to external factors including international student mobility policies, global travel trends, healthcare spending patterns, and broader economic conditions affecting cross-border business activities. Seasonal patterns also affect revenue, with education payments typically peaking during enrollment periods and travel payments fluctuating with seasonal travel patterns.
Competitive moat
Flywire's competitive moat stems from several interconnected factors, though it operates in a competitive landscape with both strengths and vulnerabilities. The company's primary moat lies in its **specialized vertical expertise and network effects**. Unlike general-purpose payment processors, Flywire has built deep domain knowledge in complex, high-value international transactions across specific verticals. This specialization creates switching costs for clients who have integrated Flywire's solutions into their payment workflows and trained their staff on the platform. The company benefits from **network effects** through its global payment network, which includes relationships with local payment providers, banks, and alternative payment methods across multiple countries. As more clients join the platform, Flywire can negotiate better rates with payment partners and offer more payment options, making the platform more valuable to all participants. The company's **FlyMate community** also creates some network effects by connecting clients and facilitating knowledge sharing. **Geographic and regulatory expertise** provides another layer of competitive advantage. Flywire has invested heavily in understanding local payment preferences, compliance requirements, and regulatory frameworks across different countries. This knowledge is particularly valuable in education and healthcare, where regulatory compliance is critical and mistakes can be costly for clients. However, Flywire's moat faces several challenges. The payment processing industry is highly competitive, with large players like Stripe, PayPal, and traditional processors continuously expanding their capabilities. **Technology-based advantages** can be replicated over time, and new fintech companies regularly enter the market with innovative solutions. The company's dependence on specific verticals, particularly education, creates vulnerability to regulatory changes and policy shifts that can significantly impact client demand. **Competitive threats** include established payment processors expanding into Flywire's verticals, new fintech startups targeting specific use cases, and potential disintermediation if clients develop in-house payment capabilities or if new technologies emerge that simplify cross-border payments. The company's moat is moderate but not insurmountable, requiring continuous innovation and client relationship strengthening to maintain its competitive position.
Risks & safety
Flywire demonstrates a **moderate to strong margin of safety** from a financial stability perspective, though growth investment needs create some cash flow volatility. **Liquidity and Solvency:** - Strong cash position: $190.5 million in cash and short-term investments as of Q1 2025 - Current ratio of 2.02, indicating solid short-term liquidity - Very low debt levels with debt-to-equity ratio of 0.08 - No significant solvency risk given strong balance sheet **Cash Flow Considerations:** - Negative free cash flow of -$80.4 million in Q1 2025, primarily due to growth investments and working capital timing - Full-year 2024 generated positive free cash flow of $90.5 million, showing ability to generate cash - Cash burn is manageable given substantial cash reserves **Valuation Metrics:** - EV/EBITDA of 220x in Q1 2025 (distorted by low EBITDA of $1.2 million) - Price-to-book ratio of 1.49, reasonable for a growing tech company - Historical profitability achieved in 2024 with positive net income **Other Considerations:** - Recent restructuring and cost optimization initiatives to improve operational efficiency - Revenue growth of 17% year-over-year provides some buffer against economic downturns - Exposure to regulatory changes in education vertical creates some business model risk
Recent development
Over the past few years, Flywire has undergone significant strategic evolution and expansion. The company has diversified beyond its original education-focused model into a multi-vertical payment platform. **Travel has emerged as a major growth engine**, becoming the second-largest vertical with over 55% year-over-year growth and now representing approximately 13% of total revenue. This expansion demonstrates the company's ability to apply its payment expertise across different industries. **Strategic acquisitions** have played a key role in the company's development. The acquisition of Invoiced in 2024 strengthened Flywire's B2B payment capabilities by adding accounts receivable SaaS functionality. More recently, the company announced the acquisition of Sertifi in the travel vertical, expected to contribute $35-40 million in revenue and unlock new payment monetization opportunities in areas like ocean experiences and luxury accommodations. The company has also undertaken significant **operational optimization initiatives**. In late 2024 and early 2025, Flywire implemented a comprehensive operational and portfolio review, resulting in restructuring that affected approximately 10% of the workforce. This restructuring aims to achieve 200-400 basis points of adjusted EBITDA margin expansion in 2025 while maintaining growth investments in strategic areas. **Technology and product development** has focused on expanding payment capabilities, particularly in the APAC region, and developing new software products. The company has invested heavily in data analytics and artificial intelligence capabilities to improve payment optimization and client services. Geographic expansion has been another priority, with particular focus on markets showing continued international student growth and travel recovery. **Capital allocation strategy** has evolved to include shareholder returns alongside growth investments. The company announced a $150 million share repurchase program and has been opportunistically buying back shares while maintaining a strong cash position for strategic investments and acquisitions.
FLYW company profile · for informational purposes only — not investment advice.
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