Flywire Corp

FLYW

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...

Country: United StatesPrice: $18.81Market Cap: $2.3B

Company Profile

Industry: Business Services

Size: Mid Cap($2.3B)

Revenue: $623.0M+26.6% YoY

Net Income: $13.5M+365.4% YoY

Financial Snapshot

Operating Margin1.8%

Return on Equity1.6%

Debt / Equity--

Current Ratio1.50

EPS (Diluted)$0.11+450.0%

Buybacks (1y)$72.9M

Buybacks (2y)$118.4M

Shares Retired1.7% / 0.5% 2y

Similar Companies

UBERUber Technologies, Inc

NBISNebius Group N.V.

$70.5B

Shareholder Return

Fiscal 2025

Retired 1.7% of shares last year, 0.5% over two.

Buybacks: $72.9M
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY25

450.0% = 365.4% + 18.2%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Market Cap	$2.3B	$2.4Best.	$2.6Best.	$2.9Best.	$2.8Best.
Revenue	$623.0M↑27%	$492.1M↑22%	$403.1M↑39%	$289.4M↑44%	$201.1M
Operating Income	$11.3M↑256%	-$7.3M↑66%	-$21.5M↑29%	-$30.2M↓128%	-$13.3M
Net Income	$13.5M↑365%	$2.9M↑134%	-$8.6M↑78%	-$39.3M↓40%	-$28.1M
EPS (Diluted)	$0.11↑450%	$0.02↑129%	$-0.07↑81%	$-0.36↑8%	$-0.39
Gross Margin	—	—	—	—	—
Operating Margin	1.8%↑223%	-1.5%↑72%	-5.3%↑49%	-10.4%↓58%	-6.6%
ROE	1.6%↑354%	0.4%↑133%	-1.1%↑87%	-8.2%↓40%	-5.8%
Total Debt	--	--	--	$0↓100%	$25.9M
Shareholders' Equity	$835.2M↑3%	$814.8M↑4%	$786.1M↑63%	$481.9M	$482.2M
Current Ratio	1.50↓43%	2.63↓12%	2.98↑17%	2.54↓33%	3.78
Debt / Equity	—	—	—	0.00↓100%	0.05
Operating Cash Flow	$100.2M↑2%	$98.7M↑29%	$76.3M↑1307%	$5.4M↓68%	$17.1M
Free Cash Flow	$98.8M↑1%	$97.7M↑30%	$75.3M↑1749%	$4.1M↓75%	$16.1M

Scored from 10-K1d ago

Metric	Marks Risk-Aware Value	Akre Three-Legged Stool	Druckenmiller Macro-Enhanced Growth	Spier Value Checklist	Pabrai Dhandho Framework	Munger Quality Focus	Ackman Activist Value	Piotroski F-Score	Greenblatt Magic Formula	Lynch GARP	Buffett Quality Compounder	Graham Defensive Value
Verdict	HOLD	FAIL	BUY	BUY	HOLD	PASS	PASS	HOLD	Not ranked	FAIL	FAIL	FAIL
Score
Analysis
Intrinsic Value	N/A	N/A	N/A						N/A	N/A
Margin of Safety	N/A	N/A	N/A	-362.2%	-264.5%	-25.5%	+36.2%	-170.6%	N/A	N/A	-400.3%	-353.3%
Data As Of	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)

Where They Agree

Where They Disagree

Profitability
1 of 11 pass — Marks, Akre, Spier +7 more object
Discount to Intrinsic Value-4003.3% (IV=$0.30 vs Price=$12.31)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency2/7 years positive
✗MarksPositive net income in >= 7 of last 10 years
Return on Equity0.3% (3-yr avg)
✗AkreROE > 20% (3-year avg)
EPS Growth AccelerationLatest: 450.0%, Prior: 128.6%
✓DruckenmillerAccelerating EPS growth
Show 19 more metrics ▾Show fewer ▴
Margin of SafetyP/E=111.9x, P/B=1.8x
✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
Operating Income / Revenue1.8%
✗Ackman>= 15%
Net Income / Shareholders Equity1.6%
✗Ackman>= 15%
Net Income / Total Assets1.08%
✓PiotroskiROA > 0
ROA Change YoY0.26% -> 1.08% (delta: +0.82%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=7.99%, ROA=1.08%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
EBIT / Enterprise Value1.0%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=1.0%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE1.6%
✗Lynch> 15%
Net Income Positive (10+ years)2/8 years positive
✗BuffettPositive every year for 10+ years
ROE (5-yr avg)-2.6%
✗Buffett> 15% (5-yr avg)
Operating Margin (10-yr trend)1.8% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$38.2M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)N/A (negative mean EPS)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Positive EPS (10 years)2/8 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
✗Graham>= 33% growth
Debt & Leverage
1 of 8 pass — Marks, Akre, Munger +4 more object
Interest Coverage & Debt/EBITDAIC=3.2x, D/EBITDA=N/A
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Debt Levels
✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
Total Debt / Shareholders Equity
✗Ackman<= 1.0
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Show 4 more metrics ▾Show fewer ▴
Total Debt / Equity
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
Debt/Equity & Interest Coverage
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Valuation
2 of 9 pass — Marks, Spier, Pabrai +4 more object
P/B or P/E vs. Historical AverageP/E=111.9x, P/B=1.8x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-4003.3% (IV=$0.30 vs Price=$12.31)
✗Marks>= 20% below intrinsic value
Price vs. 200-day MAQualitative
✓DruckenmillerPrice above 200-day moving average
Margin of SafetyP/E=111.9x, P/B=1.8x
✗SpierP/E < 15 AND P/B < 2.0
Show 9 more metrics ▾Show fewer ▴
P/E or FCF YieldP/E=111.9x, FCF Yield=6.7%
✗PabraiP/E < 15 or FCF Yield > 10%
Valuation ReasonablenessP/E=111.9x, OE Yield=2.6%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
Price / FCF per Share15.0x
✓Ackman<= 25
EBIT / Enterprise Value1.0%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=1.0%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
P/E / EPS Growth RateP/E 111.9x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
Price / 3-yr avg EPS615.5x
✗Graham<= 15x
Price-to-Book Ratio1.8x
✗Graham<= 1.5x
P/E x P/B1,089.4
✗Graham<= 22.5
Cash Flow
5 of 6 pass — Pabrai objects
FCF Positive6/7 years FCF positive
✓MarksPositive FCF in majority of recent years
P/E or FCF YieldP/E=111.9x, FCF Yield=6.7%
✗PabraiP/E < 15 or FCF Yield > 10%
(OCF - CapEx) / Market Cap6.7%
✓Ackman>= 4%
Price / FCF per Share15.0x
✓Ackman<= 25
Show 4 more metrics ▾Show fewer ▴
Operating Cash Flow$100.2M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=7.99%, ROA=1.08%
✓PiotroskiCFO/Assets > ROA
FCF Positive and Growing$98.8M
✓LynchPositive and growing
Free Cash Flow Proxy$38.2M
✓BuffettPositive and growing
Growth
2 of 5 pass — Marks, Lynch and Graham object
Positive Net Income Frequency2/7 years positive
✗MarksPositive net income in >= 7 of last 10 years
EPS Growth AccelerationLatest: 450.0%, Prior: 128.6%
✓DruckenmillerAccelerating EPS growth
Revenue Growth RateLatest: 26.6%, Prior: 22.1%
✓DruckenmillerRevenue growth accelerating
3yr Median Revenue Growth26.6%
✓Ackman>= 5%
Show 5 more metrics ▾Show fewer ▴
Positive EPS Growth Frequency5/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
P/E / EPS Growth RateP/E 111.9x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
✗Graham>= 33% growth
Efficiency
No clean pass — all 6 investors flag at least one efficiency criterion
ROIC (high and growing)0/2 years ROIC > 15% (latest: -5.0%)
✗AkreROIC > 15% for 3+ years
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
Return on Invested Capital
✗Munger> 15%
Current Ratio Change YoY2.63 -> 1.50
✗PiotroskiIncreased YoY
Show 5 more metrics ▾Show fewer ▴
Revenue / Total Assets Change YoY0.44x -> 0.50x
✓PiotroskiImproved YoY
EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
✗Greenblatt> 25%
ROIC (3-5 yr avg)-13.3%
✗Buffett> 10%
ROIC - WACC-23.3%
✗BuffettPositive (WACC = 10%)
Current Ratio1.50
✗Graham>= 2.0
Verdicts
Split decision: 4 FAIL · 3 HOLD · 2 BUY · 2 PASS
Overall verdict
•MarksHOLD (5/8)✗AkreFAIL (2/7)✓DruckenmillerBUY (6/7)✓SpierBUY (7/8)•PabraiHOLD (5/8)✓MungerPASS (4/7)✓AckmanPASS (5/9)•PiotroskiHOLD (F-Score 7)•GreenblattNot ranked✗LynchFAIL (2/7)✗BuffettFAIL (2/9)✗GrahamFAIL (1/9)
Valuation models
Models split on FLYW at $18.81 — fair values range $3.76–$29.48
Spier fair value$4.07
✗Spier-362.2% margin vs $18.81
Pabrai fair value$5.16
✗Pabrai-264.5% margin vs $18.81
Munger fair value$14.99
✗Munger-25.5% margin vs $18.81
Ackman fair value$29.48
✓Ackman+36.2% margin vs $18.81
Show 3 more metrics ▾Show fewer ▴
Piotroski fair value$6.95
✗Piotroski-170.6% margin vs $18.81
Buffett fair value$3.76
✗Buffett-400.3% margin vs $18.81
Graham fair value$4.15
✗Graham-353.3% margin vs $18.81

Historical Score Timeline

Industry Peers

Similar companies in Business Services

FLYW vs Peers — Financial Grading

Revenue$623.0MBottom 25%

Net Income$13.5MBottom 25%

ROE1.6%Bottom 25%

D/E—

Op. Margin1.8%Bottom 25%

Curr. Ratio1.50Median

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski
Uber Technologies, IncUBER	$155.1B	$75.95	$52.0B	$10.1B	37.2%	0.39	10.7%	1.14	1/9	4/9	3/7	0/3	F-Score 6
INTUIT INC.INTU	$94.6B	$345.66	$18.8B	$3.9B	19.6%	0.30	26.1%	1.36	2/9	7/9	5/7	1/3	F-Score 8
MOODYS CORP /DE/MCO	$84.0B	$484.96	$7.7B	$2.5B	60.7%	1.73	43.4%	1.74	2/9	6/9	4/7	1/3	F-Score 8
Nebius Group N.V.NBIS	$70.5B	$277.68	$529.8M	$82.5M	1.8%	0.90	-115.5%	3.08	2/9	2/9	1/7	0/3	F-Score 6
QUALYS, INC.QLYS	$6.6B	$186.05	$669.1M	$198.3M	35.3%	—	33.2%	1.41	2/9	3/9	5/7	0/3	F-Score 8
ACI WORLDWIDE, INC.ACIW	$5.4B	$53.44	$1.8B	$226.7M	14.9%	0.57	18.7%	1.54	1/9	1/9	3/7	1/3	F-Score 7
INNODATA INCINOD	$2.1B	$63.85	$251.7M	$32.2M	30.0%	—	15.8%	2.68	3/9	3/9	5/7	1/3	F-Score 6
INSPERITY, INC.NSP	$2.0B	$52.20	$6.8B	$7.0M	-15.2%	8.02	-0.1%	1.06	3/9	4/9	2/7	0/3	F-Score 1