NASDAQ : FLYW
Flywire Corporation — Financial statements
Technology · Software - Infrastructure · United States
Last price 19.42 USD (Oct 30, 2026, 2:20 PM EDT) · Market cap 2.36B
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Financial statements
Flywire Corporation (FLYW) reported revenue of 713.54M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 713.54M | 623.02M | 492.14M | 403.09M | 289.38M | 201.15M |
| Cost of Revenue | 288.11M | 240.36M | 177.49M | 147.34M | 107.93M | 70.19M |
| Gross Profit | 425.43M | 382.67M | 314.65M | 255.75M | 181.44M | 130.96M |
| Selling, General & Admin | 311.23M | 291.77M | 255.15M | 214.87M | 163.01M | 109.96M |
| Research & Development | 73.83M | 70.21M | 66.64M | 62.03M | 49.16M | 31.30M |
| Operating Expenses | 385.70M | 361.98M | 321.79M | 276.89M | 212.17M | 141.25M |
| Operating Income | 39.73M | 20.68M | -7.13M | -21.14M | -30.73M | -10.29M |
| Interest Expense | -2.35M | -3.53M | -538.00K | -372.00K | -1.21M | -2.02M |
| Interest & Investment Income | 3.19M | 5.64M | 21.44M | 13.35M | 3.24M | |
| Currency Exchange Gain (Loss) | 746.00K | 7.87M | -11.79M | 4.19M | -9.17M | 109.00K |
| Other Non Operating Income (Expenses) | -10.76M | |||||
| EBT Excluding Unusual Items | 41.31M | 30.66M | 1.98M | -3.97M | -37.86M | -22.96M |
| Merger & Restructuring Charges | -100.00K | -11.29M | -1.10M | -2.30M | -700.00K | |
| Gain (Loss) on Sale of Investments | 166.00K | |||||
| Other Unusual Items | -328.00K | 1.90M | 978.00K | -380.00K | 2.81M | -2.26M |
| Pretax Income | 40.88M | 21.44M | 1.86M | -4.35M | -37.36M | -25.93M |
| Income Tax Expense | 6.85M | 7.94M | -1.04M | 4.21M | 1.99M | 2.16M |
| Net Income | 34.03M | 13.50M | 2.90M | -8.57M | -39.35M | -28.09M |
| Preferred Dividends & Other Adjustments | 13.00K | |||||
| Net Income to Common | 34.03M | 13.50M | 2.90M | -8.57M | -39.35M | -28.10M |
| Shares Outstanding (Basic) | 122.25M | 122.38M | 124.27M | 114.83M | 107.94M | 71.17M |
| Shares Outstanding (Diluted) | 130.66M | 127.75M | 124.27M | 114.83M | 107.94M | 71.17M |
| EPS (Basic) | 0.28 | 0.11 | 0.02 | -0.07 | -0.36 | -0.39 |
| EPS (Diluted) | 0.26 | 0.11 | 0.02 | -0.07 | -0.36 | -0.39 |
| Free Cash Flow | 165.28M | 98.83M | 97.75M | 75.34M | 4.07M | 16.08M |
| Free Cash Flow Per Share | 1.26 | 0.77 | 0.79 | 0.66 | 0.04 | 0.23 |
| Gross Margin | 59.62% | 61.42% | 63.93% | 63.45% | 62.70% | 65.11% |
| Operating Margin | 5.57% | 3.32% | -1.45% | -5.24% | -10.62% | -5.12% |
| Profit Margin | 4.77% | 2.17% | 0.59% | -2.12% | -13.60% | -13.97% |
| Free Cash Flow Margin | 23.16% | 15.86% | 19.86% | 18.69% | 1.41% | 7.99% |
| EBITDA | 63.42M | 41.94M | 6.63M | -8.27M | -20.02M | -2.10M |
| EBITDA Margin | 8.89% | 6.73% | 1.35% | -2.05% | -6.92% | -1.04% |
| D&A For EBITDA | 23.69M | 21.26M | 13.76M | 12.86M | 10.70M | 8.20M |
| EBIT | 39.73M | 20.68M | -7.13M | -21.14M | -30.73M | -10.29M |
| EBIT Margin | 5.57% | 3.32% | -1.45% | -5.24% | -10.62% | -5.12% |
| Effective Tax Rate | 16.75% | 37.05% | ||||
| Advertising Expenses | 8.80M | 7.50M | 6.60M | 4.90M | 3.20M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 282.39M | 330.30M | 495.24M | 654.61M | 349.18M | 385.36M |
| Short-Term Investments | 11.79M | 24.69M | 115.85M | |||
| Cash & Short-Term Investments | 294.18M | 355.00M | 611.09M | 654.61M | 349.18M | 385.36M |
| Accounts Receivable | 60.13M | 55.30M | 39.16M | 28.90M | 18.96M | 16.31M |
| Other Receivables | 108.70M | 155.46M | 90.11M | 113.94M | 62.97M | 28.29M |
| Receivables | 168.83M | 210.75M | 129.27M | 142.85M | 81.94M | 44.59M |
| Prepaid Expenses | 41.46M | 36.54M | 22.53M | 18.23M | 17.53M | 9.83M |
| Restricted Cash | 2.00M | 4.00M | ||||
| Total Current Assets | 504.47M | 602.29M | 762.88M | 815.68M | 450.64M | 443.79M |
| Property, Plant & Equipment | 1.82M | 5.59M | 5.14M | 5.86M | 5.51M | 2.94M |
| Long-Term Investments | 50.12M | |||||
| Goodwill | 407.02M | 406.51M | 149.56M | 121.65M | 97.77M | 85.84M |
| Other Intangible Assets | 202.34M | 209.25M | 134.08M | 120.88M | 108.22M | 100.10M |
| Long-Term Deferred Charges | 9.90M | 6.40M | 5.80M | 6.00M | 1.80M | |
| Other Long-Term Assets | 47.33M | 19.78M | 14.25M | 9.87M | 6.16M | 5.38M |
| Total Assets | 1.16B | 1.25B | 1.12B | 1.08B | 674.29M | 639.85M |
| Accounts Payable | 18.21M | 15.30M | 15.35M | 12.59M | 13.32M | 10.24M |
| Accrued Expenses | 40.07M | 43.77M | 34.77M | 33.53M | 27.61M | 20.07M |
| Current Portion of Leases | 1.47M | 1.35M | 1.72M | 1.47M | 1.81M | |
| Current Income Taxes Payable | 11.42M | 8.56M | 8.70M | 6.27M | 5.00M | 2.65M |
| Current Unearned Revenue | 20.47M | 19.95M | 7.34M | 6.97M | 5.22M | 5.49M |
| Other Current Liabilities | 239.27M | 312.85M | 221.90M | 212.97M | 124.31M | 79.02M |
| Total Current Liabilities | 330.92M | 401.76M | 289.77M | 273.79M | 177.28M | 117.48M |
| Long-Term Debt | 25.94M | |||||
| Long-Term Leases | 2.38M | 1.81M | 2.09M | 1.34M | ||
| Long-Term Deferred Tax Liabilities | 12.65M | 12.90M | 12.64M | 15.39M | 12.15M | 8.40M |
| Other Long-Term Liabilities | 2.83M | 1.09M | 3.45M | 2.35M | 1.62M | 5.83M |
| Total Liabilities | 346.40M | 418.14M | 307.68M | 293.61M | 192.38M | 157.64M |
| Common Stock | 13.00K | 13.00K | 13.00K | 12.00K | 11.00K | 11.00K |
| Additional Paid-In Capital | 1.14B | 1.11B | 1.03B | 959.30M | 649.76M | 609.19M |
| Retained Earnings | -153.00M | -157.37M | -170.87M | -173.77M | -165.20M | -125.86M |
| Treasury Stock | -177.41M | -118.64M | -46.27M | -747.00K | -748.00K | -748.00K |
| Comprehensive Income & Other | 4.42M | 2.49M | -2.07M | 1.32M | -1.91M | -399.00K |
| Total Common Equity | 816.59M | 835.17M | 814.77M | 786.12M | 481.90M | 482.20M |
| Shareholders' Equity | 816.59M | 835.17M | 814.77M | 786.12M | 481.90M | 482.20M |
| Total Liabilities & Equity | 1.16B | 1.25B | 1.12B | 1.08B | 674.29M | 639.85M |
| Total Debt | 1.47M | 3.73M | 3.53M | 3.55M | 3.15M | 25.94M |
| Net Cash (Debt) | 292.71M | 351.26M | 607.56M | 651.06M | 346.03M | 359.42M |
| Net Cash Per Share | 2.24 | 2.75 | 4.89 | 5.67 | 3.21 | 5.05 |
| Filing Date Shares Outstanding | 121.67M | 121.20M | 123.59M | 122.83M | 110.02M | 107.01M |
| Total Common Shares Outstanding | 121.61M | 121.96M | 124.06M | 122.57M | 109.35M | 106.44M |
| Working Capital | 173.56M | 200.53M | 473.11M | 541.89M | 273.37M | 326.31M |
| Book Value Per Share | 6.71 | 6.85 | 6.57 | 6.41 | 4.41 | 4.53 |
| Tangible Book Value | 207.22M | 219.41M | 531.12M | 543.59M | 275.92M | 296.26M |
| Tangible Book Value Per Share | 1.70 | 1.80 | 4.28 | 4.44 | 2.52 | 2.78 |
| Machinery | 5.68M | 5.50M | 4.81M | 4.59M | 4.09M | 3.16M |
| Construction In Progress | 291.00K | |||||
| Leasehold Improvements | 3.81M | 4.30M | 5.46M | 5.43M | 4.70M | 5.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 34.03M | 13.50M | 2.90M | -8.57M | -39.35M | -28.09M |
| Depreciation & Amortization | 23.69M | 21.26M | 13.76M | 12.86M | 10.70M | 8.20M |
| Other Amortization | 7.80M | 6.74M | 4.80M | 4.99M | 3.40M | 1.04M |
| Loss (Gain) From Sale of Investments | -28.00K | -607.00K | -1.81M | |||
| Stock-Based Compensation | 70.88M | 71.78M | 64.93M | 43.73M | 30.26M | 18.93M |
| Provision & Write-off of Bad Debts | 2.72M | 2.36M | -83.00K | 326.00K | 152.00K | 165.00K |
| Other Operating Activities | -10.85M | -15.21M | 366.00K | 2.77M | -4.17M | 13.42M |
| Change in Accounts Receivable | -15.31M | -11.28M | -10.07M | -7.03M | -2.25M | -2.23M |
| Change in Accounts Payable | 7.60M | 4.72M | 168.00K | 4.72M | 6.76M | 11.23M |
| Change in Unearned Revenue | 1.07M | -2.34M | -391.00K | -1.18M | -400.00K | -159.00K |
| Change in Other Net Operating Assets | 44.70M | 9.25M | 24.09M | 23.73M | 315.00K | -5.38M |
| Operating Cash Flow | 166.31M | 100.17M | 98.67M | 76.35M | 5.43M | 17.13M |
| Capital Expenditures | -1.03M | -1.35M | -924.00K | -1.01M | -1.35M | -1.05M |
| Cash Acquisitions | -5.09M | -324.92M | -45.23M | -32.76M | -17.59M | -56.23M |
| Sale (Purchase) of Intangibles | -11.61M | -8.51M | -5.32M | -5.00M | -5.72M | -5.63M |
| Investment in Securities | 25.72M | 140.54M | -162.52M | |||
| Investing Cash Flow | 8.00M | -194.23M | -213.99M | -38.78M | -24.66M | -62.91M |
| Short-Term Debt Issued | 125.00M | |||||
| Long-Term Debt Issued | 25.94M | |||||
| Total Debt Issued | 125.00M | 25.94M | ||||
| Short-Term Debt Repaid | -125.00M | |||||
| Long-Term Debt Repaid | -25.94M | -25.00M | ||||
| Total Debt Repaid | -60.00M | -125.00M | -25.94M | -25.00M | ||
| Net Debt Issued (Repaid) | -60.00M | -25.94M | 939.00K | |||
| Issuance of Common Stock | 6.39M | 5.64M | 8.72M | 274.17M | 8.23M | 275.92M |
| Repurchase of Common Stock | -86.79M | -78.55M | -44.54M | -8.48M | -2.56M | |
| Other Financing Activities | -2.79M | -5.50M | -1.81M | -2.27M | -3.70M | -9.08M |
| Financing Cash Flow | -143.18M | -78.40M | -37.63M | 263.42M | -23.97M | 327.51M |
| Foreign Exchange Rate Adjustments | 1.58M | 7.52M | -6.41M | 2.44M | 5.02M | -1.42M |
| Net Cash Flow | 32.71M | -164.94M | -159.37M | 303.43M | -38.18M | 280.31M |
| Free Cash Flow | 165.28M | 98.83M | 97.75M | 75.34M | 4.07M | 16.08M |
| Free Cash Flow Margin | 23.16% | 15.86% | 19.86% | 18.69% | 1.41% | 7.99% |
| Free Cash Flow Per Share | 1.26 | 0.77 | 0.79 | 0.66 | 0.04 | 0.23 |
| Levered Free Cash Flow | 167.96M | 117.50M | 97.47M | 79.37M | 32.29M | 28.97M |
| Unlevered Free Cash Flow | 169.05M | 119.43M | 97.58M | 79.30M | 33.04M | 30.23M |
| Cash Interest Paid | 2.58M | 2.58M | 770.00K | 1.60M | ||
| Cash Income Tax Paid | 11.10M | 11.10M | 7.70M | 4.20M | ||
| Change in Working Capital | 38.06M | 359.00K | 13.79M | 20.24M | 4.42M | 3.46M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.40B | 1.73B | 2.57B | 2.81B | 2.67B | 3.98B |
| Enterprise Value | 2.10B | 1.37B | 1.89B | 2.17B | 2.35B | 3.56B |
| Last Close Price | 19.69 | 14.16 | 20.62 | 23.15 | 24.47 | 38.06 |
| PE Ratio | 76.04 | 128.13 | 884.65 | |||
| Forward PE | 16.42 | 16.33 | 27.71 | 76.73 | ||
| PS Ratio | 3.36 | 2.78 | 5.21 | 6.97 | 9.22 | 19.81 |
| PB Ratio | 2.93 | 2.07 | 3.15 | 3.58 | 5.54 | 8.26 |
| P/TBV Ratio | 11.56 | 7.88 | 4.83 | 5.17 | 9.67 | 13.45 |
| P/FCF Ratio | 14.49 | 17.50 | 26.25 | 37.31 | 654.69 | 247.74 |
| P/OCF Ratio | 14.40 | 17.26 | 26.00 | 36.81 | 491.47 | 232.57 |
| PEG Ratio | 0.57 | 0.52 | 0.43 | 0.91 | ||
| EV/Sales Ratio | 2.95 | 2.20 | 3.83 | 5.39 | 8.11 | 17.70 |
| EV/EBITDA Ratio | 33.16 | 32.62 | 284.44 | |||
| EV/EBIT Ratio | 52.93 | 66.15 | ||||
| EV/FCF Ratio | 12.72 | 13.85 | 19.29 | 28.85 | 575.96 | 221.43 |
| Debt / Equity Ratio | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.05 |
| Debt / EBITDA Ratio | 0.02 | 0.08 | 0.39 | |||
| Debt / FCF Ratio | 0.01 | 0.04 | 0.04 | 0.05 | 0.77 | 1.61 |
| Net Debt / Equity Ratio | -0.36 | -0.42 | -0.75 | -0.83 | -0.72 | -0.74 |
| Net Debt / EBITDA Ratio | -4.62 | -8.38 | -91.64 | 78.69 | 17.28 | 171.48 |
| Net Debt / FCF Ratio | -1.77 | -3.55 | -6.22 | -8.64 | -84.94 | -22.35 |
| Asset Turnover | 0.63 | 0.52 | 0.45 | 0.46 | 0.44 | 0.44 |
| Quick Ratio | 1.40 | 1.41 | 2.56 | 2.91 | 2.43 | 3.66 |
| Current Ratio | 1.52 | 1.50 | 2.63 | 2.98 | 2.54 | 3.78 |
| Return on Equity (ROE) | 4.23% | 1.64% | 0.36% | -1.35% | -8.16% | -8.88% |
| Return on Assets (ROA) | 2.18% | 1.09% | -0.40% | -1.51% | -2.92% | -1.41% |
| Return on Invested Capital (ROIC) | 6.29% | 3.77% | -4.17% | -15.60% | -23.76% | -10.64% |
| Return on Capital Employed (ROCE) | 4.80% | 2.40% | -0.90% | -2.60% | -6.20% | -2.00% |
| Earnings Yield | 1.32% | 0.78% | 0.11% | -0.30% | -1.47% | -0.70% |
| FCF Yield | 6.90% | 5.71% | 3.81% | 2.68% | 0.15% | 0.40% |
| Buyback Yield / Dilution | -5.70% | -2.80% | -8.22% | -6.39% | -51.66% | -287.00% |