Flywire Corporation (FLYW) Stock

Flywire Corporation (FLYW) is a Technology stock trading at $19.54 (as of 2026-08-21), with a market capitalization of $2.38B and a trailing P/E of 69.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Flywire Corporation operates a payments enablement platform and related vertical software. Its technology supports payment flows across multiple currencies and payment types, connects to alternative payment methods, and is used by organizations in education, healthcare, travel, and business-to-business to help them receive payments and enable their customers to pay.

Understand Flywire Corporation: how it makes money

Flywire builds a payments network and vertical-specific software that helps education, healthcare, travel, and other businesses get paid and helps their customers make payments across multiple currencies, payment types, and payment methods, generating revenue from payment-related transaction flows and platform-related offerings.

The profit engine is client value growth inside the payment platform, indicated by a high Annual Dollar-Based Net Retention Rate (125%), while transaction activity (Transaction Payment Volume) supports scaling payment-related revenue.

Revenue by segment (latest quarter)
Transactions$0.1B
Platform and Other$0.0B
Sertifi$0.0B

Business quality (Mixed): Strength shows up in durable expansion (Annual Dollar-Based Net Retention Rate of 125%) and meaningful transaction activity (Transaction Payment Volume of 7.0 USD_B). Main risks are that a large share of revenue is tied to payment flows, and smaller revenue streams like Platform and Other Revenues (0.03 USD_B) and Sertifi Revenue (0.01 USD_B) leave less room for offset if transaction or retention trends weaken.

Valuation: Trades at 66× trailing earnings · $2B market cap.

Bull case

  • Durable client expansion: Annual Dollar-Based Net Retention Rate is 125% (and 123% over three years).
  • Scale of payment flows: Transaction Payment Volume is 7.0 USD_B, supporting transaction-driven revenue.
  • Operational recovery in past-due tuition use case: Past Due Tuition Recovered is 0.36 USD_B, compared with Past Due Tuition Collected of 0.32 USD_B.
  • Lower-touch payment support signals: Customer Inquiries Auto Resolved Without Human Intervention is 40%, and Self Service Rate is 41%.

Bear case

  • Revenue sensitivity to payment volumes: Transaction Revenue is a large component (0.15 USD_B), so weakness in payment activity could pressure results.
  • Retention is a key assumption: If Annual Dollar-Based Net Retention Rate declines from 125%, growth in revenue tied to existing clients may slow.
  • Smaller diversifying streams: Platform and Other Revenues are 0.03 USD_B and Sertifi Revenue is 0.01 USD_B, which may limit downside offset if transactions soften.
  • Past-due recovery outcomes may vary: Past Due Tuition Recovered (0.36 USD_B) and Past Due Tuition Collected (0.32 USD_B) indicate recovery depends on collections performance, which may fluctuate period to period.
Valuation — source: SEC EDGAR (first-party)
Price$19.54
Market Cap$2.38B
P/E Ratio69.8
EV / EBITDA30.8
Price / Book2.91
Price / Sales3.33
FCF Yield6.7%
DCF Value (model)$21.22
DCF Upside vs Price8.6%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$623.02M
Net Margin2.2%
Revenue Growth (YoY)27.2%
EPS Growth (YoY)-30.0%
FCF Growth (YoY)-11.5%
Financial Health — source: SEC EDGAR
Altman Z-Score3.91 (safe)
Valuation vs Sector & Industry
Stock P/E69.8
Sector P/E (Technology)33.9
Industry P/E (Business Services)29.9
vs Sector106.2%
vs Industry133.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVoss Capital, LP ($158.59M)
Institutional Holders Tracked10
Congressional Trades (recent)6
Company
SectorTechnology
IndustryBusiness Services
CEOMichael Massaro
Employees1,250
CountryUS
IPO Date2021-05-26

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FLYW earnings history · FLYW institutional & insider holders · FLYW KPIs & operating metrics · FLYW financials · FLYW investor presentations & press releases · FLYW SEC filings · FLYW peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.