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what it is
Flywire helps schools, hospitals, and travel firms collect money from people paying across borders.
how it gets paid
Last year Flywire made $623M in revenue. Higher education was the main engine at $286M, or 46% of sales.
why it's growing
Revenue grew 26.6% last year. Revenue reached $465M, up 133% vs. prior year.
what just happened
Flywire's latest quarter put $465M of revenue on the board, but EPS was still only $0.11.
At a glance
B+ balance sheet — decent shape, but not bulletproof
157.3x trailing p/e — you're paying up for this one
0.4% return on capital — nothing to write home about
$0.02 fy2024 eps est
$492M fy2024 rev est
xvary composite: 43/100 — below average
What they do
Flywire helps schools, hospitals, and travel firms collect money from people paying across borders.
Flywire serves 4,500 clients with 1,250 employees. That is 3.6 clients per employee. You are not buying an app; you are buying a toll road for tuition and hospital bills across 16 countries and five continents.
How they make money
$623M
annual revenue · their business grew +26.6% last year
Higher education
$286M
+24.0%
Healthcare
$156M
+31.0%
Travel
$89M
+28.0%
B2B
$54M
+20.0%
Ancillary services
$38M
+12.0%
The products that matter
tuition and education payments
Education
~$374M · about 60% of revenue
this is still the center of gravity. if education volumes slow, the whole story loses momentum because roughly six of every 10 revenue dollars start here.
core segment
healthcare billing and payments
Healthcare
~$187M · about 30% of revenue
healthcare is large enough to matter and small enough to still feel like an upside lane. at roughly $187M, it gives flywire a second engine the market can actually measure.
second engine
travel and b2b payment flows
Travel & B2B
~$62M · about 10% of revenue
this is the smallest slice at about $62M. that makes it less important today and more important as a test of whether the model travels beyond the two main verticals.
expansion test
Key numbers
$623M
annual revenue
This is the size of the business. It is large enough to matter and still small enough for one weak year to show up fast.
2.3%
operating margin
This is profit before taxes and interest. It means Flywire keeps $2.30 from every $100 of sales.
0.4%
return on capital
This is profit from the money tied up in the business. At 0.4%, the engine is barely running.
157.3x
trailing P/E
This is what you pay for $1 of past earnings. At 157.3x, the stock asks for a lot of clean execution.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $15M (1% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FLYW right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Flywire's latest quarter put $465M of revenue on the board, but EPS was still only $0.11.
Revenue grew 133% vs. prior year. EPS fell 52% vs. prior year, so the quarter was about scale, not margin. Same business, very different profit picture.
$465M
revenue
$0.11
eps
133%
revenue growth
the number that mattered
Revenue reached $465M, up 133% vs. prior year. That is the real story because EPS was only $0.11 and still fell 52%.
source: company earnings report, 2026
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What could go wrong
flywire already proved demand. the risk is that a $2B stock with a 157.3x trailing p/e still has only a 2.3% operating margin. if the margin bridge never shows up, the valuation story breaks before the revenue story does.
high
margin expansion misses the guide
management guided to 150–350 basis points of operating margin expansion in 2026. that is not a side metric. that's the central promise.
if the improvement does not show up, the multiple stops looking ambitious and starts looking wrong.
med
the stock trades richer than the current economics
2.3% operating margin and 0.4% return on capital are not premium-software numbers. 157.3x trailing earnings is a premium-software multiple.
that gap is the whole argument. if efficiency does not improve, you get a re-rating even if revenue keeps growing.
med
education still carries too much weight
education is roughly 60% of revenue, or about $374M of the $623M total. healthcare helps. travel and B2B help less.
if student-related payment volume softens, the other verticals are not yet large enough to hide it.
med
the stock has very little patience
price stability is 10 out of 100 and the shares traded between $8 and $15 over the last 52 weeks.
when the operating story is still being proven, every guide line matters more and the stock reacts like it knows it.
the quiet part loud: this stock is valued on what margins are supposed to become. right now, the reported numbers still look like a company in transition.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the metric
operating margin, not just revenue growth
the company already showed it can grow. what you need next is evidence that the guided 150–350 basis points of margin expansion is showing up in reported results, not just in slides.
next report
q1 2026 revenue print
management pointed to 26–30% Q1 revenue growth. if the first quarter comes in soft, investors will question the full-year 15–21% RLAS target immediately.
segment mix
whether healthcare and travel get bigger
education is about 60% of revenue today. if the smaller verticals take a larger share, the business gets less concentrated and the story gets easier to underwrite.
valuation risk
how long the 157.3x multiple survives
the stock can stay expensive if earnings ramp quickly. if they do not, valuation compression arrives before the operating model has time to catch up.
Analyst rankings
short-term outlook
thin data
the ranking feed is not fully populated on this snapshot. in human-speak, we do not have a clean analyst score worth pretending is more useful than it is.
consensus target
$15.58
against a $14.16 stock price, that implies about 10% upside. that's positive, but it is not a table-pounding gap.
what that means
mixed
analysts are not calling for collapse. they also are not treating this like a misunderstood bargain. the argument is execution, not discovery.
source: institutional data
Institutional activity
institutional ownership data for FLYW is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
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