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Flywire

FLYW
54
Specialty Business Services · Industrials
Price
$18.13
-0.56 (-3.00%)
Market Cap
$2.20B
Exchange
NASDAQ
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+20.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 106.4M (2021) → 127.7M (2025)

Flywire Corporation, together with its subsidiaries, operates as a payment enablement and software company in the United States, Canada, and the United Kingdom, and internationally. Its payment platform and network, and vertical-specific software help clients to get paid and help their customers to pay. The company's platform facilitates payment flows across multiple currencies, payment types, and payment options; and provides direct connections to alternative payment methods, such as Alipay, Bo

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+41.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+395.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$70M/ year

↑ Rising (+5% vs prior year)

11.3% of revenue

2.8x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

7.2%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$311.9B cash & investments at current burn rate

Revenue accelerating

Flywire grew revenue 41% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
54.3%
Healthy — 54.3% gross margin
Operating Margin
6.6%
Modest — 6.6% operating margin
ROCE
0.0%
Weak — 0.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+32.5%
Fast-growing sales (32.5% YoY)
EPS YoY
+568.0%
Earnings growing fast (568.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
541%
Turns 541% of profit into real cash
FCF Margin
23.6%
Converts sales into free cash efficiently (23.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity
N/A
Data not available
Interest Cover
11.29x
Comfortably covers interest (11.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
75.0x
Expensive — P/E 75.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+49.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (75.0 → 25.5)

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Dividends

Not applicable for this business.
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