Flywire

FLYW

Specialty Business Services · Industrials

Price

$19.54

+0.79 (+4.21%)

Market Cap

$2.37B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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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)

Winston Score History

The full picture

Flywire is a payments and software company that helps people pay large, complicated bills — like college tuition, hospital costs, or travel packages. Its main customers are universities, hospitals, and travel companies, and it specializes in handling payments that cross international borders, where currency exchange and local payment methods make things tricky. The company operates in a niche where standard payment processors like Visa or PayPal don't focus much attention.

Flywire makes money by taking a small fee on each payment it processes, plus charging software subscription fees to its institutional clients. It operates globally, with a strong presence in North America, Europe, and Asia, and its moat comes from deep integrations with university and hospital billing systems that are hard to rip out once installed. The key growth driver is expanding its client base in education and healthcare, but the main risk is that larger payment platforms could move into these verticals and undercut Flywire on price.

Growth Profile

For growth stock investors

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

Revenue Growth

+27.2% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+28.9% 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

7.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$294M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Flywire is growing revenue at 27% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

Profit per sale

Gross Margin

55.4%

Premium pricing power — 55.4% gross margin

Profit after running costs

Operating Margin

-1.7%

Losing money on operations — -1.7%

Return on the money invested

ROCE

4.8%

Weak — 4.8% 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 growth

Sales YoY

+32.2%

Fast-growing sales (+32.2% YoY)

Profit growth

EPS YoY

+466.7%

Earnings growing fast (+466.7% YoY)

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

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

471%

Turns 471% of profit into real cash

Spare cash per sale

FCF Margin

21.4%

Converts sales into free cash efficiently (21.4%)

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

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

16.71x

Comfortably covers interest (16.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

72.3x

Expensive — P/E 72.3

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

Cheaper or dearer next year

P/E vs Forward

+48.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (72.3 → 24.2)

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Dividends

Not applicable for this business.

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