Flywire
FLYW on Nasdaq. Flywire sells payment software to schools, hospitals, and businesses sending money across borders. Market value $1.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $7.56 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 60 of 100. Price score: 58 of 100. Our list needs 70 on quality and 60 on price.
$18.22 a share, 73% above its 1-year low
Over the past year the price has ranged from $10.55 to $19.73.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $165 million in the past 12 months, $99 million in the year to December 2025.
| Revenue | |||||
| Revenue | $201m | $289m | $403m | $492m | $623m |
| Operating margin | |||||
| Operating margin | -6.6% | -10.4% | -5.3% | -1.5% | 1.8% |
| Debt to equity | |||||
| Debt to equity | 0.05 | 0.00 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.11bn | 0.12bn | 0.12bn | 0.12bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 32.7% a year
- Buying back its own sharesNo, 20% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $168 million last quarter, up 27% on a year ago.
- A loss of $8 million, compared with a loss of $12 million a year ago.
- It keeps 6 cents of each $1 of sales as operating profit, after losing 1 cents a year earlier.
- Spare cash over the past 12 months: $165 million, up from $94 million.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $157m |
| December 2024 | $118m |
| March 2025 | $133m |
| June 2025 | $132m |
| September 2025 | $200m |
| December 2025 | $158m |
| March 2026 | $188m |
| June 2026 | $168m |
| Quarter to | Amount |
|---|---|
| September 2024 | $39m |
| December 2024 | -$16m |
| March 2025 | -$4m |
| June 2025 | -$12m |
| September 2025 | $30m |
| December 2025 | $33,000 |
| March 2026 | $13m |
| June 2026 | -$8m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 237 funds in all.
- Voss CapitalTravis Cocke
- Value
- $239m
- Share of fund
- 12.0%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Voss CapitalTravis Cocke | $239m | 12.0% | |
| First Eagle Investment ManagementMatthew McLennan | $41m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | Added |
Largest holders overall
- Voss Capital$239m
- BlackRock$161mAdded
- Divisadero Street Capital Management, LP$117mAdded
- Temasek Holdings (Private)$108m
- Cadian Capital Management, LP$101mCut
- Wellington Management Group LLP$94m
- Jennison Associates$93m
- Vanguard Portfolio Management$87m
- Vanguard Capital Management$87m
- Driehaus Capital Management$79mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Voss CapitalPassive investorat least 12.1%+1.9 pts(filed with 4 related holders)Since 31 March 2026
- Divisadero Street Capital Management, LPPassive investorat least 5.3%(filed with 4 related holders)Since 9 June 2026
- Cadian Capital Management, LPPassive investorat least 4.7%−0.8 pts(filed with 2 related holders)Since 30 June 2026
- Temasek Holdings (Private) LimitedPassive investorat least 3.5%−1.6 pts(filed with 3 related holders)Since 1 July 2026
- FMR LLCPassive investorSold down below 5%Since 31 March 2025
- WILLIAM BLAIR INVESTMENT MANAGEMENT, LLCPassive investorSold down below 5%Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Westfield Capital Management Company, L.P.Passive investorSold down below 5%Since 28 February 2025
| Holder | Stake | Since | |
|---|---|---|---|
Voss Capital Passive investor | at least 12.1%+1.9 pts (filed with 4 related holders) | 31 March 2026 | |
Divisadero Street Capital Management, LP Passive investor | at least 5.3% (filed with 4 related holders) | 9 June 2026 | |
Cadian Capital Management, LP Passive investor | at least 4.7%−0.8 pts (filed with 2 related holders) | 30 June 2026 | |
Temasek Holdings (Private) Limited Passive investor | at least 3.5%−1.6 pts (filed with 3 related holders) | 1 July 2026 | |
FMR LLC Passive investor | Sold down below 5% | 31 March 2025 | |
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Passive investor | Sold down below 5% | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Westfield Capital Management Company, L.P. Passive investor | Sold down below 5% | 28 February 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $17m, $16m of it under preset trading plans.
- King David R.See RemarksSoldunder a preset trading plan
- Date
- 11 September 2026
- Shares
- 36,900
- Price
- $17.88
- Value
- $659,728
- Butterfield PeterGeneral Counsel and CCOSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 12,156
- Price
- $17.99
- Value
- $218,631
- Kansal MohitChief Payments OfficerSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 12,423
- Price
- $18.69
- Value
- $232,242
- Massaro MichaelChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 112,500
- Price
- $18.39
- Value
- $2m
- Riese Phillip JohnDirectorSold
- Date
- 7 August 2026
- Shares
- 36,000
- Price
- $18.22
- Value
- $656,032
- Massaro MichaelChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 17 July 2026
- Shares
- 32,328
- Price
- $18.20
- Value
- $588,295
- Massaro MichaelChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 16 July 2026
- Shares
- 92,672
- Price
- $18.62
- Value
- $2m
- Butterfield PeterGeneral Counsel and CCOSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 31,096
- Price
- $18.06
- Value
- $561,463
- Kansal MohitChief Payments OfficerSoldunder a preset trading plan
- Date
- 25 June 2026
- Shares
- 3,650
- Price
- $16.96
- Value
- $61,904
- Kansal MohitChief Payments OfficerSoldunder a preset trading plan
- Date
- 15 June 2026
- Shares
- 54,543
- Price
- $15.15
- Value
- $826,326
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 September 2026 | King David R. See Remarks | Sold under a preset trading plan | 36,900 | $17.88 | $659,728 |
| 8 September 2026 | Butterfield Peter General Counsel and CCO | Sold under a preset trading plan | 12,156 | $17.99 | $218,631 |
| 2 September 2026 | Kansal Mohit Chief Payments Officer | Sold under a preset trading plan | 12,423 | $18.69 | $232,242 |
| 1 September 2026 | Massaro Michael Chief Executive Officer, Director | Sold under a preset trading plan | 112,500 | $18.39 | $2m |
| 7 August 2026 | Riese Phillip John Director | Sold | 36,000 | $18.22 | $656,032 |
| 17 July 2026 | Massaro Michael Chief Executive Officer, Director | Sold under a preset trading plan | 32,328 | $18.20 | $588,295 |
| 16 July 2026 | Massaro Michael Chief Executive Officer, Director | Sold under a preset trading plan | 92,672 | $18.62 | $2m |
| 1 July 2026 | Butterfield Peter General Counsel and CCO | Sold under a preset trading plan | 31,096 | $18.06 | $561,463 |
| 25 June 2026 | Kansal Mohit Chief Payments Officer | Sold under a preset trading plan | 3,650 | $16.96 | $61,904 |
| 15 June 2026 | Kansal Mohit Chief Payments Officer | Sold under a preset trading plan | 54,543 | $15.15 | $826,326 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.