FLYWFlywire Corp
Services-Business Services, NEC
- Revenue
- $623M
- 27% YoY
- Operating margin
- 1.8%
- 223% YoY
- EBITDA
- $37M
- 270% YoY
- Market cap
- $2.4B
- Employees
- 1,400
- $445K revenue each
- Net debt / EBITDA
- -7.2×
- −$267M net debt
- AI in 10-K
- 4.8
- mentions per 10K words
Takeover score 6 of 13
Fixable underperformance 3 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$9M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo742% of net incomeCash flow under 80% of net income
- Dilutive SBCYes12% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo35% of assetsOver 40% of assets
- Shareholder dissentYes70% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$445K · 51st pctBottom quartile of its SIC industry
- Quiet on AINo4.8 per 10K words · 82nd pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 7.2× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$25M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $201M | $289M | $403M | $492M | $623M | 27% |
| Operating income | −$13M | −$30M | −$22M | −$7M | $11M | 256% |
| Net income | −$28M | −$39M | −$9M | $3M | $14M | 366% |
| Operating cash flow | $17M | $5M | $76M | $99M | $100M | 1.5% |
| Capex | $1M | $1M | $1M | $924K | $1M | 46% |
| Stock-based comp | $19M | $30M | $44M | $65M | $72M | 11% |
| Buybacks | $0 | — | — | — | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $3M · 3
- Open-market sells, 12 mo
- $28M · 53
- Net
- −$25M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $9M | $7M | 59 | 234 |
| FY2024 | $10M | $6M | 86 | 190 |
| FY2023 | $9M | $8M | 96 | 140 |
| FY2022 | $7M | −$5M | 102 | 89 |
| FY2021 | $5M | $41M | 159 | 126 |