FLYWFlywire Corporation
Is the business good?
A genuinely good business: earnings fully cash-backed (5.1×) and margins widening.
Operating profit is fully backed by cash.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
A balanced mix of margins, efficiency, and leverage. ROE 2% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is FLYW?
Flywire Corporation earns 5.9% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 3.1 points below what the capital costs: growth destroys value
- Operating margin
- 5.5%
Operating margin · Software - Infrastructure median 5.8% · 12 months to Q2 2026
- Cash conversion
- 5.08×
Cash conversion · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.45%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −12% |
| FY2021 | −6.6% |
| FY2022 | −10% |
| FY2023 | −5.3% |
| FY2024 | −1.5% |
| FY2025 | 1.8% |
Details›
- Operating margin12 months to Q2 2026
- 5.5%
- Net margin12 months to Q2 2026
- 4.8%
- Free cash flow margin
- 23%
- R&D as % of revenue
- 10%
- Revenue, trailing twelve months
- $714M
- Free cash flow, trailing twelve months
- $165M
- Net income, trailing twelve months
- $34M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.9%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Software, Infrastructure
Ranks #40 of 80 by RyuScore