RELYRemitly Global, Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (3.0×) and margins widening.
Operating profit is fully backed by cash.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Margin-driven, fat margins on slower asset turns. ROE 12% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is RELY?
Remitly Global, Inc. earns 30% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 21 points above what the capital costs: growth creates value
- Operating margin
- 9.4%
Operating margin · Software - Infrastructure median 5.8% · 12 months to Q2 2026
- Cash conversion
- 3.01×
Cash conversion · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.95%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −11% |
| FY2021 | −8.7% |
| FY2022 | −19% |
| FY2023 | −12% |
| FY2024 | −3.1% |
| FY2025 | 4.7% |
Details›
- Operating margin12 months to Q2 2026
- 9.4%
- Net margin12 months to Q2 2026
- 17%
- Free cash flow margin
- 21%
- R&D as % of revenue
- 17%
- Revenue, trailing twelve months
- $1.81B
- Free cash flow, trailing twelve months
- $388M
- Net income, trailing twelve months
- $305M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 30%
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 #33 of 80 by RyuScore