Forensic Analysis · Professional & Commercial Services · as of Sep 24, 2026
Flywire Corp (FLYW)
A forensic read on Flywire Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
5.8
Distress distance
Clean
Earnings quality
4
Forensic signals
62.0
P / E (ttm)
1.6%
ROE
$2.1B
Market cap
26.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Flywire Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+45.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +45.0% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +47% against revenue +27%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 21% of net operating assets, against an accruals ratio of 45.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
1.4%
FY2025
Return on invested capital.Return on invested capital is 1.4% in the latest fiscal year and rising across FY2023–FY2025 from -11%. The capital base behind it grew +244% across FY2023–FY2025, from $151M to $521M, and the return did not fall doing it, so the dollars added over that window earned at least the -11% the older base was already earning.
+5.5%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +11% over the last 2 years to FY2025 (+5.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~10%.
12% of rev
FY2025
Key fundamentals
Latest Revenue$623.0M
Revenue Growth YoY+26.6%
Revenue CAGR (2yr)+24.3%
Net Margin2.2%
Free Cash Flow$98.8M
Return on Equity1.6%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Flywire Corp's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
Stock-based comp load.Stock-based compensation ran 12% of revenue and 73% of free cash flow in FY2025 — about $0.56 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 5.7% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.