Forensic Analysis · Professional & Commercial Services · as of Nov 8, 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
2.8
Distress distance
3
Forensic signals
1.6%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 2.8, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
1.7%
FY2025
Return on invested capital.Return on invested capital is 1.7% in the latest fiscal year and rising across FY2023–FY2025 from -11.2%. After-tax operating profit was ($17M) in FY2023 and $7M in FY2025, with operating income at -5.3% of revenue in FY2023, -1.5% in FY2024 and 1.8% in FY2025. The capital base behind it grew +184% across FY2023–FY2025, from $151M to $429M, and the return did not fall doing it, so the dollars added over that window earned at least the -11.2% the older base was already earning. $70M of the $429M base at FY2025 is short-term investments (16.4%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns. FY2025's operating profit carried a $9M restructuring charge that alone took about 1.3 points off that year's return, so the latest return is depressed by that charge.
+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 — 114.8M shares in FY2023, 127.7M in FY2025: 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
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 5.5% a year across FY2023–FY2025, 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.
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?