Latest Ratios: P/E Ratio 168.6x · EV/EBITDA 50.4x · ROE 1.6%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $1.8B | $2.7B | $2.7B | $2.6B | $4.1B | — | — |
| Enterprise Value | $1.9B | $1.5B | $2.2B | $2.0B | $2.3B | $3.7B | — | — |
| P/E Ratio → | 168.64 | 128.73 | 920.54 | — | — | — | — | — |
| P/S Ratio | 3.55 | 2.90 | 5.42 | 6.59 | 9.13 | 20.14 | — | — |
| P/B Ratio | 2.84 | 2.17 | 3.27 | 3.38 | 5.48 | 8.40 | — | — |
| P/FCF | 22.40 | 18.30 | 29.45 | 35.63 | — | 387.79 | — | — |
| P/OCF | 22.10 | 18.06 | 29.16 | 32.97 | 541.23 | 236.48 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.37 | 4.42 | 4.97 | 7.93 | 18.35 | — | — |
| EV / EBITDA | 50.42 | 39.58 | 215.02 | — | — | — | — | — |
| EV / EBIT | 166.74 | 0.42 | 906.36 | — | — | — | — | — |
| EV / FCF | — | 14.96 | 24.00 | 26.87 | — | 353.38 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.4% | 61.4% | 63.9% | 63.4% | 62.7% | 65.1% | 63.7% | 61.3% |
| Operating Margin | 1.8% | 1.8% | -1.5% | -5.3% | -10.4% | -6.6% | -12.0% | -18.4% |
| Net Profit Margin | 2.2% | 2.2% | 0.6% | -2.1% | -13.6% | -14.0% | -8.4% | -21.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 1.6% | 1.6% | 0.4% | -1.4% | -8.2% | -14.0% | — | — |
| ROA | 1.1% | 1.1% | 0.3% | -1.0% | -6.0% | -6.2% | -5.4% | -14.3% |
| ROIC | 2.1% | 2.1% | -2.4% | -12.1% | -17.6% | -8.1% | — | — |
| ROCE | 1.3% | 1.3% | -0.9% | -3.3% | -5.9% | -3.8% | -13.1% | -30.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.00 | 0.00 | 0.00 | 0.05 | — | — |
| Debt / EBITDA | — | — | 0.17 | — | — | — | — | — |
| Net Debt / Equity | — | -0.40 | -0.61 | -0.83 | -0.72 | -0.75 | — | — |
| Net Debt / EBITDA | -8.84 | -8.84 | -48.82 | — | — | — | — | — |
| Debt / FCF | — | -3.34 | -5.45 | -8.75 | — | -34.40 | — | -188.90 |
| Interest Coverage | 1.01 | 1.01 | 4.46 | -10.70 | -29.85 | -11.83 | -6.22 | -6.96 |
Net cash position: cash ($330M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.50 | 1.50 | 2.63 | 2.98 | 2.54 | 3.78 | 1.68 | 1.31 |
| Quick Ratio | 1.50 | 1.50 | 2.63 | 2.98 | 2.54 | 3.78 | 1.68 | 1.31 |
| Cash Ratio | 0.88 | 0.88 | 2.11 | 2.39 | 1.97 | 3.28 | 1.18 | 1.04 |
| Asset Turnover | — | 0.50 | 0.44 | 0.37 | 0.43 | 0.31 | 0.49 | 0.67 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 123.47 | 95.87 | 129.35 | 103.35 | 80.92 | 99.02 | 74.77 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.6% | 0.8% | 0.1% | — | — | — | — | — |
| FCF Yield | 4.5% | 5.5% | 3.4% | 2.8% | — | 0.3% | — | — |
| Buyback Yield | 3.5% | 4.3% | 1.6% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 3.5% | 4.3% | 1.6% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $128M | $129M | $115M | $108M | $106M | $101M | $101M |
Regulatory and margin volatility
Based on current market data, Flywire trades at a forward P/E of 38.97, a valuation that appears to price in significant future growth while ignoring the persistent volatility in GAAP earnings reported in recent SEC filings, suggesting a potential disconnect between market expectations and historical performance.
The current P/S multiple of 3.36 reflects a market sentiment that favors Flywire's software-embedded payment model over traditional merchant acquirers. However, investors should monitor whether this premium is sustainable given the company's struggle to maintain consistent positive operating margins compared to more mature fintech peers.
As reported in financial statements, Flywire's ROIC has fluctuated between -5.5% and 5.6% over the last ten quarters, indicating that the company has yet to establish a consistent track record of compounding capital at rates that exceed its cost of capital during its current expansion phase.
The erratic nature of these returns suggests that the company's heavy investment in sales and implementation personnel is not yet yielding the operating leverage required to drive sustained value creation. This volatility warrants further investigation into whether the current capital allocation strategy is effectively prioritizing high-return projects.
According to the provided quarterly data, Flywire's DSO has swung significantly from 35 to 117 days, highlighting the inherent sensitivity of the company's cash conversion cycle to the seasonal payment patterns of its institutional clients in the education and healthcare sectors, as noted in recent filings.
The lack of a stable CCC suggests that the company's working capital management is heavily dependent on the timing of institutional settlement cycles rather than internal operational efficiency. Investors should monitor these fluctuations as they directly impact the company's ability to generate free cash flow during off-peak periods.
Based on recent financial statements, Flywire's current ratio has compressed from a peak of 4.05 in 2024Q1 to 1.75 by 2026Q1, reflecting a significant reduction in liquid assets relative to the company's evolving short-term liability profile during its recent operational cycles and expansion into new verticals.
While the current ratio remains above 1.0, the downward trend suggests that the company is consuming cash to fund its growth initiatives and potential acquisitions. This tightening liquidity position warrants close monitoring to ensure the company maintains sufficient flexibility to navigate potential regulatory or market-driven shocks.
The market's common application of pure-play SaaS valuation multiples to Flywire obscures the reality that a significant portion of its revenue is derived from lower-margin payment facilitation, as evidenced by the structural gross margin variability observed in recent quarterly reports from the company.
By treating Flywire as a high-margin software provider, investors may be underestimating the impact of underlying banking rail costs on long-term profitability. A more appropriate approach would involve adjusting valuation models to account for the blended nature of its revenue, which is more sensitive to transaction volume than pure subscription-based models.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying FLYW stock.
Flywire Corporation's current P/E ratio is 168.6x. The historical average is 128.7x. This places it at the 100th percentile of its historical range.
Flywire Corporation's current EV/EBITDA is 50.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 39.6x.
Flywire Corporation's return on equity (ROE) is 1.6%. The historical average is -4.3%.
Based on historical data, Flywire Corporation is trading at a P/E of 168.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Flywire Corporation has 61.4% gross margin and 1.8% operating margin.