Flywire Corporation
FLYW Technology Software Infrastructure
Flywire Corporation’s revenue for fiscal 2025 (year ended December 2025) was $623.0 million, up 26.6% from fiscal 2024. In the quarter to June 2026, revenue grew 27.2%, EPS grew 30.0% and free cash flow grew 2.76%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Flywire Corporation (FLYW) Altman Z-score
Flywire Corporation's Altman Z-score for fiscal 2025 is 3.03, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.03 | (2.68) |
| FY2024 | 5.71 | (0.41) |
| FY2023 | 6.12 | (2.55) |
| FY2022 | 8.66 | (2.23) |
| FY2021 | 10.89 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.19 | |
| Retained earnings / total assets | (0.13) | — | −0.18 | |
| EBIT / total assets | 0.01 | — | 0.03 | |
| Market value of equity / total liabilities | 4.14 | — | 2.49 | |
| Sales / total assets | 0.50 | — | 0.50 | |
| Altman Z-score | Safe zone | 3.03 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.80 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CALX Calix, Inc compare | 11.6× |
| RAMP LiveRamp Holdings, Inc. compare | 5.9× |
| GCT GigaCloud Technology Inc. compare | 3.5× |
| FLYW Flywire Corporation | 3.0× |
| EEFT Euronet Worldwide, Inc. compare | 1.9× |
| FIVN Five9, Inc. compare | 1.8× |
| STNE StoneCo Ltd. compare | 1.2× |
| PAYO Payoneer Global Inc. compare | 0.3× |
| INFQ Infleqtion, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets