Flywire combines sticky vertical payment software with 28.5% Q2 RLAS growth, rising margins, and a potentially asymmetric five-year return profile despite visa and valuation risks.
Overview
Flywire is a global payments-enablement and software company focused on complex, high-value transactions in education, travel, healthcare, and B2B rather than generic checkout. Its software integrates with ERP, student-information, EHR, and property-management systems, while its network covers more than 6,000 corridors, 140-plus currencies, and over 1,200 local payment methods. This creates switching costs, compliance value, and revenue visibility, with mature-vertical gross revenue churn below 1%. **Q2 2026 demonstrated strong operating momentum:** GAAP revenue increased 27.2% to $167.7 million, RLAS rose 28.5% to $163.8 million, TPV grew 38.2% to $8.2 billion, and adjusted EBITDA increased 44.5% to $24.0 million with a 14.6% margin. H1 2026 was GAAP profitable at $4.4 million. Management raised FY 2026 FX-neutral RLAS growth guidance to 21%-27% and adjusted EBITDA margin expansion guidance to 200-400 basis points. The stock near $18.80 trades at roughly 72.4x trailing P/E, 45.1x forward P/E, and 1.14x-1.16x PEG, so valuation requires continued execution. Near-term catalysts are vertical onboarding, acquisition integration, geographic expansion, and further margin gains.