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FLYW, Flywire

Commercial Services & Supplies diversified Serial acquirer

Flywire is a leading global payments enablement and software company.

Our next-gen payments platform, proprietary global payment network and vertical-specific software help our clients get paid and help their customers pay with ease—no matter where they are in the world.

Our clients rely on us for integrated solutions that are both global and local, and combine tailored invoicing, flexible payment options, and highly personalized omni-channel experiences.

Latest annual: FY2025 10-K

FLYW · Flywire

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$623M

+26.6% YoY · 36% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $678M 5-yr avg $402M

Operating margin 4.9% 5-yr avg −4.4%

ROIC 4% 5-yr avg −8%

Owner-earnings margin 24% 5-yr avg 13%

Free cash flow margin 24% 5-yr avg 13%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Transaction (81%) and Platform and Other Revenues (19%).
Situation: Serial acquirer. Goodwill and acquired intangibles are 48% of assets, with meaningful acquisition spending in 6 of the record's 7 years; much of what this business is was bought, at prices the record carries.
What moves the needle: Operating margin has run around −6.6% through the cycle, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. Stock-based pay runs about 10% of sales, a real and recurring claim on owners that the GAAP margin understates. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −9%, above 15% in 0 of 5 years). By owner earnings: roughly 8% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Transaction is 81% of revenue, with Platform And Other Revenues the other meaningful line at 19%.

Revenue by product line, FY2025

Transaction81%$503M
Platform And Other Revenues19%$120M

By geographyAmericas46%EMEA39%APAC15%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2025

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
								Income statement
$95M	$132M	$201M	$289M	$403M	$492M	$623M	$678M	RevenueRevenue
36%	32%	31%	29%	27%	26%	22%	21%	SG&A / revenueSG&A/rev
16%	19%	16%	17%	15%	14%	11%	11%	R&D / revenueR&D/rev
($17M)	($16M)	($13M)	($30M)	($22M)	($7M)	$11M	$33M	Operating incomeOp. inc.
−18.4%	−12.0%	−6.6%	−10.4%	−5.3%	−1.5%	1.8%	4.9%	Operating marginOp. mgn
($20M)	($11M)	($28M)	($39M)	($9M)	$3M	$13M	$30M	Net incomeNet inc.
								Cash flow & returns
$4M	($14M)	$17M	$5M	$76M	$99M	$100M	$165M	Operating cash flowOp. cash
$4M	$7M	$9M	$12M	$16M	$17M	$26M	$29M	DepreciationDeprec.
$18M	($14M)	$17M	$2M	$25M	$13M	($11M)	$35M	Working capital & otherWC & other
$4M	$2M	$1M	$1M	$1M	$924K	$1M	$1M	CapexCapex
3.9%	1.6%	0.5%	0.5%	0.3%	0.2%	0.2%	0.2%	Capex / revenueCapex/rev
$325K	($16M)	$16M	$4M	$75M	$98M	$99M	$164M	Owner earningsOwner earn.
0.3%	−12.4%	8.0%	1.4%	18.7%	19.9%	15.9%	24.2%	Owner earnings marginOE mgn
$325K	($16M)	$16M	$4M	$75M	$98M	$99M	$164M	Free cash flowFCF
0.3%	−12.4%	8.0%	1.4%	18.7%	19.9%	15.9%	24.2%	Free cash flow marginFCF mgn
$0	$79M	$56M	$17M	$33M	$45M	$325M	$5M	AcquisitionsAcquis.
$295K	$0	$0	—	—	—	—	—	BuybacksBuybacks
—	—	-9%	-18%	-13%	-2%	1%	4%	ROICROIC
—	—	-6%	-8%	-1%	0%	2%	4%	Return on equityROE
—	—	−6%	−8%	−1%	0%	2%	4%	Retained to equityRetained/eq
								Balance sheet
$86M	$104M	$385M	$349M	$655M	$611M	$355M	$325M	Cash & investmentsCash+inv
—	$12M	$13M	$14M	$18M	$24M	$35M	$40M	ReceivablesReceiv.
—	$5M	$10M	$13M	$13M	$15M	$15M	$16M	Accounts payablePayables
—	$6M	$3M	$372K	$6M	$8M	$19M	$24M	Operating working capitalOper. WC
—	$149M	$444M	$451M	$816M	$763M	$602M	$512M	Current assetsCur. assets
—	$88M	$117M	$177M	$274M	$290M	$402M	$294M	Current liabilitiesCur. liab.
—	1.7×	3.8×	2.5×	3.0×	2.6×	1.5×	1.7×	Current ratioCurr. ratio
$13M	$45M	$86M	$98M	$122M	$150M	$407M	$407M	GoodwillGoodwill
—	$271M	$640M	$674M	$1.1B	$1.1B	$1.3B	$1.2B	Total assetsAssets
—	$24M	$26M	$0	—	—	—	$15M	Total debtDebt
—	($80M)	($359M)	($349M)	—	—	—	($310M)	Net debt / (cash)Net debt
-7.1×	-6.2×	-6.6×	-25.0×	-57.8×	-13.5×	3.2×	10.6×	Interest coverageInt. cov.
($75M)	($82M)	$482M	$482M	$786M	$815M	$835M	$852M	Shareholders’ equityEquity
3.1%	2.9%	9.4%	10.5%	10.8%	13.2%	11.5%	10.5%	Stock comp / revenueSBC/rev
								Per share
16.1M	18.4M	71.2M	108M	115M	129M	128M	128M	Shares out (diluted)Shares
$5.91	$7.17	$2.83	$2.68	$3.51	$3.81	$4.88	$5.30	Revenue / shareRev/sh
$-1.25	$-0.60	$-0.39	$-0.36	$-0.07	$0.02	$0.11	$0.24	EPS (diluted)EPS
$0.02	$-0.89	$0.23	$0.04	$0.66	$0.76	$0.77	$1.28	Owner earnings / shareOE/sh
$0.02	$-0.89	$0.23	$0.04	$0.66	$0.76	$0.77	$1.28	Free cash flow / shareFCF/sh
$0.23	$0.12	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	Cap. spending / shareCapex/sh
$-4.69	$-4.45	$6.78	$4.46	$6.85	$6.30	$6.54	$6.66	Book value / shareBVPS

The diluted share count moved ×3.87 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.52 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	6-yr	5-yr
Revenue / share	−3.1%/yr	−7.4%/yr
Owner earnings / share	+83.6%/yr	—
Capital spending / share	−40.3%/yr	−38.1%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Platform And Other Revenues+47.0%
“Platform and other revenues was $120.4 million for the year ended December 31, 2025, compared to $81.9 million for the year ended December 31, 2024, an increase of $38.5 million or 47.0%. The increase in platform and other revenues was primarily driven by the Sertifi and Invoiced acquisitions, an increase in healthcare platform products, and revenue from interest earned on funds held for customers in interest-bearing accounts.”
✓ figure matches the filed record

The record, charted

FY2019–2025

Each measure over its full record; the current point and the worst year marked.

Share count

128Mpeak FY2024

ROIC

1%low FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$99Mowner earningsvs.$13Mnet incomelow FY2020

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2019FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $13M of profit into $99M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$13M

Owner earnings$99M · 16% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$13M	$3M	($9M)	($39M)	($28M)
Depreciation & amortizationnon-cash charge added back	+$26M	+$17M	+$16M	+$12M	+$9M
Stock-based compensationreal costnon-cash, but a real cost	+$72M	+$65M	+$44M	+$30M	+$19M
Working capital & othertiming of cash in and out, other non-cash items	−$11M	+$13M	+$25M	+$2M	+$17M
Cash from operations	$100M	$99M	$76M	$5M	$17M
Capital expenditurecash put back in to keep running and to grow	−$1M	−$924K	−$1M	−$1M	−$1M
Owner earnings	$99M	$98M	$75M	$4M	$16M
Owner-earnings marginowner earnings ÷ revenue	16%	20%	19%	1%	8%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $72M), owner earnings is nearer $27M.

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.2×

Adequate

Operating income $11M ÷ interest expense $4M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? +$355M

Net cash, debt-free

Cash $330M + ST investments $25M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $355M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -9%

Below average through the cycle

5-yr median, range -18%–1%; 1% latest = NOPAT $7M ÷ invested capital $505M

Industry peers: median 8%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 1% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 8%

Solid through the cycle

7-yr median margin, range -12%–20%; latest $99M = operating cash $100M − maintenance capex $1M

Industry peers: median 6%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 16% of revenue this year, a 8% median across 7 years. Treating stock comp as the real expense it is (less $72M of SBC) leaves $27M.
Are earnings backed by cash? 7.42×

Cash-backed

Cash from ops $100M ÷ net income $13M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 0%

Reinvests most of it

Dividends + buybacks $0 ÷ Owner Earnings $99M

What this means
Of $99M Owner Earnings, $0 (0%) went back to shareholders, $0 dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.05×

Harvesting

Capex $1M ÷ depreciation $26M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $623M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.50×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $0 vs $201M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (7-yr record) · 5 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.02/share (latest year $0.11), the averaged base the calculator's gate runs on, and book value is $6.88/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2019–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 2 of 7

What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
Operating margin −12% → −2% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −12% early to −2% lately, median −7% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2019 · −18.4% op. margin

What this means
Operations went underwater in 2019, understand why before trusting the good years.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

The product is the kind capable AI most directly contests: when a substitute can be built cheaply, the incumbent's pricing power is the first thing at risk. The record cannot say whether the moat outlasts that; past durability is a starting point, not a promise.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$512M

Cash & short-term investments$325M
Receivables$40M
Other current assets$147M

Current liabilities$294M

Accounts payable$16M
Other current liabilities$277M

Current ratio1.75×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.75×stricter: inventory excluded

Cash ratio1.11×strictest: cash alone against what's due

Working capital$219Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+41.0%the freshest read on whether the business is still growing

Current ratio, recent quarters4.0× → 1.7×

Deeper floors

Tangible book value$262Mequity stripped of goodwill & intangibles

Net current asset value$202MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$19M$4M of it operating leases

Deferred revenue$23Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2019–2025

Over the record, the business generated $288M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$12M · 4%
Buybacks$295K · 0%
Retained (debt / cash)$276M · 96%

Returned to owners$295K
0% of the owner earnings the business produced over the span, $0 as dividends and $295K as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $239M.
Average price paid for buybacks$3.28
Across the years where the filing reports a share count, 0M shares were bought for $295K, about $3.28 each.
Net change in share count696.3%
The diluted count rose from 16M to 128M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 7-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$596M48% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity49%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$556Mover 7 years buying other businesses, against $12M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 7-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Massaro	$4.8M	$40.7M	$16M
2022	Mr. Massaro	$7.1M	−$4.6M	$4M
2023	Mr. Massaro	$8.7M	—	$75M
2023	Mr. Massaro	$8.7M	$8.3M	$75M
2024	Mr. Massaro	$10.0M	—	$98M
2024	Mr. Massaro	$10.0M	$6.5M	$98M
2025	Mr. Massaro	$8.8M	—	$99M
2025	Mr. Massaro	$8.8M	$7.1M	$99M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio68:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$72M
The slice of the business handed to employees in shares this year, 12% of revenue, equal to 635% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Commercial Services & Supplies

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
ANDGAndersen Group Inc.	$839M	—	17.7%	—	20%
PAYOPayoneer	$813M	—	1.2%	27%	13%
ACVAACV Auctions Inc.	$760M	—	-19.5%	-19%	3%
XMTRXometry Inc.	$687M	38%	-20.2%	-10%	-18%
FLYWFlywire	$623M	—	-6.6%	-9%	8%
IMXIInternational Money Express Inc.	$608M	—	14.5%	40%	6%
LQDTLiquidity Services Inc.	$477M	—	6.4%	37%	12%
PHRPhreesia Inc.	$468M	—	-17.3%	-36%	-7%
Group median	—	—	-2.7%	-9%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Flywire has delivered.

Flywire’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Flywire earns about $50M on its 8.0% median owner-earnings margin. This year’s 15.9% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($50M) Net of stock comp (−$71M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+77%/yr

Owner-earnings growth · since FY2021+57%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $164M on 121M shares outstanding, the balance-sheet count at 2026-03-31; net cash $310M. The if-converted diluted count is 128M, 5% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh FLYW against another business →

Cite: Owner Scorecard, "Flywire (FLYW), the owner's record," https://ownerscorecard.com/c/FLYW, data as of 2026-07-09.

Manual order: ← FLY its page in the Manual FMAO →

Industry order: ← FISV the Commercial Services & Supplies chapter FOUR →