Flywire's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Flywire (FLYW) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Flywire vs Its Competitors
- TTM: Trailing 12-month revenue of 714M vs 82,286M combined for its competitors (0.9% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-6.0% annualized vs trailing 12 months), vs accelerating (+7.6%) for its tracked peer group.
- Growth: Flywire generated 27.2% revenue growth year over year in Q2 2026, vs 15.8% for its competitors combined.
- Profitability: Its -4.9% net margin compares with 13.4% for the peer group.
- Scale: Flywire ranks #50 of 167 companies by market capitalization in the Professional Services industry, holding 0.1% of industry market cap.
- Peer revenue share: Flywire accounted for 0.8% of combined revenue among its tracked peer group, up from 0.7% a year earlier.
- Peer differentiation: Revenue per employee of $0.51M compares with $1.17M for the peer group (0.4x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
FLYW Sales vs. its Competitors, Q2 2026
Flywire reported revenue growth of 27.18 % year on year in Q2 2026, above its competitors' combined revenue growth of 15.80 %.
With a net margin of -4.86 %, Flywire reported lower profitability than its competitors (13.43 %).
Flywire generated 0.75 % of the combined sales of its peer group, up from 0.69 % a year earlier.
Flywire vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Flywire reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Flywire and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Flywire Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (9) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Flywire's competitor groups requires a Commercial License.
For context: the Professional Services industry grew revenue 7.1% year over year, combined, vs 27.2% for Flywire. Flywire's share of combined industry revenue moved from 0.02% to 0.03%, a gain of 0.00 percentage points.
Flywire's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Flywire Corporation | Yes | Yes | Yes | No |
| Competitors combined (6) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
FLYW Stock Performance relative to its Competitors
FLYW Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Global Payments Inc | 282.9% | Outperformed |
| 2 | Block Inc | 282.9% | Outperformed |
| 3 | Affirm Holdings Inc | 282.9% | Outperformed |
| 4 | Bill Holdings Inc | 282.9% | Outperformed |
| 5 | Toast Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Flywire's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Flywire Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Flywire Corporation |
2,669.64 | 713.54 |
 Block Inc |
53,873.00 | 25,646.37 |
 Paypal Holdings Inc |
51,651.60 | 34,295.00 |
 Affirm Holdings Inc |
26,369.32 | 4,261.08 |
 Global Payments Inc |
25,955.35 | 9,627.51 |
 Toast Inc |
20,868.30 | 6,804.00 |
| SUBTOTAL | 186,569.95 | 82,999.36 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Flywire Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Flywire's Competitors Named by the Company
Competitive relationships identified from Flywire reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Paypal Holdings Inc | Company report | 85% |
| Global Payments Inc | Company report | 85% |
| Affirm Holdings Inc | Company report | 85% |
| Toast Inc | Company report | 85% |
| Bill Holdings Inc | Company report | 85% |
| Block Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Flywire's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Flywire's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Block Inc | Cash App 60.63 % |
| Paypal Holdings Inc | Reportable 100.00 % |
| Global Payments Inc | Merchant Solutions 100.00 % |
| Toast Inc | Reportable 100.00 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Flywire's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Flywire Corporation | 2,670 | 509,670 | 24,311 |
| Block Inc | 53,873 | 2,513,118 | 45,035 |
| Paypal Holdings Inc | 51,652 | 1,440,966 | 325,504 |
| Affirm Holdings Inc | 26,369 | 1,807,075 | 818,402 |
| Global Payments Inc | 25,955 | 370,289 | -32,806 |
| Toast Inc | 20,868 | 1,046,769 | 74,769 |
| PEERS TOTAL | 183,900 | 1,166,414 | 138,310 |
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Flywire's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Flywire Corporation | United States and Canada Americas 49.92 % |
| Block Inc | United States 90.67 % |
| Paypal Holdings Inc | UNITED STATES 58.27 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Flywire's Position in Industry Market Structure
Market-capitalization share and concentration across all 153 companies in Flywire's industry classification, broader than the peer set above. Market cap in millions of $.Flywire ranks #50 of 153 companies by market capitalization in its industry, holding 0.08 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,103, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Visa Inc | 836,468 | 23.66 % |
| 2 | Mastercard Incorporated | 593,976 | 16.80 % |
| 3 | Repay Holdings Corporation | 395,606 | 11.19 % |
| 4 | Alibaba Group Holding Limited | 244,378 | 6.91 % |
| 5 | Accenture Plc | 1,234 | 5.2% |
| 6 | Uber Technologies Inc | 1,234 | 5.2% |
| 7 | Pdd Holdings inc | 1,234 | 5.2% |
| 8 | Mercadolibre Inc | 1,234 | 5.2% |
| 9 | Doordash Inc | 1,234 | 5.2% |
| 10 | Orix Corporation | 1,234 | 5.2% |
| 50 | Flywire Corporation | 2,670 | 0.08 % |
Market cap and industry share for the rest of Flywire's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-04.
Flywire's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 45 | Maximus Inc | 3,635 | -22.01 % |
| 46 | Shift4 Payments Inc | 3,301 | -36.31 % |
| 47 | Cbiz Inc | 3,282 | 7.15 % |
| 48 | 36kr Holdings Inc | 3,089 | - |
| 49 | Trinet Group Inc | 1,234 | 12.3% |
| 50 | Flywire Corporation | 2,670 | 55.92 % |
| 51 | V2x Inc | 1,234 | 12.3% |
| 52 | Payoneer Global Inc | 1,234 | 12.3% |
| 53 | Tic Solutions Inc | 1,234 | 12.3% |
| 54 | Manpowergroup Inc | 1,234 | 12.3% |
| 55 | The Western Union Company | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Flywire's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-04. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Flywire's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Professional Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (281 companies). See the full Professional Services industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | - | 30.77 % (avg) | - |
| Operating Margin | 0.06 % | industry median | -0.1 pp |
| EBITDA Margin | 0.14 % | 6.15 % (avg) | -6.0 pp |
| Capital Intensity (Capex / Revenue) | 0.14 % | 4.47 % (avg) | -4.3 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Flywire's Valuation vs Competitive Position
Valuation multiples vs the Professional Services industry average (281 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Professional Services industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 56.8x | 25.3x | +31.5x |
| EV / EBITDA | 17.9x | 14.0x | +3.9x |
| P/B | 2.2x | 3.4x | -1.2x |
| Return on Equity | 0.04 % | industry aggregate | -25.47 % |
| Return on Invested Capital | - | 1.97 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Flywire's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | - | 39.30 % | 22.09 % | 26.59 % |
| Operating Margin | - | -5.34 % | -1.47 % | 1.81 % |
| Return on Invested Capital | - | -1.67 % | -0.85 % | 0.67 % |
| P/E | - | - | 976.9x | 136.6x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Flywire's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Flywire falls in the Dog quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 5.6% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Flywire's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,103 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.14 % vs industry average 4.47 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Flywire's dedicated Suppliers and Customers pages, not here.
Flywire's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Flywire falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Flywire's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Return on equity 25.5 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-6.0% annualized vs trailing 12 months).
- Low relative market share vs the industry leader (0.00x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Flywire's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Flywire Corporation | 0.90 | 1.56 | 0.00 |
| Block Inc | 0.63 | 2.15 | 0.40 |
| Paypal Holdings Inc | 0.16 | 1.27 | 0.63 |
| Affirm Holdings Inc | 6.45 | 43.06 | 1.88 |
| Global Payments Inc | 0.50 | 0.96 | 1.11 |
| Toast Inc | 1.19 | 2.57 | - |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Flywire's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Flywire Corporation | Q2 2026 | +27.2 % | - |
| Block Inc | Q3 2026 | +9.9 % | +22.5 % |
| Paypal Holdings Inc | Q3 2026 | +2.0 % | -61.4 % |
| Affirm Holdings Inc | Q2 2026 | +33.0 % | +2,234.7 % |
| Global Payments Inc | Q2 2026 | +69.7 % | -88.2 % |
| Toast Inc | Q2 2026 | +23.1 % | +92.5 % |
| PEERS TOTAL | +14.8 % | -5.8 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Flywire's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Flywire Corporation | Q2 2026 | - | -50.1 % |
| Block Inc | Q3 2026 | +7.0 % | -12.7 % |
| Paypal Holdings Inc | Q3 2026 | - | -37.1 % |
| Affirm Holdings Inc | Q2 2026 | +42.5 % | +30.8 % |
| Global Payments Inc | Q2 2026 | +159.4 % | +54.9 % |
| Toast Inc | Q2 2026 | +20.2 % | -6.7 % |
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Flywire's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Flywire Corporation | 2.81% | 3.98% | 4.08% |
| Block Inc | 1.15% | 1.30% | 2.07% |
| Paypal Holdings Inc | 9.53% | 14.38% | 38.94% |
| Affirm Holdings Inc | 14.97% | 14.78% | 49.37% |
| Global Payments Inc | - | - | - |
| Toast Inc | 15.69% | 17.48% | 23.79% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Flywire's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Flywire Corporation | 83.81 | 3.74 |
| Block Inc | 118.28 | 2.10 |
| Paypal Holdings Inc | 11.60 | 1.51 |
| Affirm Holdings Inc | 13.67 | 6.19 |
| Global Payments Inc | - | 2.70 |
| Toast Inc | 44.21 | 3.07 |
| PEERS AVERAGE | 19.05 | 2.25 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.