Flywire Corporation - Voting — Earnings Quality Grade D
FLYW · Technology
Significant concerns
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 20 days, change +3 days YoY
AR outpaced revenue for 2 consecutive years
Revenue grew 26.6% but CFFO only 1.5%
Expense Quality
No material inventory
CapEx growth 57.9% is >2x revenue growth 26.6%
SG&A/Gross Profit = 76.4%, exceeds 70%
Gross margin 61.4%, change -2.5pp. Stable
Cash Flow Quality
CFFO/NI = 7.42. Profits backed by cash
FCF $0.1B, FCF/NI = 6.69
Accruals ratio = -6.9%. Low accruals
Cash $0.4B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.6B = 71% of equity. Over 50%
Debt/EBITDA = 0.0x. Healthy
Other assets 38.7% vs revenue 26.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 122% YoY
Manipulation Score
M-Score = -2.21 (grey zone)
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25