Aug. 3 at 9:38 PM
$FLYW Healthcare is the most standalone unit that doesn’t benefit from Flywire's global payment platform. The core of the unit was bought in 2020, coincident with a
$120M funding round although not sure what they paid. Within the last year they have regained momentum with the business about to expand around 30-35% starting in late 2025 with the onboarding of the prestigious and large NYC based hospital system. That reputation enhancing contract win is helping them develop the pipeline and it makes this unit very attractive as it could lead to a few years of good growth. I peg 2026 unit revs at
$41M, and it’s a high quality recurring revenue stream. One healthtech payments firm I see is
$WAY and it trades at 6.2x ev/sales on 2026 - it's a low double digit grower so seems like a decent comp. That would peg the value of Flywire's unit at about
$250M. Along with their
$171M current net cash plus maybe
$100M NTM cash generation that's a lot of buyback firepower for a
$1.3bn mkt cap. 40%.
