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Side-by-side financial comparison of Flywire Corp (FLYW) and HIGHWOODS PROPERTIES, INC. (HIW). Click either name above to swap in a different company.
HIGHWOODS PROPERTIES, INC. is the larger business by last-quarter revenue ($203.4M vs $157.5M, roughly 1.3× Flywire Corp). HIGHWOODS PROPERTIES, INC. runs the higher net margin — 14.6% vs 0.0%, a 14.6% gap on every dollar of revenue. On growth, Flywire Corp posted the faster year-over-year revenue change (34.0% vs -1.1%). Over the past eight quarters, Flywire Corp's revenue compounded faster (17.5% CAGR vs -1.9%).
Flywire Corp is a global payment and receivables solutions provider serving core verticals including education, healthcare, travel, and B2B commerce. It offers secure cross-border payment processing, currency conversion, and workflow tools for organizations and payers worldwide.
Highwoods Properties, Inc. is a publicly traded real estate investment trust that owns, develops, acquires, and manages high-quality office properties primarily located in fast-growing metropolitan areas across the Southeastern and Mid-Atlantic regions of the United States. Its client base includes corporate tenants across diverse industry segments such as technology, healthcare, finance, and professional services.
FLYW vs HIW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $157.5M | $203.4M |
| Net Profit | $33.0K | $29.7M |
| Gross Margin | — | — |
| Operating Margin | -0.6% | 67.2% |
| Net Margin | 0.0% | 14.6% |
| Revenue YoY | 34.0% | -1.1% |
| Net Profit YoY | 100.2% | 1029.4% |
| EPS (diluted) | $0.01 | $0.25 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $157.5M | $203.4M | ||
| Q3 25 | $200.1M | $201.8M | ||
| Q2 25 | $131.9M | $200.6M | ||
| Q1 25 | $133.5M | $200.4M | ||
| Q4 24 | $117.5M | $205.5M | ||
| Q3 24 | $156.8M | $204.3M | ||
| Q2 24 | $103.7M | $204.7M | ||
| Q1 24 | $114.1M | $211.3M |
| Q4 25 | $33.0K | $29.7M | ||
| Q3 25 | $29.6M | $13.7M | ||
| Q2 25 | $-12.0M | $19.2M | ||
| Q1 25 | $-4.2M | $100.0M | ||
| Q4 24 | $-15.9M | $-3.2M | ||
| Q3 24 | $38.9M | $15.5M | ||
| Q2 24 | $-13.9M | $64.8M | ||
| Q1 24 | $-6.2M | $27.2M |
| Q4 25 | -0.6% | 67.2% | ||
| Q3 25 | 16.1% | 67.3% | ||
| Q2 25 | -6.8% | 68.3% | ||
| Q1 25 | -8.2% | 67.5% | ||
| Q4 24 | -4.9% | 65.2% | ||
| Q3 24 | 12.9% | 67.8% | ||
| Q2 24 | -15.2% | 68.5% | ||
| Q1 24 | -5.2% | 66.7% |
| Q4 25 | 0.0% | 14.6% | ||
| Q3 25 | 14.8% | 6.8% | ||
| Q2 25 | -9.1% | 9.6% | ||
| Q1 25 | -3.1% | 49.9% | ||
| Q4 24 | -13.5% | -1.6% | ||
| Q3 24 | 24.8% | 7.6% | ||
| Q2 24 | -13.4% | 31.6% | ||
| Q1 24 | -5.4% | 12.9% |
| Q4 25 | $0.01 | $0.25 | ||
| Q3 25 | $0.23 | $0.12 | ||
| Q2 25 | $-0.10 | $0.17 | ||
| Q1 25 | $-0.03 | $0.91 | ||
| Q4 24 | $-0.12 | $-0.04 | ||
| Q3 24 | $0.30 | $0.14 | ||
| Q2 24 | $-0.11 | $0.59 | ||
| Q1 24 | $-0.05 | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $355.0M | $27.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $835.2M | $2.4B |
| Total Assets | $1.3B | $6.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $355.0M | $27.4M | ||
| Q3 25 | $377.3M | $26.3M | ||
| Q2 25 | $274.2M | $21.2M | ||
| Q1 25 | $255.3M | $20.1M | ||
| Q4 24 | $611.1M | $22.4M | ||
| Q3 24 | $681.1M | $23.6M | ||
| Q2 24 | $571.0M | $27.0M | ||
| Q1 24 | $619.0M | $16.4M |
| Q4 25 | — | — | ||
| Q3 25 | $15.0M | — | ||
| Q2 25 | $60.0M | — | ||
| Q1 25 | $60.0M | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $835.2M | $2.4B | ||
| Q3 25 | $829.1M | $2.4B | ||
| Q2 25 | $792.4M | $2.4B | ||
| Q1 25 | $784.3M | $2.4B | ||
| Q4 24 | $814.8M | $2.4B | ||
| Q3 24 | $843.2M | $2.4B | ||
| Q2 24 | $802.6M | $2.4B | ||
| Q1 24 | $-797.0M | $2.4B |
| Q4 25 | $1.3B | $6.3B | ||
| Q3 25 | $1.3B | $6.1B | ||
| Q2 25 | $1.1B | $6.1B | ||
| Q1 25 | $1.1B | $6.1B | ||
| Q4 24 | $1.1B | $6.0B | ||
| Q3 24 | $1.2B | $6.0B | ||
| Q2 24 | $998.7M | $6.0B | ||
| Q1 24 | $998.7M | $6.0B |
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $4.9M | $359.2M |
| Free Cash FlowOCF − Capex | $4.5M | — |
| FCF MarginFCF / Revenue | 2.9% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 148.06× | 12.09× |
| TTM Free Cash FlowTrailing 4 quarters | $98.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $359.2M | ||
| Q3 25 | $150.1M | $96.7M | ||
| Q2 25 | $24.1M | $116.5M | ||
| Q1 25 | $-78.9M | $46.3M | ||
| Q4 24 | $-28.6M | $403.6M | ||
| Q3 24 | $184.6M | $97.5M | ||
| Q2 24 | $-19.3M | $130.0M | ||
| Q1 24 | $-38.1M | $72.4M |
| Q4 25 | $4.5M | — | ||
| Q3 25 | $149.9M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $-79.1M | — | ||
| Q4 24 | $-28.7M | — | ||
| Q3 24 | $184.4M | — | ||
| Q2 24 | $-19.7M | — | ||
| Q1 24 | $-38.3M | — |
| Q4 25 | 2.9% | — | ||
| Q3 25 | 74.9% | — | ||
| Q2 25 | 17.8% | — | ||
| Q1 25 | -59.3% | — | ||
| Q4 24 | -24.4% | — | ||
| Q3 24 | 117.6% | — | ||
| Q2 24 | -19.0% | — | ||
| Q1 24 | -33.6% | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | 148.06× | 12.09× | ||
| Q3 25 | 5.07× | 7.05× | ||
| Q2 25 | — | 6.06× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.75× | 6.30× | ||
| Q2 24 | — | 2.01× | ||
| Q1 24 | — | 2.66× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
HIW
| Raleigh NC | $45.6M | 22% |
| Nashville TN | $38.7M | 19% |
| Atlanta GA | $36.1M | 18% |
| Charlotte NC | $26.1M | 13% |
| Tampa FL | $22.2M | 11% |
| Orlando FL | $14.4M | 7% |
| Other | $11.4M | 6% |
| Richmond VA | $8.8M | 4% |
