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Side-by-side financial comparison of Flywire Corp (FLYW) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Flywire Corp is the larger business by last-quarter revenue ($157.5M vs $97.9M, roughly 1.6× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 0.0%, a 28.5% gap on every dollar of revenue. On growth, Flywire Corp posted the faster year-over-year revenue change (34.0% vs 6.5%). Over the past eight quarters, Flywire Corp's revenue compounded faster (17.5% CAGR vs 2.5%).
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.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
FLYW vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $157.5M | $97.9M |
| Net Profit | $33.0K | $27.9M |
| Gross Margin | — | 98.6% |
| Operating Margin | -0.6% | 27.4% |
| Net Margin | 0.0% | 28.5% |
| Revenue YoY | 34.0% | 6.5% |
| Net Profit YoY | 100.2% | 7.1% |
| EPS (diluted) | $0.01 | $0.38 |
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 | $97.9M | ||
| Q3 25 | $200.1M | $96.2M | ||
| Q2 25 | $131.9M | $93.8M | ||
| Q1 25 | $133.5M | $97.7M | ||
| Q4 24 | $117.5M | $91.9M | ||
| Q3 24 | $156.8M | $90.7M | ||
| Q2 24 | $103.7M | $89.9M | ||
| Q1 24 | $114.1M | $93.2M |
| Q4 25 | $33.0K | $27.9M | ||
| Q3 25 | $29.6M | $29.3M | ||
| Q2 25 | $-12.0M | $27.9M | ||
| Q1 25 | $-4.2M | $29.4M | ||
| Q4 24 | $-15.9M | $26.0M | ||
| Q3 24 | $38.9M | $19.3M | ||
| Q2 24 | $-13.9M | $29.7M | ||
| Q1 24 | $-6.2M | $30.7M |
| Q4 25 | — | 98.6% | ||
| Q3 25 | — | 98.5% | ||
| Q2 25 | — | 99.1% | ||
| Q1 25 | — | 98.8% | ||
| Q4 24 | — | 98.8% | ||
| Q3 24 | — | 98.8% | ||
| Q2 24 | — | 98.8% | ||
| Q1 24 | — | 98.8% |
| Q4 25 | -0.6% | 27.4% | ||
| Q3 25 | 16.1% | 25.9% | ||
| Q2 25 | -6.8% | 25.5% | ||
| Q1 25 | -8.2% | 25.9% | ||
| Q4 24 | -4.9% | 24.6% | ||
| Q3 24 | 12.9% | 17.5% | ||
| Q2 24 | -15.2% | 26.7% | ||
| Q1 24 | -5.2% | 26.4% |
| Q4 25 | 0.0% | 28.5% | ||
| Q3 25 | 14.8% | 30.5% | ||
| Q2 25 | -9.1% | 29.8% | ||
| Q1 25 | -3.1% | 30.1% | ||
| Q4 24 | -13.5% | 28.3% | ||
| Q3 24 | 24.8% | 21.3% | ||
| Q2 24 | -13.4% | 33.0% | ||
| Q1 24 | -5.4% | 33.0% |
| Q4 25 | $0.01 | $0.38 | ||
| Q3 25 | $0.23 | $0.41 | ||
| Q2 25 | $-0.10 | $0.39 | ||
| Q1 25 | $-0.03 | $0.41 | ||
| Q4 24 | $-0.12 | $0.36 | ||
| Q3 24 | $0.30 | $0.27 | ||
| Q2 24 | $-0.11 | $0.42 | ||
| Q1 24 | $-0.05 | $0.43 |
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 | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $835.2M | $2.4B |
| Total Assets | $1.3B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $355.0M | $21.7M | ||
| Q3 25 | $377.3M | $12.1M | ||
| Q2 25 | $274.2M | $13.9M | ||
| Q1 25 | $255.3M | $17.3M | ||
| Q4 24 | $611.1M | $8.3M | ||
| Q3 24 | $681.1M | $15.6M | ||
| Q2 24 | $571.0M | $13.4M | ||
| Q1 24 | $619.0M | $11.3M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | $15.0M | $4.5B | ||
| Q2 25 | $60.0M | $4.4B | ||
| Q1 25 | $60.0M | $4.3B | ||
| Q4 24 | $0 | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
| 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 | $2.3B | ||
| Q3 24 | $843.2M | $2.3B | ||
| Q2 24 | $802.6M | $2.3B | ||
| Q1 24 | $-797.0M | $2.3B |
| Q4 25 | $1.3B | $7.2B | ||
| Q3 25 | $1.3B | $7.1B | ||
| Q2 25 | $1.1B | $7.1B | ||
| Q1 25 | $1.1B | $6.9B | ||
| Q4 24 | $1.1B | $6.9B | ||
| Q3 24 | $1.2B | $6.8B | ||
| Q2 24 | $998.7M | $6.8B | ||
| Q1 24 | $998.7M | $6.7B |
| Q4 25 | — | 1.90× | ||
| Q3 25 | 0.02× | 1.89× | ||
| Q2 25 | 0.08× | 1.87× | ||
| Q1 25 | 0.08× | 1.85× | ||
| Q4 24 | 0.00× | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | $4.5M | — |
| FCF MarginFCF / Revenue | 2.9% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 148.06× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $98.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $47.8M | ||
| Q3 25 | $150.1M | $-1.4M | ||
| Q2 25 | $24.1M | $28.0M | ||
| Q1 25 | $-78.9M | $8.9M | ||
| Q4 24 | $-28.6M | $37.9M | ||
| Q3 24 | $184.6M | $8.3M | ||
| Q2 24 | $-19.3M | $24.8M | ||
| Q1 24 | $-38.1M | $-3.1M |
| 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× | 1.72× | ||
| Q3 25 | 5.07× | -0.05× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | 4.75× | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
