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Side-by-side financial comparison of Flywire Corp (FLYW) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Flywire Corp is the larger business by last-quarter revenue ($157.5M vs $100.0M, roughly 1.6× Latham Group, Inc.). Flywire Corp runs the higher net margin — 0.0% vs -7.0%, a 7.0% gap on every dollar of revenue. On growth, Flywire Corp posted the faster year-over-year revenue change (34.0% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $4.5M). Over the past eight quarters, Flywire Corp's revenue compounded faster (17.5% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
FLYW vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $157.5M | $100.0M |
| Net Profit | $33.0K | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | -0.6% | -10.7% |
| Net Margin | 0.0% | -7.0% |
| Revenue YoY | 34.0% | 14.5% |
| Net Profit YoY | 100.2% | 76.0% |
| EPS (diluted) | $0.01 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $200.1M | $161.9M | ||
| Q2 25 | $131.9M | $172.6M | ||
| Q1 25 | $133.5M | $111.4M | ||
| Q4 24 | $117.5M | $87.3M | ||
| Q3 24 | $156.8M | $150.5M | ||
| Q2 24 | $103.7M | $160.1M | ||
| Q1 24 | $114.1M | $110.6M |
| Q4 25 | $33.0K | $-7.0M | ||
| Q3 25 | $29.6M | $8.1M | ||
| Q2 25 | $-12.0M | $16.0M | ||
| Q1 25 | $-4.2M | $-6.0M | ||
| Q4 24 | $-15.9M | $-29.2M | ||
| Q3 24 | $38.9M | $5.9M | ||
| Q2 24 | $-13.9M | $13.3M | ||
| Q1 24 | $-6.2M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | -0.6% | -10.7% | ||
| Q3 25 | 16.1% | 13.3% | ||
| Q2 25 | -6.8% | 14.3% | ||
| Q1 25 | -8.2% | -4.4% | ||
| Q4 24 | -4.9% | -14.9% | ||
| Q3 24 | 12.9% | 8.9% | ||
| Q2 24 | -15.2% | 12.5% | ||
| Q1 24 | -5.2% | -1.9% |
| Q4 25 | 0.0% | -7.0% | ||
| Q3 25 | 14.8% | 5.0% | ||
| Q2 25 | -9.1% | 9.3% | ||
| Q1 25 | -3.1% | -5.4% | ||
| Q4 24 | -13.5% | -33.4% | ||
| Q3 24 | 24.8% | 3.9% | ||
| Q2 24 | -13.4% | 8.3% | ||
| Q1 24 | -5.4% | -7.1% |
| Q4 25 | $0.01 | $-0.06 | ||
| Q3 25 | $0.23 | $0.07 | ||
| Q2 25 | $-0.10 | $0.13 | ||
| Q1 25 | $-0.03 | $-0.05 | ||
| Q4 24 | $-0.12 | $-0.24 | ||
| Q3 24 | $0.30 | $0.05 | ||
| Q2 24 | $-0.11 | $0.11 | ||
| Q1 24 | $-0.05 | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $835.2M | $405.9M |
| Total Assets | $1.3B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $355.0M | — | ||
| Q3 25 | $377.3M | — | ||
| Q2 25 | $274.2M | — | ||
| Q1 25 | $255.3M | — | ||
| Q4 24 | $611.1M | — | ||
| Q3 24 | $681.1M | — | ||
| Q2 24 | $571.0M | — | ||
| Q1 24 | $619.0M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | $15.0M | $281.1M | ||
| Q2 25 | $60.0M | $281.5M | ||
| Q1 25 | $60.0M | $306.9M | ||
| Q4 24 | $0 | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $835.2M | $405.9M | ||
| Q3 25 | $829.1M | $408.4M | ||
| Q2 25 | $792.4M | $398.4M | ||
| Q1 25 | $784.3M | $381.1M | ||
| Q4 24 | $814.8M | $387.2M | ||
| Q3 24 | $843.2M | $416.6M | ||
| Q2 24 | $802.6M | $408.1M | ||
| Q1 24 | $-797.0M | $391.8M |
| Q4 25 | $1.3B | $823.2M | ||
| Q3 25 | $1.3B | $844.4M | ||
| Q2 25 | $1.1B | $822.1M | ||
| Q1 25 | $1.1B | $824.6M | ||
| Q4 24 | $1.1B | $794.2M | ||
| Q3 24 | $1.2B | $853.4M | ||
| Q2 24 | $998.7M | $830.0M | ||
| Q1 24 | $998.7M | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | 0.02× | 0.69× | ||
| Q2 25 | 0.08× | 0.71× | ||
| Q1 25 | 0.08× | 0.81× | ||
| Q4 24 | 0.00× | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $4.5M | $14.1M |
| FCF MarginFCF / Revenue | 2.9% | 14.1% |
| Capex IntensityCapex / Revenue | 0.2% | 9.2% |
| Cash ConversionOCF / Net Profit | 148.06× | — |
| TTM Free Cash FlowTrailing 4 quarters | $98.8M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $23.3M | ||
| Q3 25 | $150.1M | $51.0M | ||
| Q2 25 | $24.1M | $36.0M | ||
| Q1 25 | $-78.9M | $-46.9M | ||
| Q4 24 | $-28.6M | $6.2M | ||
| Q3 24 | $184.6M | $37.2M | ||
| Q2 24 | $-19.3M | $52.4M | ||
| Q1 24 | $-38.1M | $-34.5M |
| Q4 25 | $4.5M | $14.1M | ||
| Q3 25 | $149.9M | $45.2M | ||
| Q2 25 | $23.5M | $29.1M | ||
| Q1 25 | $-79.1M | $-50.3M | ||
| Q4 24 | $-28.7M | $-98.0K | ||
| Q3 24 | $184.4M | $33.2M | ||
| Q2 24 | $-19.7M | $47.9M | ||
| Q1 24 | $-38.3M | $-39.9M |
| Q4 25 | 2.9% | 14.1% | ||
| Q3 25 | 74.9% | 27.9% | ||
| Q2 25 | 17.8% | 16.8% | ||
| Q1 25 | -59.3% | -45.2% | ||
| Q4 24 | -24.4% | -0.1% | ||
| Q3 24 | 117.6% | 22.1% | ||
| Q2 24 | -19.0% | 29.9% | ||
| Q1 24 | -33.6% | -36.0% |
| Q4 25 | 0.2% | 9.2% | ||
| Q3 25 | 0.1% | 3.6% | ||
| Q2 25 | 0.4% | 4.0% | ||
| Q1 25 | 0.1% | 3.1% | ||
| Q4 24 | 0.1% | 7.2% | ||
| Q3 24 | 0.1% | 2.7% | ||
| Q2 24 | 0.3% | 2.8% | ||
| Q1 24 | 0.2% | 4.8% |
| Q4 25 | 148.06× | — | ||
| Q3 25 | 5.07× | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.75× | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | — | — |
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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
