Flywire Expected to Deliver High-Teens RLAS Growth in 2027, Morgan Stanley Says

11:37 AM EST, 11/04/2026 (MT Newswires) -- Flywire (FLYW) is expected to achieve high-teens revenue growth excluding ancillary services in 2027, as continued share gains and cross-selling opportunities offset student visa headwinds, Morgan Stanley said Wednesday in a note. The brokerage reinforced expectation of nearly 17% RLAS growth in 2027, compared with the Street estimate of 15% and Flywire's initial estimate of less than 15%, according to the note. Flywire reported Q3 earnings late Tuesday of $0.57 per diluted share on revenue of $250.3 million, both higher from the year-ago period. The shift toward full platform sales is driving higher annual recurring revenue per client, supported by better renewal economics and broader product adoption, the note added. Flywire's Student Financial Software and domestic payments attach rates continue to increase, with SFS penetration at only about 10% across its US cross-border base, the firm said. New client signings are likely to grow now that peak payment periods are behind the company, while SFS is expected to grow faster than the total company in 2027, according to the note. Morgan Stanley raised its 2027 and 2028 RLAS estimates by nearly 1.4% to $904.8 million and $1.06 billion, respectively, representing 17% and 16% growth. Morgan Stanley kept an overweight rating on Flywire and raised its price target to $26 from $24. Shares of Flywire rose more than 11% in Wednesday trading. Price: 21.33, Change: +2.18, Percent Change: +11.38