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On April 17, 2026 Remitly launched an app inside ChatGPT to allow users to check exchange rates and compare delivery options for international money transfers. On February 10, 2026 a major bank initiated coverage with a constructive view on Remitly’s opportunity in cross-border payments. In March 2026 several outlets reported institutional position changes, including a notable investor trimming exposure amid the company’s reported revenue momentum.
Technical Analysis
ADX at 45.53 indicates very strong trend strength; that strength raises the probability of continuation in the prevailing move and increases the relevance of short-term signals to price direction.
Directional indicators present a conflict: DI+ at 38.47 shows higher directional pressure but DI+ shows a peak-and-reversal (bearish) while DI- shows a dip-and-reversal (bearish), implying recent rotational pressure toward the downside despite DI+ still exceeding DI-; combine this with the ADX reading and the near-term technical outlook favors a strong directional move, with current bias sensitive to reversal signals.
MACD at 1.66 is above its signal line (1.49) and the MACD trend shows increasing momentum; the MACD crossing above the signal line constitutes a bullish momentum signal that supports upward pressure in the coming weeks.
MRO at 26.85 with a dip-and-reversal indicates the price sits above the model target and shows moderate-to-strong mean-reversion potential; this suggests upward momentum may face pressure from a valuation reconsolidation if buyers pause.
RSI at 67.88 and increasing points to strong buying pressure approaching overbought territory but not yet overbought; short-term consolidation or a pullback remains plausible if momentum stalls.
Price sits materially above key averages: close $24.28 versus the 200-day average $16.22 and the 20-day average $22.45; the 12-day EMA ($22.72) trending up confirms short-term strength, while price above the upper Bollinger band (1×) signals intraday extension that could precede consolidation.
Fundamental Analysis
Total revenue registered $452,802,000 with YoY revenue change negative at -13.09% and QoQ revenue change negative at -55.56%, indicating top-line contraction even as margins expanded.
Gross margin equals 62.07%, below the industry peer mean of 74.68% and median of 80.60% but well above the industry peer low of 33.36%, leaving gross profitability solid though not top-quartile for the sector.
Operating margin stands at 11.87% with operating margin QoQ up 35.20% and YoY up 164.26%, showing rapid margin improvement from prior periods; EBIT margin 12.04% also improved QoQ by 37.57% and YoY by 168.07%, demonstrating expanding operating leverage against a backdrop of lower revenue.
EPS came in at $0.41 versus an estimate $0.29, an EPS surprise of 41.38%, signaling better-than-expected profitability on the current base; forward EPS $0.412 and forward PE ~36.95 reflect expectations for modest near-term earnings growth.
Balance sheet strength stands out: cash and short-term investments $649,062,000, cash ratio 1.48, current ratio 2.84, and total debt only $39,299,000; interest coverage ~22.37x indicates minimal leverage risk compared with the industry peer mean interest coverage of 3.44x.
Valuation multiples present a divergence: trailing P/E 43.49 and P/S 8.28 sit below or near certain industry peer medians in some metrics (book/price ratio $4.31 vs industry peer mean price/book 5.83), while enterprise multiple and forward multiples remain elevated in context of contracted revenue. Free cash flow yield 1.94% and free cash flow growth materially negative QoQ and YoY, limiting immediate cash-return upside despite positive free-cash-to-net-income conversion (1.48x).
The current valuation as determined by WMDST: under-valued. The rationale: improving margins, strong liquidity, and an EPS beat create a valuation gap versus near-term revenue weakness and medium-term growth uncertainty.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-06 |
| NEXT REPORT DATE: | 2026-08-05 |
| CASH FLOW | Begin Period Cash Flow | $ 544.3 M |
| Operating Cash Flow | $ 54.2 M | |
| Capital Expenditures | $ -9.19 M | |
| Change In Working Capital | $ -9.59 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 106.4 M | |
| End Period Cash Flow | $ 650.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 452.8 M | |
| Forward Revenue | $ 200.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 171.8 M | |
| Depreciation | $ 14.1 M | |
| Depreciation and Amortization | $ 14.1 M | |
| Research and Development | $ 79.6 M | |
| Total Operating Expenses | $ 399.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 281.1 M | |
| EBITDA | $ 68.6 M | |
| EBIT | $ 54.5 M | |
| Operating Income | $ 53.7 M | |
| Interest Income | $ 1.7 M | |
| Interest Expense | $ 2.4 M | |
| Net Interest Income | $ -784.00 K | |
| Income Before Tax | $ 52.1 M | |
| Tax Provision | $ 3.0 M | |
| Tax Rate | 5.803 % | |
| Net Income | $ 49.1 M | |
| Net Income From Continuing Operations | $ 49.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.29 | |
| EPS Actual | $ 0.41 | |
| EPS Difference | $ 0.12 | |
| EPS Surprise | 41.379 % | |
| Forward EPS | $ 0.41 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.4 B | |
| Intangible Assets | $ 56.5 M | |
| Net Tangible Assets | $ 850.9 M | |
| Total Current Assets | $ 1.2 B | |
| Cash and Short-Term Investments | $ 649.1 M | |
| Cash | $ 649.1 M | |
| Net Receivables | $ 295.8 M | |
| Inventory | — | |
| Long-Term Investments | $ 11.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 28.8 M | |
| Short-Term Debt | $ 2.8 M | |
| Total Current Liabilities | $ 439.4 M | |
| Net Debt | — | |
| Total Debt | $ 39.3 M | |
| Total Liabilities | $ 478.3 M | |
| EQUITY | ||
| Total Equity | $ 907.4 M | |
| Retained Earnings | $ -411.30 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 4.31 | |
| Shares Outstanding | 210.333 M | |
| Revenue Per-Share | $ 2.15 | |
| VALUATION | Market Capitalization | $ 3.8 B |
| Enterprise Value | $ 3.1 B | |
| Enterprise Multiple | 45.765 | |
| Enterprise Multiple QoQ | 6.776 % | |
| Enterprise Multiple YoY | -73.863 % | |
| Enterprise Multiple IPRWA | high: 176.605 median: 176.605 mean: 148.709 RELY: 45.765 low: 14.959 |
|
| EV/R | 6.937 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.527 | |
| Asset To Liability | 2.897 | |
| Debt To Capital | 0.042 | |
| Debt To Assets | 0.028 | |
| Debt To Assets QoQ | -78.468 % | |
| Debt To Assets YoY | 46.867 % | |
| Debt To Assets IPRWA | high: 0.93 mean: 0.236 median: 0.196 RELY: 0.028 low: 0.001 |
|
| Debt To Equity | 0.043 | |
| Debt To Equity QoQ | -80.415 % | |
| Debt To Equity YoY | 47.463 % | |
| Debt To Equity IPRWA | high: 6.632 median: 1.778 mean: 1.697 RELY: 0.043 low: 0.008 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.133 | |
| Price To Book QoQ | 22.825 % | |
| Price To Book YoY | -29.821 % | |
| Price To Book IPRWA | high: 8.096 median: 6.506 mean: 5.826 RELY: 4.133 low: 0.362 |
|
| Price To Earnings (P/E) | 43.495 | |
| Price To Earnings QoQ | -40.466 % | |
| Price To Earnings YoY | -89.597 % | |
| Price To Earnings IPRWA | high: 220.303 mean: 103.4 median: 70.35 RELY: 43.495 low: 14.693 |
|
| PE/G Ratio | 8.482 | |
| Price To Sales (P/S) | 8.284 | |
| Price To Sales QoQ | 25.279 % | |
| Price To Sales YoY | -29.701 % | |
| Price To Sales IPRWA | high: 22.43 median: 11.697 mean: 11.453 RELY: 8.284 low: 1.96 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 36.953 | |
| Forward PE/G | 7.206 | |
| Forward P/S | 18.742 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 17.01 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.318 | |
| Asset Turnover Ratio QoQ | -3.792 % | |
| Asset Turnover Ratio YoY | -6.966 % | |
| Asset Turnover Ratio IPRWA | RELY: 0.318 high: 0.197 median: 0.062 mean: 0.054 low: 0.003 |
|
| Receivables Turnover | 1.555 | |
| Receivables Turnover Ratio QoQ | 4.464 % | |
| Receivables Turnover Ratio YoY | -12.362 % | |
| Receivables Turnover Ratio IPRWA | high: 9.019 RELY: 1.555 mean: 1.012 low: 0.058 median: 0.058 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 58.668 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 42.823 | |
| Cash Conversion Cycle Days QoQ | -5.482 % | |
| Cash Conversion Cycle Days YoY | 27.751 % | |
| Cash Conversion Cycle Days IPRWA | high: 1433.631 median: 1433.631 mean: 1227.826 RELY: 42.823 low: -176.924 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.56 | |
| CapEx To Revenue | -0.02 | |
| CapEx To Depreciation | -0.65 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 907.4 M | |
| Net Invested Capital | $ 910.3 M | |
| Invested Capital | $ 910.3 M | |
| Net Tangible Assets | $ 850.9 M | |
| Net Working Capital | $ 808.3 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.477 | |
| Current Ratio | 2.84 | |
| Current Ratio QoQ | -13.887 % | |
| Current Ratio YoY | 2.178 % | |
| Current Ratio IPRWA | high: 20.573 mean: 3.084 RELY: 2.84 median: 1.221 low: 1.023 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.573 | |
| Cost Of Debt | 1.984 % | |
| Interest Coverage Ratio | 22.368 | |
| Interest Coverage Ratio QoQ | 47.231 % | |
| Interest Coverage Ratio YoY | 78.909 % | |
| Interest Coverage Ratio IPRWA | RELY: 22.368 high: 5.203 median: 3.489 mean: 3.444 low: 1.47 |
|
| Operating Cash Flow Ratio | 0.123 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 15.845 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -5.0 % | |
| Revenue Growth | 2.403 % | |
| Revenue Growth QoQ | -55.558 % | |
| Revenue Growth YoY | -13.092 % | |
| Revenue Growth IPRWA | high: 23.317 % RELY: 2.403 % median: -0.385 % mean: -2.728 % low: -16.836 % |
|
| Earnings Growth | 5.128 % | |
| Earnings Growth QoQ | -7.703 % | |
| Earnings Growth YoY | -101.923 % | |
| Earnings Growth IPRWA | high: 101.932 % median: 21.246 % mean: 5.663 % RELY: 5.128 % low: -60.0 % |
|
| MARGINS | ||
| Gross Margin | 62.069 % | |
| Gross Margin QoQ | -1.054 % | |
| Gross Margin YoY | 3.123 % | |
| Gross Margin IPRWA | high: 96.426 % median: 80.6 % mean: 74.675 % RELY: 62.069 % low: 33.357 % |
|
| EBIT Margin | 12.039 % | |
| EBIT Margin QoQ | 37.573 % | |
| EBIT Margin YoY | 168.069 % | |
| EBIT Margin IPRWA | high: 38.519 % median: 38.519 % mean: 34.257 % RELY: 12.039 % low: 9.8 % |
|
| Return On Sales (ROS) | 11.868 % | |
| Return On Sales QoQ | 35.202 % | |
| Return On Sales YoY | 164.262 % | |
| Return On Sales IPRWA | high: 38.519 % median: 38.519 % mean: 34.214 % RELY: 11.868 % low: 9.8 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 72.7 M | |
| Free Cash Flow Yield | 1.938 % | |
| Free Cash Flow Yield QoQ | -59.583 % | |
| Free Cash Flow Yield YoY | -28.802 % | |
| Free Cash Flow Yield IPRWA | high: 23.013 % RELY: 1.938 % mean: 1.533 % median: 1.2 % low: -34.756 % |
|
| Free Cash Growth | -48.143 % | |
| Free Cash Growth QoQ | -100.53 % | |
| Free Cash Growth YoY | -137.01 % | |
| Free Cash Growth IPRWA | high: 125.118 % mean: 17.181 % median: 13.171 % RELY: -48.143 % low: -127.011 % |
|
| Free Cash To Net Income | 1.482 | |
| Cash Flow Margin | 11.964 % | |
| Cash Flow To Earnings | 1.104 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.449 % | |
| Return On Assets QoQ | 11.799 % | |
| Return On Assets YoY | 221.136 % | |
| Return On Assets IPRWA | RELY: 3.449 % high: 2.02 % median: 0.976 % mean: 0.904 % low: -0.224 % |
|
| Return On Capital Employed (ROCE) | 5.76 % | |
| Return On Equity (ROE) | 0.054 | |
| Return On Equity QoQ | 13.954 % | |
| Return On Equity YoY | 244.551 % | |
| Return On Equity IPRWA | high: 0.141 median: 0.087 mean: 0.068 RELY: 0.054 low: -0.009 |
|
| DuPont ROE | 5.523 % | |
| Return On Invested Capital (ROIC) | 5.641 % | |
| Return On Invested Capital QoQ | 89.422 % | |
| Return On Invested Capital YoY | 231.824 % | |
| Return On Invested Capital IPRWA | RELY: 5.641 % high: 3.473 % mean: 1.695 % median: 1.524 % low: 1.464 % |
|