Remitly Global Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Buying today is not a bet that the turnaround arrives — it already has — but that it reaches the shareholder: that the buyback quarter ($44.2 million against $27.5 million of stock compensation) becomes the rule rather than the exception, and that the falling margin per dollar sent keeps being absorbed by volume growth. Anyone waiting should check exactly three lines in every report: the share count on the cover page (210,561,079 as of May 4, 2026), the repurchase figure against stock-based compensation, and revenue divided by send volume (2.05 percent most recently). If all three keep moving the right way, a good growth story becomes a good equity story. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Remitly is the break-even trap in pure form. The turnaround is real and documented in every line that matters — revenue up 73 percent in three years, the bottom line from −$117.8 million to +$67.9 million, operating cash flow at $325.1 million, no bank debt as of March 31, 2026 and $649.1 million of cash. What it does not answer is the real question: in 2025, $155.1 million went to employees as compensation in the company's own stock, 2.3 times the profit, and the share count grew 11.8 percent in two years. Beneath that runs a second, quieter movement: the company keeps less of every dollar it moves each year — 2.39 percent in 2023, only 2.05 percent in the first quarter of 2026. The first quarter of 2026 showed both can be reversed. It has not been proven. Not investment advice.
Growth and operating turnaround
Revenue grew from $944.3 million (2023) through $1,264.0 million (2024) to $1,635.1 million (2025), and the bottom line swung from −$117.8 million through −$37.0 million to +$67.9 million. In the first quarter of 2026 revenue rose 25.2 percent to $452.8 million and net income to $49.1 million from $11.4 million. Operating cash flow reached $325.1 million in 2025, up from $111.6 million. This is not a cosmetic turnaround but one visible in operating income.
Dilution and capital returns
Stock-based compensation came to $155.1 million in 2025, 2.3 times net income; shares outstanding grew from 188,435,952 (December 31, 2023) to 210,625,519 (December 31, 2025), up 11.8 percent. Only in the first quarter of 2026 did the ratio flip: $44.2 million of repurchases against $27.5 million of compensation, with the share count falling for the first time to 210,332,998. One quarter is not yet a trend.
Pricing pressure in the core business
Revenue per dollar sent has fallen for years: 2.39 percent (2023), 2.31 percent (2024), 2.18 percent (2025) and only 2.05 percent in the first quarter of 2026, against 2.24 percent a year earlier. Volume grew 37 percent, well ahead of revenue at 25 to 29 percent. As long as volume absorbs the difference the business keeps growing — but the model cannot tolerate a slowdown.
Balance sheet and funding
No drawn bank debt as of March 31, 2026, after $155.0 million was outstanding at December 31, 2025 at a weighted average rate of 7.25 percent. Cash of $649.1 million, equity of $907.4 million on total assets of $1,385.8 million, and a $550.0 million credit line to June 2030 with the covenant met. The Altman Z-score is 6.44, comfortably in safe territory (as of July 25, 2026).
Regulatory and political risk
The business depends on three main corridors (India, Mexico, the Philippines) and therefore on migration. The Form 10-Q for the quarter ended March 31, 2026 names costlier H-1B visas, increased deportations and the remittance tax of the One Big Beautiful Bill Act of July 4, 2025; it targets non-digital remittances and thus, for now, the storefront competition, while the annual report expressly names an expansion as conceivable. Add fraud losses of $84.2 million in 2025, more than the annual profit.
Valuation
At the closing price of $22.53 (July 24, 2026) market capitalization is roughly $4.74 billion, a price-to-sales ratio of about 2.7 and a price-to-earnings ratio of about 47 on reported earnings. Annualizing the first quarter of 2026 brings that to about 24 — although the first quarter is seasonally the weakest per the filings. Twelve analyst firms give an average target of $29.33, and 7.6 percent of the float is sold short.
Worth Noting
Remitly reached our research list through our in-house stock scanner "Turnaround-Kandidaten": rank 12 of 62 U.S. hits, turnaround check 7 of 8, as of July 25, 2026. The lists are recomputed daily, so the rank is a dated snapshot.
Currency of the data: the most recent periodic report is the Form 10-Q for the quarter ended March 31, 2026 (filed May 6, 2026). Filings submitted after it were reviewed: the resignation of the chief product and technology officer effective June 19, 2026 (Form 8-K of June 8, 2026), the annual meeting of June 10, 2026 (Form 8-K of June 11, 2026), and numerous insider reports (Form 4) and sale notices (Form 144). No Form 8-K Item 1.01, no DEFM14A or PREM14A, no Schedule 13E-3, no Form 25 or Form 15 — there is no merger or take-private process under way.
Valuation figures are dated and evergreen: closing price $22.53 on July 24, 2026, market capitalization roughly $4.74 billion, market data as of July 25, 2026. Daily prices are not a buy argument. Not to be confused: Remitly Global, Inc. is affiliated with neither the British competitor Wise plc nor Western Union; the ticker RELY has belonged to this company continuously since the 2021 IPO.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at RELY since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 12.20 $ to 26.90 $ · Last price: 21.70 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Remitly Global Inc RELY | 4.6 | 44.9 | 18.1 | 61.6 | 14.4 | 29.4 | 24.7 |
| Microsoft Corporation MSFT | 3,632.6 | 30.8 | 17.6 | 67.9 | 46.3 | 14.9 | -1.6 |
| Oracle Corporation ORCL | 435.3 | 24.7 | 14.8 | 64.0 | 36.2 | 17.4 | -49.5 |
| Palantir Technologies Inc. PLTR | 432.5 | 199.0 | 147.5 | 84.8 | 46.2 | 56.2 | 4.7 |
| Palo Alto Networks Inc PANW | 305.7 | 302.6 | 194.0 | 70.4 | -2.5 | 14.9 | 84.7 |
| Crowdstrike Holdings Inc CRWD | 248.2 | – | 490.1 | 75.2 | -2.2 | 21.7 | 120.6 |
| Fortinet Inc FTNT | 124.2 | 61.8 | 39.6 | 80.2 | 31.3 | 14.2 | 115.0 |
| Cloudflare Inc NET | 115.1 | – | 2,805.8 | 72.6 | -9.7 | 29.9 | 56.1 |
| Synopsys Inc SNPS | 73.0 | 77.0 | 22.3 | 82.9 | 10.4 | 15.1 | -10.4 |
| Median of companies shown | 248.2 | 61.8 | 39.6 | 72.6 | 14.4 | 17.4 | 24.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2015 | 1,146 | 17 | -32 | -1.09 | 93 | 142 | 701 |
| 2016 | 1,250 | -69 | -103 | -3.57 | 9 | 33 | 646 |
| 2017 | 1,346 | -129 | -121 | -4.17 | -13 | -81 | 592 |
| 2019 | 127 | -51 | -51 | -2.41 | 8 | 116 | 266 |
| 2020 | 257 | -29 | -33 | -0.21 | -114 | 176 | 363 |
| 2021 | 459 | -40 | -39 | -0.64 | -18 | 480 | 626 |
| 2022 | 654 | -121 | -114 | -0.68 | -109 | 480 | 696 |
| 2023 | 944 | -114 | -118 | -0.65 | -54 | 529 | 1,036 |
| 2024 | 1,264 | -39 | -37 | -0.19 | 194 | 665 | 1,013 |
| 2025 | 1,635 | 82 | 68 | 0.31 | 325 | 869 | 1,459 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.10 | 0.00 | 306 | 30.90 | -3.90 | 49 | 48 |
| 2024: Q3 | 0.01 | -66.70 | 337 | 39.30 | 0.60 | 147 | 143 |
| 2024: Q4 | -0.03 | 84.20 | 352 | 32.90 | -1.60 | 56 | 50 |
| 2025: Q1 | 0.05 | -37.50 | 362 | 34.40 | 3.10 | 133 | 116 |
| 2025: Q2 | 0.03 | -70.00 | 412 | 34.40 | 1.60 | 41 | 29 |
| 2025: Q3 | 0.04 | 300.00 | 420 | 24.70 | 2.10 | 1 | 1 |
| 2025: Q4 | 0.19 | 733.30 | 442 | 25.70 | 9.30 | 150 | 147 |
| 2026: Q1 | 0.23 | 360.00 | 453 | 25.20 | 10.80 | 82 | 73 |
| 2026: Q2 | 0.93 | 3,000.00 | 495 | 20.20 | 41.60 | 135 | 133 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 15 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Earnings & Surprises
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- Mike Webster: Swing Trading List
- Stan Weinstein: Stage 2
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.85 | 1.55 – 2.24 | 1,987 | 75.8% | 4 |
| 12/31/2027 | 1.62 | 1.32 – 1.87 | 2,372 | -12.7% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -1.2% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $436.2M |
|---|---|
| Market cap | $4.57B |
| Free cash flow in year ten | $386.6M |
| Terminal value as a share of market value | 44.6% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Remitly setzt KI operativ ein — im Marketing-Motor, in der Betrugsabwehr und im Kundenservice —, verkauft aber keine KI-Produkte; Umsatzquelle bleibt der grenzüberschreitende Geldtransfer.
View the full file — quotes, sources, reviewed filings
„we are transforming our marketing engine from a single-product acquisition model into an artificial intelligence-powered system that drives multi-product engagement, and strengthens our ability to reactivate, retain, and increase share of wallet among existing customers"
Wir bauen unseren Marketing-Motor von einem Ein-Produkt-Akquisemodell zu einem KI-gestützten System um, das die Nutzung mehrerer Produkte antreibt und unsere Fähigkeit stärkt, bestehende Kunden zu reaktivieren, zu halten und ihren Anteil am Geldbeutel zu erhöhen.
10-K · 2026-02-18 · View SEC filing
„These capabilities are enhanced by AI to improve detection accuracy and automation."
Diese Fähigkeiten werden durch KI verstärkt, um die Treffgenauigkeit der Erkennung und die Automatisierung zu verbessern.
10-Q · 2026-05-06 · View SEC filing
„We are also embedding data analytics and AI across our platform to improve automation, enhance scalability, and drive long-term operating efficiency."
Wir verankern Datenanalyse und KI außerdem quer über unsere Plattform, um die Automatisierung zu verbessern, die Skalierbarkeit zu erhöhen und die langfristige betriebliche Effizienz zu steigern.
10-Q · 2026-05-06 · View SEC filing
„an AI-powered virtual assistant that reflects our broader use of AI to deliver faster, consistent, and conversational support while maintaining access to associates when needed"
ein KI-gestützter virtueller Assistent, der unseren breiteren KI-Einsatz widerspiegelt, um schnellere, gleichbleibende und dialogfähige Unterstützung zu liefern, während der Zugang zu Mitarbeitern bei Bedarf erhalten bleibt
10-K · 2026-02-18 · View SEC filing
Filings Reviewed: 10-K 2026-02-18 · 10-Q 2026-05-06 · 10-Q 2025-11-05 · 10-Q 2025-08-06 · 10-Q 2025-05-07 · 10-K 2025-02-19
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 35.8%
- More than 10% revenue growth is expected for the coming year -69.2%
- Share count grows by less than 3% a year 9.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 47.5%
- Gross margin at 40% or higher and without meaningful erosion 57.1%
- Goodwill from acquisitions does not grow faster than revenue 3.8%
- Net debt below twice EBITDA 609 m net cash
- Operating cash flow covers the profits of the last three years 553 m
- Return on capital at 15% or higher, or up versus two years ago 7.7%
- Insiders hold at least 10% or are net buyers 5.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 3.6%
- Exp. sales growth 3Y > 5% 20.5%
- EBIT growth 10Y > 5% 16.7%
- Exp. EBIT growth 3Y > 5% 127.4%
- Net debt < 4x EBIT -7.5x
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% 8.4%
- ROCE > 15% 7.7%
- Expected return > 10% 142.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Hug Joshua | Director | Sell | 5,500 | 24.30 | 133,650 |
| Sep 8, 2026 | Hug Joshua | Director | Sell | 5,500 | 25.03 | 137,665 |
| Sep 2, 2026 | Morris Nigel W | Director | Sell | 6,300 | 27.03 | 170,289 |
| Aug 28, 2026 | Sharma Pankaj | Chief Business Officer | Sell | 21,000 | 26.39 | 554,190 |
| Aug 25, 2026 | Mehta Vikas D | Chief Financial Officer | Sell | 25,000 | 26.15 | 653,750 |
| Aug 25, 2026 | Mehta Vikas D | Chief Financial Officer | Other | 19,269 | 26.59 | 512,363 |
| Aug 25, 2026 | Gunningham Sebastian J | Chief Executive Officer | Other | 22,809 | 26.59 | 606,491 |
| Aug 25, 2026 | Sharma Pankaj | Chief Business Officer | Other | 15,788 | 26.59 | 419,803 |
| Aug 24, 2026 | Morris Nigel W | Director | Sell | 16,751 | 26.56 | 444,907 |
| Aug 18, 2026 | Morris Nigel W | Director | Sell | 3,249 | 26.53 | 86,196 |
The company
About the Company
Remitly Global, Inc., a cross-border payment company engages in the provision of digital financial services in the United States, Canada, and internationally. It offers cross-border remittances and complementary financial services through mobile application and website. Remitly Global, Inc. was incorporated in 2011 and is headquartered in Seattle, Washington.
- Employees
- 3,200
- Headquarters
- Seattle, WA
- Address
- 401 Union Street, 98101 Seattle, United States
- Phone
- 888 736 4859
- Website
- remitly.com
- IPO Date
- 09/23/2021
- ISIN
- US75960P1049
Management
| Name | Title | Birth Year |
|---|---|---|
| Matthew B. Oppenheimer | Co-Founder& Chairman of the Board | 1984 |
| Joshua Hug | Co-Founder & Director | 1980 |
| Vikas Mehta | Chief Financial Officer | 1979 |
| Pankaj Sharma | Chief Business Officer | 1986 |
| Sebastian J. Gunningham | CEO & Director | 1963 |
| Tai-Hong Fung | Chief Accounting Officer | 1974 |
| David Beckel | Head of Investor Relations & Strategic Finance | – |
| Ronit Peled | Chief People Officer | – |
| Cameron Cohen | Executive VP, General Counsel & Secretary | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/05/2026 Remitly Global, Inc. (RELY): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.