Co-movers

daily closes · 500dMethod

Moved together

VwithFLYW

×0.70co-movement · FLYW on V · 500d

r 0.29scale to r 0.75

Shared co-movers1with Vwith FLYW

GPNGlobal Payments Incr 0.55r 0.36

V, solidFLYW, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

VVisa Inc.

422.89+0.07%· post 422.28

Mkt cap$759.3BRevenue$12.1BQ4 FY26Revenue$45.9BFY26

FLYWFlywire Corp

21.54+1.31%· post 21.56

ClosedNov 6 '26

Mkt cap$2.6BRevenue$250MQ3 FY26Revenue$623MFY25

vs

Compare

ClosedNov 6 '26

VVisa Inc.

vs

FLYWFlywire Corp

422.89+0.07%post 422.28

Price

21.54+1.31%post 21.56

$759.3B

Mkt cap

$2.6B

Q4 FY26$12.1B

Revenue

$250MQ3 FY26

FY26$45.9B

Revenue

$623MFY25

V compared with FLYW: revenue, margins and what each company keeps, and the suppliers and customers both name