# Remitly Global, Inc. (RELY)

> Source: Nexqual · https://nexqual.com/RELY · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Remitly Global, Inc. (RELY), nexqual.com/RELY" · informational, not investment advice.

**Price:** USD 24.82 (-1.97% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 25.32 · day 24.6–25.17 · 52w 12.08–27.48 · market cap $5.25B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.81B, net income $305M (16.9% margin), free cash flow $388M (SEC filings).
- Valuation: P/E 17.2x (avg 44.2x at the last 1 fiscal year-ends), EV/EBITDA 23.3x, net cash $673M.
- 1 of 80 tracked superinvestors hold RELY (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 33 Form 4 filings, $38.9M; 10 not under a Rule 10b5-1 plan ($11.8M); 2 by opportunistic insiders (1 outside 10b5-1 plans), 13 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.80 on a 1–5 scale) (10 analysts), mean target USD 32.11 (range 29–36).
- Total return with dividends: 1Y +44.3% vs S&P 500 +13.4%; 5Y -18.9% vs S&P 500 +76.9%.
- Next earnings: 2026-11-04, EPS estimate USD 0.28, revenue estimate $507M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $459M | $654M | $944M | $1.26B | $1.64B | $1.81B |
| Operating income | -$39.7M | -$121M | -$114M | -$39.1M | $77.5M | $171M |
| Net income | -$38.8M | -$114M | -$118M | -$37.0M | $67.9M | $305M |
| EPS (diluted) | -$0.64 | -$0.68 | -$0.65 | -$0.19 | $0.31 | — |
| Free cash flow | -$20.3M | -$112M | $63.9M | $106M | $296M | $388M |
| Operating margin | -8.7% | -18.5% | -12.1% | -3.1% | 4.7% | 9.5% |
| Net margin | -8.5% | -17.4% | -12.5% | -2.9% | 4.2% | 16.9% |
| Revenue growth | +78.5% | +42.5% | +44.5% | +33.9% | +29.4% | — |
| Cash + short-term investments | $403M | $301M | $324M | $368M | $542M | — |
| Total debt | — | $0K | $132M | $2.5M | $158M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.2x · P/S 2.9x · EV/EBITDA 23.3x · EV/Sales 2.5x · P/FCF 13.5x · P/B 4.7x · FCF yield 7.38% · Earnings yield 5.81% · Buyback yield (TTM) 1.70% · Net cash $673M · EV $4.58B
P/E at fiscal year-ends: Dec 2025 44.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold RELY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.04% | $24.0M | Added +29.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
23 of 33 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-06…2026-10-07 | Hug Joshua | Director | 11,000 | $254K | 0.4% | Yes (adopted December 11, 2025) | Routine (sold in May & Aug each year 2023–2025; this trade is outside those months) |
| 2026-09-08…2026-09-09 | Hug Joshua | Director | 11,000 | $271K | 0.4% | Yes (adopted December 11, 2025) | Routine (sold in May & Aug each year 2023–2025; this trade is outside those months) |
| 2026-09-02 | Morris Nigel W | Director | 6,300 | $170K | 0.3% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-28 | Sharma Pankaj | Chief Business Officer | 21,000 | $554K | 2.8% | Yes (adopted November 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-25 | Mehta Vikas D | Chief Financial Officer | 25,000 | $654K | 2.6% | Yes (adopted November 21, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-24 | Morris Nigel W | Director | 16,751 | $445K | 0.9% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-17…2026-08-18 | Morris Nigel W | Director | 23,249 | $611K | 1.3% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-13…2026-08-14 | Morris Nigel W | Director | 31,000 | $805K | 1.6% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-12 | Riese Phillip John | Director | 69,818 | $1.6M | 21.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11…2026-08-12 | Hug Joshua | Director | 11,000 | $261K | 0.4% | Yes (adopted December 11, 2025) | Routine (sold in May & Aug each year 2023–2025) |
| 2026-08-07…2026-08-11 | Riese Phillip John | Director | 260,182 | $6.4M | 49.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-07 | Morris Nigel W | Director | 8,938 | $227K | 0.5% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-07-15…2026-07-17 | Hug Joshua | Director | 687,768 | $17.2M | 18.7% | Yes (adopted December 11, 2025) | Routine (sold in May & Aug each year 2023–2025; this trade is outside those months) |
| 2026-07-16 | Sharma Pankaj | Chief Business Officer | 15,000 | $375K | 2% | Yes (adopted November 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-29…2026-06-30 | Hug Joshua | Director | 33,600 | $764K | 0.9% | Yes (adopted December 11, 2025) | Routine (sold in May & Aug each year 2023–2025; this trade is outside those months) |
| 2026-06-16…2026-06-17 | Hug Joshua | Director | 24,533 | $504K | 0.7% | Yes (adopted December 11, 2025) | Routine (sold in May & Aug each year 2023–2025; this trade is outside those months) |
| 2026-06-01 | Hug Joshua | Director | 33,600 | $707K | 0.9% | Yes (adopted December 11, 2025) | Routine (sold in May & Aug each year 2023–2025; this trade is outside those months) |
| 2026-05-29 | Hug Joshua | Director | 476 | $10K | 0% | Yes (adopted December 11, 2025) | Routine (sold in May & Aug each year 2023–2025) |
| 2026-05-28 | Sharma Pankaj | Chief Business Officer | 16,000 | $320K | 2% | Yes (adopted November 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-26 | Mehta Vikas D | Chief Financial Officer | 25,000 | $527K | 2.5% | Yes (adopted November 21, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 10 analysts; mean target USD 32.11 (low 29, high 36).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-25 | Wolfe Research | Target raised | Outperform | $31 → $32 |
| 2026-08-10 | Cantor Fitzgerald | Target raised | Overweight | $28 → $30 |
| 2026-08-06 | Keybanc | Target raised | Overweight | $28 → $33 |
| 2026-08-06 | Citizens | Target raised | Market Outperform | $30 → $32 |
| 2026-07-16 | Citizens | Target raised | Market Outperform | $26 → $30 |
| 2026-07-09 | Goldman Sachs | Target raised | Buy | $27 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +44.3% | -18.9% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +44.5% | -4.1% |
| Volatility (annualized) | 57.7% | 59.1% |
| Max drawdown | -29.1% (Oct 2025→Nov 2025) | -76.3% (Nov 2021→Jun 2022) |

## Peers (Software - Infrastructure)
BB (BlackBerry Limited) USD 8.92 +3.84% · ACIW (ACI Worldwide, Inc.) USD 55.88 -0.55% · VRNS (Varonis Systems, Inc.) USD 48.88 -0.02% · TENB (Tenable Holdings, Inc.) USD 44.59 +6.17% · BOX (Box, Inc.) USD 43.18 +0.94% · MBGL (Mobility Global Inc.) USD 18.76 -2.70%

## More
Full page: https://nexqual.com/RELY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RELY's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1782170/000162828026009038/rely-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Alphabet (Google) (GOOGL) | "See the section titled "Risk Factors—General Risks." Additionally, the majority of our customers access our products through our website, our mobile app, or messaging services, and we must ensure that our offerings are o…" |
| Customer | Apple (AAPL) | "See the section titled "Risk Factors—General Risks." Additionally, the majority of our customers access our products through our website, our mobile app, or messaging services, and we must ensure that our offerings are o…" |

Other companies that name RELY in their own reports (relationship from RELY's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | International Money Express, Inc. (IMXI) | 10-K 2026-03-06 | "The Company's peer group ("Peer Group") consists of publicly-traded companies that are in the money remittance and payment industries and is composed of the following: MoneyGram (for periods prior to …" |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $336.8M | 68.0% | +23.6% |
| Rest of world | $115.0M | 23.2% | +17.9% |
| Canada | $43.3M | 8.7% | +3.4% |
| Total revenue | $495.2M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "For the third quarter of 2026, Remitly currently expects: • Total revenue in the range of $505 million to $507 million, representing a growth rate of 20% to 21% year over year. • Year over year growth in net income, and Adjusted EBIT"

Analysts expect $507.2M for the current quarter, +0.2% vs the guidance midpoint $506.0M. Source: https://www.sec.gov/Archives/edgar/data/1782170/000162828026053361/rely2q26-earningspr.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.28 | $0.30 | -6.4% | $507.2M | 4 |
| Next quarter (ends 2026-12-31) | $0.36 | $0.38 | -5.0% | $531.7M | 3 |
| Current fiscal year (ends 2026-12-31) | $1.85 | $1.38 | +33.9% | $1.99B | 4 |
| Next fiscal year (ends 2027-12-31) | $1.62 | $1.65 | -2.2% | $2.37B | 5 |