Expensify (EXFY) AI Stock Analysis

• Market Cap: $140.49M
• Dividend Yield: N/A
• Average Volume (3M): 499.06K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.96
• Revenue Growth: 4.71%
• EPS Growth: 11.12%
• Country: US
• Employees: 115
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.04
• Shares Outstanding: 80,840,150
• 10 Day Avg. Volume: 694,184
• 30 Day Avg. Volume: 499,064
• PEG Ratio: 0.38
• Price to Book (P/B): 2.28
• Price to Sales (P/S): 2.10
• P/FCF Ratio: 12.26
• Enterprise Value/Market Cap: 0.70
• Enterprise Value/Revenue: 0.68
• Enterprise Value/Gross Profit: 1.34
• Enterprise Value/Ebitda: -13.44
• 1Y Price Target: $5.00
• Price Target Upside: 210.56% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.15
• Revenue Forecast (FY): $144.01M

• Rating: 50 Neutral
• Price Target: $1.50 ▼(-6.83% Downside)

Expensify's overall stock score reflects significant financial challenges, including declining revenue and persistent losses, which weigh heavily on its valuation. Technical indicators suggest a bearish trend, further impacting the score. However, positive cash flow metrics and optimistic earnings call guidance provide some potential for future improvement.

Positive Factors

Revenue and Membership Growth

The increase in revenue and membership indicates a growing user base and market penetration, which are crucial for long-term business sustainability and expansion.

AI and Product Development

AI advancements enhance customer experience and operational efficiency, providing a competitive edge and supporting future scalability.

Expensify Travel Success

The substantial growth in travel bookings highlights successful diversification and potential for increased revenue streams, strengthening the business model.

Negative Factors

Declining Revenue Trend

A declining revenue trend poses a risk to financial stability and growth potential, necessitating strategic adjustments to reverse the trend.

Net Loss

Ongoing net losses indicate profitability challenges that could hinder long-term financial health and require cost management improvements.

Migration Challenges

Migration challenges affect operational efficiency and revenue consistency, highlighting the need for smoother transitions to new platforms.

Expensify Business Overview & Revenue Model

Company Description

Expensify (EXFY) is a financial technology company that specializes in expense management solutions for businesses of all sizes. Founded in 2008, Expensify offers a cloud-based platform designed to simplify the process of expense reporting and management. Its core products include expense tracking, receipt scanning, and automated reporting, making it easier for organizations to manage their financial workflows efficiently. The company's services are widely used across various sectors, including small businesses, large enterprises, and non-profits.

How the Company Makes Money

Expensify generates revenue primarily through its subscription-based model. The company offers various pricing tiers that cater to different business needs, including individual users, small teams, and large organizations. Additionally, Expensify earns money through transaction fees associated with its payment processing services and by offering premium features like advanced reporting and integrations with accounting software. Strategic partnerships with financial institutions and other software providers also enhance its service offerings and contribute to its revenue streams. Furthermore, Expensify may engage in affiliate marketing and referral programs, thereby diversifying its income sources.

Expensify Financial Statement Overview

Summary

Expensify faces challenges with declining revenue and persistent losses, as reflected in its income statement. The balance sheet shows financial stability with low leverage but lacks profitability. Cash flow metrics are a bright spot, with positive free cash flow growth and efficient cash management. The company needs to address revenue decline and improve profitability to enhance its financial health.

Income Statement

Expensify's income statement shows a declining revenue trend with a negative revenue growth rate of -23.8% in the TTM period. The company has been consistently unprofitable, with negative net profit margins across all periods, reaching -10.8% in the TTM. Gross profit margins have decreased from 63% in 2022 to 50.8% in the TTM, indicating pressure on profitability. The EBIT and EBITDA margins are also negative, reflecting operational challenges.

Balance Sheet

The balance sheet indicates a relatively low debt-to-equity ratio of 0.038 in the TTM, suggesting manageable leverage. However, the return on equity is negative at -11.8%, highlighting profitability issues. The equity ratio is stable, with stockholders' equity representing a significant portion of total assets. Overall, the balance sheet shows financial stability but lacks profitability.

Cash Flow

Expensify's cash flow statement shows positive free cash flow growth of 13% in the TTM, indicating improved cash generation. The operating cash flow to net income ratio is 0.57, suggesting that the company is generating cash despite net losses. The free cash flow to net income ratio is close to 1, reflecting efficient cash management. Overall, cash flow metrics are a positive aspect of the company's financials.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	143.91M	139.24M	150.69M	169.50M	142.84M	88.07M
Gross Profit	73.07M	75.00M	83.80M	106.83M	89.14M	55.66M
EBITDA	-7.28M	5.99M	-27.98M	-9.18M	-5.05M	8.09M
Net Income	-15.58M	-10.05M	-41.46M	-27.01M	-13.56M	-1.71M
Balance Sheet
Total Assets	186.84M	173.68M	176.78M	210.24M	183.21M	87.73M
Cash, Cash Equivalents and Short-Term Investments	61.45M	48.77M	47.51M	103.79M	98.40M	34.40M
Total Debt	5.93M	6.47M	29.55M	67.78M	69.97M	51.70M
Total Liabilities	51.17M	45.44M	76.04M	113.00M	106.60M	73.66M
Stockholders Equity	135.66M	128.24M	100.74M	97.24M	76.61M	14.07M
Cash Flow
Free Cash Flow	22.76M	16.25M	-5.74M	30.67M	-2.13M	3.29M
Operating Cash Flow	25.29M	23.88M	1.56M	32.88M	5.49M	7.58M
Investing Cash Flow	-3.69M	-7.63M	-7.29M	-2.20M	-7.61M	-4.29M
Financing Cash Flow	-2.48M	-22.07M	-45.32M	-8.28M	80.56M	8.79M

Expensify Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.61
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EXFY, the sentiment is Negative. The current price of 1.61 is above the 20-day moving average (MA) of 1.56, above the 50-day MA of 1.56, and below the 200-day MA of 2.16, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 42.24 is Neutral, neither overbought nor oversold. The STOCH value of 20.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EXFY.

Expensify Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
MAPS	60 Neutral	$141.76M	11.59	18.24%	―	0.59%	―
ONTF	59 Neutral	$246.51M	-7.81	-20.20%	―	-6.23%	28.57%
EXFY	50 Neutral	$140.49M	-8.61	-12.19%	―	4.71%	11.12%
SSTI	49 Neutral	$99.43M	-9.35	-14.61%	―	-1.83%	-642.89%
FRGE	48 Neutral	$612.90M	-9.03	-28.65%	―	16.40%	22.80%
OCFT	47 Neutral	$308.31M	-3.06	-24.21%	―	-48.61%	-2291.48%

Expensify Corporate Events

Expensify Reports Q3 2025 Financial Results and AI Upgrade

On November 6, 2025, Expensify announced its Q3 2025 financial results, revealing a slight revenue decline to $35.1 million and a net loss of $2.3 million. Despite these challenges, the company saw an 18% increase in interchange from its Expensify Card and a significant 95% rise in travel bookings since Q1. Expensify also introduced a major upgrade to its AI technology, the Concierge AI, enhancing its capabilities in expense management. The company remains committed to its free cash flow guidance for FY 2025 and continues to transition its user base to the New Expensify platform.

Expensify Enters New Credit Facility Agreement

On October 9, 2025, Expensify, Inc. entered into a Letter of Credit Facility and Security Agreement with Canadian Imperial Bank of Commerce, replacing its previous Loan and Security Agreement. This new agreement allows for the issuance of additional irrevocable standby letters of credit and grants a security interest in the company’s assets to CIBC, impacting the company’s financial operations and obligations.