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Expensify
(NASDAQ:EXFY)
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Rating:60Neutral
Price Target:
$2.00
▲(16.28% Upside)
Action:Reiterated
Date:08/07/26
EXFY scores moderately due to a strong balance sheet and positive (though weakening) free cash flow, but the overall fundamental profile is held back by flat-to-declining revenue and ongoing GAAP losses. Technicals add support with an uptrend across key moving averages and positive MACD, partially offset by overbought stochastic signals. The latest earnings call guidance and operational progress were constructive, but continued member/revenue pressure and platform issues temper the outlook.
Positive Factors
Balance Sheet Strength
Very low leverage and sizable equity provide durable financial flexibility. This balance-sheet strength supports continued product investment, working-capital needs, opportunistic buybacks, and resilience during revenue softness, reducing refinancing and liquidity risk over months.
Negative Factors
Top-line Pressure
Stagnant to declining revenue demonstrates difficulty converting product work and partnerships into growth. Persistent top-line weakness constrains operating leverage and puts pressure on margins and reinvestment plans, making multi‑quarter recovery required to restore growth trajectory.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Very low leverage and sizable equity provide durable financial flexibility. This balance-sheet strength supports continued product investment, working-capital needs, opportunistic buybacks, and resilience during revenue softness, reducing refinancing and liquidity risk over months.
Read all positive factors
Expensify Key Performance Indicators (KPIs)
Any
Average Paid Members
Shows the average number of users who subscribe to paid plans, indicating the company's ability to convert free users to paying customers and generate consistent revenue.
Shows the average number of users who subscribe to paid plans, indicating the company's ability to convert free users to paying customers and generate consistent revenue.
Data provided by:
The Fly
The FlyExpensify (EXFY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$175.52M
Dividend YieldN/A
Average Volume (3M)1.88M
Price to Earnings (P/E)―
Beta (1Y)1.92
Revenue Growth-1.25%
EPS Growth-109.14%
CountryUS
Employees117
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.17
Shares Outstanding84,278,250
10 Day Avg. Volume781,959
30 Day Avg. Volume1,883,672
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)1.05
Price to Sales (P/S)0.98
P/FCF Ratio6.94
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$2.75Price Target Upside59.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.09
Revenue Forecast (FY)$135.36M
Expensify Business Overview & Revenue Model
Company Description
Expensify, Inc. provides a digital platform accessible via the cloud, specializing in expense management for clients across the United States and globally. The company's flagship product, also called Expensify, is a comprehensive tool that streaml...
How the Company Makes Money
Expensify primarily makes money by selling access to its subscription-based expense management platform. Revenue is generally driven by recurring fees paid by customers (typically businesses) for using Expensify’s software to manage expense report...
Expensify Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
The call presented a mix of positives and negatives. Management emphasized strong profitability metrics (non‑GAAP net income, adjusted EBITDA), positive cash generation (with an adjusted free cash flow view after a one‑time legal charge), product momentum (30+ improvements), partnership expansion, BYOC progress and promising April paid user growth. Offsetting these were continued top‑line pressure with revenue down 6% YoY, average paid members down 4% YoY, a GAAP net loss, a one‑time legal payment that reduced reported free cash flow, and platform performance issues for larger customers slowing migration. Management reiterated conservative free cash flow guidance while signaling potential for an inflection driven by product migration and upcoming AI capabilities. Overall, the call balanced near‑term challenges with clear operational and product progress.Positive Updates
Interchange Revenue Growth
Total interchange revenue was $5.5 million, up 10% year‑over‑year, driven by continued performance of the Expensify Card.
Negative Updates
Revenue Decline
Revenue for the quarter was $34 million, down 6% year‑over‑year, signaling continued pressure on the top line.
Read all updates
Q1-2026 Updates
Positive
Negative
Interchange Revenue Growth
Total interchange revenue was $5.5 million, up 10% year‑over‑year, driven by continued performance of the Expensify Card.
Read all positive updates
Company Guidance
Management reiterated full‑year 2026 free cash flow guidance of $6–$9 million and a conservative outlook while reporting Q1 results: revenue $34.0M (‑6% YoY), average paid members 632,000 (‑4% YoY) with April paid active members at 641,000, interchange revenue $5.5M (+10% YoY), operating cash flow $0.1M, free cash flow $2.5M (≈$5M excluding a one‑time $2.6M legal payment), GAAP net loss $2.3M, non‑GAAP net income $3.6M and adjusted EBITDA $6.2M as they focus on fundamentals and returning to growth.Expensify Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
74
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 138.10M | 142.10M | 139.24M | 150.69M | 169.50M | 142.84M |
| Gross Profit | 67.21M | 71.53M | 75.00M | 83.80M | 106.83M | 89.14M |
| EBITDA | -691.00K | -7.83M | 5.99M | -27.98M | -9.18M | -5.05M |
| Net Income | -15.62M | -21.39M | -10.05M | -41.46M | -27.01M | -13.56M |
Balance Sheet | ||||||
| Total Assets | 185.41M | 185.99M | 173.68M | 176.78M | 210.24M | 183.21M |
| Cash, Cash Equivalents and Short-Term Investments | 65.76M | 63.08M | 48.77M | 47.51M | 103.79M | 98.40M |
| Total Debt | 4.75M | 5.74M | 6.47M | 29.55M | 67.78M | 69.97M |
| Total Liabilities | 50.84M | 53.24M | 45.44M | 76.04M | 113.00M | 106.60M |
| Stockholders Equity | 134.56M | 132.75M | 128.24M | 100.74M | 97.24M | 76.61M |
Cash Flow | ||||||
| Free Cash Flow | 9.55M | 20.07M | 16.25M | -5.74M | 30.67M | -2.13M |
| Operating Cash Flow | 15.04M | 20.09M | 23.88M | 1.56M | 32.88M | 5.49M |
| Investing Cash Flow | -5.79M | -3.56M | -7.63M | -7.29M | -2.20M | -7.61M |
| Financing Cash Flow | 2.91M | -2.74M | -22.07M | -45.32M | -8.28M | 80.56M |
Expensify Technical Analysis
Positive
1.72
Price Trends
1.59
Positive
1.27
Positive
1.34
Positive
Market Momentum
0.09
Negative
64.86
Neutral
89.20
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EXFY, the sentiment is Positive. The current price of 1.72 is below the 20-day moving average (MA) of 1.83, above the 50-day MA of 1.59, and above the 200-day MA of 1.34, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 64.86 is Neutral, neither overbought nor oversold. The STOCH value of 89.20 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EXFY.
Expensify Risk Analysis
Expensify disclosed 72 risk factors in its most recent earnings report. Expensify reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Expensify Peers Comparison
UnderperformOutperform
Sector (61)
EXFY
Expensify
1.98
0.04
2.06%
SSTI
SoundThinking Inc
7.76
-3.47
-30.90%
MAPS
WM Technology
0.41
-0.49
-54.55%
Expensify Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Expensify Reports Q2 2026 Results, Highlights New Platform
Positive
Aug 6, 2026
On August 6, 2026, Expensify reported second-quarter 2026 results, highlighting net revenue of $33.9 million, down 5% year over year, a narrowed net loss of $3.9 million versus $8.8 million a year earlier, and non-GAAP net income of $3.4 million. ...
Delistings and Listing ChangesRegulatory Filings and Compliance
Expensify Regains Nasdaq Compliance After Bid-Price Deficiency
Positive
May 29, 2026
On April 17, 2026, Expensify, Inc. disclosed that it had received a notice from Nasdaq after its Class A common stock traded below the $1.00 minimum bid price requirement for 30 consecutive business days, placing its continued listing on the Nasda...
Executive/Board ChangesShareholder MeetingsStock Split
Expensify Shareholders Approve Directors, Reverse Stock Split Plan
Neutral
May 27, 2026
At its May 22, 2026 annual meeting, Expensify shareholders elected eight directors, including CEO David Barrett and board members such as Ellen Pao and Ying (Vivian) Liu, to serve until the 2027 meeting, reinforcing continuity in the company’...
Business Operations and StrategyStock Buyback
Expensify Announces $25 Million Modified Dutch Auction Tender
Positive
May 13, 2026
On May 13, 2026, Expensify, Inc. launched a modified Dutch auction tender offer to repurchase up to $25 million of its Class A common stock at prices between $0.98 and $1.20 per share in cash, with the offer scheduled to expire on June 10, 2026, u...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Expensify Posts Q1 Results Highlighting Profitability and Partnerships
Neutral
May 7, 2026
On May 7, 2026, Expensify reported first quarter 2026 results showing net revenue of $34.0 million, down 6% year on year, a narrowed net loss of $2.3 million, non-GAAP net income of $3.6 million, adjusted EBITDA of $6.2 million, and positive free ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.