Expensify (EXFY) AI Stock Analysis

• Market Cap: $178.82M
• Dividend Yield: N/A
• Average Volume (3M): 534.60K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.82
• Revenue Growth: 4.13%
• EPS Growth: 54.44%
• Country: US
• Employees: 115
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.03
• Shares Outstanding: 80,549,280
• 10 Day Avg. Volume: 609,106
• 30 Day Avg. Volume: 534,599
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.91
• Enterprise Value/Revenue: 1.13
• Enterprise Value/Gross Profit: 2.21
• Enterprise Value/Ebitda: -17.94
• 1Y Price Target: $3.83
• Price Target Upside: 96.41% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4

• Rating: 53 Neutral
• Price Target: $2.00 ▲(2.56% Upside)

Expensify's overall stock score reflects a balance of positive revenue growth and cash flow improvements against ongoing profitability challenges and valuation concerns. The earnings call provided a boost with strategic initiatives and brand exposure, but financial performance and valuation remain key areas for improvement.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and successful product adoption, reinforcing Expensify's competitive position in the expense management sector.

Global Expansion

Global expansion enhances Expensify's market reach and customer base, positioning the company for sustained growth and increased revenue opportunities.

Cash Flow Improvement

Improved cash flow reflects effective financial management, providing Expensify with the flexibility to invest in growth initiatives and weather economic fluctuations.

Negative Factors

Net Loss

Ongoing net losses highlight challenges in achieving profitability, which could impact long-term financial health and shareholder value if not addressed.

R&D Investment Concerns

Insufficient R&D investment may hinder innovation and competitiveness, risking Expensify's ability to keep pace with industry advancements and larger competitors.

Profit Margin Challenges

Declining profit margins suggest operational inefficiencies, which could undermine Expensify's ability to sustain profitability and fund future growth initiatives.

Expensify Business Overview & Revenue Model

Company Description

Expensify, Inc. provides a cloud-based expense management software platform to individuals, small businesses, and corporations in the United States and internationally. The company's platform enables users to manage corporate cards, pay bills, generate invoices, collect payments, and book travel. It also offers track and submit plans for individuals. The company was founded in 2008 and is based in Portland, Oregon.

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's financial performance shows challenges in profitability with negative profit margins and returns on equity. However, the balance sheet is stable with low leverage, and cash flow trends are positive, indicating potential for improvement.

Income Statement

Expensify's income statement reveals a challenging financial landscape. The company has experienced fluctuating revenue growth, with a recent slight increase of 1.75% in TTM after previous declines. Gross profit margins have decreased over time, indicating potential cost management issues. Net profit margins remain negative, reflecting ongoing losses. EBIT and EBITDA margins are also negative, suggesting operational inefficiencies. Overall, the income statement shows a need for improved profitability and cost control.

Balance Sheet

The balance sheet shows a relatively stable financial position with a low debt-to-equity ratio of 0.04 in TTM, indicating low leverage. However, the return on equity is negative, reflecting ongoing losses and inefficiencies in generating returns for shareholders. The equity ratio is solid, suggesting a strong capital structure. While the company maintains a stable asset base, improving profitability is crucial for enhancing shareholder value.

Cash Flow

Expensify's cash flow statement highlights some positive trends. The company has achieved a free cash flow growth of 7.78% in TTM, indicating improved cash generation. The operating cash flow to net income ratio is positive, suggesting effective cash management. However, the free cash flow to net income ratio indicates that cash flow is not yet sufficient to cover net losses. Continued focus on cash flow management will be essential for financial stability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	144.25M	139.24M	150.69M	169.50M	142.84M	88.07M
Gross Profit	73.94M	75.00M	83.80M	106.83M	89.14M	55.66M
EBITDA	-9.11M	5.99M	-27.98M	-9.18M	-5.05M	8.09M
Net Income	-15.47M	-10.05M	-41.46M	-27.01M	-13.56M	-1.71M
Balance Sheet
Total Assets	187.14M	173.68M	176.78M	210.24M	183.21M	87.73M
Cash, Cash Equivalents and Short-Term Investments	60.52M	48.77M	47.51M	103.79M	98.40M	34.40M
Total Debt	5.38M	6.47M	29.55M	67.78M	69.97M	51.70M
Total Liabilities	55.32M	45.44M	76.04M	113.00M	106.60M	118.77M
Stockholders Equity	131.81M	128.24M	100.74M	97.24M	76.61M	-31.04M
Cash Flow
Free Cash Flow	21.53M	23.88M	-5.74M	30.67M	-2.13M	3.29M
Operating Cash Flow	24.81M	23.88M	1.56M	32.88M	5.49M	7.58M
Investing Cash Flow	-4.43M	-7.63M	-7.29M	-2.20M	-7.61M	-4.29M
Financing Cash Flow	-24.34M	-22.07M	-45.32M	-8.28M	80.56M	8.79M

Expensify Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 1.95 is above the 20-day moving average (MA) of 1.93, below the 50-day MA of 1.95, and below the 200-day MA of 2.75, indicating a bearish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 48.85 is Neutral, neither overbought nor oversold. The STOCH value of 45.83 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
IMMR	69 Neutral	$237.47M	2.81	28.27%	5.18%	3828.94%	129.01%
SSTI	61 Neutral	$153.11M	-14.96	-12.68%	―	1.47%	-430.99%
ASUR	57 Neutral	$223.79M	-14.03	-8.04%	―	8.48%	-37.74%
ONTF	56 Neutral	$255.53M	-7.01	-24.17%	―	-6.88%	15.83%
EXFY	53 Neutral	$178.82M	―	-12.58%	―	4.13%	54.44%
MKTW	53 Neutral	$273.57M	1.56	-2.66%	10.17%	-17.17%	497.89%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

Expensify Corporate Events

Expensify Reports Q2 2025 Results with Revenue Growth

On August 7, 2025, Expensify announced its Q2 2025 results, highlighting a 31% increase in interchange derived from the Expensify Card, reaching $5.3 million. The company reported a revenue of $35.8 million, a 7% increase from the previous year, despite a net loss of $8.8 million. Expensify’s brand visibility increased significantly due to its presence in ‘F1® The Movie,’ leading to a 50% gain in brand awareness in target demographics. The company is expanding internationally, with the Expensify Card launching in the UK and EU, and support for over 10,000 banks worldwide. Expensify also enhanced its platform with multilingual support and additional billing options, aiming to capture a broader market. The company repurchased $3.0 million worth of shares and increased its full-year 2025 free cash flow guidance to $19.0 million – $23.0 million.

The most recent analyst rating on (EXFY) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on Expensify stock, see the EXFY Stock Forecast page.

Expensify Ends Loan Agreement with CIBC

On July 1, 2025, Expensify, Inc. terminated its Second Amended and Restated Loan and Security Agreement with the Canadian Imperial Bank of Commerce. At the time of termination, there were no borrowings or amounts drawn, and all obligations were settled without penalties, releasing all related liens and returning any collateral held by CIBC.

The most recent analyst rating on (EXFY) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on Expensify stock, see the EXFY Stock Forecast page.