Expensify (EXFY) AI Stock Analysis

• Market Cap: $172.05M
• Dividend Yield: N/A
• Average Volume (3M): 699.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.84
• Revenue Growth: 4.13%
• EPS Growth: 54.44%
• Country: US
• Employees: 115
• Sector: Technology
• Sector Strength: 86
• Industry: Software - Application
• EPS (TTM): -0.03
• Shares Outstanding: 80,399,796
• 10 Day Avg. Volume: 698,400
• 30 Day Avg. Volume: 699,071
• 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: 0.95
• 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: 51 Neutral
• Price Target: $2.00 ▲(2.56% Upside)

Expensify's overall stock score reflects its financial challenges, particularly in profitability, and weak technical indicators. Positive aspects include stable cash flow and strategic initiatives highlighted in the earnings call, which suggest potential for future growth.

Positive Factors

Cost Management

The company removed almost $35M in operational expenses from the business, showcasing effective cost management.

Customer Retention

Expensify Travel has garnered excellent adoption, and the use of AI in customer support is expected to help retain customers and reduce churn.

Earnings Performance

The company closed out 2024 on a positive note coming in ahead on both revenue and AEBITDA as the legacy subscription business and card revenue both outperformed estimates.

Negative Factors

Customer Base Challenges

The company's predominantly small and very small business customer base may remain a tough end market due to elevated rates and sticky inflation.

Market Competition

Expensify trades at substantial discounts to the peer group median multiple, justified by its slower relative growth rate and intense competition.

Subscription Business Challenges

The subscription business is still facing challenges, with no significant recovery expected in 2025, and growth coming only from interchange revenue.

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 primarily generates revenue through subscription fees for its software-as-a-service (SaaS) platform. The company offers tiered pricing plans tailored to different types of users, including individual freelancers, small businesses, and large enterprises, each with varying levels of features and support. Key revenue streams include monthly and annual subscription fees, depending on the plan chosen by the customer. Expensify also partners with various financial institutions and third-party applications to enhance its service offerings, which can contribute to revenue through integration fees or revenue-sharing agreements. Additionally, Expensify may derive income from transaction fees for specific financial services offered through its platform, although this is not the primary source of revenue.

Expensify Financial Statement Overview

Summary

Expensify faces significant challenges in achieving profitability, with ongoing net losses and negative profit margins. The balance sheet is stable with a low debt-to-equity ratio, but improvements in operational efficiency and cash flow generation are necessary for long-term viability. Revenue volatility and declining free cash flow growth pose risks to financial stability.

Income Statement

Expensify shows declining revenue and profitability metrics. The gross profit margin has decreased over time, with a recent figure of 52.2% in TTM. Net profit margins remain negative, indicating ongoing losses with a TTM net profit margin of -6.7%. Revenue growth is volatile, with a decline of 5.7% from 2023 to 2024. Despite improvements, EBIT and EBITDA margins are still negative, reflecting operational challenges.

Balance Sheet

The balance sheet is relatively stable with a low debt-to-equity ratio of 0.04 and a solid equity ratio of 71.2% as of TTM. However, the company has been unable to deliver positive ROE, with a TTM figure of -7.0%, highlighting profitability issues. The equity base is strong, but ongoing losses could erode this strength over time.

Cash Flow

Cash flow metrics indicate modest improvements. The operating cash flow to net income ratio is positive, suggesting some operational efficiency. However, the free cash flow growth rate is negative at -14.3% from 2024 to TTM, which is concerning. The free cash flow to net income ratio of -2.2 in TTM reflects challenges in converting earnings into cash.

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: Neutral
• 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 Neutral. The current price of 1.95 is above the 20-day moving average (MA) of 1.86, below the 50-day MA of 2.14, and below the 200-day MA of 2.87, indicating a neutral trend. The MACD of -0.09 indicates Negative momentum. The RSI at 48.56 is Neutral, neither overbought nor oversold. The STOCH value of 67.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for EXFY.

Expensify Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SSTI	65 Neutral	$164.62M	―	-13.49%	―	1.47%	-430.99%
Sector *	61 Neutral	$36.05B	6.66	-10.10%	1.86%	8.68%	-8.81%
ASUR	57 Neutral	$230.37M	―	-8.02%	―	8.48%	-37.74%
ONTF	56 Neutral	$233.11M	―	-22.60%	―	-6.88%	15.83%
IMMR	54 Neutral	$224.51M	2.66	35.11%	5.43%	3828.94%	129.01%
MKTW	54 Neutral	$301.73M	1.72	-10.56%	9.51%	-17.17%	497.89%
EXFY	51 Neutral	$172.05M	―	-12.58%	―	4.13%	54.44%

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.

Expensify Holds Annual Stockholders Meeting, Elects Directors

On June 13, 2025, Expensify held its Annual Meeting of Stockholders, where several key decisions were made. The company’s stockholders elected eight directors to the board, ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, and approved the compensation for the company’s named executive officers. These decisions are expected to impact the company’s governance and financial oversight positively.

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.