Expensify (EXFY) AI Stock Analysis

• Market Cap: $127.06M
• Dividend Yield: N/A
• Average Volume (3M): 449.03K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.92
• 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: 80,549,280
• 10 Day Avg. Volume: 472,404
• 30 Day Avg. Volume: 449,030
• 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: 0.77
• Enterprise Value/Revenue: 0.68
• Enterprise Value/Gross Profit: 1.34
• Enterprise Value/Ebitda: -13.27
• 1Y Price Target: $5.00
• Price Target Upside: 210.56% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: $1.50 ▼(-6.83% Downside)

Expensify's overall stock score reflects a mixed outlook. The most significant factor is the company's financial performance, which is hindered by declining revenue and persistent losses, despite positive cash flow metrics. Technical analysis indicates bearish momentum, while valuation metrics are weak due to ongoing losses. The earnings call provides some optimism with growth in revenue and strategic initiatives, but financial challenges remain a concern.

Positive Factors

Revenue and Membership Growth

The growth in revenue and membership indicates a strengthening market position and increasing adoption of Expensify's services, which is crucial for long-term business sustainability.

Expensify Travel Success

The significant growth in travel bookings demonstrates Expensify's ability to diversify its revenue streams and capitalize on the recovery in business travel, enhancing its competitive edge.

AI and Product Development

Advancements in AI integration improve the customer experience and operational efficiency, positioning Expensify as a leader in innovative expense management solutions.

Negative Factors

Declining Revenue Trend

A declining revenue trend poses a significant challenge to Expensify's financial health, potentially impacting its ability to invest in growth and maintain competitive positioning.

Net Loss

The ongoing net losses indicate financial challenges that could hinder Expensify's ability to sustain operations and invest in strategic initiatives without external financing.

Migration Challenges

Migration challenges could affect operational efficiency and customer satisfaction, potentially slowing down the adoption of new features and impacting revenue growth.

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	-7.38M	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	118.77M
Stockholders Equity	135.66M	128.24M	100.74M	97.24M	76.61M	-31.04M
Cash Flow
Free Cash Flow	24.34M	23.88M	-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: Positive
• STOCH: Positive

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 below the 20-day moving average (MA) of 1.62, below the 50-day MA of 1.77, and below the 200-day MA of 2.47, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 24.78 is Positive, neither overbought nor oversold. The STOCH value of 11.71 is Positive, 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	61 Neutral	$151.09M	12.81	18.24%	―	0.59%	―
SSTI	60 Neutral	$113.84M	-11.12	-13.49%	―	1.47%	-430.99%
FRGE	53 Neutral	$598.32M	―	-28.14%	―	14.78%	21.87%
EXFY	51 Neutral	$127.06M	―	-12.19%	―	4.71%	11.12%
ONTF	51 Neutral	$208.99M	―	-22.60%	―	-6.88%	15.83%
OCFT	47 Neutral	$308.54M	-3.06	-24.21%	―	-48.61%	-2291.48%

Expensify Corporate Events

Expensify, Inc. Earnings Call: Growth Amid Challenges

Expensify, Inc. recently held its earnings call, revealing a mixed sentiment with notable achievements and challenges. The company reported significant growth in revenue and travel bookings, alongside successful customer acquisitions and advancements in AI technology. However, financial hurdles such as a net loss and migration issues were also apparent.

Expensify Reports Q3 2025 Financial Results

Expensify, Inc., a company specializing in expense management, corporate cards, and travel solutions, has released its third-quarter 2025 earnings report, highlighting its financial performance and strategic initiatives. The company, known for its innovative approach and user-friendly platform, continues to serve a diverse clientele across various industries.

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.

The most recent analyst rating on (EXFY) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Expensify stock, see the EXFY Stock Forecast page.

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.

The most recent analyst rating on (EXFY) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Expensify stock, see the EXFY Stock Forecast page.

Expensify, Inc. Earnings Call: Growth Amid Challenges

The recent earnings call for Expensify, Inc. revealed a balanced sentiment of achievements and challenges. While the company celebrated significant growth in revenue and free cash flow, it also faced a net loss. The increase in brand awareness was notable, yet the immediate impact of the F1 movie on customer acquisition was limited. Despite these challenges, Expensify’s strategic initiatives and global expansion efforts suggest a positive outlook for the future.

Expensify, Inc. Reports Increased Revenue Amid Losses

Expensify, Inc. is a company that provides an expense management platform and corporate charge card services, primarily operating in the financial technology sector. The company recently released its earnings report for the quarter ending June 30, 2025, highlighting a slight increase in revenue compared to the previous year. Key financial metrics from the report indicate that Expensify achieved a revenue of $35.8 million, up from $33.3 million in the same quarter last year, with a gross margin of $18.6 million. However, the company reported a net loss of $8.8 million, which is an increase from the $2.8 million loss reported in the same period last year. The increase in operating expenses, particularly in sales and marketing, contributed to the widened loss. Looking ahead, Expensify’s management remains focused on expanding its market presence and enhancing its platform capabilities, despite the current financial challenges.