Expensify, Inc. (EXFY)
NASDAQ:EXFY
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Expensify
(NASDAQ:EXFY)
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Rating:49Neutral
Price Target:
$0.82
▼(-49.38% Downside)
Action:ReiteratedDate:02/28/26
The score is held back primarily by weak operating fundamentals (declining revenue and ongoing GAAP losses) and a clearly bearish technical setup (price far below key moving averages with negative MACD). These are partially offset by a strengthened balance sheet with low leverage and recent positive free cash flow, though the earnings call’s significantly lower FY26 free cash flow guidance limits near-term confidence.
Positive Factors
Conservative balance sheet
Low leverage and a meaningful equity base provide lasting financial flexibility, reducing refinancing and liquidity risks as Expensify invests in growth. A conservative balance sheet supports multi-quarter investment cycles and shields operations during slower revenue periods, enabling durable execution on product and go-to-market plans.
Negative Factors
Revenue downtrend
Multi-year revenue declines and a sharp 2025 contraction signal structural demand or execution issues that impair scale economics. Persistent top-line weakness limits operating leverage, makes it harder to absorb increased S&M/AI investment, and raises the bar for demonstrating a durable recovery in subscription and transaction revenue streams.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and a meaningful equity base provide lasting financial flexibility, reducing refinancing and liquidity risks as Expensify invests in growth. A conservative balance sheet supports multi-quarter investment cycles and shields operations during slower revenue periods, enabling durable execution on product and go-to-market plans.
Read all positive factors
Expensify (EXFY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$76.26M
Dividend YieldN/A
Average Volume (3M)1.03M
Price to Earnings (P/E)―
Beta (1Y)1.88
Revenue Growth4.71%
EPS Growth11.12%
CountryUS
Employees115
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.03
Shares Outstanding80,888,460
10 Day Avg. Volume1,253,135
30 Day Avg. Volume1,027,443
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 Cap0.25
Enterprise Value/Revenue0.13
Enterprise Value/Gross Profit0.26
Enterprise Value/Ebitda-1.73
Forecast
1Y Price Target
$1.50Price Target Upside-6.83% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.16
Revenue Forecast (FY)$143.18M
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, gen...
How the Company Makes Money
Expensify primarily makes money through (1) subscription and platform fees for access to its expense management software and related functionality, typically sold on a per-user basis and/or via tiered plans, and (2) revenue tied to payments and ca...
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 Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The call presented a mix of strong execution and product traction (notably nearly $20M of free cash flow in FY25, 24% interchange growth, 434% travel bookings growth, platform migration progress, strategic partnerships and AI/product innovations) alongside meaningful near-term headwinds (GAAP net losses driven by stock comp and one-time marketing spend, a substantial reduction in FY26 free cash flow guidance to $6M–$9M, and remaining migration/seasonality risks). Management framed the lower guidance as deliberate investment in growth (sales/marketing and AI) and emphasized non-GAAP profitability and platform advantages. Overall, the positives around cash generation, product momentum, and differentiated AI/product strategy are balanced by the significance of the guidance cut and GAAP losses.Positive Updates
Strong Free Cash Flow and Cash Generation in FY2025
Generated nearly $20.0M of free cash flow in fiscal year 2025 (FY25 free cash flow $19.9M), with FY25 operating cash flow of $20.1M and Q4 free cash flow of $3.2M, coming in at the high end of prior guidance ($16M–$20M).
Negative Updates
GAAP Net Losses
Fiscal year 2025 GAAP net loss of $21.4M and Q4 net loss of $7.1M — FY25 net loss was primarily driven by stock-based compensation and expenses related to the F1 movie sponsorship.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Free Cash Flow and Cash Generation in FY2025
Generated nearly $20.0M of free cash flow in fiscal year 2025 (FY25 free cash flow $19.9M), with FY25 operating cash flow of $20.1M and Q4 free cash flow of $3.2M, coming in at the high end of prior guidance ($16M–$20M).
Read all positive updates
Company Guidance
Expensify is guiding fiscal 2026 free cash flow of $6–$9 million, down from fiscal 2025 free cash flow of $19.9M (which came in at the high end of prior guidance of $16–$20M) as the company plans increased investment in sales & marketing and AI; FY25 highlights included revenue of $142.1M, average paid members of 650,000, total interchange of $21.3M (up 24% YoY), operating cash flow $20.1M, net loss $21.4M (non‑GAAP net income $5.2M; adjusted EBITDA $16.9M), and share repurchases of >4.8M shares for ≈$9M — Q4 figures included revenue $35.2M, average paid members 650,000, interchange $5.5M, Q4 operating cash flow $2.2M, Q4 free cash flow $3.2M, Q4 net loss $7.1M (Q4 non‑GAAP net loss $2.1M; adjusted EBITDA $3.3M), and the Q1 January paid‑member flash was 626,000.Expensify Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
72
Positive
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 142.10M | 139.24M | 150.69M | 169.50M | 142.84M |
| Gross Profit | 71.53M | 75.00M | 83.80M | 106.83M | 89.14M |
| EBITDA | -7.83M | 5.99M | -27.98M | -9.18M | -5.05M |
| Net Income | -21.39M | -10.05M | -41.46M | -27.01M | -13.56M |
Balance Sheet | |||||
| Total Assets | 185.99M | 173.68M | 176.78M | 210.24M | 183.21M |
| Cash, Cash Equivalents and Short-Term Investments | 63.08M | 48.77M | 47.51M | 103.79M | 98.40M |
| Total Debt | 5.74M | 6.47M | 29.55M | 67.78M | 69.97M |
| Total Liabilities | 53.24M | 45.44M | 76.04M | 113.00M | 106.60M |
| Stockholders Equity | 132.75M | 128.24M | 100.74M | 97.24M | 76.61M |
Cash Flow | |||||
| Free Cash Flow | 20.07M | 16.25M | -5.74M | 30.67M | -2.13M |
| Operating Cash Flow | 20.09M | 23.88M | 1.56M | 32.88M | 5.49M |
| Investing Cash Flow | -3.56M | -7.63M | -7.29M | -2.20M | -7.61M |
| Financing Cash Flow | -2.74M | -22.07M | -45.32M | -8.28M | 80.56M |
Expensify Technical Analysis
Negative
1.61
Price Trends
1.19
Negative
1.35
Negative
1.69
Negative
Market Momentum
-0.11
Negative
36.14
Neutral
66.97
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 0.91, above the 50-day MA of 1.19, and below the 200-day MA of 1.69, indicating a bearish trend. The MACD of -0.11 indicates Negative momentum. The RSI at 36.14 is Neutral, neither overbought nor oversold. The STOCH value of 66.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EXFY.
Expensify Risk Analysis
Expensify disclosed 71 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)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $345.94M | -11.71 | -19.64% | ― | -6.23% | 28.57% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
50 Neutral | $103.30M | -6.29 | 3.65% | ― | 0.59% | ― | |
49 Neutral | $76.26M | -6.51 | -16.00% | ― | 4.71% | 11.12% | |
49 Neutral | $82.54M | -10.87 | -12.81% | ― | -1.83% | -642.89% |
* Technology Sector Average
EXFY
Expensify
0.82
-2.67
-76.53%
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ONTF
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8.10
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43.11%
Expensify Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Expensify Unveils 2025 Results and Growth-Focused Strategy
Neutral
Feb 26, 2026
On February 26, 2026, Expensify posted a new investor presentation and reported fourth-quarter and full-year 2025 results, showing modest 2% annual revenue growth to $142.1 million, but widening net losses of $21.4 million for the year and $7.1 mi...
Executive/Board Changes
Expensify COO Resigns as Board Elevates Engineering Leader
Neutral
Dec 30, 2025
On December 29, 2025, Expensify, Inc. announced that Chief Operating Officer and board member Anu Muralidharan resigned from all her roles effective the same day, with the company stating her departure did not stem from any disagreement over opera...
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.