Want to see EXFY full AI Analyst Report?
Top Page
Expensify
(NASDAQ:EXFY)
Select Model
Select Model
Rating:64Neutral
Price Target:
$2.50
▼(-1.96% Downside)
Action:Reiterated
Date:08/07/26
EXFY scores as a moderate opportunity: the strongest drivers are improving cash flow and guidance alongside a strong, low-debt balance sheet, supported by bullish technical trends. The main constraints are ongoing GAAP unprofitability and a pressured/declining top line, which also limits valuation attractiveness given the negative P/E.
Positive Factors
Strong Balance Sheet
Very low leverage and substantial equity provide financial flexibility while the company invests in product development and growth. Limited debt reduces refinancing and interest-burden risk, giving management more capacity to fund the transition to New Expensify.
Negative Factors
Persistent Revenue Decline
Declining consolidated revenue indicates that new-product gains have not yet offset pressure in the existing business. Continued top-line weakness could constrain operating leverage, reduce resources available for investment, and delay the company’s transition to durable growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Balance Sheet
Very low leverage and substantial equity provide financial flexibility while the company invests in product development and growth. Limited debt reduces refinancing and interest-burden risk, giving management more capacity to fund the transition to New Expensify.
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
$233.44M
Dividend YieldN/A
Average Volume (3M)1.88M
Price to Earnings (P/E)―
Beta (1Y)2.03
Revenue Growth-4.27%
EPS Growth1.47%
CountryUS
Employees117
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.17
Shares Outstanding78,936,806
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 Upside7.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.09
Revenue Forecast (FY)$135.37M
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:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call conveyed materially improved financial discipline and profitability—operating cash flow and free cash flow turned positive and materially improved, non-GAAP profitability and adjusted EBITDA moved to positive, and management raised full-year free cash flow guidance. Product momentum was strong, highlighted by major AI upgrades, the Expensify MCP launch, 30+ feature releases, and New Expensify net new revenue growing >250% YoY to over $10M ARR. Offsetting these positives, the company is still experiencing year-over-year revenue decline and faces uncertainty from the Classic-to-New migration (long tail), some investor skepticism signaled by an undersubscribed tender, and ongoing scaling AI and go-to-market spend that require optimization. Overall, the call emphasized progress toward sustainable growth and capital efficiency while acknowledging the remaining top-line and migration challenges.Positive Updates
Revenue and User Base
Q2 revenue of $33.9M with average paid members of 640,000 (July paid members: 634,000).
Negative Updates
Year-Over-Year Revenue Pressure
Management acknowledged top-line pressure and that GAAP revenue declined year-over-year (no percent disclosed), indicating growth challenges despite improvements in profitability and cash flow.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and User Base
Q2 revenue of $33.9M with average paid members of 640,000 (July paid members: 634,000).
Read all positive updates
Company Guidance
Management raised full‑year 2026 free cash flow guidance from $6–9M to $12–14M (about a $5.5M midpoint increase), citing Q2 operating cash flow of $8.4M and Q2 free cash flow of $6.4M (up 2% YoY and 162% QoQ), improved GAAP net loss of $3.9M (vs. $8.8M a year ago), non‑GAAP net income of $3.4M (vs. a non‑GAAP loss last year) and adjusted EBITDA of $6.6M (vs. negative a year ago); other relevant metrics discussed were Q2 revenue of $33.9M, average paid members of 640,000 (July paid members 634,000, noting a typical summer dip with expected rebound in Q3), Expensify Card interchange revenue of $5.9M (up 12% YoY), share repurchases of ~6.8M Class A shares (~7% reduction in shares outstanding), New Expensify net new revenue >250% YoY to over $10M ARR with 56% of users now on New, and ongoing—but more disciplined—sales & marketing and AI spend.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 | 0.00 | 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 | 13.34M | 20.07M | 16.25M | -5.74M | 30.67M | -2.13M |
| Operating Cash Flow | 14.92M | 20.09M | 23.88M | 1.56M | 32.88M | 5.49M |
| Investing Cash Flow | -4.37M | -3.56M | -7.63M | -7.29M | -2.20M | -7.61M |
| Financing Cash Flow | -3.35M | -2.74M | -22.07M | -45.32M | -8.28M | 80.56M |
Expensify Technical Analysis
Positive
2.55
Price Trends
1.96
Positive
1.51
Positive
1.40
Positive
Market Momentum
0.20
Negative
63.66
Neutral
66.85
Neutral
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 2.55 is above the 20-day moving average (MA) of 2.32, above the 50-day MA of 1.96, and above the 200-day MA of 1.40, indicating a bullish trend. The MACD of 0.20 indicates Negative momentum. The RSI at 63.66 is Neutral, neither overbought nor oversold. The STOCH value of 66.85 is Neutral, 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
2.58
0.62
31.63%
SSTI
SoundThinking Inc
6.20
-6.53
-51.30%
MAPS
WM Technology
0.40
-0.84
-67.82%
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’...
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.