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Expensify
(NASDAQ:EXFY)
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Rating:55Neutral
Price Target:
$2.00
▲(24.22% Upside)
Action:Reiterated
Date:06/30/26
The score is driven primarily by mixed financial performance: a strong, low-debt balance sheet and positive free cash flow are offset by weak growth and ongoing GAAP losses. Earnings-call commentary supports operational progress but confirms near-term top-line pressure and execution risks. Valuation is constrained by loss-making status and no dividend, while technicals cannot be assessed due to missing indicators; corporate events are mildly supportive but highlight prior listing risk.
Positive Factors
Balance Sheet Strength
Expensify’s extremely low leverage and meaningful equity cushion provide durable financial flexibility. With debt under $5M against roughly $139M of equity, the company can fund product development, absorb revenue volatility, and pursue buybacks or strategic initiatives without near-term refinancing pressure.
Negative Factors
Top-line Weakness
A persistent revenue decline and flat-to-down TTM revenues indicate structural demand or retention challenges. Without a clear, sustained inflection in paid members or monetization, scaling margins and achieving durable top-line growth will remain difficult for the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Expensify’s extremely low leverage and meaningful equity cushion provide durable financial flexibility. With debt under $5M against roughly $139M of equity, the company can fund product development, absorb revenue volatility, and pursue buybacks or strategic initiatives without near-term refinancing pressure.
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
$163.94M
Dividend YieldN/A
Average Volume (3M)1.25M
Price to Earnings (P/E)―
Beta (1Y)1.97
Revenue Growth-1.25%
EPS Growth-109.14%
CountryUS
Employees117
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.22
Shares Outstanding84,278,250
10 Day Avg. Volume2,242,560
30 Day Avg. Volume1,252,007
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 Cap0.21
Enterprise Value/Revenue0.25
Enterprise Value/Gross Profit0.50
Enterprise Value/Ebitda-3.52
Forecast
1Y Price Target
$1.25Price Target Upside-22.36% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.09
Revenue Forecast (FY)$135.36M
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 subscriptions to its expense management software. Customers (typically businesses) pay recurring fees for access to features such as receipt scanning (e.g., SmartScan), automated expense report creation a...
Expensify Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call presented a mix of positives and negatives. Management emphasized strong profitability metrics (non‑GAAP net income, adjusted EBITDA), positive cash generation (with an adjusted free cash flow view after a one‑time legal charge), product momentum (30+ improvements), partnership expansion, BYOC progress and promising April paid user growth. Offsetting these were continued top‑line pressure with revenue down 6% YoY, average paid members down 4% YoY, a GAAP net loss, a one‑time legal payment that reduced reported free cash flow, and platform performance issues for larger customers slowing migration. Management reiterated conservative free cash flow guidance while signaling potential for an inflection driven by product migration and upcoming AI capabilities. Overall, the call balanced near‑term challenges with clear operational and product progress.Positive Updates
Interchange Revenue Growth
Total interchange revenue was $5.5 million, up 10% year‑over‑year, driven by continued performance of the Expensify Card.
Negative Updates
Revenue Decline
Revenue for the quarter was $34 million, down 6% year‑over‑year, signaling continued pressure on the top line.
Read all updates
Q1-2026 Updates
Positive
Negative
Interchange Revenue Growth
Total interchange revenue was $5.5 million, up 10% year‑over‑year, driven by continued performance of the Expensify Card.
Read all positive updates
Company Guidance
Management reiterated full‑year 2026 free cash flow guidance of $6–$9 million and a conservative outlook while reporting Q1 results: revenue $34.0M (‑6% YoY), average paid members 632,000 (‑4% YoY) with April paid active members at 641,000, interchange revenue $5.5M (+10% YoY), operating cash flow $0.1M, free cash flow $2.5M (≈$5M excluding a one‑time $2.6M legal payment), GAAP net loss $2.3M, non‑GAAP net income $3.6M and adjusted EBITDA $6.2M as they focus on fundamentals and returning to growth.Expensify Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
78
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 140.00M | 142.10M | 139.24M | 150.69M | 169.50M | 142.84M |
| Gross Profit | 69.46M | 71.53M | 75.00M | 83.80M | 106.83M | 89.14M |
| EBITDA | -9.96M | -7.83M | 5.99M | -27.98M | -9.18M | -5.05M |
| Net Income | -20.56M | -21.39M | -10.05M | -41.46M | -27.01M | -13.56M |
Balance Sheet | ||||||
| Total Assets | 190.60M | 185.99M | 173.68M | 176.78M | 210.24M | 183.21M |
| Cash, Cash Equivalents and Short-Term Investments | 86.25M | 63.08M | 48.77M | 47.51M | 103.79M | 98.40M |
| Total Debt | 5.56M | 5.74M | 6.47M | 29.55M | 67.78M | 69.97M |
| Total Liabilities | 52.07M | 53.24M | 45.44M | 76.04M | 113.00M | 106.60M |
| Stockholders Equity | 138.53M | 132.75M | 128.24M | 100.74M | 97.24M | 76.61M |
Cash Flow | ||||||
| Free Cash Flow | 12.39M | 20.07M | 16.25M | -5.74M | 30.67M | -2.13M |
| Operating Cash Flow | 15.40M | 20.09M | 23.88M | 1.56M | 32.88M | 5.49M |
| Investing Cash Flow | -4.47M | -3.56M | -7.63M | -7.29M | -2.20M | -7.61M |
| Financing Cash Flow | 2.31M | -2.74M | -22.07M | -45.32M | -8.28M | 80.56M |
Expensify Technical Analysis
Positive
1.61
Price Trends
1.22
Positive
1.09
Positive
1.34
Positive
Market Momentum
0.16
Negative
66.03
Neutral
90.00
Negative
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 1.61 is above the 20-day moving average (MA) of 1.43, above the 50-day MA of 1.22, and above the 200-day MA of 1.34, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 66.03 is Neutral, neither overbought nor oversold. The STOCH value of 90.00 is Negative, 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
1.70
-0.74
-30.33%
SSTI
SoundThinking Inc
9.08
-4.59
-33.58%
MAPS
WM Technology
0.38
-0.50
-56.90%
Expensify Corporate Events
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’...
Business Operations and StrategyStock Buyback
Expensify Announces $25 Million Modified Dutch Auction Tender
Positive
May 13, 2026
On May 13, 2026, Expensify, Inc. launched a modified Dutch auction tender offer to repurchase up to $25 million of its Class A common stock at prices between $0.98 and $1.20 per share in cash, with the offer scheduled to expire on June 10, 2026, u...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Expensify Posts Q1 Results Highlighting Profitability and Partnerships
Neutral
May 7, 2026
On May 7, 2026, Expensify reported first quarter 2026 results showing net revenue of $34.0 million, down 6% year on year, a narrowed net loss of $2.3 million, non-GAAP net income of $3.6 million, adjusted EBITDA of $6.2 million, and positive free ...
Delistings and Listing ChangesRegulatory Filings and ComplianceShareholder MeetingsStock Split
Expensify Faces Nasdaq Noncompliance, Considers Reverse Stock Split
Negative
Apr 21, 2026
On April 17, 2026, Expensify received a notice from Nasdaq that its Class A common stock had closed below the $1.00 minimum bid price for 30 consecutive business days, putting the company out of compliance with Nasdaq’s continued listing sta...
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.