A Business at a Glance
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Expensify is a leading cloud-based expense management software platform that helps the smallest to the largest businesses simplify the way they manage money. Every day, people from all walks of life in organizations around the world use Expensify to scan and reimburse receipts from flights, hotels, coffee shops, office supplies and ride shares. Since our founding in 2008, we have added over 15 million members to our community, and processed and automated over 1.8 billion expense transactions on our platform as of December 31, 2025, freeing people to spend less time managing expenses and more time doing the things they love. For the quarter ended December 31, 2025, an average of 650,000 paid members across an average of 39,700 companies and over 200 countries and territories used Expensify to make money easy.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 142M | 142M | 139M | 151M | 169M | 143M |
| Net Income | -21M | -21M | -10M | -41M | -27M | -14M |
| EPS | $-0.23 | $-0.23 | $-0.12 | $-0.50 | $-0.33 | $-0.36 |
| Free Cash Flow | 20M | 20M | 24M | 175K | 32M | 2.8M |
| ROIC | -20.4% | -16.4% | -2.7% | -38.2% | -18.2% | -10.5% |
| Gross Margin | 50.3% | 50.3% | 53.9% | 55.6% | 63.0% | 62.4% |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.30 | 0.69 | 0.88 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -18M | -18M | -820K | -33M | -15M | -10M |
| Operating Margin | -12.7% | -12.7% | -0.6% | -22.0% | -9.0% | -7.2% |
| ROE | -16.1% | -16.4% | -7.8% | -41.1% | -27.8% | -17.7% |
| Shares Outstanding | 93M | 93M | 84M | 83M | 82M | 82M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 88M | 143M | 169M | 151M | 139M | 142M | 142M |
| Gross Margin | 63.2% | 62.4% | 63.0% | 55.6% | 53.9% | 50.3% | 50.3% |
| R&D | 6.7M | 11M | 14M | 23M | 25M | 21M | 21M |
| SG&A | 33M | 61M | 58M | 49M | 38M | 42M | 42M |
| EBIT | 5.7M | -10M | -15M | -33M | -820K | -18M | -18M |
| Op. Margin | 6.4% | -7.2% | -9.0% | -22.0% | -0.6% | -12.7% | -12.7% |
| Net Income | -1.7M | -14M | -27M | -41M | -10M | -21M | -21M |
| Net Margin | -1.9% | -9.5% | -15.9% | -27.5% | -7.2% | -15.1% | -15.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | 3.9% | -10.5% | -18.2% | -38.2% | -2.7% | -16.4% | -20.4% |
| ROE | N/A | -17.7% | -27.8% | -41.1% | -7.8% | -16.4% | -16.1% |
| ROA | -1.9% | -7.4% | -12.8% | -23.5% | -5.8% | -11.9% | -11.5% |
| Cash Flow | |||||||
| Op. Cash Flow | 7.6M | 5.5M | 33M | 1.6M | 24M | 20M | 20M |
| Free Cash Flow | 5.1M | 2.8M | 32M | 175K | 24M | 20M | 20M |
| Owner Earnings | -13M | -14M | -25M | -45M | -16M | -15M | -15M |
| CapEx | 2.5M | 2.7M | 585K | 1.4M | 0 | 17K | 17K |
| Maint. CapEx | 3.2M | 5.2M | 5.4M | 5.2M | 6.8M | 8.5M | 8.5M |
| Growth CapEx | 0 | 0 | 0 | 0 | N/A | 0 | 0 |
| D&A | 3.2M | 5.2M | 5.4M | 5.2M | 6.8M | 8.5M | 8.5M |
| CapEx/OCF | N/A | 49.3% | 1.8% | 88.8% | N/A | 0.1% | 0.1% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 6.0M | 3.0M | 1.5M | 9.1M | 9.1M |
| Buyback Yield | N/A | N/A | 0.9% | 1.4% | 0.5% | 6.3% | 11.2% |
| Stock-Based Comp | 18M | 15M | 52M | 41M | 34M | 27M | 27M |
| Debt Repayment | 319K | 25M | 595K | 45M | 23M | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | -21M | -129M | -141M | -65M | -97M | -126M | -63M |
| Cash & Equiv. | 34M | 98M | 104M | 48M | 49M | 63M | 63M |
| Long-Term Debt | 30M | 52M | 51M | 7.7M | 100K | 0 | N/A |
| Debt/Equity | -1.54 | 0.88 | 0.69 | 0.30 | 0.00 | 0.00 | 0.00 |
| Interest Coverage | 2.1 | -2.9 | -2.8 | -6.2 | -0.6 | -180.2 | -180.2 |
| Equity | -31M | 77M | 97M | 101M | 128M | 133M | 133M |
| Total Assets | 88M | 183M | 210M | 177M | 174M | 186M | 186M |
| Total Liabilities | 74M | 107M | 113M | 76M | 45M | 53M | 53M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -52M | -66M | -98M | -141M | -151M | -172M | -172M |
| Working Capital | 24M | 104M | 127M | 69M | 99M | 107M | 107M |
| Current Assets | 64M | 158M | 187M | 137M | 137M | 153M | 153M |
| Current Liabilities | 39M | 54M | 60M | 68M | 38M | 46M | 46M |
| Per Share Data | |||||||
| EPS | -0.06 | -0.36 | -0.33 | -0.50 | -0.12 | -0.23 | -0.23 |
| Owner EPS | -0.17 | -0.17 | -0.30 | -0.54 | -0.20 | -0.16 | -0.16 |
| Book Value | -0.38 | 0.93 | 1.19 | 1.22 | 1.53 | 1.43 | 1.43 |
| Cash Flow/Share | 0.09 | 0.07 | 0.40 | 0.02 | 0.28 | 0.22 | -0.14 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 81.6M | 82.5M | 81.8M | 82.9M | 83.8M | 93.0M | 93.0M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | -3.8 |
| P/FCF | N/A | N/A | 21.4 | N/A | 12.2 | 7.2 | 4.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 38.6 | 7.1 | 2.1 | 2.3 | 1.1 | 0.6 |
| Price/Sales | N/A | 23.5 | 8.9 | 3.3 | 1.2 | 1.6 | 0.6 |
| FCF Yield | N/A | 0.1% | 4.7% | 0.1% | 8.2% | 13.9% | 24.8% |
| Market Cap | N/A | 3.0B | 690M | 210M | 291M | 144M | 81M |
| Avg. Price | N/A | 40.63 | 18.39 | 6.09 | 2.05 | 2.41 | 0.87 |
| Year-End Price | N/A | 35.88 | 8.43 | 2.53 | 3.47 | 1.55 | 0.87 |
Expensify, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 3.5x vs a median of 12.2x. The company's 5-year average gross margin is 57.0%. Total shareholder yield (buybacks) is 11.2%. At current prices, the estimated annualized return to fair value is +9.3%.
Expensify, Inc. (EXFY) has a 5-year average return on invested capital (ROIC) of -17.2%. This is below average and may indicate limited pricing power.
Expensify, Inc. (EXFY) has a market capitalization of $81M. It is classified as a small-cap stock.
Expensify, Inc. (EXFY) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 11.24%.
Expensify, Inc. (EXFY) operates in the Services-Prepackaged Software industry, within the Technology sector.
Expensify, Inc. (EXFY) reported annual revenue of $142 million in its most recent fiscal year, based on SEC EDGAR filings.
Expensify, Inc. (EXFY) has a net profit margin of -15.1%. The company is currently unprofitable.
Expensify, Inc. (EXFY) generated $20 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Expensify, Inc. (EXFY) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
Expensify, Inc. (EXFY) reported earnings per share (EPS) of $-0.23 in its most recent fiscal year.
Expensify, Inc. (EXFY) has a return on equity (ROE) of -16.4%. A negative ROE may indicate losses or negative equity.
Expensify, Inc. (EXFY) has a 5-year average gross margin of 57.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for Expensify, Inc. (EXFY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Expensify, Inc. (EXFY) has a book value per share of $1.43, based on its most recent annual SEC filing.