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Saturday 7 November 2026
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Expensify, Inc.
EXFY Technology Software Application
Expensify, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $142.1 million, up 2.06% from fiscal 2024.
- Revenue
- −5.83%
- EPS
- −33.3%
- Free cash flow
- −200.5%
Quarter to September 2026, against a year earlier
2.05
0.18
−8.07%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | 80 | 88 | 143 | 169 | 151 | 139 | 142 | 136 | +9.9% | 134 | 133 | 135 | (1.6%) | |
| Gross margin, % | — | — | — | 60.25 | 63.20 | 62.41 | 63.03 | 55.61 | 53.86 | 50.34 | 47.59 | (9.9) pt | ||||||
| EBT | — | — | — | (2) | 3 | (14) | (21) | (38) | (2) | (16) | (10) | +48.7% | ||||||
| EBT margin, % | — | — | — | (1.88) | 3.35 | (9.61) | (12.18) | (25.53) | (1.72) | (11.47) | (7.61) | (9.6) pt | ||||||
| Net income | — | 0 | — | 1 | (2) | (14) | (27) | (41) | (10) | (21) | (17) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 3.10 | 3.21 | 3.76 | 2.10 | 1.83 | 1.59 | 1.54 | 1.49 | (11.0%) | |||||
| Earnings | — | — | — | 0.05 | (0.06) | (0.36) | (0.33) | (0.51) | (0.12) | (0.23) | (0.18) | n/m | ||||||
| Cash flow | — | — | — | 0.48 | 0.28 | 0.14 | 0.41 | 0.02 | 0.27 | 0.22 | 0.00 | (12.3%) | ||||||
| Capex | — | — | — | (0.19) | (0.16) | (0.20) | (0.03) | (0.09) | (0.09) | (0.04) | (0.04) | (23.3%) | ||||||
| Free cash flow | — | — | — | 0.29 | 0.12 | (0.06) | 0.38 | (0.07) | 0.19 | 0.18 | (0.04) | (7.7%) | ||||||
| Book value | — | — | — | (0.13) | 0.51 | 2.01 | 1.20 | 1.22 | 1.47 | 1.44 | 1.50 | n/m | ||||||
| Shares, m | — | — | — | 26 | 27 | 38 | 81 | 82 | 87 | 92 | 93 | +23.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 122.71 | 122.71 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 35.1 | |||||
| P/S | — | — | — | 11.05 | 11.05 | 11.72 | 4.09 | 1.34 | 2.10 | 0.98 | 1.37 | 6.0 | ||||||
| P/B | — | — | — | 0.00 | 0.00 | 21.85 | 7.13 | 2.01 | 2.28 | 1.05 | 1.36 | 4.9 | ||||||
| EV/Sales | — | — | — | 11.04 | 11.04 | 11.50 | 3.87 | 1.41 | 2.17 | 0.95 | 1.33 | 6.0 | ||||||
| EV/FCF | — | — | — | 37.38 | 37.38 | (772.06) | 21.40 | (37.11) | 20.32 | 8.27 | 21.24 | (97.8) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | 12 | 8 | 5 | 33 | 2 | 24 | 20 | 13 | +8.3% | |||||
| Capex | — | — | — | (5) | (4) | (8) | (2) | (7) | (8) | (4) | (4) | (5.2%) | ||||||
| Free cash flow | — | — | — | 8 | 3 | (2) | 31 | (6) | 16 | 17 | (4) | +14.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 6 | 24 | 104 | 127 | 69 | 99 | 107 | 114 | +62.0% | |||||
| Net debt | — | — | — | 29 | 13 | (31) | (37) | (25) | (49) | (63) | (64) | n/m | ||||||
| Shareholders’ equity | — | — | — | (3) | 14 | 77 | 97 | 101 | 128 | 133 | 137 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | (2.08) | (10.01) | (13.73) | (21.42) | (5.74) | (11.89) | (8.82) | (11.9) pt | |||||
| ROIC | — | — | — | 2.99 | 12.91 | (13.98) | (15.75) | (27.30) | (0.64) | (16.17) | (9.76) | (19.2) pt | ||||||
| ROE | — | — | — | 0.00 | 4.30 | (59.49) | (31.07) | (41.88) | (8.78) | (16.39) | (12.19) | (16.4) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 133 | 144 | 138 | 133 | 115 | 117 | — | (2.5%) | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.66 | 0.99 | 1.23 | 1.13 | 1.21 | 1.21 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Expensify, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| GLOO Gloo Holdings, Inc. | $247.1M | — (loss-making) | — (loss-making) | +187.97% (above 0%: growing) | n/m | +49.40% (above 0%: growing) | 36.02% | (44.02%) | Compare |
| SVCO Silvaco Group, Inc. | $228.1M | — (loss-making) | — (loss-making) | −12.74% (below 0%: shrinking) | n/m | +90.45% (above 0%: growing) | 83.99% | (26.33%) | Compare |
| KLTR Kaltura, Inc. | $225.8M | — (loss-making) | — (loss-making) | +5.47% (above 0%: growing) | n/m | −206.36% (below 0%: shrinking) | 73.65% | (1.65%) | Compare |
| IMMR Immersion Corporation | $221.5M | 19.3× | 26.5× | +0.81% (above 0%: growing) | n/m | +27.93% (above 0%: growing) | 20.51% | (6.79%) | Compare |
| CURR Currenc Group Inc. | $208.8M | — (loss-making) | — (loss-making) | −21.81% (below 0%: shrinking) | n/m | +36.06% (above 0%: growing) | 42.74% | (46.55%) | Compare |
| EXFY Expensify, Inc. | $203.3M | — (loss-making) | — (loss-making) | −5.83% (below 0%: shrinking) | n/m | −200.52% (below 0%: shrinking) | 45.22% | (8.10%) | |
| DMRC Digimarc Corporation | $199.3M | — (loss-making) | — (loss-making) | −7.77% (below 0%: shrinking) | n/m | +80.94% (above 0%: growing) | 58.20% | (167.35%) | Compare |
| DHX DHI Group, Inc. | $186.7M | 23.2× | 21.8× | +0.36% (above 0%: growing) | n/m | +67.44% (above 0%: growing) | 79.17% | 11.98% | Compare |
| MRT MARTI TECH INC | $167.8M | — (loss-making) | — (loss-making) | — | n/m | +152.22% (above 0%: growing) | 76.55% | (0.68%) | Compare |
| Median of peers | $215.2M | — | — | +0.36% | — | +58.42% | 65.93% | (16.56%) |
Pay and ownership Proxy statement filed 10 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 1.90m | 1.90m | 17.10 |
| 2024 | 2.08m | 2.17m | 37.91 |
| 2023 | 1.84m | (910.78k) | 27.96 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement