Expensify, Inc. (EXFY) vs Immersion Corporation (IMMR)

Expensify, Inc. and Immersion Corporation are both Software Application companies. Expensify, Inc. and Immersion Corporation are of similar size ($221.5M and $203.3M). Expensify, Inc. has negative trailing earnings, so its P/E is not meaningful; Immersion Corporation trades at 19.3×. Immersion Corporation grew revenue faster over the last twelve months: 4.12% against −5.46%. Immersion Corporation has the higher net margin (0.60% vs −12.2%) and the higher return on invested capital (4.26% vs −9.76%). Across the 20 metrics below, Immersion Corporation leads on 15 and Expensify, Inc. on 5.

Valuation

Metric EXFY IMMR Software Application median
P/E n/m 19.34 26.44
P/S 1.37 0.13 2.90
P/B 1.36 0.40 2.60
Price to free cash flow 21.89 3.67 17.04
EV/EBITDA n/m 1.85 15.48
EV/Sales 1.33 0.08 3.00
Earnings yield (8.82%) 5.17% 0.20%
Free cash flow yield 4.57% 27.24% 1.96%

Profitability

Metric EXFY IMMR Software Application median
Gross margin 47.59% 21.54% 67.34%
Operating margin (8.46%) 1.86% 0.00%
Net margin (12.23%) 0.60% 0.00%
Free cash flow margin (2.99%) 3.53% 5.77%
Return on equity (12.19%) 1.87% 0.00%
Return on assets (8.82%) 0.85% 0.00%
Return on invested capital (9.76%) 4.26% 0.00%

Growth

Metric EXFY IMMR Software Application median
Revenue growth (TTM) (5.46%) 4.12% 12.12%
EPS growth (last fiscal year) (91.67%) (92.63%) 32.44%
Revenue growth, 5-year CAGR 10.04% 124.34% 14.34%
Net income growth, 5-year CAGR 0.00% (3.52%) 0.00%

Health

Metric EXFY IMMR Software Application median
Debt to equity 0.00 0.22 0.04
Current ratio 3.51 2.14 1.53
Net debt to EBITDA 7.13 (1.60) 0.09

Dividend

Metric EXFY IMMR Software Application median
Dividend yield — 4.43% 1.07%
Payout ratio — 0.88 0.28

Size

Metric EXFY IMMR Software Application median
Market cap 203.34m 221.49m 383.88m

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