Expensify, Inc. (EXFY) vs Perfect Corp. (PERF)

Expensify, Inc. and Perfect Corp. are both Software Application companies. Expensify, Inc. and Perfect Corp. are of similar size ($206.1M and $195.6M). Expensify, Inc. has negative trailing earnings, so its P/E is not meaningful; Perfect Corp. trades at 37.5×. Perfect Corp. grew revenue faster over the last twelve months: 10.4% against −4.27%. Perfect Corp. has the higher net margin (8.13% vs −11.3%) and the higher return on invested capital (0.00% vs −10.1%). Across the 19 metrics below, Perfect Corp. leads on 16 and Expensify, Inc. on 3.

Valuation

Metric EXFY PERF Software Application median
P/E n/m 37.55 24.79
P/S 1.52 2.63 2.67
P/B 1.56 1.19 3.01
Price to free cash flow 26.48 18.40 16.59
EV/EBITDA n/m 11.11 14.40
EV/Sales 1.47 0.35 2.62
Earnings yield (7.73%) 2.66% 0.00%
Free cash flow yield 3.78% 5.44% 1.91%

Profitability

Metric EXFY PERF Software Application median
Gross margin 48.67% 79.73% 67.03%
Operating margin (8.03%) 1.78% 0.00%
Net margin (11.31%) 8.13% 0.00%
Free cash flow margin 5.96% 14.32% 4.32%
Return on equity (11.73%) 3.76% 0.00%
Return on assets (8.39%) 3.00% 0.00%
Return on invested capital (10.07%) 0.00% 0.00%

Growth

Metric EXFY PERF Software Application median
Revenue growth (TTM) (4.27%) 10.41% 12.40%
EPS growth (last fiscal year) (91.67%) 0.00% —
Revenue growth, 5-year CAGR 10.04% 11.15% 13.72%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric EXFY PERF Software Application median
Debt to equity 0.00 0.00 0.02
Current ratio 3.50 4.63 1.55
Net debt to EBITDA 7.13 227.58 0.06

Dividend

Metric EXFY PERF Software Application median
Dividend yield — — 1.25%
Payout ratio 0.00 0.00 0.00

Size

Metric EXFY PERF Software Application median
Market cap 206.08m 195.55m 396.11m

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