Expensify, Inc. (EXFY) Market Cap
Expensify, Inc. has a market capitalization of $79.1M.
Financials based on reported quarter end 2025-12-31
Price: $0.89
▼ -0.02 (-2.29%)
Market Cap: 79.06M
NASDAQ · time unavailable
CEO: David Barrett
Sector: Technology
Industry: Software - Application
IPO Date: 2021-11-10
Website: https://www.expensify.com
Expensify, Inc. (EXFY) - Company Information
Market Cap: 79.06M · Sector: Technology
Expensify, Inc. provides a cloud-based expense management software platform to individuals, small businesses, and corporations in the United States and internationally. The company's platform enables users to manage corporate cards, pay bills, generate invoices, collect payments, and book travel. It also offers track and submit plans for individuals. The company was founded in 2008 and is based in Portland, Oregon.
Analyst Sentiment
Based on 3 ratings
Analyst 1Y Forecast: $0.00
Average target (based on 2 sources)
Consensus Price Target
Low
$3
Median
$14
High
$25
Average
$14
Potential Upside: 1441.7%
Price & Moving Averages
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Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"EXFY reported revenues of $35.2M for the year ended December 31, 2025, alongside a net loss of $7.12M, reflecting challenges in profitability. The company has total assets of $185.99M and total liabilities of $53.24M, resulting in a strong equity position of $132.75M and net debt of -$57.34M, suggesting a resilient balance sheet. Operating cash flow was recorded at $2.20M with free cash flow of $1.70M. However, the stock's performance has been unfavorable, with a one-year price change of -75.55%. This decline indicates significant challenges in market sentiment and performance. Despite the absence of dividends, the company's equity structure and free cash flow generation are positive indicators for potential operational stability. Nonetheless, with ongoing losses and a steep decline in market price, investor confidence may be low. The price target consensus suggests potential upside, but current performance metrics will require improvement for positive shareholder returns."
Revenue Growth
Revenue of $35.2M shows some growth, but lacks acceleration.
Profitability
Net loss of $7.12M indicates significant profitability challenges.
Cash Flow Quality
Positive free cash flow of $1.70M reflects liquidity and operational stability.
Leverage & Balance Sheet
Strong assets vs liabilities with negative net debt indicates low risk.
Shareholder Returns
Severe market decline of -75.55% over the past year negatively impacts returns.
Analyst Sentiment & Valuation
Market performance is weak, but analyst price targets suggest some upside potential.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
Management delivered solid Q4/FY execution but guided to materially lower FY26 free cash flow. Q4 results included $35.2M revenue, $3.2M FCF, and $3.3M adjusted EBITDA, while FY25 generated $19.9M FCF and repurchased ~$9M of stock. The business momentum is real: travel bookings surged 434% in Q4 YoY and card interchange rose 24% in FY25, alongside migration progress (new Expensify feature complete for ~90% of revenue; rolled out to 63% of Classic customers). The key hard pivot is the FY26 FCF guide of only $6M–$9M, driven by conservative outlook plus higher sales/marketing and AI investment—so near-term margin/cash tradeoffs are expected. In the Q&A, analysts pressed on AI/compression risk and whether paid member trends were migration-driven; management largely attributed member changes to seasonality, and positioned AI as an opportunity where collaborative workflows and regulated network access still create moats.
Growth Catalysts
- Travel bookings up 434% in Q4 2025 vs Q4 2024
- Expensify Card interchange increased 24% in fiscal 2025 vs prior year
- Migration to new Expensify reached feature parity with Classic for customers representing 90% of revenue
- New Expensify rolled out to 63% of Classic customers (nudging; majority stay on new)
Business Development
- Multiyear integration partnership with Uber for Business (automate travel and meal receipts; strengthen policy controls)
- Recognized TrustRadius 2026 Buyers' Choice Award in expense management (based on customer reviews)
Financial Highlights
- Q4 2025 revenue: $35.2M
- Q4 2025 average paid members: 650,000 (no increase cited in Q&A, but first paid member increase since Q4'24 noted by analyst)
- Q4 2025 total interchange: $5.5M
- Q4 2025 operating cash flow: $2.2M; free cash flow: $3.2M; net loss: $7.1M (non-GAAP net loss: $2.1M; adjusted EBITDA: $3.3M)
- FY 2025 revenue: $142.1M; FY 2025 operating cash flow: $20.1M; FY 2025 free cash flow: $19.9M
- FY 2025 net loss: $21.4M (primarily stock-based comp and F1 movie-related expenses); FY 2025 non-GAAP net income: $5.2M; adjusted EBITDA: $16.9M
- Free cash flow guidance shift: initiating FY 2026 FCF guidance of $6M to $9M (vs prior implicit higher run-rate; management cites conservative outlook plus increased investment in sales/marketing and AI)
- Share repurchase: repurchased 4.8M+ Class A shares in 2025 totaling ~$9M
Capital Funding
- FY 2025 free cash flow: $19.9M (source of funding)
- Share buyback: 4.8M+ shares for ~$9M during 2025
- No explicit FY 2026 cash/debt runway or debt level disclosed in transcript
Strategy & Ops
- New Expensify feature parity: achieved for customers representing 90% of revenue; migration rolled to 63% of Classic customers
- Migration progress includes beginning the migration of the approved accounting network (native reporting/charging; 'virtual CFO insights')
- Card/connectivity breadth: connects to 10,000+ global banks; 80%+ of card imports via direct bank connections at 0 marginal cost (per management claim)
- Product growth motion: 'nudging' cohorts; Classic remains for customers who need/prefer it
- Launch of 'submit plan' (free for all members) to drive grassroots adoption company-wide
Market Outlook
- FY 2026 free cash flow guidance: $6M to $9M (initiated during call)
- January paid members for Q1: 626,000 (management: down vs December due to seasonality; members typically increase in future months)
Risks & Headwinds
- Paid member increase attributed primarily to seasonality (Q4 generally stronger than Q3); migration expected to aid retention/user growth, but impacts for 4Q'25 described as secondary to seasonality
- Analyst framing: potential AI 'vibe coding' and efficiency pressures could compress application software multiples (management does not concede risk; argues different moats)
- AI disruption/tumultuous world acknowledged by management (trustworthiness of agents; need for spend controls); emphasis on mitigation via spend controls/policy controls rather than competitors replacing functionality
Sentiment: MIXED
Note: This summary was synthesized by AI from the EXFY Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.