Expensify, Inc.
- Open
- 2.58
- Day high
- 2.60
- Day low
- 2.50
- Prev close
- 2.58
- Volume
- 381K
- Mkt cap
- $230M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.7
- P/S
- 1.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$83K over the last 3 months (0 open-market buys, 13 sales)
- 🏛Institutions reducing (13F)
Expensify, Inc. (EXFY) is a Technology company listed on NASDAQ. The stock is up 32% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 13 sales (SEC Form 4).
Expensify, Inc. (EXFY) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EXFY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.02 | $0.04 | +100.0% | $34M | +0.5% |
| May 7, 2026 | $0.02 | $0.04 | +100.0% | $34M | -0.8% |
| Nov 6, 2025 | $0.05 | $0.04 | -13.3% | $35M | -1.2% |
| Aug 7, 2025 | $0.05 | $-0.02 | -136.8% | $36M | +0.3% |
| May 8, 2025 | $0.07 | $0.06 | -14.3% | $36M | -0.9% |
| Feb 27, 2025 | $0.07 | $0.10 | +42.9% | $37M | +2.7% |
| Nov 7, 2024 | $0.06 | $0.07 | +16.7% | $35M | -1.7% |
| Aug 8, 2024 | $0.07 | $0.07 | +0.0% | $33M | -4.9% |
| May 9, 2024 | $0.08 | $0.05 | -37.5% | $34M | -7.2% |
| Feb 22, 2024 | $0.01 | $0.04 | +176.6% | $35M | -0.9% |
| Feb 23, 2023 | $0.07 | $0.09 | +28.6% | $43M | -0.9% |
| Nov 10, 2022 | $0.08 | $0.07 | -12.5% | $42M | -8.1% |
EXFY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 7, 2026 | Liu Yingdirector | Grant | 123,762 | — |
| Jul 7, 2026 | Pao Ellendirector | Grant | 123,762 | — |
| Jul 7, 2026 | Christen Timothy Ldirector | Grant | 123,762 | — |
| Jul 7, 2026 | Liu Yingdirector | Grant | 3,731 | — |
| Jun 26, 2026 | Barrett David Michaeldirector, officer: Chief Executive Officer | Grant | 2,031,280 | $1.75 |
| Jun 26, 2026 | Barrett David Michaeldirector, officer: Chief Executive Officer | Grant | 63,694 | $1.75 |
| Jun 25, 2026 | Mills Jason Fahrdirector | Grant | 1,160,447 | $1.75 |
| Jun 25, 2026 | Vidal Danieldirector | Grant | 1,160,447 | $1.75 |
| Jun 25, 2026 | Schaffer Ryandirector, officer: Chief Financial Officer | Grant | 1,164,596 | $1.75 |
| Jun 25, 2026 | Barrett David Michaeldirector, officer: Chief Executive Officer | Grant | 2,094,974 | $1.75 |
| Jun 16, 2026 | Alvarez Divo Carlos Eduardodirector | Sell | 10,700 | $1.28 |
| Jun 11, 2026 | Barrett David Michaeldirector, officer: Chief Executive Officer | Option | 14,463 | — |
| Jun 11, 2026 | Schaffer Ryandirector, officer: Chief Financial Officer | Grant | 28,141 | $0.82 |
| Jun 11, 2026 | Schaffer Ryandirector, officer: Chief Financial Officer | Sell | 3,333 | $0.76 |
| Jun 11, 2026 | Vidal Danieldirector | Grant | 20,925 | — |
Source: EXFY SEC Form 4 filings, latest Jul 7, 2026. For informational purposes only — not investment advice.
See the full EXFY insider & 13F page →Expensify, Inc. company profile
Overview
Expensify, Inc. (NASDAQ:EXFY) is a cloud-based expense management software company founded in 2008 and headquartered in Portland, Oregon. The company went public in November 2021 and has evolved from a simple expense reporting tool into a comprehensive financial management platform. Expensify serves individuals, small businesses, and corporations across the United States and internationally, offering solutions for expense tracking, corporate card management, bill payments, invoicing, and travel booking through its AI-powered platform.
Business
Expensify operates in the financial technology (fintech) sector, specifically within the expense management and corporate financial services market. The company's core offering is a cloud-based software platform that automates and streamlines various financial processes for businesses and individuals. The company's flagship product is Expensify, an expense management platform that uses artificial intelligence to automatically categorize and process expense reports. The platform includes SmartScan technology, which uses optical character recognition and machine learning to extract data from receipts and automatically populate expense reports. Users simply photograph receipts, and the system handles the rest of the workflow. Beyond expense management, Expensify has expanded into a comprehensive financial ecosystem. The Expensify Card is a corporate credit card that integrates directly with the expense platform, automatically importing transactions and eliminating manual data entry. The company also offers Expensify Travel, a travel booking and management service, along with invoicing and bill payment capabilities. A key differentiator is New Expensify, the company's next-generation platform built around a chat-centric interface. This product combines expense management with real-time collaboration features, allowing teams to discuss and approve expenses through integrated messaging. The platform also includes Concierge AI, an artificial intelligence assistant that provides automated customer support and expense guidance. Revenue is primarily generated through subscription fees, with customers paying monthly or annual rates based on their plan level. The company offers different tiers including individual plans for freelancers and comprehensive enterprise solutions. Additionally, Expensify generates interchange revenue from its corporate card program, earning a percentage of each transaction processed through Expensify Cards.
Revenue model
Expensify operates a software-as-a-service (SaaS) business model with multiple revenue streams. The primary revenue source is subscription fees, where customers pay monthly or annual rates ranging from individual plans to enterprise-level packages. The company offers simplified pricing with plans like the Collect plan at $5 per member per month. A significant and growing revenue stream comes from interchange fees generated by the Expensify Card program. When customers use Expensify Cards for purchases, the company earns a percentage of each transaction from payment processors. This interchange revenue has shown strong growth, increasing 48% year-over-year in recent quarters and reaching $17.2 million annually. The company has migrated to a new card program that generates approximately 20% higher interchange rates compared to the previous program. The company's customer base spans from individual freelancers to large corporations, with a particular focus on small and medium-sized businesses (SMBs) and very small businesses (VSBs). Expensify has identified this as a largely untapped market representing approximately 300 million businesses globally. The company employs a unique "bottom-up" acquisition strategy, offering free individual plans that often lead to company-wide adoption when employees introduce the platform to their employers. Factors that could increase margins include successful migration of customers to higher-value subscription plans, continued growth in card interchange revenue, and the automation of customer support through AI technologies like Concierge AI, which has already reduced human interventions by 80%. The company's focus on operational efficiency and cost optimization has contributed to significant improvements in free cash flow generation. Potential margin pressures could arise from increased competition in the expense management space, economic downturns affecting SMB spending, or the need for substantial marketing investments to capture market share. The company's high percentage of pay-per-use customers (historically around 35% versus a target of 20%) creates revenue volatility, though management is actively working to convert these customers to more stable subscription plans.
Competitive moat
Expensify's competitive moat is moderate but faces several challenges in an increasingly crowded market. The company's primary advantages stem from its early market entry, established customer base of over 650,000 paid members, and integrated ecosystem approach combining expense management, corporate cards, and travel services. The company's AI-powered automation, particularly through SmartScan technology and Concierge AI, provides operational efficiency advantages. The 80% reduction in human interventions for customer support and expense processing creates cost advantages that can be passed on to customers. Additionally, the network effects from the Expensify Card program create switching costs, as customers benefit from seamless integration between card transactions and expense reporting. However, Expensify's moat is not particularly strong. The expense management market is highly competitive with established players like Concur (SAP), Coupa, and numerous other fintech solutions. Many competitors offer similar AI-powered features and integrated card programs. The relatively commoditized nature of expense management software means that switching costs, while present, are not prohibitively high for most customers. The company's focus on the SMB market, while representing a large opportunity, also means competing against simpler, lower-cost solutions and dealing with more price-sensitive customers. Larger enterprise competitors often have more resources for product development and marketing, potentially limiting Expensify's ability to compete for bigger accounts. Expensify's "chat-first" approach with New Expensify represents an attempt to differentiate through user experience, but this innovation advantage may be temporary as competitors can develop similar features. The company's viral, bottom-up adoption strategy is valuable but difficult to defend against well-funded competitors pursuing similar approaches.
Risks & safety
Expensify demonstrates a solid margin of safety with strong liquidity and improving financial metrics, though the company remains in a growth investment phase with periodic losses. • Liquidity and Solvency: Strong cash position with $59.6 million in cash and short-term investments as of Q1 2025. Current ratio of 3.25 indicates excellent short-term liquidity. The company became debt-free in 2024 after paying down $22.7 million in debt, with current debt-to-equity ratio of only 0.04. • Cash Generation: Significant improvement in cash flow generation, with free cash flow guidance of $17-21 million for 2025, up from $23.9 million in 2024. Operating cash flow positive at $4.8 million in Q1 2025, demonstrating the business model's cash-generating potential. • Valuation Metrics: Trading at reasonable valuation multiples with P/B ratio of 2.07. EV/EBITDA metrics volatile due to low EBITDA base, but improving operational efficiency suggests better normalized multiples ahead. • Revenue Stability: Subscription-based revenue model provides recurring income, though approximately 35% pay-per-use customers create some volatility. Diversified revenue streams including growing interchange income reduce concentration risk. • Other Considerations: Management's conservative approach to guidance and focus on operational efficiency provide downside protection. The company's ability to generate positive free cash flow while investing in growth initiatives demonstrates operational discipline.
Recent development
Over the past few years, Expensify has undergone significant strategic transformation, evolving from a traditional expense management company into a comprehensive AI-powered financial platform. The most significant development has been the launch of New Expensify, a chat-centric platform that reimagines expense management through conversational interfaces and real-time collaboration. The company has heavily invested in artificial intelligence capabilities, implementing Concierge AI across multiple business functions. This AI system now handles the majority of customer support interactions and has reduced human interventions in SmartScan and customer service by 80%. The AI capabilities extend to advanced policy violation detection, fraud reduction for travel bookings, and automated expense categorization with conversational corrections. A major operational milestone was achieved in 2024 when Expensify became debt-free by paying down $22.7 million in debt, significantly strengthening its balance sheet. Simultaneously, the company completed migration to a new card program that generates approximately 20% higher interchange revenue, contributing to the 48% year-over-year growth in card interchange income. Product expansion has been substantial, with the launch of Expensify Travel creating a new revenue stream and positioning the company as a comprehensive financial services provider. The platform now offers expense management, corporate cards, travel booking, invoicing, bill payments, and chat functionality, moving toward the company's vision of a financial "super app." The company has also pursued high-profile marketing initiatives, including a significant sponsorship deal with Apple's Formula One movie, generating an estimated $100 million in earned media coverage. This represents a shift toward brand awareness campaigns targeting the vast untapped SMB market. International expansion has included full Spanish language support and expanded global reimbursement capabilities, reflecting the company's ambition to capture international markets. The focus remains on viral, bottom-up adoption strategies rather than traditional enterprise sales approaches.
EXFY company profile · for informational purposes only — not investment advice.
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