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what it is
Expensify helps businesses track receipts, approve expenses, and pay people back from one app.
how it gets paid
Last year Expensify made $142M in revenue. Subscriptions was the main engine at $96M, or 68% of sales.
why it's growing
Revenue grew 2.1% last year. Revenue rose 205% Vs. last year, and gross margin held at 50.7%.
what just happened
Expensify posted $107M of revenue, but EPS was still -$0.15.
At a glance
B balance sheet — gets the job done, barely
-$0.12 fy2024 eps est
$15M fy2026 rev est
12.7% operating margin
1.75 beta
xvary composite: 47/100 — below average
What they do
Expensify helps businesses track receipts, approve expenses, and pay people back from one app.
Since 2008, Expensify has added 15 million members and processed 1.8 billion expense transactions (recorded money moves). 15 million members versus 115 employees is a strange kind of scale. If your team lives inside receipts and approvals, leaving means retraining people, not just changing software.
How they make money
$142M
annual revenue · their business grew +2.1% last year
Subscriptions
$96M
+1.5%
SmartScan add-ons
$18M
+3.0%
Payments and reimbursements
$16M
+8.0%
Other services
$12M
2.0%
The products that matter
expense management software
Expensify
$142M revenue · +2.1% growth
it's the core platform and, in this snapshot, effectively the whole reported business: $142M in revenue, up 2.1% from last year. modest growth at this scale leaves you with very little room for execution mistakes.
core engine
corporate card workflow
Expensify Card
no breakout disclosed here
management pointed to card growth as a 2025 bright spot, but this snapshot gives you no revenue split inside the same $142M base. you know where the strategy is aimed. you do not yet know how much of the business it carries.
disclosure thin
partner-led customer acquisition
Xero partnership
six free months offered
the expanded Xero offer gives new customers six free months, which tells you customer acquisition matters enough that Expensify is trading near-term economics for reach. for a $75M company, that is a real bet, not a side project.
distribution bet
Key numbers
$142M
annual revenue
You are buying a $142M business that still loses money on operations.
642,000
paid members
A 642,000-person paying base gives the company a real customer pool, not just signups.
1.75
beta
A 1.75 beta means the stock tends to swing harder than the market.
12.7%
operating margin
Negative operating margin means the business keeps losing money before interest and taxes.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $5M (6% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for EXFY right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Expensify posted $107M of revenue, but EPS was still -$0.15.
Revenue rose 205% Vs. last year, and gross margin held at 50.7%. Gross margin means what stays after direct costs. EPS stayed negative, so the business is still not past the ugly part.
$107M
revenue
-$0.15
eps
50.7%
gross margin
the number that mattered
50.7% gross margin says each sales dollar keeps 50.7 cents before overhead.
source: company earnings report, 2025
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What could go wrong
the #1 risk is AI and sales spending failing to produce enough new growth to offset the free-cash-flow drop.
med
free cash flow reset
Management guided to $6M–$9M of free cash flow in 2026 after producing $19.9M in 2025. That is a 55–70% decline in the number that made this tiny company look optically cheap.
If that guide proves optimistic, the stock stops looking merely discounted and starts looking like a business that burned through its margin for error.
med
weak software economics in a crowded category
A 50.7% gross margin is low for software. That is the proof beat. It points to pricing pressure, acquisition friction, or both — none of which pair well with 2.1% growth.
If competition keeps forcing mediocre margins, new spending may defend the customer base without improving the business quality.
med
thin disclosure on what is actually working
Management talks up card growth and partner traction, but this snapshot does not break those pieces out inside the $142M revenue base. You are underwriting a strategy with limited segment proof.
When disclosure is thin, every earnings report carries more interpretation risk than it should.
A drop from $19.9M to $6M–$9M in free cash flow would remove 55–70% of recent cash generation. For a $75M company with no moat and only 2.1% growth, that is not a side issue. It is the investment case.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
free cash flow versus the $6M–$9M guide
This is the whole near-term debate. If cash lands near $6M, the 2025 result of $19.9M starts to look like a peak, not a platform.
calendar
Q1 2026 earnings report
Expected on or around May 6, 2026. You want less storytelling and more proof that new spend is improving growth, retention, or both.
trend
whether card growth becomes visible in reported numbers
Management highlighted card momentum in 2025. The missing piece is scale. Watch for any disclosure that shows it is becoming material inside the $142M revenue base.
risk
margin quality in a crowded category
A 50.7% gross margin is already telling you this is not premium software economics. If that slips while spending rises, the turnaround case gets much harder to defend.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for EXFY is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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