Update shared on 14 Dec 2025
Analysts have nudged their price target on Expensify slightly higher to reflect modest improvements in forecast profit margins and updated discount rate assumptions, while keeping long term growth expectations broadly intact.
What's in the News
- Launched an enhanced integration with Uber for Business that fully automates collection and categorization of receipts for Uber rides and Uber Eats orders, improving compliance and reducing manual data entry for corporate travel and dining expenses (client announcement).
- Completed a share repurchase of 2,865,099 shares, representing 3.1% of outstanding stock for a total of $6 million, including 1,579,763 shares bought back in the most recent quarter (buyback tranche update).
- Signed a multi-year partnership with the Brooklyn Nets, naming Expensify the official travel and expense management partner and securing in-arena and digital branding exposure for the 2025 to 2026 NBA season (client announcement).
- Rolled out the next evolution of Concierge, turning it into a full-service expense agent that combines AI and human support to manage expenses via chat, email, and text while flagging suspicious or non-compliant receipts (product-related announcement).
Valuation Changes
- Fair Value Estimate remains unchanged at 2.83x, suggesting no material shift in long term intrinsic value assumptions.
- Discount Rate has risen slightly from 8.51% to 8.55%, reflecting a modestly higher required return on equity.
- Revenue Growth is essentially unchanged, remaining at approximately 0.93% in the long run forecast.
- Net Profit Margin has risen slightly from 12.38% to 12.41%, indicating a small improvement in expected profitability.
- Future P/E edged down marginally from 19.37x to 19.34x, implying a slightly lower valuation multiple on forward earnings.
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