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EXFY

Expensify NasdaqGS:EXFY Stock Report

Last Price

US$14.88

Market Cap

US$1.2b

7D

4.3%

1Y

n/a

Updated

01 Oct, 2022

Data

Company Financials +
EXFY fundamental analysis
Snowflake Score
Valuation3/6
Future Growth6/6
Past Performance0/6
Financial Health5/6
Dividends0/6

EXFY Stock Overview

Expensify, Inc. provides a cloud-based expense management software platform to individuals, small businesses, and corporations in the United States and internationally.

Expensify Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Expensify
Historical stock prices
Current Share PriceUS$14.88
52 Week HighUS$51.06
52 Week LowUS$13.58
Beta0
1 Month Change-13.29%
3 Month Change-19.91%
1 Year Changen/a
3 Year Changen/a
5 Year Changen/a
Change since IPO-63.76%

Recent News & Updates

Aug 11

Expensify GAAP EPS of -$0.10 misses by $0.02, revenue of $43.16M misses by $0.49M

Expensify press release (NASDAQ:EXFY): Q2 GAAP EPS of -$0.10 misses by $0.02. Revenue of $43.16M (+22.3% Y/Y) misses by $0.49M. The company experienced its strongest quarter for paid member growth to date, generated year-over-year interchange growth from the Expensify Card of 142% and saw positive operating cash flow of $27.2 million for the quarter. Non-GAAP net income was $6.1 million. Adjusted EBITDA was $11.7 million, with an Adjusted EBITDA margin of 27%. Shares -16.67%.

Aug 07
Are Investors Undervaluing Expensify, Inc. (NASDAQ:EXFY) By 44%?

Are Investors Undervaluing Expensify, Inc. (NASDAQ:EXFY) By 44%?

In this article we are going to estimate the intrinsic value of Expensify, Inc. ( NASDAQ:EXFY ) by estimating the...

Shareholder Returns

EXFYUS SoftwareUS Market
7D4.3%-1.3%-2.5%
1Yn/a-33.2%-23.2%

Return vs Industry: Insufficient data to determine how EXFY performed against the US Software industry.

Return vs Market: Insufficient data to determine how EXFY performed against the US Market.

Price Volatility

Is EXFY's price volatile compared to industry and market?
EXFY volatility
EXFY Average Weekly Movement8.7%
Software Industry Average Movement8.9%
Market Average Movement6.9%
10% most volatile stocks in US Market15.6%
10% least volatile stocks in US Market2.8%

Stable Share Price: EXFY is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: EXFY's weekly volatility (9%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2008144David Barretthttps://www.expensify.com

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.

Expensify Fundamentals Summary

How do Expensify's earnings and revenue compare to its market cap?
EXFY fundamental statistics
Market CapUS$1.22b
Earnings (TTM)-US$34.18m
Revenue (TTM)US$161.34m

7.5x

P/S Ratio

-35.6x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
EXFY income statement (TTM)
RevenueUS$161.34m
Cost of RevenueUS$68.13m
Gross ProfitUS$93.21m
Other ExpensesUS$127.39m
Earnings-US$34.18m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-0.42
Gross Margin57.77%
Net Profit Margin-21.18%
Debt/Equity Ratio72.6%

How did EXFY perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is EXFY undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for EXFY?

Other financial metrics that can be useful for relative valuation.

EXFY key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue7.3x
Enterprise Value/EBITDA-27.3x
PEG Ration/a

Price to Sales Ratio vs Peers

How does EXFY's PS Ratio compare to its peers?

EXFY PS Ratio vs Peers
The above table shows the PS ratio for EXFY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average5.9x
RAMP LiveRamp Holdings
2.2x13.9%US$1.2b
EVBG Everbridge
3x14.1%US$1.2b
FORG ForgeRock
6.6x22.6%US$1.2b
IDCC InterDigital
2.5x-3.3%US$1.2b
EXFY Expensify
7.5x20.5%US$1.2b

Price-To-Sales vs Peers: EXFY is expensive based on its Price-To-Sales Ratio (7.5x) compared to the peer average (5.9x).


Price to Earnings Ratio vs Industry

How does EXFY's PE Ratio compare vs other companies in the US Software Industry?

Price-To-Sales vs Industry: EXFY is expensive based on its Price-To-Sales Ratio (7.5x) compared to the US Software industry average (4.3x)


Price to Sales Ratio vs Fair Ratio

What is EXFY's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EXFY PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio7.5x
Fair PS Ratio4.8x

Price-To-Sales vs Fair Ratio: EXFY is expensive based on its Price-To-Sales Ratio (7.5x) compared to the estimated Fair Price-To-Sales Ratio (4.8x).


Share Price vs Fair Value

What is the Fair Price of EXFY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: EXFY ($14.88) is trading below our estimate of fair value ($33.01)

Significantly Below Fair Value: EXFY is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Expensify forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


113.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: EXFY is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

Earnings vs Market: EXFY is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: EXFY is expected to become profitable in the next 3 years.

Revenue vs Market: EXFY's revenue (20.5% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: EXFY's revenue (20.5% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: EXFY's Return on Equity is forecast to be high in 3 years time (35.9%)


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Past Performance

How has Expensify performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-65,823.1%

Last years earnings growth

Earnings and Revenue History

Quality Earnings: EXFY is currently unprofitable.

Growing Profit Margin: EXFY is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if EXFY's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: Unable to compare EXFY's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: EXFY is unprofitable, making it difficult to compare its past year earnings growth to the Software industry (13.4%).


Return on Equity

High ROE: EXFY has a negative Return on Equity (-47.04%), as it is currently unprofitable.


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Financial Health

How is Expensify's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: EXFY's short term assets ($191.5M) exceed its short term liabilities ($69.8M).

Long Term Liabilities: EXFY's short term assets ($191.5M) exceed its long term liabilities ($52.9M).


Debt to Equity History and Analysis

Debt Level: EXFY has more cash than its total debt.

Reducing Debt: Insufficient data to determine if EXFY's debt to equity ratio has reduced over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable EXFY has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: EXFY is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by 15.9% per year.


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Dividend

What is Expensify current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Expensify Dividend Yield vs Market
How does Expensify dividend yield compare to the market?
SegmentDividend Yield
Company (Expensify)n/a
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Software)1.1%
Analyst forecast in 3 Years (Expensify)0%

Notable Dividend: Unable to evaluate EXFY's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate EXFY's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if EXFY's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if EXFY's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as EXFY has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.7yrs

Average management tenure


CEO

David Barrett (45 yo)

13.67yrs

Tenure

US$3,341,880

Compensation

Mr. David Barrett Founded Expensify, LLC in 2008 and serves as its Chief Executive Officer & Director since 2009 & serves as its President. Prior to Expensify, Mr. Barrett led engineering for Red Swoosh...


CEO Compensation Analysis

David Barrett's Compensation vs Expensify Earnings
How has David Barrett's remuneration changed compared to Expensify's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

-US$34m

Mar 31 2022n/an/a

-US$23m

Dec 31 2021US$3mUS$1m

-US$14m

Sep 30 2021n/an/a

US$645k

Jun 30 2021n/an/a

US$52k

Mar 31 2021n/an/a

US$285k

Dec 31 2020US$1mUS$933k

-US$2m

Compensation vs Market: David's total compensation ($USD3.34M) is below average for companies of similar size in the US market ($USD5.58M).

Compensation vs Earnings: David's compensation has increased whilst the company is unprofitable.


Leadership Team

Experienced Management: EXFY's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.


Board Members

Experienced Board: EXFY's board of directors are not considered experienced ( 0.8 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqGS:EXFY Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
15 Nov 21SellUS$3,013,100Ryan SchafferIndividual119,996US$25.11
15 Nov 21SellUS$850,727David MartiranoIndividual33,880US$25.11
15 Nov 21SellUS$50,421,131PJCCompany2,008,010US$25.11

Ownership Breakdown

What is the ownership structure of EXFY?
Owner TypeNumber of SharesOwnership Percentage
VC/PE Firms15,163,08418.5%
Individual Insiders20,371,14224.9%
General Public21,288,24626.0%
Institutions24,993,31830.5%

Dilution of Shares: EXFY only recently listed within the past 12 months.


Top Shareholders

Top 25 shareholders own 71.44% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
13.2%
David Barrett
10,798,841$160.7m0.2%no data
12.28%
OpenView Advisors, LLC
10,044,250$149.5m0%81.08%
7.97%
Witold Stankiewicz
6,516,640$97.0m0%no data
6.26%
PJC
5,118,834$76.2m-27.23%no data
3.74%
SVB Wealth LLC
3,061,230$45.6m0%0.77%
3.24%
Durable Capital Partners, LP
2,652,266$39.5m28.15%0.45%
2.98%
The Vanguard Group, Inc.
2,435,303$36.2m177.98%no data
2.86%
Hall Capital Partners LLC
2,341,590$34.8m0%14.39%
2.59%
Capital Research and Management Company
2,120,087$31.5m0%no data
2.58%
Hillsven LLC
2,109,017$31.4m-76.69%no data
2.39%
Light Street Capital Management, LLC
1,952,461$29.1m-7.15%4.81%
2.13%
Jason Mills
1,745,706$26.0m1.39%no data
1.33%
Baillie Gifford & Co.
1,085,524$16.2m-0.12%0.01%
1.32%
Massachusetts Financial Services Company
1,076,054$16.0m12.24%no data
1.02%
BlackRock, Inc.
837,089$12.5m12.41%no data
0.86%
Janus Henderson Group plc
703,902$10.5m-0.27%0.01%
0.77%
Ranger Investment Management, L.P.
626,743$9.3m0%0.76%
0.71%
IEQ Capital, LLC
583,576$8.7m0%0.29%
0.7%
Ryan Schaffer
571,618$8.5m4.03%no data
0.53%
Pier Capital, LLC
434,907$6.5m0.16%1.16%
0.43%
Eldridge Industries LLC
355,853$5.3m0%0.52%
0.43%
Citadel Advisors LLC
348,431$5.2m-22.26%0.01%
0.4%
Daniel Vidal
325,882$4.8m10.18%no data
0.38%
Invesco Capital Management LLC
311,598$4.6m0%no data
0.36%
Anuradha Muralidharan
293,843$4.4m7.53%no data

Company Information

Expensify, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Expensify, Inc.
  • Ticker: EXFY
  • Exchange: NasdaqGS
  • Founded: 2008
  • Industry: Application Software
  • Sector: Software
  • Implied Market Cap: US$1.217b
  • Shares outstanding: 81.82m
  • Website: https://www.expensify.com

Number of Employees


Location

  • Expensify, Inc.
  • 401 SW 5th Avenue
  • Portland
  • Oregon
  • 97204
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
EXFYNasdaqGS (Nasdaq Global Select)YesClass A Common StockUSUSDNov 2021

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/01 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.