Expensify, Inc.

NasdaqGS:EXFY Stock Report

Market Cap: US$106.1m

Expensify Management

Management criteria checks 3/4

Expensify's CEO is David Barrett, appointed in Jan 2008, has a tenure of 18.25 years. total yearly compensation is $1.90M, comprised of 97% salary and 3% bonuses, including company stock and options. directly owns 5.64% of the company’s shares, worth $5.98M. The average tenure of the management team and the board of directors is 4.9 years and 4.4 years respectively.

Key information

David Barrett

Chief executive officer

US$1.9m

Total compensation

CEO salary percentage96.96%
CEO tenure18.3yrs
CEO ownership5.6%
Management average tenure4.9yrs
Board average tenure4.4yrs

Recent management updates

Recent updates

EXFY: Share Repurchases And Reverse Split Will Support Future Upside Potential

Analysts have slightly reduced their price target on Expensify to reflect a modestly lower future P/E assumption of 12.24x, down from 12.25x, while keeping fair value, revenue growth, profit margin, and discount rate inputs effectively unchanged. What's in the News Upcoming AGM on May 22, 2026, includes a proposal to amend the Certificate of Incorporation to conduct a reverse stock split of common stock and a proportional reduction in authorized shares, which could affect share count and trading characteristics (Key Developments).

EXFY: Ongoing Share Buybacks Will Support Future Upside Potential

Analysts have modestly adjusted their price targets for Expensify, citing only minor tweaks to assumptions around the discount rate, long-term revenue growth, profit margins, and future P/E. These changes leave their overall valuation in roughly the same $ range as before.

EXFY: Share Buybacks And New Partnership Will Support Future Upside Potential

Analysts have slightly reduced their Expensify price targets, reflecting a modest adjustment to the discount rate and only very small changes to long-term profit margin and future P/E assumptions, with no material change to the underlying fair value estimate of $1.50 per share. What's in the News From October 1, 2025 to December 31, 2025, Expensify repurchased 1,958,019 shares, described as 2.1% of its shares, for $3 million under its existing buyback program (company announcement).

EXFY: Share Buybacks And New Partnership Will Support Future Adoption

Analysts have reduced their price target on Expensify from $2.83 to $1.50, citing lower expectations for revenue growth, slightly higher discount rates, a more conservative profit margin outlook, and a reset future P/E assumption. What's in the News From October 1, 2025 to December 31, 2025, Expensify repurchased 1,958,019 shares, representing 2.1% of its shares, for US$3 million under its existing buyback program (Key Developments).

EXFY: Expanded Partnerships Will Support Higher Long Term Profitability

Analysts have reduced their price target on Expensify to $2.00 from $5.00, citing a higher discount rate, more cautious revenue growth assumptions, a significant reset in expected P/E multiples, and a sharply higher projected profit margin as the main factors behind the revision. What's in the News Expensify and Xero expanded their partnership to offer joint discounts and marketing campaigns aimed at simplifying operations for small businesses, including free access to Xero's Business Edition for 6 months for new customers who sign up via Expensify, and 50% off Expensify's annual plan for 6 months for new customers coming through Xero (Key Developments).

EXFY: Share Buybacks And New Partnerships Will Shape Balanced Risk Profile

Analysts have lowered their fair value estimate for Expensify from US$2.00 to US$1.50, citing updated assumptions around discount rates, revenue growth, profit margins, and a lower future P/E multiple. What's in the News Expensify announced an updated integration with Uber for Business that automates receipt collection for employee Uber rides and Uber Eats orders, aiming to cut manual uploads and data entry by sending itemized e-receipts directly into Expensify once accounts are connected (Client Announcements).

EXFY: AI Concierge And New Partnerships Will Support Stronger Future Adoption

Analysts have trimmed their price expectations for Expensify, with the latest fair value estimate now aligning with a lower implied future P/E of about 18.8. This reflects slightly higher discount rate assumptions and modestly stronger long term profit margin forecasts. What's in the News Expensify introduced an improved integration with Uber for Business that automates receipt collection for Uber rides and Uber Eats orders, with e-receipts flowing directly into Expensify for categorization and reconciliation, including global invoicing support and 24/7 assistance through Uber for Business (Key Developments).

EXFY: Expanded Partnerships And AI Expense Support Will Drive Future User Adoption

Analysts have nudged their price target on Expensify slightly higher, citing a small adjustment to the discount rate, as well as modest tweaks to long term profit margin and future P/E assumptions as key drivers of the change. What's in the News Expensify, Inc.

EXFY: Expanded NBA Alliance Will Drive Brand Reach And User Adoption

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).

Expensify: Choppy Member Trends Offset Cheap Price (Downgrade)

Dec 02

EXFY: Expanded NBA Partnership Will Boost Brand Presence And User Adoption

Analysts have lowered their price target for Expensify from $2.83 to $2.83 per share. This adjustment is due to reduced revenue growth expectations and a slight decrease in projected profit margins.

EXFY: Expanded Partnerships And AI Integration Will Drive Shareholder Value

Analysts have lowered their price target for Expensify to $2.83 from $3.17. This decision is based on revised assumptions around revenue growth and future profitability projections.

An Intrinsic Calculation For Expensify, Inc. (NASDAQ:EXFY) Suggests It's 44% Undervalued

Nov 08
An Intrinsic Calculation For Expensify, Inc. (NASDAQ:EXFY) Suggests It's 44% Undervalued

Digital Transformation And Cloud Finance Will Advance Superapp Potential

Despite improvement in Expensify’s Net Profit Margin and a sharply lower Future P/E ratio suggesting better profitability and a more attractive valuation, analysts have nonetheless reduced their consensus price target from $3.88 to $3.50. What's in the News Expensify was added to a wide range of Russell indices, including the Russell 2000, 2500, 3000, Microcap, and Small Cap Completeness indices, as well as their respective growth and value sub-indices, signaling increased index fund inclusion and potential visibility to institutional investors.

At US$2.18, Is Expensify, Inc. (NASDAQ:EXFY) Worth Looking At Closely?

Jul 16
At US$2.18, Is Expensify, Inc. (NASDAQ:EXFY) Worth Looking At Closely?

Revenues Working Against Expensify, Inc.'s (NASDAQ:EXFY) Share Price Following 26% Dive

May 25
Revenues Working Against Expensify, Inc.'s (NASDAQ:EXFY) Share Price Following 26% Dive

Expensify: Tiny Company, Bountiful FCF Potential

Apr 23
User avatar

AI Integration, SmartScan And Travel Will Drive Future Efficiency

Expensify's strategic AI investments and successful card program expansion could enhance profitability and sustain revenue growth through increased margins and new revenue streams.

Expensify: Competitive Industry And Poor Operating Metrics

Jan 30

The Jury's Still Out On Expensify's Platform 2.0 Approach

Nov 13

Expensify, Inc. (NASDAQ:EXFY) Stock Catapults 32% Though Its Price And Business Still Lag The Industry

Nov 09
Expensify, Inc. (NASDAQ:EXFY) Stock Catapults 32% Though Its Price And Business Still Lag The Industry

Expensify, Inc.'s (NASDAQ:EXFY) Shares Bounce 28% But Its Business Still Trails The Industry

Aug 18
Expensify, Inc.'s (NASDAQ:EXFY) Shares Bounce 28% But Its Business Still Trails The Industry

Expensify: Staying Bullish On Good Performance And Favorable Prospects

Aug 13

Expensify, Inc.'s (NASDAQ:EXFY) Revenues Are Not Doing Enough For Some Investors

Jun 19
Expensify, Inc.'s (NASDAQ:EXFY) Revenues Are Not Doing Enough For Some Investors

Expensify: A Busted IPO To An Undervalued SaaS Micro-Cap

May 07

Expensify: A Company That Hopes To Turn The Corner In 2024

Apr 02

Expensify: Poor Execution And Outlook (Rating Downgrade)

Mar 05

There's No Escaping Expensify, Inc.'s (NASDAQ:EXFY) Muted Revenues Despite A 25% Share Price Rise

Mar 01
There's No Escaping Expensify, Inc.'s (NASDAQ:EXFY) Muted Revenues Despite A 25% Share Price Rise

Expensify May Have More Surprises In Store (Rating Upgrade)

Feb 27

Is Expensify (NASDAQ:EXFY) Using Debt In A Risky Way?

Feb 19
Is Expensify (NASDAQ:EXFY) Using Debt In A Risky Way?

CEO Compensation Analysis

How has David Barrett's remuneration changed compared to Expensify's earnings?
DateTotal CompensationSalaryCompany Earnings
Dec 31 2025US$2mUS$2m

-US$21m

Sep 30 2025n/an/a

-US$16m

Jun 30 2025n/an/a

-US$15m

Mar 31 2025n/an/a

-US$9m

Dec 31 2024US$2mUS$2m

-US$10m

Sep 30 2024n/an/a

-US$16m

Jun 30 2024n/an/a

-US$31m

Mar 31 2024n/an/a

-US$39m

Dec 31 2023US$2mUS$2m

-US$41m

Sep 30 2023n/an/a

-US$38m

Jun 30 2023n/an/a

-US$29m

Mar 31 2023n/an/a

-US$26m

Dec 31 2022US$2mUS$2m

-US$27m

Sep 30 2022n/an/a

-US$40m

Jun 30 2022n/an/a

-US$38m

Mar 31 2022n/an/a

-US$23m

Dec 31 2021US$20mUS$1m

-US$14m

Sep 30 2021n/an/a

US$4m

Jun 30 2021n/an/a

US$4m

Mar 31 2021n/an/a

US$285k

Dec 31 2020US$1mUS$933k

-US$2m

Compensation vs Market: David's total compensation ($USD1.90M) is above average for companies of similar size in the US market ($USD621.84K).

Compensation vs Earnings: David's compensation has been consistent with company performance over the past year.

CEO

David Barrett (48 yo)

18.3yrs
Tenure
US$1,903,704
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, I...

Leadership Team

NamePositionTenureCompensationOwnership
David Barrett
Founder18.3yrsUS$1.90m5.64%
$ 6.0m
Ryan Schaffer
CFO & Director9.3yrsUS$1.24m0.77%
$ 812.7k
Cole Eason
Chief Compliance Officer & Corporate Secretaryno datano datano data
Jason Mills
Chief Product Officer & Director4.9yrsno data1.65%
$ 1.7m
Daniel Vidal
Chief Strategy Officer & Director4.9yrsno data0.64%
$ 675.8k
Carlos Alvarez Divo
Director of Engineering & Directorless than a yearno data0.67%
$ 715.7k
4.9yrs
Average Tenure
37yo
Average Age

Experienced Management: EXFY's management team is considered experienced (4.9 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
David Barrett
Founder17.3yrsUS$1.90m5.64%
$ 6.0m
Ryan Schaffer
CFO & Director9.3yrsUS$1.24m0.77%
$ 812.7k
Jason Mills
Chief Product Officer & Director4.4yrsno data1.65%
$ 1.7m
Daniel Vidal
Chief Strategy Officer & Director4.4yrsno data0.64%
$ 675.8k
Carlos Alvarez Divo
Director of Engineering & Directorless than a yearno data0.67%
$ 715.7k
Timothy Christen
Independent Director4.4yrsUS$164.24k0.20%
$ 208.4k
Ellen Pao
Independent Director4.4yrsUS$154.24k0.12%
$ 123.7k
Ying Liu
Independent Director4.4yrsUS$154.61k0.11%
$ 120.6k
4.4yrs
Average Tenure
45.5yo
Average Age

Experienced Board: EXFY's board of directors are considered experienced (4.4 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/30 04:18
End of Day Share Price 2026/04/30 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Expensify, Inc. is covered by 8 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Daniel JesterBMO Capital Markets Equity Research
Koji IkedaBofA Global Research
Steven EndersCitigroup Inc