Expensify, Inc.

NasdaqGS:EXFY Stock Report

Market Cap: US$298.0m

Expensify 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

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

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 ($3.5) is trading below our estimate of fair value ($6.65)

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

Key Valuation Metric

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

Key metric: As EXFY is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for EXFY. This is calculated by dividing EXFY's market cap by their current revenue.
What is EXFY's PS Ratio?
PS Ratio2.3x
SalesUS$137.44m
Market CapUS$298.03m

Price to Sales Ratio vs Peers

How does EXFY's PS Ratio compare to its 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.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.2x
KLTR Kaltura
2x2.4%US$329.3m
CRNC Cerence
1x-9.9%US$336.2m
LAW CS Disco
2x5.4%US$298.9m
LGTY Logility Supply Chain Solutions
3.6x3.6%US$373.2m
EXFY Expensify
2.3x4.9%US$298.0m

Price-To-Sales vs Peers: EXFY is expensive based on its Price-To-Sales Ratio (2.3x) compared to the peer average (2.2x).

Price to Sales Ratio vs Industry

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

70 CompaniesPrice / SalesEstimated GrowthMarket Cap
VYX NCR Voyix
0.5x-22.3%US$2.02b
PGY Pagaya Technologies
0.7x15.5%US$684.26m
XPER Xperi
0.9x1.8%US$460.41m
EGHT 8x8
0.5x1.5%US$348.86m
EXFY 2.3xIndustry Avg. 5.4xNo. of Companies70PS048121620+
70 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: EXFY is good value based on its Price-To-Sales Ratio (2.3x) compared to the US Software industry average (5.4x).

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 Ratio2.3x
Fair PS Ratio1.5x

Price-To-Sales vs Fair Ratio: EXFY is expensive based on its Price-To-Sales Ratio (2.3x) compared to the estimated Fair Price-To-Sales Ratio (1.5x).

Analyst Price Targets

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

The above table shows the analyst EXFY forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$3.50
US$3.75
+7.1%
34.6%US$5.00US$2.00n/a4
Dec ’25US$3.26
US$3.00
-8.0%
23.6%US$4.00US$2.00n/a4
Nov ’25US$1.87
US$2.70
+44.4%
27.7%US$4.00US$2.00n/a5
Oct ’25US$1.91
US$2.70
+41.4%
27.7%US$4.00US$2.00n/a5
Sep ’25US$2.32
US$2.70
+16.4%
27.7%US$4.00US$2.00n/a5
Aug ’25US$1.70
US$2.75
+61.8%
30.2%US$4.00US$2.00n/a4
Jul ’25US$1.56
US$2.75
+76.3%
30.2%US$4.00US$2.00n/a4
Jun ’25US$1.51
US$3.20
+111.9%
36.4%US$5.00US$2.00n/a5
May ’25US$1.62
US$3.00
+85.2%
38.5%US$5.00US$2.00n/a6
Apr ’25US$1.68
US$3.00
+78.6%
43.6%US$5.00US$2.00n/a7
Mar ’25US$2.49
US$3.00
+20.5%
43.6%US$5.00US$2.00n/a7
Feb ’25US$1.68
US$3.64
+116.8%
37.9%US$6.00US$2.00n/a7
Jan ’25US$2.47
US$3.64
+47.5%
47.9%US$7.00US$2.00US$3.357
Dec ’24US$2.53
US$3.64
+44.0%
47.9%US$7.00US$2.00US$3.267
Nov ’24US$2.68
US$5.57
+107.9%
25.1%US$8.00US$4.00US$1.877
Oct ’24US$3.25
US$6.43
+97.8%
16.3%US$8.00US$5.00US$1.917
Sep ’24US$4.42
US$7.14
+61.6%
20.4%US$10.00US$5.00US$2.327
Aug ’24US$6.41
US$9.44
+47.2%
22.1%US$12.00US$5.00US$1.708
Jul ’24US$7.98
US$9.44
+18.3%
22.1%US$12.00US$5.00US$1.568
Jun ’24US$6.62
US$9.94
+50.1%
12.9%US$12.00US$8.50US$1.518
May ’24US$7.76
US$11.88
+53.0%
15.4%US$15.00US$9.00US$1.628
Apr ’24US$8.15
US$12.00
+47.2%
15.6%US$15.00US$9.00US$1.688
Mar ’24US$8.45
US$12.78
+51.2%
20.1%US$18.00US$9.00US$2.499
Feb ’24US$10.55
US$14.89
+41.1%
24.0%US$20.00US$9.00US$1.689
Jan ’24US$8.83
US$16.75
+89.7%
21.5%US$22.00US$12.00US$2.478

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/02 13:28
End of Day Share Price 2025/01/02 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

Expensify, Inc. is covered by 10 analysts. 5 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