Expensify, Inc.

EXFY
About the company

Expensify, Inc. provides a cloud-based expense management software platform in the United States and internationally. The company offers Expensify, a platform that engages in managing corporate cards, paying bills, generating invoices, collecting payments, and booking travel, as well as track and submit plans for individuals.

Country: United StatesPrice: $1.84Market Cap: $170.0M

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

4

BUY / PASS

Neutral / negative

2 / 10

NEUTRAL / FAIL

Median fair value

$2.29

+24.2% vs price

Models with upside

1 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Graham, Buffett, Lynch +1 more object

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #2359 (Top 76.2%)FAILFAILFAILNEUTRALFAILFAILPASSPASSPASSBUYFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/A+33.6%N/AN/AN/A-2.2%N/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-26

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Graham, Buffett, Lynch +1 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: N/A
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities3.51
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0008; #346/4210 (top 8.2%)
    ✓AsnessTop 30% of eligible cross-section
  • Cash Flow60% pass✓ 8✗ 4▾

    6 of 10 pass — Buffett, Lynch, Dreman +1 more object

    Free Cash Flow Proxy$-12.9M
    ✗BuffettPositive and growing
    FCF Positive and Growing$20.1M
    ✗LynchPositive and growing
    Operating Cash Flow$20.1M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=10.80%, ROA=-11.50%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)8.5x
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=11.8%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive7/7 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap11.8%
    ✓Ackman>= 4%
    Price / FCF per Share8.5x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency7/7 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$20.1M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+11.81%; #584/4519 (top 12.9%)
    ✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Growth0% pass✓ 2✗ 11▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-7.6%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 55.6% -> 50.3%, operating margin -22.0% -> -12.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR10.0%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Profitability6% pass✓ 3✗ 32▾

    15 of 16 flag EXFY's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)0/8 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/8 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-22.1%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-12.7% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-12.9M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-12.1%
    ✗Lynch> 15%
    EBIT / Enterprise Value-16.8%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-16.8%, ROC=-31.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-11.50%
    ✗PiotroskiROA > 0
    ROA Change YoY-5.79% -> -11.50% (delta: -5.71%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=10.80%, ROA=-11.50%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY53.9% -> 50.3%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-7.6%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-12.1%
    ✗Dreman> 12%
    Margin of SafetyP/B=1.3x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-21.7% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-8.5%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-12.1%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-22.0% (2023) -> -12.7% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 55.6% -> 50.3%, operating margin -22.0% -> -12.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-9.79%; #4170/6340 (top 65.8%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+34.02%; #1213/3702 (top 32.8%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-12.11%; #3476/5226 (top 66.5%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0619; #2854/5884 (top 48.5%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/7 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation15% pass✓ 7✗ 21▾

    11 of 13 flag EXFY's valuation — Graham, Lynch, Greenblatt +8 more

    Price / Book Value per Share1.3x
    ✗Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio1.3x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-16.8%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-16.8%, ROC=-31.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)8.5x
    ✗Dreman< 8x
    Valuation ReasonablenessOE Yield=-7.6%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=11.8%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=1.3x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share8.5x
    ✓Ackman<= 25
    Price vs. Trailing Low236% of trailing low ($0.78)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-9.79%; #4170/6340 (top 65.8%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.8086; #1901/6449 (top 29.5%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share1.28x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.8003; #2042/5247 (top 38.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+11.81%; #584/4519 (top 12.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+135.90%; #233/6202 (top 3.8%)
    ✓OshaughnessyTop 10% of eligible cross-section
  • Efficiency25% pass✓ 2✗ 9▾

    6 of 8 flag EXFY's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio3.51
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-23.4%
    ✗Buffett> 10%
    ROIC - WACC-33.4%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-31.9%
    ✗Greenblatt> 25%
    Current Ratio Change YoY3.60 -> 3.30
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.80x -> 0.76x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities3.51
    ✓Dreman> 1.5
    Return on Invested Capital-10.7%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-24.2%; FY2024: ROIC=-0.5%; FY2025: ROIC=-10.7%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -10.7%)
    ✗SleepROIC > 12% in a majority of years
  • Verdicts27% pass✓ 4✗ 11▾

    Split decision: 10 FAIL · 3 PASS · 2 NEUTRAL · 1 BUY

    Overall verdict
    ✗GrahamFAIL (3/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2359✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (2/11)✗MungerFAIL (1/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)✓AckmanPASS (4/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)✓AsnessBUY (Rank #403/2370 (Top 17.0%))✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation models50% pass✓ 1✗ 1▾

    Models split on EXFY at $1.84 — fair values range $1.80–$2.77

    Munger fair value$2.77
    ✓Munger+33.6% margin vs $1.84
    Ackman fair value$1.80
    ✗Ackman-2.2% margin vs $1.84

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services
Size: Micro Cap($170.0M)
Revenue: $142.1M+2.1% YoY
Net Income: $21.4M-112.7% YoY

Financial Snapshot

Operating Margin-12.7%
Return on Equity-16.1%
Debt / Equity0.00
Current Ratio3.30
EPS (Diluted)$-0.23
Buybacks (1y)$9.1M
Buybacks (2y)$10.6M
Shares Retired−5.6% / −11.9% 2y

Shareholder Return

Fiscal 2025

Issued 5.6% of shares last year, 11.9% issued over two.

Buybacks
$9.1M
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, operating cash flow, depreciation amortization, capex, buybacks.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex, buybacks.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-02-26
FY 2024
Sources
  • 10-K · 2025-02-27
FY 2023
Sources
  • 10-K · 2024-02-27
FY 2022
Sources
  • 10-K · 2023-03-08
FY 2021
Sources
  • 10-K · 2023-03-08
Market Cap$170.0Mcurrent------$133.8Mest.$312.8Mest.$133.6Mest.$841.0Mest.$1.1Best.
Revenue$136.1M↓5%$33.0M↓6%$33.9M↓5%$34.0M↓6%$142.1M↑2%$139.2M↓8%$150.7M↓11%$169.5M↑19%$142.8M
Operating Income-$11.5M↑16%-$2.7M↓19%-$2.9M↑72%-$2.0M↓33%-$18.0M↓2097%-$820.0K↑98%-$33.1M↓118%-$15.2M↓49%-$10.3M
Net Income-$16.6M↓7%-$3.3M↓44%-$3.9M↑56%-$2.3M↑26%-$21.4M↓113%-$10.1M↑76%-$41.5M↓53%-$27.0M↓99%-$13.6M
EPS (Diluted)--$-0.04↓33%$-0.04↑60%$-0.02↑33%$-0.23↓92%$-0.12↑76%$-0.50↓52%$-0.33↑8%$-0.36
Gross Margin47.6%↓6%45.2%↓9%48.2%↓7%47.6%↓6%50.3%↓7%53.9%↓3%55.6%↓12%63.0%↑1%62.4%
Operating Margin-8.5%↑11%-8.1%↓26%-8.6%↑70%-5.8%↓41%-12.7%↓2053%-0.6%↑97%-22.0%↓145%-9.0%↓25%-7.2%
ROE-12.1%↓5%———-16.1%↓106%-7.8%↑81%-41.1%↓48%-27.8%↓57%-17.7%
Total Debt--------$100.0K$100.0K↓99%$7.7M↓85%$52.0M↓1%$52.6M
Shareholders' Equity$137.5M↑1%$137.5M↑1%$134.6M↑2%$138.5M↑3%$132.7M↑4%$128.2M↑27%$100.7M↑4%$97.2M↑27%$76.6M
Current Ratio3.51↑2%3.51↑2%3.50↑11%3.49↑7%3.30↓8%3.60↑78%2.02↓35%3.10↑5%2.94
Debt / Equity————0.00↓3%0.00↓99%0.08↓86%0.53↓22%0.69
Operating Cash Flow$14.8M↓42%$4.0M↓4%$8.4M↓5%$118.0K↓98%$20.1M↓16%$23.9M↑1432%$1.6M↓95%$32.9M↑499%$5.5M
Free Cash Flow--$3.8M↓9%----$20.1M↓16%$23.9M↑13544%$175.0K↓99%$32.3M↑1062%$2.8M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

EXFY vs Peers — Financial Grading

Revenue$142.1MBottom 25%
Net Income$21.4MMedian
ROE-16.1%Bottom 25%
D/E0.00Top 25%
Op. Margin-12.7%Bottom 25%
Curr. Ratio3.30Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
AUTOMATIC DATA PROCESSING INCADP$122.3B$309.93$21.9B$4.4B73.2%0.8224.2%1.054/95/93/70/3F-Score 65/11
ELECTRONIC ARTS INC.EA$52.9B$209.70$7.5B$887.0M13.1%0.2215.4%1.051/94/94/70/3F-Score 66/11
Rubrik, Inc.RBRK$22.6B$109.88$1.3B$348.8M67.1%—-26.2%1.691/90/92/70/3F-Score 62/11
AECOMACM$9.1B$70.50$16.1B$561.8M22.5%1.096.4%1.141/93/93/71/3F-Score 82/11
COMMVAULT SYSTEMS INCCVLT$6.2B$152.07$1.2B$70.7M942.8%—6.3%1.951/92/94/70/3F-Score 66/11
WPP plcWPP$6.0B$27.79$18.2B$289.5M-8.5%1.942.8%0.891/92/91/70/3F-Score 32/11
VARONIS SYSTEMS INCVRNS$5.6B$48.94$623.5M$129.3M-21.6%0.76-23.5%1.971/90/91/70/3F-Score 51/11
ROBERT HALF INC.RHI$4.3B$42.00$5.4B$133.0M10.4%—1.4%1.532/95/91/70/3F-Score 52/11