Expensify, Inc.
EXFYAbout 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.
Investment snapshot
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
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The 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. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked 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.
| Metric | Graham 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | FAIL · Rank #2359 (Top 76.2%) | FAIL | FAIL | FAIL | NEUTRAL | FAIL | FAIL | PASS | PASS | PASS | BUY | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | +33.6% | N/A | N/A | N/A | -2.2% | N/A | N/A | N/A | N/A | N/A | N/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 AssetsDebt/Equity & Interest CoverageD/E: 0.00, IC: N/A✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0✓Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent 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 < 1.00xDebt Levels0✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDA✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0✓Ackman<= 1.0Negative 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 growingFCF Positive and Growing$20.1M✗LynchPositive and growingOperating Cash Flow$20.1M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=10.80%, ROA=-11.50%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)8.5x✗Dreman< 8xP/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<= 25Positive Operating Cash Flow frequency7/7 years positive✓SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$20.1M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+11.81%; #584/4519 (top 12.9%)✗OshaughnessyTop 10% of eligible cross-section
Where It Falls Short
- Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency1/7 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth-7.6%✗Ackman>= 5%Positive EPS Growth Frequency✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 55.6% -> 50.3%, operating margin -22.0% -> -12.7%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR10.0%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Profitability6% pass✓ 3✗ 32▾
15 of 16 flag EXFY's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/8 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)1/8 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-22.1%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-12.7% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-12.9M✗BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-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 > 0ROA 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 > ROAGross Margin Change YoY53.9% -> 50.3%✗PiotroskiImproved YoYPre-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 < 15Return on Equity-21.7% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency1/7 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating 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 yearsRevenue 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 holdingNet income / market capitalization-9.79%; #4170/6340 (top 65.8%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+34.02%; #1213/3702 (top 32.8%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity-12.11%; #3476/5226 (top 66.5%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0619; #2854/5884 (top 48.5%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive 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<= 15xPrice-to-Book Ratio1.3x✓Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic 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< 8xValuation 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 < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per Share8.5x✓Ackman<= 25Price 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-sectionPositive book equity / market capitalization+0.8086; #1901/6449 (top 29.5%)✓AsnessTop 30% of eligible cross-sectionPrice / 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-sectionTrailing 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>= 2.0ROIC (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 YoYRevenue / Total Assets Change YoY0.80x -> 0.76x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities3.51✓Dreman> 1.5Return 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 eachReinvestment 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 $1.84Ackman 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
Financial Snapshot
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.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived 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 valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex, buybacks. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| 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 Margin | 47.6%↓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 Ratio | 3.51↑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
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AUTOMATIC DATA PROCESSING INCADP | $122.3B | $309.93 | $21.9B | $4.4B | 73.2% | 0.82 | 24.2% | 1.05 | 4/9 | 5/9 | 3/7 | 0/3 | F-Score 6 | 5/11 |
| ELECTRONIC ARTS INC.EA | $52.9B | $209.70 | $7.5B | $887.0M | 13.1% | 0.22 | 15.4% | 1.05 | 1/9 | 4/9 | 4/7 | 0/3 | F-Score 6 | 6/11 |
| Rubrik, Inc.RBRK | $22.6B | $109.88 | $1.3B | $348.8M | 67.1% | — | -26.2% | 1.69 | 1/9 | 0/9 | 2/7 | 0/3 | F-Score 6 | 2/11 |
| AECOMACM | $9.1B | $70.50 | $16.1B | $561.8M | 22.5% | 1.09 | 6.4% | 1.14 | 1/9 | 3/9 | 3/7 | 1/3 | F-Score 8 | 2/11 |
| COMMVAULT SYSTEMS INCCVLT | $6.2B | $152.07 | $1.2B | $70.7M | 942.8% | — | 6.3% | 1.95 | 1/9 | 2/9 | 4/7 | 0/3 | F-Score 6 | 6/11 |
| WPP plcWPP | $6.0B | $27.79 | $18.2B | $289.5M | -8.5% | 1.94 | 2.8% | 0.89 | 1/9 | 2/9 | 1/7 | 0/3 | F-Score 3 | 2/11 |
| VARONIS SYSTEMS INCVRNS | $5.6B | $48.94 | $623.5M | $129.3M | -21.6% | 0.76 | -23.5% | 1.97 | 1/9 | 0/9 | 1/7 | 0/3 | F-Score 5 | 1/11 |
| ROBERT HALF INC.RHI | $4.3B | $42.00 | $5.4B | $133.0M | 10.4% | — | 1.4% | 1.53 | 2/9 | 5/9 | 1/7 | 0/3 | F-Score 5 | 2/11 |