Expensify, Inc. (EXFY) Key Metrics
EXFY valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $220.7M
- Enterprise value
- $153.9M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 1.6 10-yr median 2.1
- Price / book
- 1.6 10-yr median 2.3
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 1.74
EXFY key metrics, 2019–2025
Fiscal year ended December 31, 2025 · U.S. dollarsEXFY valuation Price multiples at each fiscal year-end price.
EXFY returns How much profit the business earns on the capital it uses.
EXFY per-share figures Results divided by the shares outstanding at year-end.
EXFY financial health Debt, liquidity and how easily interest is covered.
EXFY efficiency & capital use Working capital cycle and where the cash goes.
EXFY valuation history
EXFY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
EXFY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
EXFY cash returned to shareholders
EXFY price vs earnings per share
EXFY key metrics
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Valuation | |||||||
| Market capitalization | $139.3M | $292.7M | $203.8M | $713.3M | $3.58B | — | — |
| Enterprise value | $82.0M | $250.4M | $185.8M | $677.3M | $3.55B | — | — |
| Price / sales | 1.0 | 2.1 | 1.4 | 4.2 | 25.1 | — | — |
| Price / book | 1.0 | 2.3 | 2.0 | 7.3 | 46.7 | — | — |
| Price / free cash flow | 6.9 | 18.0 | — | 23.3 | — | — | — |
| Price / operating cash flow | 6.9 | 12.3 | 130.7 | 21.7 | 652.9 | — | — |
| EV / sales | 0.6 | 1.8 | 1.2 | 4.0 | 24.9 | — | — |
| EV / EBITDA | — | 41.8 | — | — | — | — | — |
| EV / free cash flow | 4.1 | 15.4 | — | 22.1 | — | — | — |
| Earnings yield | −15.3% | −3.4% | −20.3% | −3.8% | −0.4% | — | — |
| Free cash flow yield | 14.4% | 5.6% | −2.8% | 4.3% | −0.1% | — | — |
| Shareholder yield (dividends + buybacks) | 6.5% | 0.5% | 1.5% | 0.8% | 0.0% | — | — |
| Share price at fiscal year-end | $1.51 | $3.35 | $2.47 | $8.83 | $44.00 | — | — |
| Per share | |||||||
| Revenue per share | $1.54 | $1.59 | $1.83 | $2.10 | $1.75 | $2.54 | $2.41 |
| Earnings per share | −$0.23 | −$0.12 | −$0.50 | −$0.33 | −$0.17 | −$0.05 | $0.04 |
| Operating cash flow per share | $0.22 | $0.27 | $0.02 | $0.41 | $0.07 | $0.22 | $0.37 |
| Free cash flow per share | $0.22 | $0.19 | −$0.07 | $0.38 | −$0.03 | $0.09 | $0.23 |
| Cash per share | $0.68 | $0.56 | $0.58 | $1.28 | $1.21 | $0.99 | $0.30 |
| Book value per share | $1.44 | $1.47 | $1.22 | $1.20 | $0.94 | $0.41 | −$1.45 |
| Tangible book value per share | $1.29 | $1.28 | $1.07 | $1.12 | $0.86 | $0.30 | −$1.54 |
| Dividends per share | — | — | — | — | — | — | $0.01 |
| Capex per share | $0.00 | $0.09 | $0.09 | $0.03 | $0.09 | $0.12 | $0.15 |
| Debt per share | $0.06 | $0.07 | $0.36 | $0.84 | $0.86 | $1.49 | $1.33 |
| Shares outstanding | 92.3M | 87.4M | 82.5M | 80.8M | 81.4M | 34.7M | 33.4M |
| Change in shares outstanding | +5.6% | +5.9% | +2.1% | −0.8% | +134.6% | +3.9% | — |
| Returns & profitability | |||||||
| Return on equity (ROE) | −16.4% | −8.8% | −41.9% | −31.1% | −29.9% | — | — |
| Return on invested capital (ROIC) | −17.6% | −0.8% | −36.4% | −22.0% | −20.4% | 32.9% | — |
| Return on assets (ROA) | −11.9% | −5.7% | −21.4% | −13.7% | −10.0% | −2.1% | 1.6% |
| Return on tangible assets | −12.4% | −6.4% | −25.2% | −13.3% | −7.7% | −2.0% | 1.7% |
| Free cash flow margin | 14.1% | 11.7% | −3.8% | 18.1% | −1.5% | 3.7% | 9.3% |
| Income quality (OCF / net income) | — | — | — | — | — | — | 10.02 |
| Financial health | |||||||
| Total debt | $5.7M | $6.5M | $29.6M | $67.8M | $70.0M | $51.7M | $44.3M |
| Cash & short-term investments | $63.1M | $48.8M | $47.5M | $103.8M | $98.4M | $34.4M | $10.0M |
| Net debt | −$57.3M | −$42.3M | −$18.0M | −$36.0M | −$28.4M | $17.3M | $34.3M |
| Debt / equity | 0.04 | 0.05 | 0.29 | 0.70 | 0.91 | 3.67 | — |
| Debt / assets | 0.03 | 0.04 | 0.17 | 0.32 | 0.38 | 0.59 | 0.58 |
| Net debt / EBITDA | — | −7.06 | — | — | — | 2.14 | 8.38 |
| Current ratio | 3.30 | 3.60 | 2.02 | 3.10 | 2.94 | 1.62 | 1.13 |
| Quick ratio | 3.30 | 3.60 | 2.02 | 2.95 | 2.80 | 1.55 | 1.10 |
| Interest coverage | — | -0.5 | -6.2 | -2.8 | -2.9 | 2.1 | 0.5 |
| Working capital | $106.6M | $98.9M | $69.3M | $126.8M | $104.1M | $24.5M | $5.9M |
| Invested capital | $75.4M | $85.9M | $82.8M | $61.2M | $48.2M | $31.4M | −$14.2M |
| Tangible asset value | $119.1M | $112.0M | $88.2M | $90.4M | $70.3M | $10.3M | −$51.4M |
| Net current asset value | $99.8M | $91.4M | $61.2M | $74.1M | $51.0M | −$10.0M | −$74.5M |
| Graham net-net per share | $0.21 | $0.15 | −$0.19 | $0.12 | $0.14 | −$0.83 | −$3.24 |
| Capital allocation | |||||||
| Dividends paid | — | — | — | — | — | — | $482,000 |
| Share buybacks (net) | $9.1M | $1.5M | $3.0M | $6.0M | $0 | $0 | $14,000 |
| Dividend payout ratio | — | — | — | — | — | — | 38.8% |
| Dividends + buybacks / free cash flow | 45.3% | 9.5% | — | 19.6% | — | 0.0% | 6.6% |
| Capex / revenue | 0.0% | 5.5% | 4.8% | 1.3% | 5.3% | 4.9% | 6.1% |
| Capex / operating cash flow | 0.1% | 31.9% | 467.9% | 6.7% | 138.8% | 56.7% | 39.5% |
| Capex / depreciation | 0.00 | 1.12 | 1.41 | 0.41 | 1.47 | 1.32 | 1.73 |
| Stock-based compensation / revenue | 18.7% | 24.1% | 27.3% | 30.9% | 10.2% | 20.3% | 2.1% |
| R&D / revenue | 14.6% | 17.7% | 15.5% | 8.1% | 7.7% | 7.6% | 5.1% |
| SG&A / revenue | 48.5% | 36.8% | 62.1% | 63.9% | 61.9% | 49.1% | 53.6% |
| Efficiency | |||||||
| Days sales outstanding | 33.7 | 39.3 | 43.3 | 43.1 | 42.1 | 41.1 | 36.3 |
| Days of inventory on hand | — | — | — | 47.4 | 35.1 | 25.3 | 18.5 |
| Days payables outstanding | 1.3 | 4.6 | 6.8 | 14.0 | 20.7 | 30.2 | 34.7 |
| Cash conversion cycle (days) | 32.4 | 34.7 | 36.5 | 76.5 | 56.5 | 36.2 | 20.0 |
| Receivables turnover | 10.83 | 9.30 | 8.43 | 8.46 | 8.66 | 8.89 | 10.07 |
| Payables turnover | 291.03 | 79.26 | 53.86 | 26.05 | 17.66 | 12.07 | 10.51 |
| Inventory turnover | — | — | — | 7.71 | 10.41 | 14.41 | 19.78 |
| Asset turnover | 0.79 | 0.79 | 0.78 | 0.86 | 1.05 | 1.07 | 1.05 |
| Average receivables | $13.1M | $15.0M | $17.9M | $20.0M | $16.5M | $9.9M | $8.0M |
| Average payables | $242,500 | $810,500 | $1.2M | $2.4M | $3.0M | $2.7M | $3.0M |
| Average inventory | — | — | — | $8.1M | $5.2M | $2.2M | $1.6M |
| Intangibles / total assets | 7.3% | 9.3% | 7.1% | 3.3% | 3.5% | 4.2% | 3.9% |
Computed from EXFY's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
EXFY valuation and financial ratios
Expensify earned a return on equity of −16.4% and a return on invested capital of −17.6% in fiscal 2025. It ended the year with $5.7 million of debt and $63.1 million in cash and short-term investments, a net cash position of $57.3 million. It returned $9.1 million to shareholders: $0 in dividends and $9.1 million in share buybacks, 45% of free cash flow. The share count rose 176.3% from 33.4M to 92.3M over 6 years.
See the EXFY income statement, the EXFY chart for price history, or the EXFY stock overview for the latest quote and news.
EXFY key metrics FAQ
What is Expensify's return on equity?
Expensify's return on equity (ROE) was −16.4% in fiscal 2025: net income of -$21.4 million on average shareholders' equity of $130.5 million.
What is Expensify's ROIC?
Expensify's return on invested capital was −17.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Expensify have?
Expensify had total debt of $5.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.04 and more cash than debt.
Does Expensify buy back its shares?
Yes. Expensify spent $9.1 million on net share repurchases in fiscal 2025 Shares outstanding changed +5.6% over the year, to 92.3M..
What is Expensify's free cash flow yield?
Expensify generated $20.1 million of free cash flow in fiscal 2025, a free cash flow yield of 14.4% on its market value at year-end ($139.3 million).
What is Expensify's current ratio?
Expensify's current ratio was 3.30 at the end of fiscal 2025: current assets were 3.30 times current liabilities.