Expensify Inc (EXFY) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Expensify Inc stock $2.60, price $2.05, upside +26.8%, quality 47 out of 100. Rating: undervalued. Calculated from audited financials with 7 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $0.7471 – $48.54 · fair‑value band $1.96 – $3.39 · the $2.05 price screens below the $2.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.
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Expensify, Inc. provides a cloud-based expense management software platform in the United States and internationally.
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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. It serves individuals and corporations, small and midsized businesses, and enterprises.
The company was founded in 2008 and is based in San Francisco, California.
Stock analysis
Expensify Inc (EXFY) currently trades at $2.05, while our model-based Fair Value estimate is $2.60, implying the stock looks roughly 21% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $4.03 per share, and 6 of the 7 models we run sit above the $2.05 price.
Bear case: the Asset-Based group reads lowest at $1.26, and 1 of the 7 models stay below the price. Data coverage for this calculation is low.
Scenario range: $1.96 (bear) to $3.39 (bull), the price of $2.05 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Expensify Inc reported revenue of $142M in FY2025 versus $143M in FY2021, a compound −0.1%/yr. Reported net income was −$21.4M in FY2025.
Key figures
Market cap $196M Micro · P/S ratio 1.37 · EPS (TTM) $−0.1800 · Net margin −12.2% · Return on equity −12.2% · Return on assets (EBIT) −8.4% (5-year average) · Operating margin −8.1% · Revenue (TTM) $136M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 13 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 174% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at 27%, EXFY screens cheaper than that median.
Fair Value models
Bear$1.96Fair Value $2.60Bull$3.39
Price $2.05 · Upside +26.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 2 officers or directors sold shares worth $59,496 and none bought.
SaleDivo Carlos Eduardo AlvarezDirector5× since Dec 30, 2025: 80,780 shares, avg. $1.06$85,786Jun 15, 2026
SaleDavid Michael BarrettChief Executive Officer, Director9× since Dec 1, 2025: 239,813 shares, avg. $1.21$289,969Jun 1, 2026
SaleRyan SchafferChief Financial Officer, Director3× since Dec 17, 2025: 12,588 shares, avg. $1.18$14,844Mar 24, 2026
SaleJason Fahr MillsDirector3× since Dec 17, 2025: 18,230 shares, avg. $1.18$21,526Mar 24, 2026
SaleDaniel VidalDirector3× since Dec 17, 2025: 15,330 shares, avg. $1.16$17,740Mar 24, 2026
BuyEXP 2020 SPV LP10% owner2,263,444 shares at $0.9424$2.1MMar 11, 2026
SaleAnuradha MuralidharanChief Operating Officer, Director523 shares at $1.55$811Dec 17, 2025
BuyTimothy L ChristenDirector40,000 shares at $1.43$57,200Nov 11, 2025
Plus 4 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.0%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.9%
’19
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’21
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’23
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’25
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
6.4% (2020) → −12.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +5.1% a year for the price and −3.9% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 628 stocks
Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+26.8% · Above median
Profitability
Return on assets−11.5% · Bottom 25%
Net margin (12 months)−12.2% · Bottom 25%
Operating margin (12 months)−8.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−5.8% · Bottom 25%
Balance sheet
Debt / equity0.39× · Highest 25%
Valuation Multiplesvs Software - Application median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Expensify Inc Fair Value". https://www.fairvalue-calculator.com/stock/EXFY
Frequently asked questions
Is Expensify Inc (EXFY) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $2.60 versus a price of $2.05, about +27% upside (undervalued).
What is the fair value of EXFY?
Our model-based fair value for Expensify Inc is $2.60 (as of Nov 8, 2026), built from audited fundamentals. The current price: $2.05.
What is the quality score of EXFY?
Expensify Inc has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Expensify Inc (EXFY)?
Our model-based price target is the fair value of $2.60 (as of Nov 8, 2026) from 7 valuation models. Cautious scenario $1.96, optimistic scenario $3.39. It is a calculation from audited fundamentals, not an analyst target.
What is the Expensify Inc stock forecast for 2026?
Our models put fair value at $2.60, about +27% upside versus a price of $2.05 (undervalued). Cautious scenario $1.96, optimistic scenario $3.39. The calculation is refreshed regularly with new filings.
What is the revenue of Expensify Inc (EXFY)?
Expensify Inc reported trailing-twelve-month revenue of about $136M (latest available figure, as of Nov 8, 2026).
What growth is priced into Expensify Inc (EXFY)?
For today's price to be fair in a discounted-cash-flow model, Expensify Inc would have to grow free cash flow by +7.6 % per year for five years (discount rate 15.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.0 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of EXFY use?
Our models discount Expensify Inc at 15.0 %: a base by market capitalisation (micro), damped by beta 1.72, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Expensify Inc that is +7.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (15.0 %) and the same formula as our fair value.
How much growth has Expensify Inc (EXFY) delivered so far?
Over the past 5 years revenue at Expensify Inc grew +10.0 % a year. The price currently implies free-cash-flow growth of +7.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Expensify Inc (EXFY) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Expensify Inc (+7.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Expensify Inc (EXFY)?
The free-cash-flow yield on the price is 10.26 %: that much free cash flow Expensify Inc produces per unit of market value. When it exceeds the discount rate of our models (15.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Expensify Inc (EXFY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Expensify Inc it is $2.60 per share (as of Nov 8, 2026), against a price of $2.05. It is the blended result of 7 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Expensify Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, EXFY trades below its calculated fair value: price $2.05, fair value $2.60, a gap of about +27% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EXFY?
No. The price is what the market pays today ($2.05); the fair value is what the company's own numbers justify ($2.60). For Expensify Inc the two are $0.5500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Expensify Inc worth?
The market values Expensify Inc at about $196M (market capitalisation, as of Nov 8, 2026). Per share that is $2.05; our models calculate a fair value of $2.60 per share.
What do the bullish and bearish scenarios say about EXFY?
Our models span a range for Expensify Inc: cautious scenario $1.96, base $2.60, optimistic $3.39 per share (as of Nov 8, 2026, price $2.05). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Expensify Inc (EXFY)?
Balance-sheet figures for Expensify Inc (as of Nov 8, 2026): return on equity −12.2%, debt of 0.39 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is EXFY from its 52-week high?
Expensify Inc trades at $2.05, about 25% below its 52-week high of $2.72 and 174% above the low of $0.7471 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $2.60 is for.
Which stocks are comparable to Expensify Inc?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Expensify Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $2.05, calculated fair value $2.60 (+27%), Quality Score 47/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EXFY calculated?
We run Expensify Inc through 7 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of $2.60 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Expensify Inc currently trades 21% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Expensify Inc (EXFY)?
The closing price on Nov 6, 2026 was $2.05. Our model-based fair value is $2.60, about +27% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Expensify Inc right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Expensify Inc
How large is the market capitalisation of Expensify Inc (EXFY)?
The market capitalisation of Expensify Inc is $196M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Expensify Inc (EXFY)?
The price-to-sales ratio of Expensify Inc is 1.37 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Expensify Inc (EXFY)?
Earnings per share at Expensify Inc are $−0.1800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Expensify Inc (EXFY)?
The net margin of Expensify Inc is −12.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Expensify Inc (EXFY)?
The return on equity (ROE) of Expensify Inc is −12.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Expensify Inc (EXFY)?
On an EBIT basis the return on assets of Expensify Inc is −8.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Expensify Inc (EXFY)?
The operating margin of Expensify Inc is −8.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Expensify Inc (EXFY)?
Revenue at Expensify Inc is growing −5.8% versus a year earlier (3y avg −5.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Expensify Inc (EXFY)?
Earnings per share at Expensify Inc are growing +27.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Expensify Inc (EXFY) hold?
Expensify Inc holds more cash than debt, $57.3M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 8, 2026