Expensify
EXFY on Nasdaq. Expensify sells expense management software to businesses and their employees. Market value $173m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $8.03 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -26 cents a year. Above 10 is good.
Quality score: 22 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$2.23 a share, 223% above its 1-year low
Over the past year the price has ranged from $0.69 to $2.81.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $143m | $169m | $151m | $139m | $142m |
| Operating margin | |||||
| Operating margin | -7.2% | -9.0% | -22.0% | -0.6% | -12.7% |
| Debt to equity | |||||
| Debt to equity | 0.90 | 0.54 | 0.08 | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.08bn | 0.08bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsShrinking, 0.1% a year
- Buying back its own sharesNo, 143% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $34 million last quarter, down 5% on a year ago.
- A loss of $4 million, compared with a loss of $9 million a year ago.
- It loses 8 cents on each $1 of sales, compared with 8 cents a year earlier.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $35m |
| December 2024 | $37m |
| March 2025 | $36m |
| June 2025 | $36m |
| September 2025 | $35m |
| December 2025 | $35m |
| March 2026 | $34m |
| June 2026 | $34m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$2m |
| December 2024 | -$1m |
| March 2025 | -$3m |
| June 2025 | -$9m |
| September 2025 | -$2m |
| December 2025 | -$7m |
| March 2026 | -$2m |
| June 2026 | -$4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 101 funds in all.
Largest holders overall
- Parallel Advisors$5mNew
- Acadian Asset Management$4mAdded
- Vanguard Capital Management$4mAdded
- AQR Capital Management$4mAdded
- Palogic Value Management, L.P.$3mCut
- CastleKnight Management LP$3m
- Vanguard Portfolio Management$2mCut
- BlackRock$2mCut
- Jane Street Group$2mNew
- Formula Growth$2m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- David Barrett, individually and as trustee of the Barrett Family Trust, solely in such trust's capacity as the controlling member of Barrett Trust LLCPassive investorat least 6.1%(filed with 1 related holder)Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
David Barrett, individually and as trustee of the Barrett Family Trust, solely in such trust's capacity as the controlling member of Barrett Trust LLC Passive investor | at least 6.1% (filed with 1 related holder) | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $57,200 of shares on the open market. 6 sold $493,074, $393,915 of it under preset trading plans.
- Alvarez Divo Carlos EduardoDirectorSoldunder a preset trading plan
- Date
- 15 June 2026
- Shares
- 10,700
- Price
- $1.28
- Value
- $13,696
- Barrett David MichaelChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 30,000
- Price
- $1.15
- Value
- $34,500
- Alvarez Divo Carlos EduardoDirectorSoldunder a preset trading plan
- Date
- 15 May 2026
- Shares
- 10,000
- Price
- $1.13
- Value
- $11,300
- Barrett David MichaelChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 1 May 2026
- Shares
- 30,000
- Price
- $1.08
- Value
- $32,400
- Alvarez Divo Carlos EduardoDirectorSoldunder a preset trading plan
- Date
- 28 April 2026
- Shares
- 30,728
- Price
- $1.01
- Value
- $31,035
- Barrett David MichaelChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 1 April 2026
- Shares
- 30,000
- Price
- $0.85
- Value
- $25,500
- Alvarez Divo Carlos EduardoDirectorSold
- Date
- 30 March 2026
- Shares
- 12,451
- Price
- $0.81
- Value
- $10,085
- Alvarez Divo Carlos EduardoDirectorSold
- Date
- 24 March 2026
- Shares
- 1,699
- Price
- $0.84
- Value
- $1,427
- Barrett David MichaelChief Executive Officer, DirectorSold
- Date
- 24 March 2026
- Shares
- 10,114
- Price
- $0.84
- Value
- $8,496
- Vidal DanielDirectorSold
- Date
- 24 March 2026
- Shares
- 1,510
- Price
- $0.84
- Value
- $1,268
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 June 2026 | Alvarez Divo Carlos Eduardo Director | Sold under a preset trading plan | 10,700 | $1.28 | $13,696 |
| 1 June 2026 | Barrett David Michael Chief Executive Officer, Director | Sold under a preset trading plan | 30,000 | $1.15 | $34,500 |
| 15 May 2026 | Alvarez Divo Carlos Eduardo Director | Sold under a preset trading plan | 10,000 | $1.13 | $11,300 |
| 1 May 2026 | Barrett David Michael Chief Executive Officer, Director | Sold under a preset trading plan | 30,000 | $1.08 | $32,400 |
| 28 April 2026 | Alvarez Divo Carlos Eduardo Director | Sold under a preset trading plan | 30,728 | $1.01 | $31,035 |
| 1 April 2026 | Barrett David Michael Chief Executive Officer, Director | Sold under a preset trading plan | 30,000 | $0.85 | $25,500 |
| 30 March 2026 | Alvarez Divo Carlos Eduardo Director | Sold | 12,451 | $0.81 | $10,085 |
| 24 March 2026 | Alvarez Divo Carlos Eduardo Director | Sold | 1,699 | $0.84 | $1,427 |
| 24 March 2026 | Barrett David Michael Chief Executive Officer, Director | Sold | 10,114 | $0.84 | $8,496 |
| 24 March 2026 | Vidal Daniel Director | Sold | 1,510 | $0.84 | $1,268 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 6 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On March 5, 2025 , the Audit Committee of the Board of Directors of Expensify, Inc. (the “Company”) (i) dismissed Ernst & Young LLP (“EY”), the Company’s current independent registered public accounting firm; and (ii) engaged KPMG LLP (“KPMG”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025.”
From an 8-K filed 10 March 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 0.1% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.