Expensify

EXFY · NASDAQ

$2.55+$0.08 (+3.24%)TodayMarket closed · Oct 20, 7:50 PM ET

Prev close $2.47

EXFY analyst rating

BuyConsensus of 1 analyst over the last 12 months. 100% rate it a buy.

Strong buy0
Buy1
Hold0
Underperform0
Sell0

12-month price target · 5 analysts

Average $2.89 (+13.3% upside)

Low: $2.53
Now: $2.55
High: $3.15

Upgrades and downgrades

The latest rating actions, newest first

EXFY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citizens	Aug 7, 2026	Upgrade	Market Perform → Market Outperform	$3.00	45%

The case for and against

Updated Nov 27, 2024

Bull case

Expensify Inc. demonstrated promising financial performance, with transaction revenue from interchange growing 7% in 2023, totaling $11.1 million, highlighting the company's effective monetization strategy despite this revenue channel only comprising 7% of the overall business. Additionally, the company provided an optimistic free cash flow guidance for 2024, initially set at $10.0 million to $12.0 million, which was subsequently raised to $11.0 million to $13.0 million, indicating strong cash generation potential and better operational efficiency. The implementation of cost-cutting measures and the expected 20% increase in interchange from new card offerings suggest improved margins, further supporting a favorable financial outlook for Expensify's future growth.

Bear case

Expensify Inc. has reported a continued decline in revenue for four consecutive quarters, with Q4 revenue falling to $35.2 million, demonstrating a lack of growth and overall stagnation since 2021. The company has experienced a significant drop in paid subscribers, down 23,000 quarter-over-quarter to 719,000, alongside a troubling decline in average revenue per user (ARPU), which affects future financial prospects. Additionally, the erosion of the EBITDA margin from 25% in 2022 to just 9% in 2023 underscores the challenges posed by increasing investments and a deteriorating growth environment, raising concerns about the company's financial sustainability.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.