Expensify, Inc. (EXFY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-117.3%

-$0.40

vs $2.29 price

Levered DCF

$3.42

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.53

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-6.57×	-27.92×	-4.94×	-26.76×	-258.82×	-709.15×	1,103.76×
P/B	1.05×	2.28×	2.02×	7.34×	46.75×	86.17×	-28.29×
P/S	0.98×	2.1×	1.35×	4.21×	25.08×	13.77×	17.04×
EV / EBITDA	-10.47×	41.78×	-6.64×	-68.81×	-702.91×	137.89×	343.49×
Gross margin	50.3%	53.9%	55.6%	63.0%	62.4%	63.2%	60.2%
Operating margin	-12.7%	-0.6%	-22.0%	-9.0%	-7.2%	6.4%	1.5%
Net margin	-15.1%	-7.2%	-27.5%	-15.9%	-9.5%	-1.9%	1.5%
Current ratio	3.3×	3.6×	2.02×	3.1×	2.94×	1.62×	1.13×
Debt / equity	0.04×	0.05×	0.29×	0.7×	0.91×	3.67×	-0.91×
Interest coverage	0×	-0.52×	-6.22×	-2.82×	-2.95×	2.09×	0.45×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-16.1%	-7.8%	-41.1%	-27.8%	-17.7%	-12.2%	-2.6%
Return on invested capital	-12.8%	-0.6%	-25.1%	-9.2%	-6.9%	-4.9%	-2.5%
Return on assets	-11.5%	-5.8%	-23.5%	-12.8%	-7.4%	-1.9%	1.6%
Free cash flow yield	14.4%	5.6%	-2.8%	4.3%	-0.1%	0.3%	0.5%
Earnings yield	-15.3%	-3.4%	-20.3%	-3.8%	-0.4%	-0.1%	0.1%
Enterprise value	$82M	$250.4M	$185.8M	$677.3M	$3.6B	$1.2B	$1.4B
Net debt / EBITDA	7.32×	-7.06×	0.64×	3.66×	5.62×	1.94×	8.38×
Cash conversion cycle (days)	32	33	33	86	29	23	2