Expensify, Inc.

EXFY

TechnologySoftware - ApplicationNASDAQ

$0.97

Market Cap: $86.33M

Expensify, Inc. (EXFY) Valuation Summary

Updated Apr 28, 2026 22:23

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.47 – $3.60	$1.49	+46.1%
Revenue DCF 10Y	$0.50 – $3.41	$1.46	+42.7%
▸ Trading Multiples
EV/Revenue	$1.78 – $8.15	$3.94	+285.9%

Valuation History

DCF Analysis

Expensify, Inc. (EXFY) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.46

Market Price

$0.97

Upside / Downside

+49.9%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -12.7% to a target of 10.0% over 5 years, discounted at a WACC of 8.9%, Expensify, Inc. (EXFY) has an intrinsic value of $1.46 per share (range: $0.50 – $3.41).

Key Assumptions

Current Operating Margin

-12.7%

Target Operating Margin

10.0%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.4%

Target CapEx/Rev

6.3%

D&A/Revenue

4.2%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	136	-4.6%	-8.2%	-11	-11	6	(5)	3	-13	-13
2027	132	-2.6%	-3.6%	-5	-5	6	(5)	-0	-4	-4
2028	131	-0.9%	0.9%	1	1	6	(6)	-0	1	1
2029	131	-0.1%	5.4%	7	6	6	(6)	-0	5	4
2030	131	-0.1%	10.0%	13	10	6	(6)	-0	9	6
2031	131	0.4%	10.0%	13	10	6	(7)	0	9	6
2032	132	0.9%	10.0%	13	10	6	(7)	0	9	5
2033	134	1.4%	10.0%	13	11	6	(8)	0	8	4
2034	137	2.0%	10.0%	14	11	6	(8)	0	8	4
2035	140	2.5%	10.0%	14	11	6	(9)	0	8	3

Enterprise Value Bridge

Sum of PV(FCFF)17

Terminal Value (Gordon Growth at 3.0%)135

PV of Terminal Value60

Enterprise Value77

(–) Net Debt-57

Equity Value134

(÷) Shares Outstanding92

Fair Value per Share$1.46

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.9%	$1	$1	$2	$3	$3
7.9%	$1	$1	$2	$2	$3
8.9%	$1	$1	$1	$2	$2
9.9%	$1	$1	$1	$2	$2
10.9%	$1	$1	$1	$2	$2

Current price: $0.97. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Expensify, Inc. (EXFY) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.49

Market Price

$0.97

Upside / Downside

+53.0%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-12.7%

Target Operating Margin

10.0%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.4%

Target CapEx/Rev

6.3%

D&A/Revenue

4.2%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	136	-4.6%	-8.2%	-11	-11	6	(5)	3	-14	-13
2027	132	-2.6%	-3.6%	-5	-5	6	(6)	-0	-5	-4
2028	131	-0.9%	0.9%	1	1	6	(7)	-0	-0	-0
2029	131	-0.1%	5.4%	7	6	6	(8)	-0	4	3
2030	131	-0.1%	10.0%	13	10	6	(8)	-0	8	5

Enterprise Value Bridge

Sum of PV(FCFF)-10

Terminal Value (Gordon Growth at 3.0%)132

PV of Terminal Value90

Enterprise Value80

(–) Net Debt-57

Equity Value138

(÷) Shares Outstanding92

Fair Value per Share$1.49

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.9%	$1	$1	$2	$3	$4
7.9%	$1	$1	$2	$2	$3
8.9%	$1	$1	$1	$2	$2
9.9%	$0	$1	$1	$2	$2
10.9%	$0	$1	$1	$2	$2

Current price: $0.97. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.94

Market Price

$0.97

Upside / Downside

+304.1%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Expensify, Inc. (EXFY) has a fair value of $3.94 based on 9 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Expensify, Inc.EXFY	90	0.2x	0.2x
Viant Technology Inc.DSP	671	1.5x	2.0x
TROOPS, Inc.TROO	357	34.9x	—
Silvaco Group, Inc. Common StockSVCO	314	4.9x	5.5x
KULR Technology Group, Inc.KULR	112	6.2x	10.2x
Nerdy, Inc.NRDY	111	0.5x	0.5x
Teads Holding Co.TEAD	90	0.5x	0.7x
SoundThinking, Inc.SSTI	89	0.7x	0.7x
Health In Tech, Inc.HIT	80	2.2x	2.2x
Airship AI Holdings, Inc.AISP	77	4.3x	2.8x
Industry Median		2.2x	2.1x
(*) Revenue		142	142
= Enterprise Value		310	302
(-) Net Debt		-57	-57
Equity Value		367	359
(/) Outstanding shares		92	92
Fair Price		$4	$4

Selected Fair Value (avg of trailing + forward)

$3.94

+304.1%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.47 – $3.60

$1.49

+46.1%

Revenue DCF 10Y

$0.50 – $3.41

$1.46

+42.7%

▸ Trading Multiples

EV/Revenue

$1.78 – $8.15

$3.94

+285.9%

DCF Analysis

Expensify, Inc. (EXFY) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.46

Market Price

$0.97

Upside / Downside

+49.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-12.7%

Target Operating Margin

10.0%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.4%

Target CapEx/Rev

6.3%

D&A/Revenue

4.2%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	136	-4.6%	-8.2%	-11	-11	6	(5)	3	-13	-13
2027	132	-2.6%	-3.6%	-5	-5	6	(5)	-0	-4	-4
2028	131	-0.9%	0.9%	1	1	6	(6)	-0	1	1
2029	131	-0.1%	5.4%	7	6	6	(6)	-0	5	4
2030	131	-0.1%	10.0%	13	10	6	(6)	-0	9	6
2031	131	0.4%	10.0%	13	10	6	(7)	0	9	6
2032	132	0.9%	10.0%	13	10	6	(7)	0	9	5
2033	134	1.4%	10.0%	13	11	6	(8)	0	8	4
2034	137	2.0%	10.0%	14	11	6	(8)	0	8	4
2035	140	2.5%	10.0%	14	11	6	(9)	0	8	3

Enterprise Value Bridge

Sum of PV(FCFF)17

Terminal Value (Gordon Growth at 3.0%)135

PV of Terminal Value60

Enterprise Value77

(–) Net Debt-57

Equity Value134

(÷) Shares Outstanding92

Fair Value per Share$1.46

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.9%	$1	$1	$2	$3	$3
7.9%	$1	$1	$2	$2	$3
8.9%	$1	$1	$1	$2	$2
9.9%	$1	$1	$1	$2	$2
10.9%	$1	$1	$1	$2	$2

Current price: $0.97. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.94

Market Price

$0.97

Upside / Downside

+304.1%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Expensify, Inc. (EXFY) has a fair value of $3.94 based on 9 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Expensify, Inc.EXFY	90	0.2x	0.2x
Viant Technology Inc.DSP	671	1.5x	2.0x
TROOPS, Inc.TROO	357	34.9x	—
Silvaco Group, Inc. Common StockSVCO	314	4.9x	5.5x
KULR Technology Group, Inc.KULR	112	6.2x	10.2x
Nerdy, Inc.NRDY	111	0.5x	0.5x
Teads Holding Co.TEAD	90	0.5x	0.7x
SoundThinking, Inc.SSTI	89	0.7x	0.7x
Health In Tech, Inc.HIT	80	2.2x	2.2x
Airship AI Holdings, Inc.AISP	77	4.3x	2.8x
Industry Median		2.2x	2.1x
(*) Revenue		142	142
= Enterprise Value		310	302
(-) Net Debt		-57	-57
Equity Value		367	359
(/) Outstanding shares		92	92
Fair Price		$4	$4

Selected Fair Value (avg of trailing + forward)

$3.94

+304.1%