Expensify (EXFY)
Market Price (6/22/2026): $1.46 | Market Cap: $136.8 MilSector: Information Technology | Industry: Application Software
Expensify (EXFY)
Market Price (6/22/2026): $1.46Market Cap: $136.8 MilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -42% Attractive yieldFCF Yield is 5.4% Megatrend and thematic driversMegatrends include Cloud Computing, Fintech & Digital Payments, and Automation & Robotics. Themes include Software as a Service (SaaS), Show more. | Weak multi-year price returns2Y Excs Rtn is -27%, 3Y Excs Rtn is -150% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -19 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.9%, Rev Chg QQuarterly Revenue Change % is -5.8% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% Key risksEXFY key risks include [1] a declining paid member base experiencing significant churn and [2] execution risk associated with its critical strategic pivot to the "New Expensify" platform. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -42% |
| Attractive yieldFCF Yield is 5.4% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Fintech & Digital Payments, and Automation & Robotics. Themes include Software as a Service (SaaS), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -27%, 3Y Excs Rtn is -150% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -19 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.9%, Rev Chg QQuarterly Revenue Change % is -5.8% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% |
| Key risksEXFY key risks include [1] a declining paid member base experiencing significant churn and [2] execution risk associated with its critical strategic pivot to the "New Expensify" platform. |
Qualitative Assessment
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Expensify (EXFY) stock has gained about 65% since 2/28/2026 because of the following key factors:
1. Expensify's adjusted Q1 2026 earnings beat analyst expectations, despite a revenue decline.
Expensify reported its fiscal Q1 2026 results on May 7, 2026, with an adjusted earnings per share (EPS) of $0.04, which significantly surpassed the analyst consensus estimate of $0.0238, representing a 68.07% positive surprise. Although revenue for the quarter was $33.97 million, a 6% year-over-year decline and below analyst estimates, the stock initially dropped but then rebounded with an 18.01% increase to $1.14, indicating renewed investor confidence.
2. The company executed a substantial share repurchase program.
Expensify successfully completed a modified "Dutch auction" tender offer to repurchase up to $25,000,000 of its Class A common stock. On June 12, 2026, the company announced the final results, accepting 6,053,023 shares for purchase at a price of $1.20 per share, for a total cost of $7,263,627.60. This action effectively reduced the outstanding Class A common stock by approximately 6.8%.
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Expensify (EXFY) stock has gained about 65% since 2/28/2026 because of the following key factors:
1. Expensify's adjusted Q1 2026 earnings beat analyst expectations, despite a revenue decline.
Expensify reported its fiscal Q1 2026 results on May 7, 2026, with an adjusted earnings per share (EPS) of $0.04, which significantly surpassed the analyst consensus estimate of $0.0238, representing a 68.07% positive surprise. Although revenue for the quarter was $33.97 million, a 6% year-over-year decline and below analyst estimates, the stock initially dropped but then rebounded with an 18.01% increase to $1.14, indicating renewed investor confidence.
2. The company executed a substantial share repurchase program.
Expensify successfully completed a modified "Dutch auction" tender offer to repurchase up to $25,000,000 of its Class A common stock. On June 12, 2026, the company announced the final results, accepting 6,053,023 shares for purchase at a price of $1.20 per share, for a total cost of $7,263,627.60. This action effectively reduced the outstanding Class A common stock by approximately 6.8%.
3. Strategic product innovations and new partnerships expanded market offerings.
Expensify introduced key product enhancements and formed new alliances during the period. On June 8, 2026, Expensify launched "MCP for AI-powered Expense Management" to leverage artificial intelligence for improved expense handling. Additionally, the company established integration partnerships, including one with VAT IT on May 21, 2026, aimed at simplifying global VAT reclaim, and another with Playroll on May 19, 2026, to streamline expenses for businesses operating internationally.
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Stock Movement Drivers
Fundamental Drivers
The 64.2% change in EXFY stock from 2/28/2026 to 6/21/2026 was primarily driven by a 68.3% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.95 | 1.56 | 64.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 142 | 140 | -1.5% |
| P/S Multiple | 0.6 | 1.0 | 68.3% |
| Shares Outstanding (Mil) | 93 | 94 | -1.0% |
| Cumulative Contribution | 64.2% |
Market Drivers
2/28/2026 to 6/21/2026| Return | Correlation | |
|---|---|---|
| EXFY | 64.2% | |
| Market (SPY) | 9.2% | 14.2% |
| Sector (XLK) | 38.1% | 18.0% |
Fundamental Drivers
The 0.6% change in EXFY stock from 11/30/2025 to 6/21/2026 was primarily driven by a 4.8% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.55 | 1.56 | 0.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 144 | 140 | -2.7% |
| P/S Multiple | 1.0 | 1.0 | 4.8% |
| Shares Outstanding (Mil) | 93 | 94 | -1.2% |
| Cumulative Contribution | 0.6% |
Market Drivers
11/30/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| EXFY | 0.6% | |
| Market (SPY) | 9.9% | 17.1% |
| Sector (XLK) | 34.1% | 20.1% |
Fundamental Drivers
The -29.4% change in EXFY stock from 5/31/2025 to 6/21/2026 was primarily driven by a -26.8% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.21 | 1.56 | -29.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 142 | 140 | -1.3% |
| P/S Multiple | 1.4 | 1.0 | -26.8% |
| Shares Outstanding (Mil) | 92 | 94 | -2.4% |
| Cumulative Contribution | -29.4% |
Market Drivers
5/31/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| EXFY | -29.4% | |
| Market (SPY) | 28.1% | 19.9% |
| Sector (XLK) | 66.8% | 19.9% |
Fundamental Drivers
The -77.5% change in EXFY stock from 5/31/2023 to 6/21/2026 was primarily driven by a -68.8% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.92 | 1.56 | -77.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 169 | 140 | -17.3% |
| P/S Multiple | 3.3 | 1.0 | -68.8% |
| Shares Outstanding (Mil) | 82 | 94 | -12.8% |
| Cumulative Contribution | -77.5% |
Market Drivers
5/31/2023 to 6/21/2026| Return | Correlation | |
|---|---|---|
| EXFY | -77.5% | |
| Market (SPY) | 85.7% | 26.1% |
| Sector (XLK) | 137.9% | 22.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EXFY Return | 7% | -80% | -72% | 36% | -55% | -21% | -97% |
| Peers Return | 17% | -48% | 14% | 32% | -18% | -39% | -54% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| EXFY Win Rate | 50% | 17% | 33% | 42% | 25% | 50% | |
| Peers Win Rate | 39% | 36% | 56% | 56% | 50% | 17% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| EXFY Max Drawdown | - | -81% | -84% | -49% | -65% | -51% | |
| Peers Max Drawdown | -27% | -59% | -42% | -33% | -40% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BILL, WDAY, TOST.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | EXFY | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.9% | -7.8% |
| % Gain to Breakeven | 26.5% | 8.5% |
| Time to Breakeven | 2 days | 18 days |
In The Past
Expensify's stock fell -20.9% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 26.5% gain to breakeven.
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Asset Allocation
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| Event | EXFY | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.9% | -7.8% |
| % Gain to Breakeven | 26.5% | 8.5% |
| Time to Breakeven | 2 days | 18 days |
In The Past
Expensify's stock fell -20.9% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 26.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Expensify (EXFY)
Expensify (EXFY) is a cloud-based software company that provides a comprehensive expense management platform. Its primary goal is to simplify and automate financial processes for a wide range of users, focusing on tracking, managing, and streamlining various business and personal expenditures.
The company's platform offers a robust suite of services. These include tools for managing corporate credit cards, facilitating bill payments, generating and sending invoices, and efficiently collecting payments. Additionally, Expensify integrates travel booking capabilities and provides specific plans for individuals to track and submit their expenses, making it a versatile financial management solution.
Expensify serves a diverse customer base, catering to individuals, small businesses, and large corporations. Its services are available to users both in the United States and internationally, addressing a broad global market seeking to enhance financial efficiency and expense compliance.
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Here are 1-2 brief analogies to describe Expensify (EXFY):
- Mint.com for business expenses.
- QuickBooks, but specifically focused on managing all aspects of business spending like expenses, corporate cards, and travel.
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- Expense Management Software: A cloud-based platform for businesses to manage and automate various financial processes.
- Corporate Card Management: A service that allows businesses to manage and reconcile expenses made via corporate credit cards.
- Bill Pay & Invoicing: Features within the platform for businesses to pay their bills and generate invoices for payment collection.
- Travel Booking & Management: A service integrated into the platform for booking business travel and managing related expenses.
- Individual Expense Tracking: A specific plan offered for individuals to track and submit their personal expenses.
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Expensify (EXFY) serves a diverse customer base. Its major customers can be categorized as:
- Small Businesses: These companies leverage Expensify's platform to manage employee expenses, corporate cards, generate invoices, pay bills, and streamline overall financial operations.
- Corporations: Larger enterprises also utilize Expensify for comprehensive expense management, travel booking, and financial reporting across their organizational structures.
- Individuals: This category includes freelancers, contractors, and personal users who utilize the platform for tracking and submitting individual expenses.
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- Amazon Web Services (AWS) (AMZN)
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David Barrett is a lifelong programmer who founded Expensify in 2008. Before establishing Expensify, he served as the head of engineering for Red Swoosh, a peer-to-peer file sharing company. Red Swoosh was acquired by Akamai Technologies in 2007. He also has experience in the video game industry, where he developed 3D graphics engines. Barrett is recognized for creating Expensify's blockchain-powered database a year before the Bitcoin white paper.
Ryan Schaffer, Chief Financial Officer and Director
Ryan Schaffer joined Expensify in 2013. He held the position of Director of Marketing & Strategy from 2013 to 2017 before being appointed Chief Financial Officer in 2017. As CFO, he is responsible for managing all major financial activities, including leading debt financing and investor relations. He has overseen multiple equity buybacks for early shareholders and initiated buyback programs, leading the company to debt-free status in 2024. Prior to Expensify, Schaffer worked in marketing at various companies.
Anu Muralidharan, Chief Operating Officer and Director
Anu Muralidharan joined Expensify in 2015. She is responsible for overseeing daily operations, fraud prevention, audits, and bank relations. Muralidharan previously held Vice President roles at Marqeta and Citi, and worked as a senior engineer at Oracle. She was also instrumental in the creation of the Expensify Card.
Daniel Vidal, Chief Strategy Officer and Director
Daniel Vidal started at Expensify in 2012. He has served as Director of Corporate Development & Strategy (2019-2021) and Head of Business Development (2013-2019) before becoming Chief Strategy Officer in May 2021. In his roles, he has developed the business development team, helped launch the ExpensifyApproved! Accountants program, and established key partnerships. He was recognized as one of CPA Practice Advisor's 20 Under 40 Superstars in 2017.
Jason Mills, Chief Product Officer and Director
Jason Mills joined Expensify in 2011. As Chief Product Officer, he is tasked with directing the company's product vision and roadmap. His previous experience includes working at ING Bank, Hill & Knowlton, and Goldman Sachs.
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The key risks to Expensify (EXFY) are primarily rooted in its competitive market, challenges in retaining and growing its user base, and broader economic and operational uncertainties.
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Declining Paid Members and Intense Competition: Expensify operates in a highly competitive expense management market, facing rivals such as SAP Concur, Brex, Divvy, and Ramp, which are aggressively targeting its customer base, particularly small and mid-sized businesses. This intense competition has contributed to a decline in Expensify's paid members and subscription revenue. The company has experienced "significant churn" and "minimal revenue growth," indicating a struggle to attract new customers cost-effectively and retain existing ones.
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Challenges with Strategic Pivots and Growth Strategies: Expensify is undergoing a "critical transition" and a "major strategic pivot," including the migration to "New Expensify," the success of which is not guaranteed. The company's growth rate has not fully rebounded to pre-pandemic levels, and there is a risk that it may not successfully implement its growth strategies or manage its growth effectively. A significant challenge involves converting individuals using its free basic expense management feature and organizations using trial subscriptions into paying customers, as well as expanding usage within existing organizations.
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Macroeconomic Headwinds and Regulatory/Legal Scrutiny: Expensify's revenue growth is highly susceptible to structural and macroeconomic headwinds. Economic downturns or general economic uncertainty can negatively impact the spending of its customers, thereby materially and adversely affecting Expensify's business, financial condition, and results of operations. Furthermore, the company has faced legal scrutiny, including securities class action lawsuits, alleging that it "overstated its growth prospects in the IPO documents" and "failed to disclose key pricing strategy shifts." The nature of its business also exposes it to payments and other financial services-related laws and regulations and government oversight, which are material risks.
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The clear emerging threat to Expensify comes from the rapid rise of integrated spend management platforms that bundle corporate cards, expense reporting, bill payment, and financial controls into a single, comprehensive solution. Fintech companies like Ramp and Brex have gained significant market share by offering modern, automated, and often more feature-rich alternatives to traditional expense management. Additionally, payment processing giants like Stripe are expanding their offerings to include corporate cards and integrated spend management, leveraging their existing relationships with businesses to provide end-to-end financial solutions that directly compete with Expensify's core services.
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Expensify (NASDAQ: EXFY) operates within several addressable markets related to financial management software.
The global expense management software market was valued at approximately USD 8.33 billion in 2025, with projections to grow to USD 17.26 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 8.30% during this period. Another estimate places the market at USD 8.48 billion in 2026, expanding to USD 13.82 billion by 2031 with a 10.1% CAGR. North America is a significant region within this market, holding a 46.90% share in 2025, valued at USD 3.90 billion in 2025 and USD 4.25 billion in 2026.
For the travel and expense software market, which encompasses aspects of Expensify's offerings including travel booking, the global market size was estimated at USD 4.5 billion in 2023 and is expected to reach USD 16.8 billion by 2033, with a CAGR of 14.1% during the forecast period from 2024 to 2033. North America held a 38.5% share in this market in 2023, valued at USD 1.73 billion. Another analysis projects the travel and expense management software market size at USD 5.27 billion in 2026, growing to USD 11.7 billion by 2031 at a CAGR of 17.32%. Expensify launched its travel booking platform in 2024.
While Expensify also provides corporate cards, bill pay, and invoicing features as part of its platform, specific total addressable market sizes for these individual products were not found. Expensify's revenue from interchange fees on its corporate card transactions reached $5.4 million in Q3 2025.
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Expected Drivers of Future Revenue Growth for Expensify (EXFY)
- Growth of Expensify Card and Interchange Revenue: The Expensify Card and its associated interchange revenue are consistently highlighted as a significant growth area for the company. Interchange revenue increased by 24% in fiscal year 2025 and 18% year-over-year in Q3 2025. The company's new card program is expected to further bolster revenue growth by allowing Expensify to earn 20% more interchange.
- Expansion of Expensify Travel Offering: Expensify Travel is demonstrating strong momentum and customer adoption. Bookings in Q4 2025 surged by 434% compared to Q4 2024. The company has also entered a multi-year integration partnership with Uber for Business, which is expected to strengthen its platform's capabilities in corporate travel and expense workflows.
- Completion of New Expensify Platform Migration and Product-Led Growth: Expensify has made substantial progress in migrating customers to its "New Expensify" platform, with 90% of revenue-generating customers now having feature parity and 63% of paying users deployed on the new platform. The company plans to shift its engineering focus from migration to developing new features, including a "bring your own card" option and further product-led growth mechanisms, leveraging its "superpower" of bottom-up adoption where employees discover and advocate for the platform.
- Integration and Investment in Artificial Intelligence (AI): Expensify is actively incorporating AI into its user experience to enhance product capabilities and customer satisfaction. A major update to its AI-driven "Concierge" aims to improve customer support and operational efficiency through contextual, correctable, and continuous financial workflows. The company is also planning increased investments in AI for 2026.
- Increased Sales and Marketing Investments: To drive customer acquisition and expand its reach, Expensify anticipates increasing its investments in sales and marketing during 2026. This strategic spending is intended to support the company's pivot towards a growth posture.
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Capital Allocation Decisions (2021-2025)
Share Repurchases
- Expensify's Board of Directors approved a new share repurchase program in February 2025, authorizing the purchase of up to $50 million of its Class A common stock, replacing a prior program and set to conclude on March 31, 2028.
- Between May 15 and June 27, 2025, the company repurchased 1,285,336 shares of its Class A common stock, amounting to approximately $3.0 million.
- Throughout 2025, Expensify repurchased 4,823,118 shares of its Class A common stock, with a total value of approximately $9.1 million.
Share Issuance
- Expensify's Initial Public Offering (IPO) closed on November 15, 2021, with 11,190,392 shares of its Class A common stock sold at a price of $27.00 per share. Expensify itself sold 2,608,696 of these shares.
Outbound Investments
- Expensify entered into a multi-year integration partnership with Uber for Business to automate travel and meal receipts and improve policy controls across corporate travel and expense workflows.
Capital Expenditures
- In Q3 2025, an estimated $3.0 million was allocated to capital expenditures and capitalized software development costs, reflecting investments crucial for platform growth.
- The company is directing its engineering focus towards developing new features, specifically in areas such as "Bring your own card" functionality, product-led growth initiatives, and "Accountable Intelligence" (AI) for enhanced customer support and operational efficiency.
- Expensify projects free cash flow of $6.0 million to $9.0 million for the fiscal year ending December 31, 2026.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Expensify Earnings Notes | 12/16/2025 | |
| Would You Still Hold Expensify Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.56 |
| Mkt Cap | 8.8 |
| Rev LTM | 4,023 |
| Op Inc LTM | 173 |
| FCF LTM | 490 |
| FCF 3Y Avg | 348 |
| CFO LTM | 551 |
| CFO 3Y Avg | 393 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.9% |
| Rev Chg 3Y Avg | 16.9% |
| Rev Chg Q | 13.5% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 62.1% |
| Op Inc Chg 3Y Avg | 89.8% |
| Op Mgn LTM | 1.4% |
| Op Mgn 3Y Avg | -3.2% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 17.7% |
| CFO/Rev 3Y Avg | 16.3% |
| FCF/Rev LTM | 15.3% |
| FCF/Rev 3Y Avg | 14.0% |
Price Behavior
| Market Price | $1.56 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 11/10/2021 | |
| Distance from 52W High | -40.2% | |
| 50 Days | 200 Days | |
| DMA Price | $1.08 | $1.35 |
| DMA Trend | down | up |
| Distance from DMA | 44.3% | 15.3% |
| 3M | 1YR | |
| Volatility | 89.9% | 69.3% |
| Downside Capture | 76.51 | 168.46 |
| Upside Capture | 250.70 | 71.44 |
| Correlation (SPY) | 16.2% | 17.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.42 | -0.30 | 0.48 | 0.89 | 1.02 | 1.42 |
| Up Beta | -3.09 | -1.89 | 0.10 | 0.03 | 0.95 | 0.88 |
| Down Beta | 0.30 | 0.95 | -0.86 | 0.03 | 1.10 | 1.40 |
| Up Capture | 202% | 133% | 126% | 101% | 33% | 163% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 9 | 21 | 32 | 55 | 109 | 329 |
| Down Capture | 60% | -94% | 74% | 185% | 143% | 113% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 17 | 28 | 59 | 120 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXFY | |
|---|---|---|---|---|
| EXFY | -29.0% | 69.5% | -0.21 | - |
| Sector ETF (XLK) | 59.9% | 23.1% | 1.96 | 18.9% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 18.6% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | -12.0% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -13.0% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 8.5% |
| Bitcoin (BTCUSD) | -40.0% | 42.4% | -1.08 | 8.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXFY | |
|---|---|---|---|---|
| EXFY | -47.8% | 81.5% | -0.51 | - |
| Sector ETF (XLK) | 22.9% | 25.3% | 0.80 | 29.6% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 32.1% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 1.1% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 4.6% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 26.4% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 21.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXFY | |
|---|---|---|---|---|
| EXFY | -27.8% | 81.5% | -0.51 | - |
| Sector ETF (XLK) | 25.4% | 24.7% | 0.93 | 29.6% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 32.1% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 1.1% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 4.6% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 26.4% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 21.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -7.7% | 2.7% | 6.3% |
| 2/26/2026 | -23.4% | -22.5% | -34.6% |
| 11/6/2025 | -12.7% | -9.6% | 3.2% |
| 8/7/2025 | -12.1% | -7.2% | 0.5% |
| 5/8/2025 | -22.2% | -21.9% | -23.2% |
| 2/27/2025 | 20.3% | 16.5% | -3.4% |
| 11/7/2024 | 23.7% | 44.4% | 85.9% |
| 8/8/2024 | 36.4% | 53.2% | 66.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 7 | 7 |
| # Negative | 12 | 11 | 11 |
| Median Positive | 22.0% | 30.6% | 15.1% |
| Median Negative | -14.2% | -20.9% | -20.3% |
| Max Positive | 36.4% | 53.2% | 85.9% |
| Max Negative | -36.9% | -25.9% | -34.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -7.7% | 2.7% | 6.3% |
| 2/26/2026 | -23.4% | -22.5% | -34.6% |
| 11/6/2025 | -12.7% | -9.6% | 3.2% |
| 8/7/2025 | -12.1% | -7.2% | 0.5% |
| 5/8/2025 | -22.2% | -21.9% | -23.2% |
| 2/27/2025 | 20.3% | 16.5% | -3.4% |
| 11/7/2024 | 23.7% | 44.4% | 85.9% |
| 8/8/2024 | 36.4% | 53.2% | 66.2% |
| 5/9/2024 | -0.6% | -3.9% | -19.1% |
| 2/22/2024 | 16.4% | 30.8% | 15.1% |
| 11/8/2023 | -36.9% | -23.1% | -14.8% |
| 8/8/2023 | -28.5% | -24.0% | -30.6% |
| 5/9/2023 | -18.4% | -20.9% | -1.2% |
| 2/23/2023 | -1.4% | -6.5% | -19.1% |
| 11/10/2022 | -15.8% | -25.9% | -26.2% |
| 8/11/2022 | -11.7% | -7.4% | -27.5% |
| 5/12/2022 | 34.4% | 30.6% | 15.4% |
| 12/16/2021 | 1.2% | 6.7% | -20.3% |
| SUMMARY STATS | |||
| # Positive | 6 | 7 | 7 |
| # Negative | 12 | 11 | 11 |
| Median Positive | 22.0% | 30.6% | 15.1% |
| Median Negative | -14.2% | -20.9% | -20.3% |
| Max Positive | 36.4% | 53.2% | 85.9% |
| Max Negative | -36.9% | -25.9% | -34.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/08/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/08/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 12/23/2021 | 10-Q |
| 06/30/2021 | 11/12/2021 | 424B4 |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Stock-Based Compensation | 4.70 Mil | 5.70 Mil | 6.70 Mil | -5.0% | Lowered | Guidance: 6.00 Mil for Q1 2026 | |
| Q3 2026 Stock-Based Compensation | 4.50 Mil | 5.50 Mil | 6.50 Mil | ||||
| Q4 2026 Stock-Based Compensation | 4.50 Mil | 5.50 Mil | 6.50 Mil | ||||
| Q1 2027 Stock-Based Compensation | 4.30 Mil | 5.30 Mil | 6.30 Mil | ||||
| 2026 Free Cash Flow | 6.00 Mil | 7.50 Mil | 9.00 Mil | 0 | Affirmed | Guidance: 7.50 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Total Stock-Based Compensation | 6.00 Mil | -3.2% | Lowered | Guidance: 6.20 Mil for Q1 2026 | |||
| Q1 2026 Stock-Based Compensation - Cost of Revenue | 2.70 Mil | ||||||
| Q1 2026 Stock-Based Compensation - Research and Development | 1.70 Mil | ||||||
| Q1 2026 Stock-Based Compensation - General and Administrative | 1.00 Mil | ||||||
| Q1 2026 Stock-Based Compensation - Sales and Marketing | 0.60 Mil | ||||||
| 2026 Free Cash Flow | 7.50 Mil | -64.3% | Lowered | Actual: 21.00 Mil for 2025 | |||
Insider Activity
Updated 6/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Alvarez, Divo Carlos Eduardo | Direct | Sell | 6162026 | 1.28 | 10,700 | 13,696 | 299,622 | Form | |
| 2 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 6112026 | 0.85 | 30,000 | 25,500 | 1,018,708 | Form |
| 3 | Alvarez, Divo Carlos Eduardo | Direct | Sell | 6112026 | 0.81 | 12,451 | 10,085 | 272,451 | Form | |
| 4 | Alvarez, Divo Carlos Eduardo | Direct | Sell | 6112026 | 0.84 | 1,699 | 1,427 | 293,000 | Form | |
| 5 | Vidal, Daniel | Direct | Sell | 6112026 | 0.84 | 1,510 | 1,268 | 381,818 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Alvarez, Divo Carlos Eduardo | Direct | Sell | 6162026 | 1.28 | 10,700 | 13,696 | 299,622 | Form | |
| 2 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 6112026 | 0.85 | 30,000 | 25,500 | 1,018,708 | Form |
| 3 | Alvarez, Divo Carlos Eduardo | Direct | Sell | 6112026 | 0.81 | 12,451 | 10,085 | 272,451 | Form | |
| 4 | Alvarez, Divo Carlos Eduardo | Direct | Sell | 6112026 | 0.84 | 1,699 | 1,427 | 293,000 | Form | |
| 5 | Vidal, Daniel | Direct | Sell | 6112026 | 0.84 | 1,510 | 1,268 | 381,818 | Form | |
| 6 | Schaffer, Ryan | Chief Financial Officer | Direct | Sell | 6112026 | 0.84 | 2,700 | 2,268 | 200,484 | Form |
| 7 | Barrett, David Michael | Chief Executive Officer | Direct | Sell | 6112026 | 0.84 | 10,114 | 8,496 | 185,761 | Form |
| 8 | Mills, Jason Fahr | Direct | Sell | 6112026 | 0.84 | 1,786 | 1,500 | 461,693 | Form | |
| 9 | Alvarez, Divo Carlos Eduardo | Direct | Sell | 6112026 | 0.76 | 6,230 | 4,735 | 240,826 | Form | |
| 10 | Vidal, Daniel | Direct | Sell | 6112026 | 0.76 | 6,158 | 4,680 | 346,602 | Form | |
| 11 | Schaffer, Ryan | Chief Financial Officer | Direct | Sell | 6112026 | 0.76 | 3,333 | 2,533 | 183,442 | Form |
| 12 | Barrett, David Michael | Chief Executive Officer | Direct | Sell | 6112026 | 0.76 | 2,692 | 2,046 | 175,756 | Form |
| 13 | Mills, Jason Fahr | Direct | Sell | 6112026 | 0.76 | 6,770 | 5,145 | 419,079 | Form | |
| 14 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 6022026 | 1.15 | 30,000 | 34,500 | 1,412,752 | Form |
| 15 | Alvarez, Divo Carlos Eduardo | Direct | Sell | 5282026 | 1.13 | 10,000 | 11,300 | 276,601 | Form | |
| 16 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 5122026 | 1.08 | 30,000 | 32,400 | 1,359,158 | Form |
| 17 | Alvarez, Divo Carlos Eduardo | Direct | Sell | 4302026 | 1.01 | 30,728 | 31,035 | 257,328 | Form | |
| 18 | McLaughlin, Steven J | See Footnote | Buy | 3182026 | 0.84 | 500,000 | 420,000 | 10,250,850 | Form | |
| 19 | McLaughlin, Steven J | See Footnote | Buy | 3182026 | 0.95 | 455,911 | 432,660 | 11,106,520 | Form | |
| 20 | McLaughlin, Steven J | See Footnote | Buy | 3182026 | 0.96 | 480,389 | 461,654 | 10,808,830 | Form | |
| 21 | McLaughlin, Steven J | See Footnote | Buy | 3182026 | 1.02 | 327,144 | 334,995 | 11,025,503 | Form | |
| 22 | McLaughlin, Steven J | See Footnote | Buy | 3182026 | 0.97 | 500,000 | 485,000 | 10,126,751 | Form | |
| 23 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 3032026 | 0.90 | 30,000 | 27,000 | 1,159,632 | Form |
| 24 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 2042026 | 1.45 | 30,000 | 43,500 | 1,911,796 | Form |
| 25 | Alvarez, Divo Carlos Eduardo | Direct | Sell | 1122026 | 1.50 | 6,504 | 9,756 | 478,650 | Form | |
| 26 | Alvarez, Divo Carlos Eduardo | Direct | Sell | 1122026 | 1.52 | 2,468 | 3,751 | 494,918 | Form | |
| 27 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 1052026 | 1.50 | 30,000 | 45,000 | 2,022,720 | Form |
| 28 | Barrett, David Michael | Chief Executive Officer | Direct | Sell | 1052026 | 1.52 | 14,463 | 21,984 | 323,102 | Form |
| 29 | Vidal, Daniel | Direct | Sell | 1052026 | 1.52 | 2,825 | 4,294 | 556,394 | Form | |
| 30 | Mills, Jason Fahr | Direct | Sell | 1052026 | 1.52 | 3,821 | 5,808 | 740,182 | Form | |
| 31 | Schaffer, Ryan | Chief Financial Officer | Direct | Sell | 1052026 | 1.52 | 3,923 | 5,963 | 309,983 | Form |
| 32 | Mills, Jason Fahr | Direct | Sell | 12182025 | 1.55 | 5,853 | 9,072 | 754,791 | Form | |
| 33 | Vidal, Daniel | Direct | Sell | 12182025 | 1.55 | 4,837 | 7,497 | 567,376 | Form | |
| 34 | Muralidharan, Anuradha | Chief Operating Officer | Direct | Sell | 12182025 | 1.55 | 523 | 811 | 120,544 | Form |
| 35 | Barrett, David Michael | Chief Executive Officer | Direct | Sell | 12182025 | 1.55 | 2,544 | 3,943 | 329,479 | Form |
| 36 | Schaffer, Ryan | Chief Financial Officer | Direct | Sell | 12182025 | 1.55 | 2,632 | 4,080 | 316,101 | Form |
| 37 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 12052025 | 1.52 | 30,000 | 45,600 | 2,095,290 | Form |
| 38 | Christen, Timothy L | Direct | Buy | 11132025 | 1.43 | 40,000 | 57,200 | 414,348 | Form | |
| 39 | Vidal, Daniel | Direct | Sell | 11062025 | 1.60 | 9,000 | 14,400 | 508,571 | Form | |
| 40 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 11062025 | 1.60 | 30,000 | 48,000 | 2,253,568 | Form |
| 41 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 10032025 | 1.79 | 30,000 | 53,700 | 2,574,879 | Form |
| 42 | Muralidharan, Anuradha | Chief Operating Officer | Direct | Sell | 9242025 | 1.94 | 14,961 | 29,024 | 113,442 | Form |
| 43 | Muralidharan, Anuradha | Chief Operating Officer | Direct | Sell | 9242025 | 1.95 | 2,486 | 4,848 | 143,200 | Form |
| 44 | Mills, Jason Fahr | Direct | Sell | 9242025 | 1.95 | 1,812 | 3,533 | 831,817 | Form | |
| 45 | Vidal, Daniel | Direct | Sell | 9242025 | 1.95 | 1,532 | 2,987 | 637,371 | Form | |
| 46 | Schaffer, Ryan | Chief Financial Officer | Direct | Sell | 9242025 | 1.95 | 2,732 | 5,327 | 362,577 | Form |
| 47 | Barrett, David Michael | Chief Executive Officer | Direct | Sell | 9242025 | 1.95 | 10,262 | 20,011 | 406,378 | Form |
| 48 | Muralidharan, Anuradha | Chief Operating Officer | Direct | Sell | 9242025 | 1.90 | 409 | 777 | 144,252 | Form |
| 49 | Mills, Jason Fahr | Direct | Sell | 9242025 | 1.90 | 4,921 | 9,350 | 813,932 | Form | |
| 50 | Vidal, Daniel | Direct | Sell | 9242025 | 1.90 | 4,009 | 7,617 | 623,939 | Form | |
| 51 | Schaffer, Ryan | Chief Financial Officer | Direct | Sell | 9242025 | 1.90 | 2,204 | 4,188 | 358,471 | Form |
| 52 | Barrett, David Michael | Chief Executive Officer | Direct | Sell | 9242025 | 1.90 | 2,396 | 4,552 | 415,456 | Form |
| 53 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 9052025 | 1.92 | 30,000 | 57,600 | 2,819,482 | Form |
| 54 | Muralidharan, Anuradha | Chief Operating Officer | Direct | Sell | 9052025 | 1.94 | 25,245 | 48,975 | 118,420 | Form |
| 55 | Vidal, Daniel | Direct | Sell | 8222025 | 1.72 | 1,050 | 1,806 | 497,895 | Form | |
| 56 | Muralidharan, Anuradha | Chief Operating Officer | Direct | Sell | 8222025 | 1.72 | 1,558 | 2,680 | 148,412 | Form |
| 57 | Mills, Jason Fahr | Direct | Sell | 8222025 | 1.72 | 1,387 | 2,386 | 633,650 | Form | |
| 58 | Schaffer, Ryan | Chief Financial Officer | Direct | Sell | 8222025 | 1.72 | 1,203 | 2,069 | 299,459 | Form |
| 59 | Vidal, Daniel | Direct | Sell | 8042025 | 1.95 | 9,000 | 17,550 | 559,293 | Form | |
| 60 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 8042025 | 1.94 | 30,000 | 58,200 | 2,907,051 | Form |
| 61 | Barrett, David Michael | Chief Executive Officer | See note | Sell | 7022025 | 2.56 | 30,000 | 76,800 | 3,912,909 | Form |
| 62 | Mills, Jason Fahr | Direct | Sell | 6182025 | 2.28 | 4,068 | 9,275 | 830,340 | Form | |
| 63 | Vidal, Daniel | Direct | Sell | 6182025 | 2.28 | 3,354 | 7,647 | 674,463 | Form | |
| 64 | Schaffer, Ryan | Chief Financial Officer | Direct | Sell | 6182025 | 2.28 | 1,883 | 4,293 | 392,155 | Form |
| 65 | Barrett, David Michael | Chief Executive Officer | Direct | Sell | 6182025 | 2.28 | 2,247 | 5,123 | 480,341 | Form |
| 66 | Muralidharan, Anuradha | Chief Operating Officer | Direct | Sell | 6182025 | 2.28 | 521 | 1,188 | 191,609 | Form |
| 67 | Mills, Jason Fahr | Direct | Sell | 6052025 | 2.22 | 821 | 1,823 | 690,114 | Form | |
| 68 | Muralidharan, Anuradha | Chief Operating Officer | Direct | Sell | 6052025 | 2.22 | 90 | 200 | 151,990 | Form |
| 69 | Vidal, Daniel | Direct | Sell | 6052025 | 2.22 | 909 | 2,018 | 581,005 | Form | |
| 70 | Schaffer, Ryan | Chief Financial Officer | Direct | Sell | 6052025 | 2.22 | 716 | 1,590 | 346,649 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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