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ZYBERNO

Stock Report

Updated Aug 31, 2026

EXPENSIFY, INC. (EXFY)

Technology • NASDAQ

$2.57

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

39.0/100

WEAK BUSINESS

EXPENSIFY, INC. (EXFY) scores 39/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full EXFY quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

-100.0%

Overvalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

-30.3%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

-0.6%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full EXFY valuation analysis · → View full EXFY Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-11.5%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.11x)

Operating Margin (Operational Efficiency):CRITICAL (-8.0%)

Return on Capital (Capital Efficiency):CRITICAL (-11.6%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

EXPENSIFY, INC. (EXFY) stock report — Zyberno Score 39/100 (WEAK BUSINESS), Margin of Safety -100.0%, -30% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, EXPENSIFY, INC. (EXFY) trades at $2.57 against an estimated intrinsic value per share of $1.12 — a -100.0% Margin of Safety based on Owner Earnings of $23.88M TTM, projected at -25.9% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of -30.3% annually.

Over the trailing twelve months, EXFY generated $23.88M in Owner Earnings. Capital was deployed as follows: $9.10M returned via share buybacks. Reinvestment rate: 101.5%. Owner Earnings have declined at 25.9% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:2.57

Market Cap:$245.28M

Valuation Multiples (3)

P/B Ratio:1.82x

P/S Ratio:1.78x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$182.11M

Pfcf Ratio:8.87x

Price Action & Momentum (3)

12-1 Momentum:

-9.9% (16th pctile)

📈 Click to view full EXFY Momentum analysis →

Momentum Percentile:16 / 100

% of 52-Week High:91.5%

B. Profitability Assessment

Return Metrics (5)

ROE:

-11.5%

📊 Click to view full EXFY ROE analysis →

ROA:-8.3%

Roic:

-11.6%

📊 Click to view full EXFY ROIC analysis →

Reinvestment Rate:101.5%

Fundamental Growth Rate (g):-11.8%

Margin Analysis (3)

Operating Margin Ttm:-8.0%

Net Margin Ttm:-11.3%

Ebitda Margin:-1.6%

TTM Performance (3)

Gross Margin Ttm:48.7%

Operating Margin Ttm:-8.0%

Net Margin Ttm:-11.3%

Yield Metrics (3)

Earnings Yield:-$7.21

Owner Earnings Yield:$11.27

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.62

📊 Click to view full EXFY Earnings Surprise analysis →

EPS Surprise vs Expected:53.7%

Latest Earnings Filed:2026-08-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-5.0%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-25.9%

Operating Cash Flow Growth Rate (Linear):-46.5%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:3.50x

Quick Ratio:3.50x

Cash Ratio:1.49x

Leverage Analysis (3)

Debt To Equity Ttm:0.11x

Debt-to-Equity Ratio:0.11x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-69.30x

Times Interest Earned:-69.30

Capital Structure (4)

Working Capital:110,095,000.00

Cash And Cash Equivalents:65,760,000.00

Long Term Debt:$2.00M

Net Debt:-$63.18M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $138.10M

Linear Growth: -5.0%

📊 Click to view full EXFY Revenue analysis & methodology →

Cost Of Revenue Ttm:$70.89M

Profitability Breakdown (2)

Gross profit TTM: $67.21M

Linear Growth: -11.0%

📊 Click to view full EXFY Gross Profit analysis & methodology →

-$11.09M

Bottom Line Performance (3)

-$15.62M

Income Before Tax:-$10.20M

Ebitda Ttm:-2,212,000.00

Operating Expenses (5)

Operating Expenses:78,296,000.00

R And D Expense:20,415,000.00

Sga Expense:40,590,000.00

Income Tax Expense:$5.42M

Interest Expense:260,000.00

Expense Ratios (3)

R And D To Revenue Percentage:60.3%

Sga To Revenue Percentage:119.9%

Ebitda Margin:-1.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$185.41M

Current Assets:$154.19M

Ppe Net:12,707,000.00

Goodwill:0.00

Intangible Assets:$12.40M

Liability Structure (4)

Total Liabilities:50,844,000.00

Current Liabilities:44,096,000.00

Long Term Debt:$2.00M

Short Term Debt:$589.00K

Equity & Capital (3)

Equity:$134.56M

Retained Earnings:-$178.41M

Common Stock:9,000.00

Working Capital Items (3)

Accounts Receivable:11,168,000.00

Inventory:0.00

Accounts Payable:1,131,000.00

Special Items (2)

Contract Liabilities:616,000.00

Stock Based Compensation:7,211,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $15.40M

Linear Growth: -46.5%

Free cash flow TTM: $23.88M

Linear Growth: -25.9%

📊 Click to view full EXFY Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$1.41M

Capital Expenditures Ttm:0.00

Financing Activities (3)

Financing Cash Flow:$6.27M

Dividends Paid Ttm:0.00

Stock Repurchase:9,095,000.00

Capital Transactions (3)

Common Stock Issuance:100,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:8,875,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.16

-$0.16

Earnings Per Share Ttm:-$0.16

Revenue & Cash Per Share (3)

Sales Per Share Ttm:1.45

Operating Cash Flow Per Share:$0.21

Fcf Per Share Ttm:0.25

Book Value & Capital (2)

Book Value Per Share:$1.41

Cash Per Share:0.69

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.74x

Working Capital Turnover Ttm:1.25x

Receivables Management (2)

Receivables Turnover Ttm:12.37x

Days Sales Outstanding Ttm:29.52

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:5.82

Cash Conversion Cycle:-975.31

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:55.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $23.88M

Linear Growth: -25.9%

📊 Click to view full EXFY Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.25

Owner Earnings Yield:$11.27

Growth Assessment (1)

Owner Earnings Growth Rate:-$25.86

Damodaran Growth Analysis (2)

Reinvestment Rate:101.5%

Fundamental Growth Rate (g):-11.8%

Intrinsic Value Models (1)

Intrinsic Value:

$106.49M

📊 Click to view full EXFY DCF valuation →

Margin of Safety (1)

Margin Of Safety:

-100.0%

📊 Click to view full EXFY valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

-30.3%

📊 Click to view full EXFY expected return analysis →

Forward Expected Return (Yield + Growth):

-0.6%

📊 Click to view full EXFY expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):-5.0%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-25.9%

Operating Cash Flow Growth Rate (Linear):-46.5%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):-11.0%

Book Value Growth Rate (Linear):12.4%

Owner Earnings Growth Rate:-$25.86

C. Company Profile & Context

Corporate Information (6)

Symbol:EXFY

Company Name:EXPENSIFY, INC.

Sector:Technology

Industry:Software

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:95.44M

Shares Outstanding Basic:95.44M

Shares Outstanding Diluted:95.44M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 16:20:35 UTC

Data Timestamp:2026-08-19T13:43:37.680252