The company maintains a conservative capital structure with total debt reduced to $5.6 million as of 2026Q1, resulting in a minimal debt-to-equity ratio of 0.04.
| Total Current Assets | 157.65M | 153.01M | 136.88M | 137.23M | 187.12M | 157.64M | 63.66M | 50.51M |
| Cash & Short-Term Investments | 86.25M | 63.08M | 48.77M | 47.51M | 103.79M | 98.4M | 34.4M | 9.99M |
| Cash Only | 86.25M | 63.08M | 48.77M | 47.51M | 103.79M | 98.4M | 34.4M | 9.99M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 12.99M | 12.62M | 13.13M | 16.83M | 18.92M | 21.15M | 11.82M | 7.99M |
| Days Sales Outstanding | 34.38 | 32.41 | 34.42 | 40.76 | 40.74 | 54.04 | 49 | 36.25 |
| Inventory | 0 | 0 | 0 | 0 | 8.82M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | 51.4 | - | - | - |
| Other Current Assets | 53.62M | 77.31M | 62.88M | 67.25M | 46.76M | 30.66M | 16.51M | 31.33M |
| Total Non-Current Assets | 32.95M | 32.98M | 36.8M | 39.55M | 23.13M | 25.57M | 24.07M | 26.09M |
| Property, Plant & Equipment | 17.42M | 17.75M | 19.06M | 20.81M | 15.24M | 18.13M | 19.1M | 18.87M |
| Fixed Asset Turnover | 7.81x | 8.01x | 7.30x | 7.24x | 11.12x | 7.88x | 4.61x | 4.26x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 13.27M | 13.6M | 16.23M | 12.49M | 6.88M | 6.36M | 3.72M | 2.95M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 48K | 0 |
| Other Non-Current Assets | 1.78M | 1.15M | 1.01M | 6.25M | 664K | 710K | 785K | 1.41M |
| Total Assets | 190.6M | 185.99M | 173.68M | 176.78M | 210.24M | 183.21M | 87.73M | 76.6M |
| Asset Turnover | 0.75x | 0.76x | 0.80x | 0.85x | 0.81x | 0.78x | 1.00x | 1.05x |
| Asset Growth % | 10.84% | 7.09% | -1.76% | -15.91% | 14.75% | 108.83% | 14.54% | - |
| Total Current Liabilities | 45.34M | 46.41M | 38.01M | 67.89M | 60.36M | 53.58M | 39.2M | 44.6M |
| Accounts Payable | 938K | 289K | 196K | 1.43M | 1.06M | 3.75M | 2.33M | 3.04M |
| Days Payables Outstanding | 4.52 | 1.49 | 1.11 | 7.78 | 6.17 | 25.51 | 26.21 | 34.73 |
| Short-Term Debt | 648K | 678K | 0 | 22.66M | 15.55M | 15.55M | 19.03M | 6.89M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 42.88M | 45.44M | 29.86M | 43.18M | 42.76M | 24.58M | 17.84M | 31.29M |
| Current Ratio | 3.48x | 3.30x | 3.60x | 2.02x | 3.10x | 2.94x | 1.62x | 1.13x |
| Quick Ratio | 3.48x | 3.30x | 3.60x | 2.02x | 2.95x | 2.94x | 1.62x | 1.13x |
| Cash Conversion Cycle | 29.86 | - | - | - | 85.97 | - | - | - |
| Total Non-Current Liabilities | 6.73M | 6.84M | 7.43M | 8.15M | 52.64M | 53.02M | 34.46M | 80.45M |
| Long-Term Debt | 0 | 5.06M | 0 | 0 | 51.43M | 52.07M | 30.32M | 32.56M |
| Capital Lease Obligations | 20.56M | 0 | 5.74M | 6.47M | 0 | 802K | 2.35M | 2.79M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 916K | 0 |
| Other Non-Current Liabilities | 1.82M | 1.78M | 1.69M | 1.68M | 1.2M | 153K | 877K | 45.1M |
| Total Liabilities | 52.07M | 53.24M | 45.44M | 76.04M | 113M | 106.6M | 73.66M | 125.06M |
| Total Debt | 5.56M | 5.74M | 6.47M | 29.55M | 67.78M | 69.97M | 51.7M | 44.3M |
| Net Debt | -80.69M | -57.34M | -42.3M | -17.96M | -36M | -28.43M | 17.3M | 34.3M |
| Debt / Equity | 0.04x | 0.04x | 0.05x | 0.29x | 0.70x | 0.91x | 3.67x | - |
| Debt / EBITDA | -0.48x | - | 1.08x | - | - | - | 6.39x | 10.82x |
| Net Debt / EBITDA | 7.00x | - | -7.06x | - | - | - | 2.14x | 8.38x |
| Interest Coverage | - | - | -0.52x | -6.22x | -2.82x | -2.95x | 2.09x | 0.45x |
| Total Equity | 138.53M | 132.75M | 128.24M | 100.74M | 97.24M | 76.61M | 14.07M | -48.46M |
| Equity Growth % | 35.13% | 3.51% | 27.3% | 3.6% | 26.92% | 444.57% | 129.03% | - |
| Book Value per Share | 1.48 | 1.44 | 1.47 | 1.22 | 1.20 | 0.94 | 0.41 | -1.45 |
| Total Shareholders' Equity | 138.53M | 132.75M | 128.24M | 100.74M | 97.24M | 76.61M | 14.07M | -48.46M |
| Common Stock | 10K | 9K | 9K | 8K | 7K | 6K | 0 | 0 |
| Retained Earnings | -174.55M | -172.22M | -150.83M | -140.77M | -97.57M | -65.91M | -52.35M | -50.64M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operational cash burn
According to recent financial statements, Expensify has maintained a relatively stable asset base of $190.6 million as of 2026Q1, though the persistent accumulation of a $174.6 million deficit in retained earnings suggests that the company's internal capital generation remains fundamentally challenged by ongoing operational losses.
The balance sheet appears to be in a state of stagnation rather than growth, reflecting the company's struggle to scale its core business model. Investors should monitor whether the current asset level can support the pivot to the 'New Expensify' platform without further eroding the equity base.
As reported in quarterly filings, Expensify has successfully reduced its total debt from $29.6 million in 2023Q4 to just $5.6 million in 2026Q1, resulting in a negligible debt-to-equity ratio of 0.04 that provides the firm with significant insulation against rising interest rate environments.
The strategic deleveraging appears to be a defensive measure, likely intended to preserve liquidity while the company navigates its current growth stagnation. This low leverage profile is a rare positive indicator, suggesting that the company is not currently reliant on external credit markets to fund its operations.
Based on the most recent 2026Q1 data, Expensify holds $86.2 million in cash, which represents a notable improvement from the $47.5 million reported in 2023Q4, providing a necessary liquidity buffer as the company continues to burn cash to support its product pivot and marketing initiatives.
The current ratio of 3.48 indicates a strong short-term liquidity position, which should alleviate immediate concerns regarding the company's ability to meet its near-term obligations. However, this liquidity is largely a function of past capital raises rather than organic cash generation, warranting caution if the burn rate accelerates.
As disclosed in financial reports, the company's equity base of $138.5 million is heavily impacted by a cumulative deficit in retained earnings of $174.6 million, which highlights the long-term erosion of shareholder value resulting from persistent GAAP net losses and aggressive stock-based compensation practices.
The quality of equity appears strained, as the capital structure is increasingly reliant on historical paid-in capital rather than retained profits. Investors should be wary of the potential for further dilution if management continues to utilize equity-based incentives to compensate for the lack of operational profitability.
Quick answers to the most common questions about buying EXFY stock.
As of 2025, Expensify, Inc. (EXFY) had total assets of $186.0M including $153.0M in current assets.
Expensify, Inc. (EXFY) carries total debt of $5.7M, offset by $63.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Expensify, Inc. (EXFY) has total shareholders' equity (book value) of $132.7M ($1.44 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Expensify, Inc. (EXFY) reported a current ratio of 3.30x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.