Expensify, Inc. — Earnings Quality Grade F
EXFY · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 32 days, change -1 days YoY
AR growth -0.7% vs revenue growth 2.1%
Revenue 2.1%, CFFO -15.9%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -53.4% vs revenue 2.1%. Normal
SG&A/Gross Profit = 96.3%, exceeds 70%
Gross margin 50.3%, change -3.5pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = -0.77
Accruals ratio = -22.3%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 10% of equity. Manageable
Debt/EBITDA = -0.6x. Healthy
Other assets 13.4% vs revenue 2.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -16% YoY. Normal
Manipulation Score
M-Score = -3.69 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25