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What drives Expensify, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−16%Tax burden131%net income ÷ pretax incomeInterest burden90%pretax ÷ operating incomeOperating margin−13%operating income ÷ revenueAsset turnover0.79×revenue ÷ average assetsEquity multiplier1.38×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$21.4MFY2025
Income before tax−$16.3MFY2025
Operating income−$18MFY2025
$142MFY2025
Ending assets$186MFY2025
Beginning assets$174MFY2024
$133MFY2025
$128MFY2024
Source:
  • SEC filingFiling detailsAccession 0001476840-25-000018
  • SEC filingFiling detailsAccession 0001476840-26-000009
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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EXFY dupont explainer — Buy Like Buffett · Buy Like Buffett