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Side-by-side financial comparison of Expensify, Inc. (EXFY) and MFA FINANCIAL, INC. (MFA). Click either name above to swap in a different company.
MFA FINANCIAL, INC. is the larger business by last-quarter revenue ($55.5M vs $35.2M, roughly 1.6× Expensify, Inc.). On growth, MFA FINANCIAL, INC. posted the faster year-over-year revenue change (9.2% vs -4.9%). Over the past eight quarters, MFA FINANCIAL, INC.'s revenue compounded faster (7.7% CAGR vs 2.4%).
Expensify, Inc. is a software company that develops an expense management system for personal and business use. Expensify also offers a business credit card called the Expensify Card.
MFA Financial, Inc. is a U.S.-headquartered real estate investment trust (REIT) specializing in investing in and managing residential and commercial mortgage-backed securities, mortgage loans, and other real estate-related financial assets. It caters primarily to institutional and individual investors across the U.S., focusing on delivering stable risk-adjusted returns via rigorous asset screening and risk management frameworks.
EXFY vs MFA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $55.5M |
| Net Profit | — | — |
| Gross Margin | 49.2% | — |
| Operating Margin | -11.2% | 97.9% |
| Net Margin | — | — |
| Revenue YoY | -4.9% | 9.2% |
| Net Profit YoY | — | — |
| EPS (diluted) | $-0.07 | $0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $35.2M | $55.5M | ||
| Q3 25 | $35.1M | $56.8M | ||
| Q2 25 | $35.8M | $61.3M | ||
| Q1 25 | $36.1M | $57.5M | ||
| Q4 24 | $37.0M | $50.8M | ||
| Q3 24 | $35.4M | $50.6M | ||
| Q2 24 | $33.3M | $53.5M | ||
| Q1 24 | $33.5M | $47.8M |
| Q4 25 | — | — | ||
| Q3 25 | $-2.3M | $48.1M | ||
| Q2 25 | $-8.8M | $33.2M | ||
| Q1 25 | $-3.2M | $41.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-2.2M | $48.2M | ||
| Q2 24 | $-2.8M | $41.9M | ||
| Q1 24 | $-3.8M | $23.2M |
| Q4 25 | 49.2% | — | ||
| Q3 25 | 49.6% | — | ||
| Q2 25 | 51.9% | — | ||
| Q1 25 | 50.6% | — | ||
| Q4 24 | 51.0% | — | ||
| Q3 24 | 51.6% | — | ||
| Q2 24 | 56.9% | — | ||
| Q1 24 | 56.5% | — |
| Q4 25 | -11.2% | 97.9% | ||
| Q3 25 | -6.4% | 84.5% | ||
| Q2 25 | -28.9% | 54.5% | ||
| Q1 25 | -4.1% | 70.0% | ||
| Q4 24 | 1.3% | 6.8% | ||
| Q3 24 | 0.8% | 98.2% | ||
| Q2 24 | 0.7% | 79.1% | ||
| Q1 24 | -5.3% | 50.7% |
| Q4 25 | — | — | ||
| Q3 25 | -6.6% | 84.7% | ||
| Q2 25 | -24.6% | 54.2% | ||
| Q1 25 | -8.8% | 71.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | -6.2% | 95.2% | ||
| Q2 24 | -8.3% | 78.4% | ||
| Q1 24 | -11.3% | 48.5% |
| Q4 25 | $-0.07 | $0.43 | ||
| Q3 25 | $-0.03 | $0.35 | ||
| Q2 25 | $-0.10 | $0.21 | ||
| Q1 25 | $-0.03 | $0.31 | ||
| Q4 24 | $-0.03 | $-0.01 | ||
| Q3 24 | $-0.02 | $0.37 | ||
| Q2 24 | $-0.03 | $0.32 | ||
| Q1 24 | $-0.04 | $0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $63.1M | $213.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $132.7M | $1.8B |
| Total Assets | $186.0M | $13.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.1M | $213.2M | ||
| Q3 25 | $61.5M | $305.2M | ||
| Q2 25 | $60.5M | $275.7M | ||
| Q1 25 | $59.6M | $253.7M | ||
| Q4 24 | $48.8M | $338.9M | ||
| Q3 24 | $39.2M | $305.6M | ||
| Q2 24 | $53.2M | $289.4M | ||
| Q1 24 | $49.3M | $306.3M |
| Q4 25 | $132.7M | $1.8B | ||
| Q3 25 | $135.7M | $1.8B | ||
| Q2 25 | $131.8M | $1.8B | ||
| Q1 25 | $134.7M | $1.8B | ||
| Q4 24 | $128.2M | $1.8B | ||
| Q3 24 | $119.9M | $1.9B | ||
| Q2 24 | $114.0M | $1.9B | ||
| Q1 24 | $106.5M | $1.9B |
| Q4 25 | $186.0M | $13.0B | ||
| Q3 25 | $186.8M | $12.1B | ||
| Q2 25 | $187.1M | $11.7B | ||
| Q1 25 | $189.2M | $11.5B | ||
| Q4 24 | $173.7M | $11.4B | ||
| Q3 24 | $176.2M | $11.2B | ||
| Q2 24 | $192.9M | $11.1B | ||
| Q1 24 | $184.8M | $10.9B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.2M | $76.2M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.2M | $76.2M | ||
| Q3 25 | $4.2M | $14.7M | ||
| Q2 25 | $8.9M | $38.5M | ||
| Q1 25 | $4.8M | $-14.6M | ||
| Q4 24 | $7.4M | $200.1M | ||
| Q3 24 | $3.7M | $-11.3M | ||
| Q2 24 | $9.3M | $46.5M | ||
| Q1 24 | $3.5M | $53.5M |
| Q4 25 | — | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | -0.35× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.23× | ||
| Q2 24 | — | 1.11× | ||
| Q1 24 | — | 2.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
