Money Forward Inc (MNFYY) AI Stock Analysis
MNFYY AI stock analysis summary
AI ResearchMoney Forward Inc provides personal financial management and cloud-based enterprise back-office software solutions primarily in Japan. Revenue expanded to $50.35B in FY2025, achieving a 4-year compound annual growth rate of 34.0% and delivering positive net income of $1.59B. However, capital expenditures of $9.10B kept free cash flow negative at -$7.60B in FY2025.
- Market cap
- $1.33B
- Revenue (TTM)
- $61.95B
- P/E
- —
- 1Y return
- 0.0% S&P 500 16.8%
- Avg. target
- —
Bull case
- Revenue expanded at a 4-year compound annual growth rate of 34.0% from FY2021 to FY2025, reaching $50.35B.
- Net income turned positive at $1.59B in FY2025 with a 3.2% net margin, recovering from -$6.33B in FY2024.
- The company maintained a strong liquidity cushion with net cash of $15.51B and cash and short-term investments of $45.39B as of May 31, 2026.
Bear case
- Free cash flow remained negative at -$7.60B in FY2025, weighed down by $9.10B in capital expenditures.
- The stock recorded a 1-year return of 0.0%, lagging the S&P 500 return of 16.8%.
- Diluted earnings per share over the trailing twelve months remained negative at -$0.37 despite revenue of $61.95B.
What Money Forward does
Money Forward, Inc. provides financial solutions for individuals, financial institutions, and corporations primarily in Japan. The company offers personal financial management services under brands such as Money Forward ME, MONEY PLUS, and Money Forward Personal Financial Consulting. Its corporate software suite includes Money Forward Cloud, a software-as-a-service application that supports back-office operations, accounting, invoicing, project costs, and human resources functions. It also provides SaaS marketing platforms such as BOXIL SaaS and BizHint, financial services including Money Forward Kessai and Money Forward Early Payment, and the Money Forward Fintech Platform.
Growth and profitability
Revenue increased from $15.63B in FY2021 to $21.48B in FY2022, $30.38B in FY2023, $40.36B in FY2024, and $50.35B in FY2025, reflecting a 4-year revenue CAGR of 34.0%. Annual revenue growth reached 24.7% in FY2025, alongside a gross margin of 68.0%. Operating margin improved from -39.4% in FY2022 to -5.3% in FY2025. Net income turned positive at $1.59B in FY2025 with a net margin of 3.2%, compared to -$6.33B in FY2024. Over the trailing twelve months ended May 31, 2024, revenue reached $61.95B with quarterly revenue growth of 48.4% year-over-year, an operating margin of 10.6%, and an EPS of -$0.37.
Balance sheet and cash flow
As of May 31, 2026, Money Forward held $45.39B in cash and short-term investments against total debt of $29.88B, yielding net cash of $15.51B. Total assets stood at $143.63B, and shareholders' equity was $44.57B, resulting in a debt-to-equity ratio of 0.67 and a current ratio of 1.54. Operating cash flow was $1.50B in FY2025. Capital expenditures of $9.10B led to free cash flow of -$7.60B, while dividends paid totaled $1.40B.
Valuation and performance
Money Forward trades at a market capitalization of $1.33B and an enterprise value of $2.04B. Its valuation multiples include a price-to-book ratio of 4.8x, an EV-to-revenue multiple of 4.9x, and a price-to-sales ratio of 0.0x. Across its US-listed Technology peers, the median price-to-sales multiple is 2.8x, EV-to-EBITDA is 16.6x, and forward P/E is 18.8x. Over the past year, the stock returned 0.0%, trailing the S&P 500 return of 16.8%. The stock last closed at $12.00, matching its 52-week low of $12.00.
What analysts expect
For the current fiscal year ending November 30, 2026, analyst consensus projects revenue of $62.24B. For the following fiscal year, revenue is estimated at $74.03B, representing projected revenue growth of 18.9%. Over the trailing twelve months, the company recorded an EPS of -$0.37. The stock last closed at $12.00 on October 16, 2026, with a beta of 1.20 and a 52-week high of $14.50.
Key risks and what to watch
- Capital expenditures of $9.10B in FY2025 continue to place pressure on cash generation, keeping free cash flow at -$7.60B.
- Total debt of $29.88B represents a debt-to-equity ratio of 0.67 against shareholders' equity of $44.57B.
- Annual revenue growth moderated from 41.5% in FY2023 to 32.9% in FY2024 and 24.7% in FY2025.
- The stock price of $12.00 sits at its 52-week low with a beta of 1.20.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this MNFYY AI stock analysis
This page is an AI-written research summary of Money Forward Inc (MNFYY). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: MNFYY income statement, MNFYY balance sheet, MNFYY key metrics, MNFYY analyst forecast, MNFYY chart. See the MNFYY stock overview for the latest quote and news.
MNFYY AI stock analysis FAQ
What was Money Forward's revenue in FY2025?
Money Forward reported revenue of $50.35B in FY2025, representing year-over-year revenue growth of 24.7% from $40.36B in FY2024.
Is Money Forward profitable?
The company reported positive net income of $1.59B and a net margin of 3.2% in FY2025. However, trailing twelve months EPS through May 31, 2024, was -$0.37.
How much cash and debt does Money Forward hold?
As of May 31, 2026, Money Forward held $45.39B in cash and short-term investments and $29.88B in total debt, resulting in net cash of $15.51B.
What do analysts forecast for Money Forward's revenue?
Analysts project revenue of $62.24B for the fiscal year ending November 30, 2026, and $74.03B for the next fiscal year, reflecting expected growth of 18.9%.