Money Forward Inc (MNFYY) Cash Flow Statement

NYSE: MNFYYOperating cash, capex, free cash flow and buybacks.

Where MNFYY’s cash came from and went, FY2025

November 30, 2025 · Japanese yen
Cash from operations
¥1.50B
Capital expenditures
¥9.10B
18.1% of revenue
Free cash flow
−¥7.60B
−15.1% margin
Returned to shareholders
¥1.40B
Change in cash
−¥4.28B
cash at year-end ¥40.93B
Cash from operations: ¥1.50BCash from operations¥1.50BDrawn from cash: ¥4.28BDrawn from cash¥4.28BCurrency & other: ¥8.85BCurrency & other¥8.85BShares issued: ¥190.9MShares issued¥190.9MCapital expenditures: ¥9.10BCapital expenditures¥9.10B · 61%Investments (net): ¥3.38BInvestments (net)¥3.38B · 23%Dividends: ¥1.40BDividends¥1.40B · 9%Debt repayment: ¥933.2MDebt repayment¥933.2M · 6%¥14.81B
Cash from operations
¥1.50B
Capital expenditures
−¥9.10B
Investments (net)
−¥3.38B
Dividends
−¥1.40B
Net borrowing (repayment)
−¥933.2M
Shares issued
+¥190.9M
Currency & other
+¥8.85B
Change in cash
−¥4.28B

Drawn to scale: where the cash came from and how it was used. Hover for values.

MNFYY operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

MNFYY cash flow trends, FY2021–FY2025

MetricTrendThenLatestChange
Operating cash flow−¥2.33BFY2021¥1.50BFY2025—
Capital expenditures¥2.33BFY2021¥9.10BFY2025+40.5%/yr
Free cash flow−¥4.66BFY2021−¥7.60BFY2025—
Free cash flow margin−29.8%FY2021−15.1%FY2025+14.7 pts
Stock-based compensation¥249.8MFY2021¥1.67BFY2025+60.8%/yr
Dividends paid¥41.4MFY2023¥1.40BFY2025+481.0%/yr
Share buybacks (net)¥704,000FY2021¥0FY2024−100.0%
Capex / revenue14.9%FY202118.1%FY2025+3.1 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

MNFYY cash flow by activity

OperatingInvestingFinancingChange in cash

MNFYY net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

MNFYY cash flow statement in Japanese yen

FY2025FY2024FY2023FY2022FY2021
Operating activities
Net income¥1.59B−¥6.33B−¥5.71B−¥8.12B−¥1.92B
Depreciation & amortization¥5.03B¥3.55B¥2.43B¥1.56B¥868.1M
Stock-based compensation¥1.67B¥2.21B¥1.17B¥439.7M¥249.8M
Change in working capital¥325.7M−¥4.32B¥4.53B¥4.40B−¥2.52B
Other non-cash items−¥7.12B¥132.0M¥41.1M−¥2.41B¥995.8M
Cash from operating activities¥1.50B−¥4.76B¥2.46B−¥4.12B−¥2.33B
Investing activities
Capital expenditures−¥9.10B−¥6.37B−¥5.38B−¥4.27B−¥2.33B
Investments (net)−¥3.38B−¥2.32B−¥7.45B−¥14.78B−¥5.20B
Financing activities
Dividends paid−¥1.40B−¥713.5M−¥41.4M——
Share repurchases & issuance (net)—¥0−¥132,000−¥369,000−¥704,000
Net borrowing (repayment)−¥933.2M¥5.07B¥13.36B¥8.07B¥2.03B
Shares issued¥190.9M¥361.1M¥141.1M¥144.5M¥31.44B
Summary
Net change in cash−¥4.28B¥6.39B¥12.51B−¥9.71B¥27.30B
Cash at end of period¥40.93B¥45.21B¥38.82B¥26.31B¥36.02B
Free cash flow−¥7.60B−¥11.13B−¥2.92B−¥8.39B−¥4.66B
Free cash flow margin−15.1%−27.6%−9.6%−39.1%−29.8%
Capex / revenue18.1%15.8%17.7%19.9%14.9%
Operating cash flow / net income0.94————

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Japanese yen as reported; data from EODHD.

MNFYY cash generation

In fiscal 2025 (ended November 30, 2025), Money Forward generated ¥1.5 billion of cash from operations and spent ¥9.1 billion on capital expenditures, leaving free cash flow of -¥7.6 billion, −15.1% of revenue. It returned ¥1.4 billion to shareholders through dividends (¥1.4 billion) and net share buybacks (¥0). Cash and equivalents fell by ¥4.3 billion over the year.

Related: MNFYY income statement, MNFYY balance sheet. See the MNFYY stock overview for the latest quote and news.

MNFYY cash flow FAQ

What is Money Forward's free cash flow?

Money Forward's free cash flow was -¥7.6 billion in fiscal 2025: ¥1.5 billion of operating cash flow minus ¥9.1 billion of capital expenditures It was -¥11.1 billion a year earlier..

How much cash does Money Forward generate from operations?

Money Forward generated ¥1.5 billion of cash from operating activities in fiscal 2025, 0.94 times its net income of ¥1.6 billion.

How much does Money Forward spend on capital expenditures?

Money Forward spent ¥9.1 billion on capital expenditures in fiscal 2025, 18.1% of revenue, compared with ¥6.4 billion the year before.

How much does Money Forward pay in dividends?

Money Forward paid ¥1.4 billion in dividends in fiscal 2025.

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