MOGU Inc. (MOGU) Cash Flow Statement
Where MOGU’s cash came from and went, FY2026
March 31, 2026 · Chinese yuan- Cash from operations
- −CN¥47.4M
- Capital expenditures
- CN¥4.1M 3.4% of revenue
- Free cash flow
- −CN¥51.5M −42.4% margin
- Returned to shareholders
- —
- Change in cash
- CN¥51.6M cash at year-end CN¥134.1M
Cash from operations
−CN¥47.4M
Capital expenditures
−CN¥4.1M
Investments (net)
+CN¥60.4M
Acquisitions & other
+CN¥43.1M
Currency & other
−CN¥311,000
Change in cash
CN¥51.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MOGU operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
MOGU cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥832.5MFY2017 | −CN¥47.4MFY2026 | — | |
| Capital expenditures | CN¥23.7MFY2017 | CN¥4.1MFY2026 | −17.7%/yr | |
| Free cash flow | −CN¥856.2MFY2017 | −CN¥51.5MFY2026 | — | |
| Free cash flow margin | −77.1%FY2017 | −42.4%FY2026 | +34.8 pts | |
| Stock-based compensation | CN¥20.7MFY2017 | CN¥16,000FY2026 | −54.9%/yr | |
| Dividends paid | CN¥0FY2017 | CN¥0FY2019 | — | |
| Share buybacks (net) | CN¥0FY2017 | CN¥0FY2026 | — | |
| Capex / revenue | 2.1%FY2017 | 3.4%FY2026 | +1.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MOGU cash flow by activity
OperatingInvestingFinancingChange in cash
MOGU 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).
MOGU cash flow statement in Chinese yuan
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥3.2M | −CN¥60.6M | −CN¥59.3M | −CN¥178.0M | −CN¥639.8M | −CN¥328.0M | −CN¥2.22B | −CN¥486.3M | −CN¥558.2M | −CN¥939.1M |
| Depreciation & amortization | CN¥11.5M | CN¥13.5M | CN¥14.1M | CN¥73.9M | CN¥333.6M | CN¥351.1M | CN¥338.5M | CN¥206.4M | CN¥446.4M | CN¥536.4M |
| Stock-based compensation | CN¥16,000 | CN¥839,000 | CN¥4.6M | CN¥13.6M | CN¥12.5M | CN¥26.3M | CN¥32.2M | CN¥103.1M | CN¥16.8M | CN¥20.7M |
| Change in working capital | −CN¥56.3M | −CN¥58.0M | CN¥3.5M | −CN¥14.4M | −CN¥36.8M | −CN¥32.9M | −CN¥41.5M | −CN¥94.4M | CN¥38.5M | −CN¥450.1M |
| Other non-cash items | −CN¥5.8M | CN¥36.3M | −CN¥3.3M | CN¥94.8M | CN¥216.2M | −CN¥94.5M | CN¥1.58B | −CN¥54.6M | −CN¥258.4M | −CN¥415,000 |
| Cash from operating activities | −CN¥47.4M | −CN¥67.9M | −CN¥40.5M | −CN¥10.1M | −CN¥114.4M | −CN¥77.9M | −CN¥311.8M | −CN¥325.8M | −CN¥314.9M | −CN¥832.5M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥4.1M | −CN¥10.1M | −CN¥94.2M | −CN¥55.5M | −CN¥55.1M | −CN¥152.6M | −CN¥10.4M | −CN¥8.6M | −CN¥5.2M | −CN¥23.7M |
| Investments (net) | CN¥60.4M | −CN¥207.9M | −CN¥19.8M | CN¥608,000 | CN¥13.9M | −CN¥96.7M | −CN¥41.6M | −CN¥82.8M | CN¥270.6M | −CN¥385.6M |
| Acquisitions & other investing | CN¥43.1M | CN¥10.1M | CN¥94.2M | CN¥55.5M | CN¥55.1M | CN¥152.6M | −CN¥61.1M | CN¥8.6M | CN¥75.0M | −CN¥132.4M |
| Cash from investing activities | CN¥99.3M | −CN¥207.9M | −CN¥19.8M | CN¥608,000 | CN¥13.9M | −CN¥96.7M | −CN¥113.2M | −CN¥82.8M | CN¥340.5M | −CN¥541.6M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | CN¥0 | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | CN¥0 | −CN¥822,000 | CN¥0 | −CN¥1.3M | −CN¥9.7M | −CN¥119.9M | −CN¥6.6M | CN¥410.9M | CN¥7.1M | CN¥195.0M |
| Net borrowing (repayment) | CN¥1,000 | CN¥0 | CN¥0 | −CN¥10.7M | CN¥10.1M | CN¥10.1M | CN¥10.1M | −CN¥2.3M | −CN¥2.3M | −CN¥2.3M |
| Shares issued | CN¥7,000 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥389.4M | CN¥0 | CN¥0 |
| Other financing | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | −CN¥9.5M | −CN¥32.9M | −CN¥383.1M | CN¥2.3M | CN¥2.3M |
| Cash from financing activities | CN¥8,000 | −CN¥822,000 | CN¥0 | −CN¥12.1M | CN¥450,000 | −CN¥119.2M | −CN¥29.3M | CN¥414.9M | CN¥7.1M | CN¥195.0M |
| Summary | ||||||||||
| Net change in cash | CN¥51.6M | −CN¥276.8M | −CN¥57.7M | −CN¥22.4M | −CN¥103.5M | −CN¥314.5M | −CN¥420.3M | CN¥52.3M | −CN¥46.1M | CN¥1.27B |
| Cash at end of period | CN¥134.1M | CN¥82.5M | CN¥359.3M | CN¥417.0M | CN¥439.4M | CN¥542.9M | CN¥857.4M | CN¥1.28B | CN¥1.23B | CN¥1.27B |
| Free cash flow | −CN¥51.5M | −CN¥78.0M | −CN¥134.6M | −CN¥65.6M | −CN¥169.5M | −CN¥230.6M | −CN¥322.2M | −CN¥334.5M | −CN¥320.0M | −CN¥856.2M |
| Free cash flow margin | −42.4% | −55.2% | −84.0% | −28.3% | −50.2% | −47.8% | −38.6% | −31.1% | −32.9% | −77.1% |
| Capex / revenue | 3.4% | 7.1% | 58.7% | 23.9% | 16.3% | 31.6% | 1.2% | 0.8% | 0.5% | 2.1% |
| Operating cash flow / net income | −14.73 | — | — | — | — | — | — | — | — | — |
| Mar '26 | Dec '25 | Jun '25 | Dec '24 | Sep '24 | Jun '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −CN¥24.3M | −CN¥24.3M | CN¥25.2M | −CN¥19.2M | −CN¥12.1M | −CN¥12.1M | −CN¥11.9M | −CN¥17.7M | −CN¥17.7M | −CN¥60.3M | −CN¥60.3M | −CN¥28.7M |
| Depreciation & amortization | CN¥3.1M | CN¥3.1M | CN¥2.7M | CN¥3.9M | CN¥2.9M | CN¥2.9M | CN¥2.3M | CN¥913,000 | CN¥913,000 | CN¥26.9M | CN¥26.9M | CN¥11.0M |
| Stock-based compensation | CN¥3,000 | CN¥3,000 | CN¥5,000 | CN¥49,500 | CN¥370,000 | CN¥370,000 | CN¥2.3M | — | CN¥2.4M | CN¥6.8M | CN¥6.8M | CN¥4.4M |
| Change in working capital | — | — | −CN¥28.7M | −CN¥28.7M | — | CN¥1.7M | CN¥1.7M | — | −CN¥7.2M | −CN¥7.2M | −CN¥32,000 | — |
| Other non-cash items | CN¥16.9M | CN¥16.9M | −CN¥18.6M | CN¥24.5M | −CN¥5.6M | −CN¥7.4M | CN¥1.8M | CN¥337,001 | CN¥5.2M | CN¥36.7M | CN¥36.7M | CN¥5.2M |
| Cash from operating activities | −CN¥4.3M | −CN¥4.3M | −CN¥19.4M | −CN¥19.5M | −CN¥14.5M | −CN¥14.5M | −CN¥3.8M | −CN¥16.5M | −CN¥16.5M | CN¥3.0M | CN¥10.1M | −CN¥8.0M |
| Investing activities | ||||||||||||
| Capital expenditures | CN¥0 | CN¥0 | −CN¥5.0M | −CN¥5.0M | CN¥0 | −CN¥47.1M | −CN¥47.1M | CN¥0 | −CN¥27.8M | −CN¥27.8M | −CN¥27.8M | −CN¥27.8M |
| Investments (net) | — | — | — | — | — | — | — | — | — | CN¥18.4M | CN¥18.4M | CN¥18.4M |
| Acquisitions & other investing | CN¥4.4M | CN¥4.4M | CN¥50.3M | CN¥23.1M | −CN¥122.0M | −CN¥74.9M | CN¥47.6M | −CN¥10.4M | CN¥17.4M | CN¥23.8M | −CN¥102,000 | −CN¥4.7M |
| Cash from investing activities | CN¥4.4M | CN¥4.4M | CN¥45.3M | CN¥18.0M | −CN¥122.0M | −CN¥122.0M | CN¥506,499 | −CN¥10.4M | −CN¥10.4M | CN¥14.4M | −CN¥9.5M | −CN¥14.1M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | −CN¥411,000 | −CN¥411,000 | — | — | — | — | −CN¥666,500 | −CN¥666,500 | −CN¥666,500 | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥500 | CN¥500 | CN¥414,500 | — | −CN¥411,000 | −CN¥411,000 | — | — | −CN¥3.9M | −CN¥3.9M | CN¥0 | −CN¥1.5M |
| Cash from financing activities | CN¥500 | CN¥500 | CN¥3,500 | — | −CN¥411,000 | −CN¥411,000 | — | — | −CN¥4.5M | −CN¥4.5M | −CN¥666,500 | −CN¥1.5M |
| Summary | ||||||||||||
| Net change in cash | −CN¥37,500 | −CN¥37,500 | — | −CN¥1.2M | −CN¥137.2M | −CN¥137.2M | −CN¥3.7M | −CN¥25.2M | −CN¥417.0M | CN¥11.6M | CN¥11.6M | −CN¥22.8M |
| Cash at end of period | −CN¥37,500 | — | CN¥82.5M | −CN¥1.2M | −CN¥137.2M | CN¥222.1M | −CN¥3.7M | −CN¥25.2M | CN¥11.6M | CN¥11.6M | CN¥11.6M | −CN¥22.8M |
| Free cash flow | −CN¥4.3M | −CN¥4.3M | −CN¥19.4M | −CN¥24.5M | −CN¥14.5M | −CN¥14.5M | −CN¥50.9M | −CN¥16.5M | −CN¥16.5M | −CN¥24.8M | −CN¥17.6M | −CN¥8.0M |
| Free cash flow margin | −15.2% | −15.2% | −56.4% | −61.8% | −46.8% | −46.8% | −132.0% | −19.8% | −39.5% | −42.3% | −109.2% | −13.9% |
| Capex / revenue | 0.0% | 0.0% | 14.7% | 12.7% | 0.0% | 152.2% | 122.2% | 0.0% | 66.7% | 47.4% | 172.0% | 48.4% |
| Operating cash flow / net income | — | — | −0.77 | — | — | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
MOGU cash generation
In fiscal 2026 (ended March 31, 2026), MOGU generated -CN¥47.4 million of cash from operations and spent CN¥4.1 million on capital expenditures, leaving free cash flow of -CN¥51.5 million, −42.4% of revenue. Cash and equivalents rose by CN¥51.6 million over the year.
Related: MOGU income statement, MOGU balance sheet. See the MOGU stock overview for the latest quote and news.
MOGU cash flow FAQ
What is MOGU's free cash flow?
MOGU's free cash flow was -CN¥51.5 million in fiscal 2026: -CN¥47.4 million of operating cash flow minus CN¥4.1 million of capital expenditures It was -CN¥78.0 million a year earlier..
How much cash does MOGU generate from operations?
MOGU generated -CN¥47.4 million of cash from operating activities in fiscal 2026, −14.73 times its net income of CN¥3.2 million.
How much does MOGU spend on capital expenditures?
MOGU spent CN¥4.1 million on capital expenditures in fiscal 2026, 3.4% of revenue, compared with CN¥10.1 million the year before.