Money Forward Inc (MNFYY) Key Metrics
MNFYY key metrics, FY2021–FY2025
Fiscal year ended November 30, 2025 · Japanese yenMNFYY returns How much profit the business earns on the capital it uses.
MNFYY financial health Debt, liquidity and how easily interest is covered.
MNFYY efficiency & capital use Working capital cycle and where the cash goes.
MNFYY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MNFYY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MNFYY cash returned to shareholders
MNFYY key metrics in Japanese yen
FY2021–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Returns & profitability | |||||
| Return on equity (ROE) | 3.2% | −16.0% | −18.1% | −24.4% | −3.5% |
| Return on invested capital (ROIC) | −7.2% | −19.7% | −30.8% | −58.2% | −10.2% |
| Return on assets (ROA) | 1.4% | −6.5% | −8.2% | −15.4% | −2.6% |
| Return on tangible assets | 1.6% | −7.1% | −8.4% | −17.2% | −2.9% |
| Free cash flow margin | −15.1% | −27.6% | −9.6% | −39.1% | −29.8% |
| Income quality (OCF / net income) | 0.94 | — | — | — | — |
| Financial health | |||||
| Total debt | ¥22.99B | ¥20.90B | ¥21.95B | ¥6.37B | ¥2.14B |
| Cash & short-term investments | ¥40.97B | ¥45.25B | ¥38.86B | ¥26.71B | ¥36.22B |
| Net debt | −¥17.98B | −¥24.35B | −¥16.91B | −¥20.35B | −¥34.08B |
| Debt / equity | 0.41 | 0.47 | 0.63 | 0.18 | 0.05 |
| Debt / assets | 0.18 | 0.20 | 0.25 | 0.10 | 0.04 |
| Net debt / EBITDA | −2.07 | — | — | — | — |
| Current ratio | 1.58 | 1.68 | 1.79 | 1.62 | 3.59 |
| Quick ratio | 1.57 | 1.68 | 1.79 | 1.62 | 3.58 |
| Interest coverage | -10.1 | -27.4 | -48.1 | -102.0 | -22.0 |
| Working capital | ¥26.80B | ¥26.80B | ¥24.22B | ¥14.85B | ¥31.75B |
| Invested capital | ¥37.89B | ¥20.32B | ¥17.75B | ¥14.74B | ¥8.25B |
| Tangible asset value | ¥29.03B | ¥27.63B | ¥21.20B | ¥24.11B | ¥36.23B |
| Net current asset value | ¥1.57B | ¥4.81B | ¥1.38B | ¥7.91B | ¥29.42B |
| Capital allocation | |||||
| Dividends paid | ¥1.40B | ¥713.5M | ¥41.4M | — | — |
| Share buybacks (net) | — | ¥0 | ¥132,000 | ¥369,000 | ¥704,000 |
| Dividend payout ratio | 88.1% | — | — | — | — |
| Capex / revenue | 18.1% | 15.8% | 17.7% | 19.9% | 14.9% |
| Capex / operating cash flow | 607.9% | — | 218.7% | — | — |
| Capex / depreciation | 1.81 | 1.79 | 2.21 | 2.73 | 2.69 |
| Stock-based compensation / revenue | 3.3% | 5.5% | 3.9% | 2.0% | 1.6% |
| Efficiency | |||||
| Days sales outstanding | 45.0 | 42.8 | 38.8 | 32.7 | 35.4 |
| Days of inventory on hand | 1.2 | 0.4 | 0.5 | 1.0 | 1.6 |
| Days payables outstanding | 6.0 | 9.1 | 11.5 | 12.5 | 16.1 |
| Cash conversion cycle (days) | 40.3 | 34.2 | 27.9 | 21.1 | 21.0 |
| Receivables turnover | 8.11 | 8.53 | 9.40 | 11.18 | 10.31 |
| Payables turnover | 61.06 | 40.12 | 31.77 | 29.23 | 22.72 |
| Inventory turnover | 297.06 | 814.88 | 696.70 | 383.02 | 221.21 |
| Asset turnover | 0.43 | 0.42 | 0.39 | 0.35 | 0.27 |
| Average receivables | ¥6.21B | ¥4.73B | ¥3.23B | ¥1.92B | ¥1.52B |
| Average payables | ¥264.0M | ¥331.6M | ¥355.7M | ¥276.4M | ¥211.9M |
| Average inventory | ¥54.3M | ¥16.3M | ¥16.2M | ¥21.1M | ¥21.8M |
| Intangibles / total assets | 21.0% | 16.1% | 15.3% | 16.6% | 10.7% |
Computed from MNFYY's annual financial statements (latest annual report filed —) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Japanese yen; data from EODHD. Averages use the opening and closing balance of each year.
MNFYY valuation and financial ratios
Money Forward earned a return on equity of 3.2% and a return on invested capital of −7.2% in fiscal 2025. It ended the year with ¥23.0 billion of debt and ¥41.0 billion in cash and short-term investments, a net cash position of ¥18.0 billion. It returned ¥1.4 billion to shareholders: ¥1.4 billion in dividends and ¥0 in share buybacks.
See the MNFYY income statement, the MNFYY chart for price history, or the MNFYY stock overview for the latest quote and news.
MNFYY key metrics FAQ
What is Money Forward's return on equity?
Money Forward's return on equity (ROE) was 3.2% in fiscal 2025: net income of ¥1.6 billion on average shareholders' equity of ¥50.3 billion.
What is Money Forward's ROIC?
Money Forward's return on invested capital was −7.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Money Forward have?
Money Forward had total debt of ¥23.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.41 and more cash than debt.
What is Money Forward's current ratio?
Money Forward's current ratio was 1.58 at the end of fiscal 2025: current assets were 1.58 times current liabilities.