Money Forward Inc

Money Forward Inc has a market capitalization of ¥240.34 billion and a price-to-book ratio of 8.62, indicating a premium valuation relative to its book value. The company's liquidity position is characterized by ¥28.05 billion in cash and equivalents, but this is offset by ¥31.05 billion in long-term debt, resulting in a net cash position that is negative. The current ratio of 1.63 suggests the company has sufficient short-term assets to cover its short-term liabilities, but the debt-to-equity ratio of 1.11 indicates a moderate level of leverage.

Profitability metrics show a challenging financial position for Money Forward Inc. The company reported a net loss of ¥1.28 billion and an operating loss of ¥845 million in the latest period. Return on equity (ROE) is negative at -4.58%, and return on assets (ROA) is also negative at -1.5%, both significantly below the industry median for software companies. These figures suggest the company is not generating returns that meet the cost of capital or industry benchmarks.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification in the provided data. This lack of segment or geographic diversification increases the company's exposure to market-specific risks and could limit its ability to grow through new markets or product lines.

Looking ahead, Money Forward Inc is expected to face continued financial pressure. The company's operating cash flow is negative at ¥6.68 billion, and capital expenditures are also negative at ¥2.85 billion, indicating ongoing investment in growth despite current losses. Analysts have a mixed outlook, with a mean price target of ¥4,555.56 and a median of ¥4,300.00, suggesting a cautious but not bearish view. However, the company's current financial performance and liquidity position may constrain its ability to meet these targets.

Risk factors for Money Forward Inc include its negative net cash position and the potential for further dilution if the company needs to raise additional capital. The company's liquidity risk is rated as medium, and while dilution risk is currently low, the need for capital could increase this risk in the near term. The company has not disclosed any recent events or filings that would indicate a significant change in its risk profile.

Recent investor relations data shows that analysts have a range of price targets from ¥3,500 to ¥6,000, with a mean recommendation of 2.67, indicating a slight bias toward a hold or buy rating. The company has not issued any recent earnings transcripts or press releases that would provide additional insight into its strategic direction or operational performance.

Operating income surged 189.5% year-over-year to 4.5 billion JPY in fiscal 2026.

Analysts project 12.1% upside to a mean price target of 4,555.56 JPY.

Cash conversion of 5.22 ranks best-in-class compared to the software cohort median.

Long-term debt increased to 33.8 billion JPY in fiscal 2026, indicating high leverage.

The company faces high credit risk according to internal risk flag assessments.

Return on equity of -4.58% significantly underperforms the software cohort median.

Revenue ¥14.67B, +25,3% YoY; Operating income +141,8% YoY.

• ▍Revenue ¥14.67B, +25,3% YoY
• ▍Operating income +141,8% YoY
• ▍Net income +263,4% YoY
• ▍Net margin 12.5%

Revenue ¥15.04B, +40,7% YoY; Operating income +418,0% YoY.

• ▍Revenue ¥15.04B, +40,7% YoY
• ▍Operating income +418,0% YoY
• ▍Net income +293,5% YoY
• ▍Net margin 33.7%

Revenue ¥12.07B, +23,0% YoY; Operating income +8,2% YoY.

• ▍Revenue ¥12.07B, +23,0% YoY
• ▍Operating income +8,2% YoY
• ▍Net income −6,5% YoY
• ▍Net margin -9.8%

Revenue ¥11.53B, +11,7% YoY; Operating income −13,6% YoY.

• ▍Revenue ¥11.53B, +11,7% YoY
• ▍Operating income −13,6% YoY
• ▍Net income +15,7% YoY
• ▍Net margin -9.3%

Revenue ¥11.71B; Operating income -¥536.1M.

• ▍Revenue ¥11.71B
• ▍Operating income -¥536.1M
• ▍Net margin -9.6%

Revenue ¥10.69B; Operating income -¥2.18B.

• ▍Revenue ¥10.69B
• ▍Operating income -¥2.18B
• ▍Net margin -24.5%

Revenue ¥9.81B; Operating income -¥1.01B.

• ▍Revenue ¥9.81B
• ▍Operating income -¥1.01B
• ▍Net margin -11.4%

Revenue ¥10.32B; Operating income -¥845.0M.

• ▍Revenue ¥10.32B
• ▍Operating income -¥845.0M
• ▍Net margin -12.4%

Revenue ¥50.35B, +24,7% YoY; Operating income +189,5% YoY.

• ▍Revenue ¥50.35B, +24,7% YoY
• ▍Operating income +189,5% YoY
• ▍Net income +126,5% YoY
• ▍Free cash flow +80,1% YoY
• ▍Net margin 3.3%

Revenue ¥40.36B, +32,9% YoY; Operating income +21,4% YoY.

• ▍Revenue ¥40.36B, +32,9% YoY
• ▍Operating income +21,4% YoY
• ▍Net income −0,2% YoY
• ▍Free cash flow +8,1% YoY
• ▍Net margin -15.7%

Revenue ¥30.38B, +41,5% YoY; Operating income +24,8% YoY.

• ▍Revenue ¥30.38B, +41,5% YoY
• ▍Operating income +24,8% YoY
• ▍Net income +33,2% YoY
• ▍Free cash flow +20,9% YoY
• ▍Net margin -20.8%

Revenue ¥21.48B, +37,4% YoY; Operating income −702,4% YoY.

• ▍Revenue ¥21.48B, +37,4% YoY
• ▍Operating income −702,4% YoY
• ▍Net income −537,5% YoY
• ▍Free cash flow −306,9% YoY
• ▍Net margin -44.0%