Money Forward, Inc. (JP:3994)
:3994
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Money Forward
(3994)
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Rating:52Neutral
Price Target:
¥3,122.00
▼(-33.19% Downside)
Action:ReiteratedDate:03/07/26
The score is driven primarily by improving fundamentals in 2025 (growth plus a shift to positive net income and free cash flow), but it is constrained by expensive valuation (very high P/E) and mixed technicals, with the stock still below key longer-term moving averages and negative MACD.
Positive Factors
Recurring SaaS Revenue Model
A subscription-driven B2B/B2C SaaS model offers durable, recurring revenue and predictable cash inflows. For Money Forward this supports customer retention, modular upsell across accounting/payroll suites and network effects from bank and partner integrations that compound revenue over time.
Negative Factors
Operating Profit Still Negative
Although EBITDA and net income turned positive, the persistent negative operating profit means core operating margins remain under pressure. Continued negative operating profit could limit reinvestment capacity and shows underlying cost structure or scaling inefficiencies that must be resolved for durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring SaaS Revenue Model
A subscription-driven B2B/B2C SaaS model offers durable, recurring revenue and predictable cash inflows. For Money Forward this supports customer retention, modular upsell across accounting/payroll suites and network effects from bank and partner integrations that compound revenue over time.
Read all positive factors
Money Forward (3994) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥197.82B
Dividend YieldN/A
Average Volume (3M)292.29K
Price to Earnings (P/E)143.8
Beta (1Y)0.66
Revenue Growth19.57%
EPS Growth-16.67%
CountryJP
Employees2,597
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)90.21
Shares Outstanding55,540,380
10 Day Avg. Volume391,570
30 Day Avg. Volume292,293
Financial Highlights & Ratios
PEG Ratio-1.15
Price to Book (P/B)5.20
Price to Sales (P/S)4.53
P/FCF Ratio68.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-22.49
Revenue Forecast (FY)¥56.63B
Money Forward Business Overview & Revenue Model
Company Description
Money Forward, Inc. provides money-related services for individuals and corporations. It offers Money Forward ME, an automatic household account book service; MONEY PLUS for enhancing readers' money literacy and foster awareness of money; Money Fo...
How the Company Makes Money
Money Forward primarily earns revenue through recurring subscription fees from its cloud software and digital services. A key stream is B2B SaaS subscriptions (e.g., Money Forward Cloud) where businesses pay monthly/annual fees for modules that su...
Money Forward Financial Statement Overview
Summary
Income Statement
60
Neutral
Balance Sheet
64
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 43.74B | 50.35B | 40.36B | 30.38B | 21.48B | 15.63B |
| Gross Profit | 29.31B | 34.23B | 27.06B | 19.08B | 13.40B | 10.82B |
| EBITDA | -615.55M | 8.69B | -1.92B | -4.14B | -7.97B | -514.67M |
| Net Income | -5.93B | 1.59B | -6.33B | -6.32B | -9.45B | -1.48B |
Balance Sheet | ||||||
| Total Assets | 109.14B | 127.57B | 106.19B | 88.28B | 65.99B | 56.94B |
| Cash, Cash Equivalents and Short-Term Investments | 45.33B | 48.80B | 50.46B | 42.52B | 28.48B | 37.29B |
| Total Debt | 33.43B | 33.85B | 35.44B | 30.37B | 16.90B | 8.55B |
| Total Liabilities | 58.53B | 71.70B | 61.52B | 53.62B | 30.90B | 14.61B |
| Stockholders Equity | 38.65B | 43.84B | 37.44B | 28.33B | 32.63B | 40.53B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 3.32B | -2.88B | 3.23B | -3.76B | -1.68B |
| Operating Cash Flow | 0.00 | 4.10B | -2.71B | 3.86B | -3.43B | -1.47B |
| Investing Cash Flow | 0.00 | -5.35B | -9.41B | -7.47B | -14.49B | -5.00B |
| Financing Cash Flow | 0.00 | -433.66M | 20.25B | 17.46B | 8.78B | 34.60B |
Money Forward Technical Analysis
Positive
4673.00
Price Trends
3519.07
Positive
3924.28
Negative
4748.56
Negative
Market Momentum
-39.52
Negative
59.52
Neutral
64.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3994, the sentiment is Positive. The current price of 4673 is above the 20-day moving average (MA) of 3277.60, above the 50-day MA of 3519.07, and below the 200-day MA of 4748.56, indicating a neutral trend. The MACD of -39.52 indicates Negative momentum. The RSI at 59.52 is Neutral, neither overbought nor oversold. The STOCH value of 64.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3994.
Money Forward Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ¥73.30B | 21.08 | 31.71% | 1.68% | 16.12% | 46.57% | |
68 Neutral | ¥32.79B | 20.63 | ― | 4.58% | 4.58% | -15.00% | |
63 Neutral | ¥94.90B | 49.92 | ― | 0.72% | 22.13% | 254.87% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | ¥6.74B | 27.15 | ― | ― | 11.32% | ― | |
55 Neutral | ¥126.98B | 293.64 | ― | ― | 31.57% | ― | |
52 Neutral | ¥197.82B | 143.78 | -19.16% | ― | 19.57% | -16.67% |
* Technology Sector Average
JP:3994
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Money Forward Corporate Events
Money Forward Issues Restricted Stock to Align Employee Incentives With Long-Term Growth
Mar 16, 2026
Money Forward has approved the issuance of 130,710 new common shares as restricted stock compensation to 148 employees of the parent company and 64 directors and employees of its subsidiaries, with a total issue value of ¥420,363,360 at ¥...
Money Forward to Acquire Sony Biz Networks’ AKASHI Attendance System and Forge Strategic Alliance
Feb 13, 2026
Money Forward will acquire Sony Biz Networks’ cloud-based attendance management system AKASHI and its back-office focused owned media somu-lier via an absorption-type company split, paying 4.18 billion yen in cash. The move is designed to br...
Money Forward to Acquire Sony’s AKASHI Attendance System and Forge Strategic Alliance
Feb 13, 2026
Money Forward, Inc. will acquire the “AKASHI” cloud-based attendance management system business from Sony Biz Networks Corporation via a simplified absorption-type company split, scheduled to take effect on March 31, 2026, funded fully...
Money Forward Lifts Full-Year Profit Outlook on Extraordinary Gain
Jan 29, 2026
Money Forward has revised its full-year consolidated financial forecasts for the fiscal year ending November 2026 after recording extraordinary income from a gain on the sale of investment securities in the first quarter. While projections for net...
Money Forward to Book Extraordinary Gain from Sale of Unlisted Investment Stock
Jan 27, 2026
Money Forward has resolved to sell a portion of its investment securities, specifically one unlisted stock, as part of an effort to improve the efficiency and effective utilization of its asset portfolio. The transaction, scheduled for January 29&...
Money Forward Again Revises Board Slate to Strengthen Governance and Independence
Jan 27, 2026
Money Forward has revised, for a second time, its proposed management structure for the 15th fiscal year ahead of the February 2026 annual general meeting, following further engagements with capital markets and internal discussions aimed at streng...
Money Forward Consulting Completes Tender Offer for OutlookConsulting Shares
Jan 21, 2026
Money Forward Consulting, Inc. has completed its tender offer to acquire shares and share acquisition rights of OutlookConsulting Co., Ltd., a Tokyo Stock Exchange Growth Market-listed company, at a price of 1,800 yen per common share and specifie...
Money Forward to Issue Up to ¥500 Million in Restricted Stock for Employees and Subsidiaries’ Directors
Jan 14, 2026
Money Forward’s board has approved a plan to issue up to 150,150 new common shares, with a maximum aggregate issue value of 500 million yen, as restricted stock compensation to employees of the company and to directors and employees of its s...
Money Forward Books Extraordinary Gain and Impairments as FY2025 Results Outrun Forecasts
Jan 14, 2026
Money Forward disclosed that it booked 2.046 billion yen in extraordinary income from a gain on change in equity related to a joint venture with Sumitomo Mitsui Banking Corporation, after the partner’s capital subscription was valued above M...
Money Forward Swings to Profit as SaaS Revenue Surges, Targets Further Growth in FY2026
Jan 14, 2026
Money Forward reported consolidated net sales of ¥50.3 billion for the fiscal year ended November 30, 2025, up 24.7% year on year, driven mainly by a 31.1% increase in SaaS annual recurring revenue to ¥39.3 billion. Adjusted EBITDA surge...
Money Forward Consulting Clears FX Regulatory Hurdle for OutlookConsulting Tender Offer
Jan 5, 2026
Money Forward Consulting has announced that regulatory review under Japan’s Foreign Exchange and Foreign Trade Act for its tender offer to acquire shares of OutlookConsulting Co., Ltd., listed on the Tokyo Stock Exchange Growth Market, has b...
Money Forward Consulting Delays OutlookConsulting Tender Offer to Comply With FEFTA Filing
Dec 25, 2025
Money Forward Consulting has amended its previously announced tender offer for OutlookConsulting after determining it must file a prior notification under Japan’s Foreign Exchange and Foreign Trade Act (FEFTA) due to a rise in foreign owners...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.