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Money Forward, Inc. (JP:3994)
:3994
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Money Forward (3994) AI Stock Analysis

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JP:3994

Money Forward

(Frankfurt:3994)

Rating:56Neutral
Price Target:
¥5,111.00
▼(-14.97%Downside)
The overall score reflects positive technical momentum as the most significant factor, despite financial performance challenges and unattractive valuation metrics. The lack of profitability and reliance on external funding are notable risks. The absence of earnings call and corporate events data means these components do not influence the score.

Money Forward (3994) vs. iShares MSCI Japan ETF (EWJ)

Money Forward Business Overview & Revenue Model

Company DescriptionMoney 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 Forward Mall, a web portal and platform for comparing and applying for financial services, such as credit cards and securities accounts; mirai talk, a channel to resolve customers financial concerns; and Tock pop, an application specialized in coupon information. The company also provides Money Forward Cloud Accounting, a cloud accounting software; Money Forward Cloud Final Report, a cloud-type final tax return software; Money Forward Cloud Invoice, an invoice creation software; Money Forward Cloud Salary, a salary calculation software; Money Forward Cloud Attendance, a time management service for companies; Money Forward Cloud My Number, a my number management system; Money Forward Cloud Expenses, a cloud-type expense reimbursement system; and Money Forward Cloud Fundraising, a service that provides money forward cloud data to financial institutions. In addition, it offers STREAMED, a software specialized in automating accounting bookkeeping; Manageboard, a cloud service that allows to conduct business analysis by importing accounting software data; MF KESSAI, an inter-company postpaid settlement service; BALES, an inside sales outsourcing and consulting service; BALES CLOUD, a cloud-based inside sales management system; BOXIL that provides various information on prices, specifications, and word-of-mouth reviews of various Software-as-a-Service; and Money Forward X, a group that works with various client issues to create services. The company was formerly known as Moneybook Co. and changed its name to Money Forward, Inc. in December 2012. Money Forward, Inc. was founded in 2012 and is headquartered in Tokyo, Japan.
How the Company Makes MoneyMoney Forward primarily generates revenue through subscription-based services offered to both individual and corporate clients. For individuals, the Money Forward ME app provides enhanced features through a subscription model, which includes functionalities like automatic expense tracking and advanced financial analysis tools. On the corporate side, Money Forward Cloud generates significant revenue by offering cloud-based accounting, payroll, and tax return services to businesses. The company also collaborates with financial institutions, offering them its technology to enhance their financial services, which provides additional revenue streams. Partnerships with banks and other financial entities enable Money Forward to integrate its services into broader financial ecosystems, thus expanding its user base and increasing revenue opportunities.

Money Forward Financial Statement Overview

Summary
Money Forward, Inc. demonstrates strong revenue growth but faces challenges in profitability due to consistent net losses and negative EBITDA. The balance sheet is strengthened by high cash levels but is offset by rising leverage and a negative equity ratio. Cash flow issues with negative free cash flow and reliance on external funding present risks.
Income Statement
45
Neutral
Money Forward, Inc. has demonstrated strong revenue growth over the years, with a significant increase in Total Revenue from 2023 to 2024. However, the company has consistently incurred net losses, as indicated by negative Net Income and EBIT margins. The Gross Profit Margin remains stable, but the continuous negative EBITDA suggests challenges in achieving profitability.
Balance Sheet
55
Neutral
The balance sheet shows relatively high levels of cash and short-term investments, which is a strength. However, the Debt-to-Equity ratio has increased, indicating rising leverage. The company's Equity Ratio is decreasing, reflecting a potential risk if liabilities continue to grow. The Return on Equity is negative due to consistent net losses.
Cash Flow
40
Negative
The cash flow statement highlights negative Free Cash Flow, which has worsened over the years. Operating Cash Flow is also negative, indicating dependency on financing activities. The company has been able to secure financing, but the reliance on external funding could be a risk if not managed.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue40.36B30.38B21.48B15.63B11.32B
Gross Profit27.06B19.08B13.40B10.82B7.62B
EBITDA-1.92B-4.13B-7.97B-513.68M-1.93B
Net Income-6.33B-6.32B-9.70B-1.58B-2.48B
Balance Sheet
Total Assets106.19B88.28B65.99B56.94B21.71B
Cash, Cash Equivalents and Short-Term Investments50.46B42.52B28.48B37.29B9.14B
Total Debt35.44B30.37B16.90B8.55B6.55B
Total Liabilities61.52B53.62B30.90B14.61B11.47B
Stockholders Equity37.44B28.33B32.63B40.53B9.66B
Cash Flow
Free Cash Flow-11.13B-2.92B-8.39B-4.66B-2.29B
Operating Cash Flow-4.76B2.46B-4.12B-2.33B-1.12B
Investing Cash Flow-9.51B-7.47B-14.78B-5.20B-2.61B
Financing Cash Flow20.35B17.46B9.07B34.80B5.26B

Money Forward Technical Analysis

Technical Analysis Sentiment
Positive
Last Price6011.00
Price Trends
50DMA
4797.34
Positive
100DMA
4464.58
Positive
200DMA
4656.34
Positive
Market Momentum
MACD
99.94
Negative
RSI
62.55
Neutral
STOCH
91.22
Negative
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 6011 is above the 20-day moving average (MA) of 5008.40, above the 50-day MA of 4797.34, and above the 200-day MA of 4656.34, indicating a bullish trend. The MACD of 99.94 indicates Negative momentum. The RSI at 62.55 is Neutral, neither overbought nor oversold. The STOCH value of 91.22 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3994.

Money Forward Peers Comparison

Overall Rating
UnderperformOutperform
Sector (50)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
72
Outperform
¥181.22B42.64
0.74%16.68%43.49%
56
Neutral
€288.52B-18.26%20.96%-6.20%
50
Neutral
C$3.05B2.51-63.57%2.26%4.49%-6.15%
€2.49B47.8123.55%
69
Neutral
¥124.43B21.95
2.33%11.37%5.43%
66
Neutral
¥247.97B588.04
29.19%
47
Neutral
¥232.74B
29.79%77.13%
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
JP:3994
Money Forward
6,011.00
894.00
17.47%
DE:7CZ
SHIFT
8.90
4.30
93.48%
JP:4432
WingArc1st Inc.
3,680.00
928.22
33.73%
JP:4443
Sansan, Inc.
1,922.00
-386.00
-16.72%
JP:4478
freee K.K.
4,085.00
1,530.00
59.88%
JP:4776
Cybozu, Inc.
4,035.00
2,239.62
124.74%

Money Forward Corporate Events

Money Forward and SMBC Group Finalize Joint Venture Agreement
Jul 22, 2025

Money Forward, Inc. has signed a final agreement with Sumitomo Mitsui Financial Group and Sumitomo Mitsui Banking Corporation to form a joint venture, marking a significant step in their digital banking and BaaS initiatives. This partnership involves the establishment of a new subsidiary, SMF Inc., which will transition into a joint venture company, equally owned by Money Forward and Sumitomo Mitsui Banking Corporation, potentially enhancing their market positioning and operational capabilities in the financial technology sector.

The most recent analyst rating on (JP:3994) stock is a Buy with a Yen6000.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.

Money Forward Reports Revenue Growth Amid Profitability Challenges
Jul 15, 2025

Money Forward, Inc. reported its consolidated financial results for the six months ended May 31, 2025, showing a 17% increase in net sales compared to the previous year. Despite the revenue growth, the company faced a net loss, with a decrease in operating and ordinary profits. The financial forecast for the fiscal year ending November 2025 indicates a continued focus on revenue growth, although profitability challenges remain, impacting stakeholders’ expectations.

The most recent analyst rating on (JP:3994) stock is a Buy with a Yen6000.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.

Money Forward Announces Strategic Company Split to Enhance Operational Efficiency
Jul 15, 2025

Money Forward, Inc. has announced a company split to take over the development business related to the credit screening system for factoring from its subsidiary, Biz Forward, Inc., effective September 1, 2025. This strategic move aims to improve operational efficiency and enhance the functionality of the group. The factoring services will be transferred to another subsidiary, Money Forward Kessai, Inc., with a business outsourcing agreement planned between Money Forward and Money Forward Kessai. The split will not affect the company’s capital or require shareholder approval, and the company foresees no issues in fulfilling its obligations post-split.

The most recent analyst rating on (JP:3994) stock is a Buy with a Yen6000.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.

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.Date of analysis: Jul 05, 2025