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Money Forward
(3994)
Money Forward (3994) vs. iShares MSCI Japan ETF (EWJ)
Money Forward Business Overview & Revenue Model
Money Forward Financial Statement Overview
| 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 | 29.32B | 33.32B | 27.06B | 19.08B | 13.40B | 10.82B |
| EBITDA | -772.82M | 8.69B | -1.92B | -4.13B | -7.97B | -513.68M |
| 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 | 3.30B | -11.13B | -2.92B | -8.39B | -4.66B |
| Operating Cash Flow | 0.00 | 4.08B | -4.76B | 2.46B | -4.12B | -2.33B |
| Investing Cash Flow | 0.00 | -5.34B | -9.51B | -7.47B | -14.78B | -5.20B |
| Financing Cash Flow | 0.00 | -433.66M | 20.35B | 17.46B | 9.07B | 34.80B |
Money Forward Technical Analysis
Money Forward Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ¥81.04B | 18.62 | 31.13% | 1.68% | 16.12% | 46.57% | |
68 Neutral | ¥6.71B | 16.64 | ― | ― | 11.32% | ― | |
68 Neutral | ¥36.63B | 25.92 | ― | 4.58% | 4.58% | -15.00% | |
63 Neutral | ¥91.66B | 47.45 | ― | 0.72% | 22.13% | 254.87% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | ¥121.37B | 136.80 | ― | ― | 31.57% | ― | |
49 Neutral | ¥171.08B | 108.42 | -19.16% | ― | 19.57% | -16.67% |
Money Forward Corporate Events
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 broaden Money Forward’s HR product lineup for medium-sized enterprises, while a planned strategic alliance between subsidiary Money Forward i and Sony Biz Networks aims to deepen sales and technical collaboration, enhance value in the back-office domain, and support both firms’ efforts to expand market share.
Under the deal, Money Forward will succeed selected assets, liabilities, contracts, and related rights and obligations of the two businesses, with the split scheduled to take effect on March 31, 2026, without shareholder meeting approval at either company. Management expects no issues in fulfilling obligations after completion, and the cash consideration was set using a DCF-based valuation reflecting past performance and future business plans for the acquired operations.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen3318.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.
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 by loans. The move broadens Money Forward’s coverage of HR and labor-related products for mid-sized companies, while a concurrent sales and technical alliance with Sony Biz Networks aims to expand market share in the back-office domain and enhance IT system optimization support for SMEs, with only a minor expected impact on near-term earnings.
Under the strategic business alliance, the companies will promote mutual customer referrals by leveraging Sony Biz Networks’ customer base and Money Forward’s product lineup, targeting a wider range of back-office needs from infrastructure to business systems. The technical collaboration around SaaS management services is expected to strengthen Money Forward’s value proposition to IT departments of small and mid-sized enterprises, reinforcing its competitive positioning in cloud-based back-office solutions as the AKASHI business is consolidated from April 2026.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen3318.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.
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 sales, SaaS annual recurring revenue and adjusted EBITDA remain unchanged, the company has significantly raised its outlook for profit attributable to owners of parent, narrowing the expected net loss by ¥1.5 billion and improving forecast earnings per share to a smaller loss range. The revision reflects a one-off boost to the bottom line, signaling a stronger profit profile for the current fiscal year despite continuing expectations of an operating loss, and may ease investor concerns over the pace of the company’s path toward sustained profitability.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen4423.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.
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 29–30, 2026, is expected to generate an extraordinary gain of approximately 1,889 million yen in the first quarter of the fiscal year ending November 2026, though the final amount may vary with exchange rate movements, and the company is still assessing the overall impact on its consolidated earnings forecast for the period.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen4452.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.
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 strengthening corporate governance. The company will retain Hiroaki Yasutake as an external director candidate in place of previously proposed new external director Kohey Takashima, add two new external director candidates, Ken Ashida and Ririko Ueda, and allow long-serving external directors Masaaki Tanaka and Akira Kurabayashi to retire in line with the company’s cumulative term and age-limit rules, thereby reinforcing its emphasis on board independence and compliance with Tokyo Stock Exchange standards for independent officers.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen4452.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.
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 specified prices for two series of share acquisition rights. The offer, launched on November 13, 2025 and closed on January 20, 2026, was structured without a minimum or maximum acceptance threshold, meaning all tendered shares and rights will be purchased, and was designed to raise Money Forward Consulting’s stake by up to 1,011,249 shares, excluding treasury stock. This transaction consolidates Money Forward Consulting’s ownership position in OutlookConsulting and underscores its strategic push to deepen control over a key growth-market affiliate, with implications for future integration, governance alignment, and expansion of its consulting and financial technology ecosystem.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen5104.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.
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 subsidiaries. The final terms, including pricing based on the closing market price prior to a March 2026 board meeting, allotment methods, and individual allocations, will be determined at that time. The restricted stock program is structured into three plans with transfer restriction periods of three, four and five years, during which recipients are generally prohibited from disposing of the shares, and unvested shares may be acquired without compensation if the holder leaves the group without a board-recognized justifiable reason or if performance or time-based conditions are not met. By tying compensation more closely to share performance and imposing multi-year holding requirements, the company aims to better align employee and management incentives with shareholder interests, strengthen retention within the group, and support long-term growth in share price and corporate value, while retaining flexibility to lift transfer restrictions in the event of major corporate restructuring.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen4059.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.
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 Money Forward’s book value, while at the same time recognizing substantial extraordinary losses and non-operating expenses tied to impairments on investment securities, an equity-method affiliate, and a provision for doubtful accounts on loans to a subsidiary (the latter two having no impact at the consolidated level where eliminated. Despite these one-off items, the company’s full-year results for the fiscal year ended November 2025 modestly exceeded its latest forecasts in net sales, SaaS ARR and adjusted EBITDA and swung to positive profit attributable to owners of parent, underscoring continued top-line growth and improving profitability versus the prior year, even as impairments highlight valuation and credit risks in parts of its investment and subsidiary portfolio.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen4059.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.
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 surged to ¥4.96 billion, while the company narrowed past operating and ordinary losses to ¥2.65 billion and ¥3.87 billion respectively and swung to a profit attributable to owners of the parent of ¥1.59 billion, reflecting improving profitability and scale benefits in its core SaaS businesses. Total assets rose to ¥127.6 billion and equity to ¥40.9 billion, but the equity ratio edged down to 32.0%, and the company maintained its policy of paying no dividends as it prioritizes reinvestment for growth. For the fiscal year ending November 30, 2026, Money Forward forecasts continued top-line expansion with net sales of ¥53.4–57.55 billion and further growth in SaaS ARR to ¥47.5–49.8 billion, alongside a marked increase in adjusted EBITDA to ¥8.0–10.0 billion, although it still projects an operating loss or breakeven and a net loss, indicating ongoing investment and restructuring, including the earlier transfer of shareholdings in Nexsol Co., Ltd. and SMARTCAMP Co., Ltd.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen4059.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.
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 been completed, allowing the company to begin acquiring common shares as of December 27, 2025. The waiting period under the act was shortened by authorities, meaning the tender offer can proceed on the original schedule through January 20, 2026, preserving the planned timeline for the transaction and reducing uncertainty for both Money Forward Consulting and OutlookConsulting shareholders.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen4573.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.
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 ownership of its parent, Money Forward, Inc. New shareholder data as of November 30, 2025 showed foreign entities hold 50% or more of Money Forward’s common shares, reclassifying the tender offeror as a “foreign investor” and triggering the FEFTA prior notification requirement for acquiring OutlookConsulting shares. The company filed the required notification on December 18, 2025 and, because regulatory review is still ongoing and the statutory waiting period has not expired, has extended the tender offer period to January 20, 2026, signaling a regulatory-driven delay but not a change in strategic intent to acquire the target.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen4573.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.
Money Forward has revised its proposed management structure for the 15th fiscal year to further strengthen corporate governance, deciding that external directors will constitute a majority of its board. Following feedback from capital markets, the company will withdraw the nomination of new internal director candidate Yotaro Agari—who will remain an executive officer—and instead nominate three new external directors, while three current external directors retire in line with term limit and age guidelines. The new slate maintains several existing independent external directors and adds three more candidates who meet Tokyo Stock Exchange independence requirements, signaling a stronger emphasis on board independence and alignment with governance best practices ahead of the February 2026 shareholders’ meeting.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen4573.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.
Money Forward, Inc. has announced a significant change in its management structure for the upcoming fiscal year, following recommendations from its Nomination and Compensation Committee. The changes, which include the renomination of several directors and the introduction of new external directors, aim to strengthen the company’s governance and align with its strategic goals. These adjustments are set to be finalized at the Annual General Meeting of Shareholders in February 2026, reflecting the company’s commitment to maintaining robust leadership and compliance with governance guidelines.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen4573.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.