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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 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 43.74B | 40.36B | 30.38B | 21.48B | 15.63B | 11.32B |
| Gross Profit | 29.32B | 27.06B | 19.08B | 13.40B | 10.82B | 7.62B |
| EBITDA | -772.82M | -1.92B | -4.13B | -7.97B | -513.68M | -1.93B |
| Net Income | -5.93B | -6.33B | -6.32B | -9.45B | -1.48B | -2.42B |
Balance Sheet | ||||||
| Total Assets | 109.14B | 106.19B | 88.28B | 65.99B | 56.94B | 21.71B |
| Cash, Cash Equivalents and Short-Term Investments | 45.33B | 50.46B | 42.52B | 28.48B | 37.29B | 9.14B |
| Total Debt | 33.43B | 35.44B | 30.37B | 16.90B | 8.55B | 6.55B |
| Total Liabilities | 58.53B | 61.52B | 53.62B | 30.90B | 14.61B | 11.47B |
| Stockholders Equity | 38.65B | 37.44B | 28.33B | 32.63B | 40.53B | 9.66B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -11.13B | -2.92B | -8.39B | -4.66B | -2.29B |
| Operating Cash Flow | 0.00 | -4.76B | 2.46B | -4.12B | -2.33B | -1.12B |
| Investing Cash Flow | 0.00 | -9.51B | -7.47B | -14.78B | -5.20B | -2.61B |
| Financing Cash Flow | 0.00 | 20.35B | 17.46B | 9.07B | 34.80B | 5.26B |
Money Forward Technical Analysis
Money Forward Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥126.26B | 24.05 | ― | 2.59% | 5.22% | -6.62% | |
63 Neutral | ¥255.30B | 28.89 | 24.24% | ― | 17.35% | 74.71% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | ¥227.15B | 205.94 | ― | ― | 27.65% | 96.11% | |
51 Neutral | ¥181.92B | 134.33 | ― | ― | 31.57% | ― | |
41 Neutral | ¥259.07B | -42.51 | -19.16% | ― | 19.57% | -16.67% | |
| ― | ¥125.25B | 19.61 | ― | 1.02% | 26.47% | 142.77% |
Money Forward Corporate Events
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.
Money Forward, Inc. has announced the acquisition of Michibiku, Inc., making it a wholly-owned subsidiary. Michibiku specializes in digital transformation services for board meetings, offering a cloud-based tool that enhances meeting efficiency and decision-making processes. This acquisition aims to integrate Michibiku’s services with Money Forward Cloud, enriching the product lineup and expanding the customer base through Money Forward’s established network.
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 Cloud Corporate Performance Management Consulting, Inc. has announced a tender offer to acquire all shares of OutlookConsulting Co., Ltd., aiming to make it a wholly owned subsidiary. This move is part of a strategic transaction to consolidate ownership and potentially delist the target company from the Tokyo Stock Exchange Growth Market, ensuring fairness and protecting minority shareholders’ interests.
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. announced changes to the exercise conditions of its performance-linked stock acquisition rights following the transfer of all shares of its subsidiary, SMARTCAMP Co., Ltd. This strategic move significantly alters the company’s business portfolio by removing the SaaS Marketing segment, prompting adjustments to the stock acquisition rights to align with the new business structure. The changes reflect the company’s efforts to adapt to its evolving market focus and maintain alignment with its financial performance metrics.
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 revision of its full-year consolidated financial forecasts and medium-to-long-term financial targets following the transfer of all shares in its subsidiary, Smart Camp, Inc. This strategic move results in the exclusion of the SaaS Marketing segment from its business portfolio, prompting adjustments in financial forecasts and targets. The revised forecasts indicate slight decreases in net sales and profits, while the medium-to-long-term targets reflect a 10% reduction in net sales and EBITDA expectations for FY2028. The changes are part of a broader strategy to realign the company’s focus and improve financial performance.
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. reported its consolidated financial results for the nine months ending August 31, 2025, showing a 19% increase in net sales and a 29.9% rise in SaaS ARR. Despite these gains, the company reported a net loss, highlighting challenges in profitability. The forecast for the fiscal year ending November 2025 anticipates continued growth in sales and SaaS ARR, but with expected losses, reflecting ongoing strategic investments and adjustments following the deconsolidation of a subsidiary.
The most recent analyst rating on (JP:3994) stock is a Hold with a Yen5418.00 price target. To see the full list of analyst forecasts on Money Forward stock, see the JP:3994 Stock Forecast page.