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Money Forward
(3994)
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Rating:53Neutral
Price Target:
¥5,010.00
▲(0.20% Upside)
Action:Reiterated
Date:06/14/26
The score is driven primarily by improving fundamentals (strong revenue growth and a 2025 shift to positive net income and free cash flow), but it is held back by still-negative operating profit, historically volatile cash generation, and meaningful debt. Technical signals are bearish (below major moving averages with negative MACD), and the valuation remains elevated with a ~47 P/E.
Positive Factors
Sustained Revenue Growth
Consistent mid-teen revenue growth reflects durable demand for cloud back-office and consumer finance products. As subscriptions scale, recurring revenue improves predictability and supports reinvestment in product, sales, and customer success, strengthening long-term top-line momentum.
Negative Factors
Operating Profit Still Negative
Despite improvements, persistent negative operating profit indicates core operating leverage is not fully realized. This suggests structural cost or scale inefficiencies remain, meaning earnings quality could revert if revenue growth slows or investment intensity persists.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Consistent mid-teen revenue growth reflects durable demand for cloud back-office and consumer finance products. As subscriptions scale, recurring revenue improves predictability and supports reinvestment in product, sales, and customer success, strengthening long-term top-line momentum.
Read all positive factors
Money Forward (3994) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥273.86B
Dividend YieldN/A
Average Volume (3M)292.29K
Price to Earnings (P/E)61.1
Beta (1Y)0.69
Revenue Growth25.36%
EPS GrowthN/A
CountryJP
Employees2,839
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)81.93
Shares Outstanding55,701,813
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 Target
¥3,500.00Price Target Upside-30.00% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)15.66
Revenue Forecast (FY)¥59.81B
Money Forward Business Overview & Revenue Model
Company Description
Money Forward, Inc. provides financial solutions for individuals, financial institutions, and corporations primarily in Japan. The company offers personal financial management services under the Money Forward ME, MONEY PLUS, Money Forward Personal...
How the Company Makes Money
Money Forward primarily generates revenue through subscription fees for its cloud-based software products. For businesses, it sells Money Forward Cloud modules (e.g., accounting, expense reimbursement, invoicing, payroll/HR-related back-office wor...
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 | 53.31B | 50.35B | 40.36B | 30.38B | 21.48B | 15.63B |
| Gross Profit | 36.85B | 34.23B | 27.06B | 19.08B | 13.40B | 10.82B |
| EBITDA | 11.88B | 8.69B | -1.92B | -4.14B | -7.97B | -514.67M |
| Net Income | 4.54B | 1.59B | -6.33B | -6.32B | -9.45B | -1.48B |
Balance Sheet | ||||||
| Total Assets | 160.26B | 127.57B | 106.19B | 88.28B | 65.99B | 56.94B |
| Cash, Cash Equivalents and Short-Term Investments | 77.44B | 48.80B | 50.46B | 42.52B | 28.48B | 37.29B |
| Total Debt | 41.27B | 33.85B | 35.44B | 30.37B | 16.90B | 8.55B |
| Total Liabilities | 102.51B | 71.70B | 61.52B | 53.62B | 30.90B | 14.61B |
| Stockholders Equity | 44.94B | 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
5000.00
Price Trends
4326.72
Positive
3978.49
Positive
4332.11
Positive
Market Momentum
139.53
Negative
66.11
Neutral
89.87
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 5000 is above the 20-day moving average (MA) of 4232.60, above the 50-day MA of 4326.72, and above the 200-day MA of 4332.11, indicating a bullish trend. The MACD of 139.53 indicates Negative momentum. The RSI at 66.11 is Neutral, neither overbought nor oversold. The STOCH value of 89.87 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ¥66.52B | 13.39 | 31.71% | 1.68% | 17.64% | 47.00% | |
77 Outperform | ¥132.23B | 51.29 | ― | 0.72% | 18.27% | 189.01% | |
70 Outperform | ¥26.42B | 11.76 | ― | 4.58% | 6.58% | 35.23% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | ¥6.64B | 15.43 | ― | ― | 18.87% | ― | |
55 Neutral | ¥134.63B | 192.86 | ― | ― | 30.48% | ― | |
53 Neutral | ¥273.86B | 61.15 | -19.16% | ― | 25.36% | ― |
* Technology Sector Average
JP:3994
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Money Forward Corporate Events
ValueAct Becomes Largest Shareholder in Japan’s Money Forward
Jul 6, 2026
Money Forward, Inc., a Japanese fintech firm listed on the TSE Prime, offers cloud-based money management and accounting solutions for individuals and businesses. The company is led by founder and CEO Yosuke Tsuji and operates at the intersection ...
Money Forward Subsidiary Funds Realize Gain on Sale of Unlisted Investment
Jun 23, 2026
Money Forward said its subsidiary investment vehicles HIRAC FUND No. 1 Investment Limited Partnership and its extension fund have sold a portion of unlisted operational investment securities as of June 23, 2026. The move reflects a strategic decis...
Money Forward Launches Shareholder Perks Tied to Fintech Services and Money Expo
Apr 14, 2026
Money Forward has approved the introduction of a new shareholder benefit program designed to reward existing investors, encourage medium- to long-term shareholding, and broaden its shareholder base while promoting familiarity with its own services...
Money Forward Lifts SaaS ARR Forecast After Expanding Fintech Scope
Apr 14, 2026
Money Forward has revised its full-year consolidated financial forecasts for the fiscal year ending November 2026 after changing how it calculates SaaS annual recurring revenue, now including ARR from the fintech domain within its Business segment...
Money Forward Outlines FY2026 1Q Results and Medium-Term Targets
Apr 14, 2026
Money Forward released an outline of its financial results for the first quarter of fiscal year 2026 ended February 28, 2026, along with guidance for the full FY11/26 period and medium- to long-term targets. The materials emphasize companywide hig...
Money Forward Delivers Strong Q1 Growth and Lifts ARR Outlook Despite Ongoing Investment Losses
Apr 14, 2026
Money Forward reported strong growth for the three months ended February 28, 2026, with net sales rising 25.3% year-on-year to ¥14.67 billion and SaaS ARR climbing 34.2% to ¥44.30 billion, reflecting continued expansion in its subscripti...
Money Forward Completes Restricted Stock Compensation Share Issuance
Apr 10, 2026
Money Forward, Inc. has completed payment procedures for the issuance of 129,915 new common shares as restricted stock compensation, following a March 16, 2026 board resolution. The shares, issued at ¥3,216 each for a total of about ¥417...
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.