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Money Forward
(3994)
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Rating:61Neutral
Price Target:
¥7,105.00
▲(5.86% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by improving fundamentals (positive net income and FCF in 2025, solid revenue growth) but tempered by still-negative operating profit, historical volatility, and meaningful debt. Technicals are strong with price above major moving averages, though indicators are stretched. Valuation is a key headwind due to the very high P/E and lack of dividend support.
Positive Factors
Recurring SaaS revenue growth
Sustained revenue growth indicates continued adoption of Money Forward’s cloud software and financial services. A growing subscription base can expand recurring revenue, support cross-selling across back-office modules, and provide a durable foundation for improving operating leverage over the next several quarters.
Negative Factors
Operating losses remain
The company has not yet reached positive operating profit, so its core operations remain dependent on further growth and efficiency gains to become consistently self-funding. Persistent operating losses could constrain investment choices and leave earnings vulnerable if revenue growth or cost discipline weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring SaaS revenue growth
Sustained revenue growth indicates continued adoption of Money Forward’s cloud software and financial services. A growing subscription base can expand recurring revenue, support cross-selling across back-office modules, and provide a durable foundation for improving operating leverage over the next several quarters.
Read all positive factors
Money Forward (3994) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥365.18B
Dividend YieldN/A
Average Volume (3M)519.78K
Price to Earnings (P/E)70.4
Beta (1Y)0.74
Revenue Growth34.69%
EPS GrowthN/A
CountryJP
Employees2,839
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)78.40
Shares Outstanding55,702,614
10 Day Avg. Volume700,290
30 Day Avg. Volume519,783
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
¥7,300.00Price Target Upside8.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)4.39
Revenue Forecast (FY)¥62.27B
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 fees for subscription-based cloud software and related services. A key revenue stream is recurring subscription revenue from its business SaaS offerings (commonly referred to as Money Forward Cloud...
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 | 56.10B | 50.35B | 40.36B | 30.38B | 21.48B | 15.63B |
| Gross Profit | 38.63B | 34.23B | 27.06B | 19.08B | 13.40B | 10.82B |
| EBITDA | 13.96B | 8.69B | -1.92B | -4.13B | -7.97B | -513.61M |
| Net Income | 4.34B | 1.59B | -6.33B | -6.32B | -9.45B | -1.48B |
Balance Sheet | ||||||
| Total Assets | 143.63B | 127.57B | 106.19B | 88.28B | 65.99B | 56.94B |
| Cash, Cash Equivalents and Short-Term Investments | 53.92B | 48.80B | 50.46B | 42.52B | 28.48B | 37.29B |
| Total Debt | 47.29B | 33.85B | 35.44B | 30.37B | 16.90B | 8.55B |
| Total Liabilities | 86.05B | 71.70B | 61.52B | 53.62B | 30.90B | 14.61B |
| Stockholders Equity | 44.57B | 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
6712.00
Price Trends
6141.10
Positive
5382.26
Positive
4685.75
Positive
Market Momentum
161.09
Negative
60.65
Neutral
58.64
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 6712 is above the 20-day moving average (MA) of 6230.55, above the 50-day MA of 6141.10, and above the 200-day MA of 4685.75, indicating a bullish trend. The MACD of 161.09 indicates Negative momentum. The RSI at 60.65 is Neutral, neither overbought nor oversold. The STOCH value of 58.64 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | ¥81.82B | 17.25 | 30.58% | 3.45% | 15.67% | 23.19% | |
79 Outperform | ¥28.78B | 13.95 | ― | 6.17% | 8.18% | 35.49% | |
74 Outperform | ¥200.47B | 80.98 | ― | 0.86% | 13.70% | 67.05% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | ¥6.06B | 16.24 | ― | ― | 23.50% | 2.72% | |
61 Neutral | ¥234.37B | 221.43 | ― | ― | 27.57% | -21.74% | |
61 Neutral | ¥365.18B | 70.35 | 12.28% | ― | 34.69% | ― |
* Technology Sector Average
JP:3994
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Money Forward Corporate Events
Money Forward Swings to Profit on Rapid SaaS Growth but Keeps Dividend at Zero
Oct 15, 2026
Money Forward posted strong top-line growth for the nine months ended Aug. 31, 2026, with net sales rising 32.9% year on year to ¥46.9 billion and SaaS annual recurring revenue climbing about 30% to ¥48.6 billion. Adjusted EBITDA surged ...
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.