Money ForwardMoney Forward, Inc.3994東証プライム情報・通信業FY ending Nov 2025, consolidated, J-GAAP
It lost about ¥5 for every ¥100 of sales at the operating level. Revenue changed +24.7% from the prior year.
Net margin × asset turnover = ROA; ROA × financial leverage = ROE
Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.
| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE |
|---|---|---|---|---|---|
| 2021 | — | —× | -2.6% | —× | — |
| 2022 | — | —× | -15.4% | —× | — |
| 2023 | — | —× | -8.2% | —× | — |
| 2024 | — | —× | -6.5% | —× | — |
| 2025 | 3.2% | 0.43× | 1.4% | 3.24× | 4.4% |
Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.
Annual trends in tangible-asset ratios and goodwill balance.
Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition
Track R&D investment and how long operating capital remains tied up before sales turn into cash.
R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.
| Item | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
|---|---|---|---|---|---|
| Revenue | 15,633 | 21,477 | 30,381 | 40,364 | 50,350 |
| Cost of revenue | 4,814 | 8,079 | 11,298 | 13,303 | 16,119 |
| Gross profit | 10,819 | 13,398 | 19,082 | 27,060 | 34,231 |
| SG&A | 11,881 | 21,867 | 25,412 | 31,796 | 36,884 |
| Operating income | -1,062 | -8,469 | -6,330 | -4,735 | -2,653 |
| Pretax income | -1,430 | -9,616 | -6,805 | -5,643 | 3,393 |
| Income tax | 152 | 86 | 54 | 558 | 1,211 |
| Net income attributable to owners | -1,482 | -9,450 | -6,315 | -6,331 | 1,587 |
| Operating margin | -6.8% | -39.4% | -20.8% | -11.7% | -5.3% |
Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.
Each bar totals 100% of assets; other is the residual.
| Item | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
|---|---|---|---|---|---|
| Cash and equivalents | ¥36B | ¥26.3B | ¥38.8B | ¥45.2B | ¥40.9B |
| Total assets | ¥56.9B | ¥66B | ¥88.3B | ¥106.2B | ¥127.6B |
| Net assets | ¥42.3B | ¥35.1B | ¥34.7B | ¥44.7B | ¥55.9B |
| Share capital | ¥25.8B | ¥26.3B | ¥26.7B | ¥27.3B | ¥27.8B |
| Trade receivables | ¥1.52B | — | — | — | — |
| Inventories | ¥21.8M | ¥20.4M | ¥12M | ¥20.6M | ¥87.9M |
| Property, plant and equipment | ¥537.3M | ¥731.1M | ¥1.16B | ¥1.07B | ¥1.6B |
| Intangible assets excluding goodwill | ¥6.11B | ¥11B | ¥13.5B | ¥17B | ¥26.8B |
| Goodwill | ¥3.07B | ¥4.5B | ¥3.84B | ¥3.38B | ¥6.73B |
| Investment securities | ¥5.01B | ¥13.3B | ¥16.6B | ¥18.8B | ¥23.2B |
| Current assets | ¥44B | ¥38.8B | ¥55B | ¥66.3B | ¥73.3B |
| Current liabilities | ¥12.3B | ¥24B | ¥30.8B | ¥39.5B | ¥46.5B |
| Short-term borrowings | ¥4.7B | ¥8.24B | ¥4.94B | ¥10.1B | ¥5.25B |
| Long-term borrowings | ¥2.14B | ¥6.37B | ¥8.95B | ¥7.9B | ¥11B |
| Bonds | — | — | ¥1B | ¥1B | — |
| Interest-bearing debt | — | — | ¥14.9Bderived | ¥19Bderived | — |
| Total liabilities | ¥14.6B | ¥30.9B | ¥53.6B | ¥61.5B | ¥71.7B |
| Non-controlling interests | ¥1.8B | ¥2.45B | ¥6.33B | ¥7.24B | ¥12B |
| Equity attributable to owners of parent | ¥40.3B | ¥31.4B | ¥25.9B | ¥33.5B | ¥38.7B |
| Retained earnings | -¥2.76B | -¥10.7B | -¥8.38B | -¥8.99B | -¥7.69B |
| Treasury stock | -¥850K | -¥1.2M | -¥1.4M | -¥1.9M | -¥1.9M |
EDINET (FSA Japan)
有価証券報告書－第14期(2024/12/01－2025/11/30)
EDINET (FSA Japan)
有価証券報告書－第13期(2023/12/01－2024/11/30)
EDINET (FSA Japan)
有価証券報告書－第12期(2022/12/01－2023/11/30)
EDINET (FSA Japan)
有価証券報告書－第11期(2021/12/01－2022/11/30)
EDINET (FSA Japan)
有価証券報告書－第10期(令和2年12月1日－令和3年11月30日)
EDINET (FSA Japan)
有価証券報告書－第9期(令和1年12月1日－令和2年11月30日)
Extracted from XBRL: 51 / Derived from other figures: 1
Spotted an error? Report it (corrections keep the original record)
Markdown with figures, units, periods and sources, ready to paste into ChatGPT or Claude.