# Money Forward, Inc.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/12/01－2025/11/30) (S100XM4Q)
> Page: https://vizora.meequs.com/en/company/money-forward
> Retrieved: 2026-09-30T22:40:30.085Z

## Company

Money Forward, founded in 2012, is a company in IT Services & System Integration listed on TSE Prime. It has 2,839 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Money Forward, Inc. |
| Ticker | 3994 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3994.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦三丁目1番21号 msb Tamachi 田町ステーションタワーS 21階 |
| Representative (per filing) | 代表取締役社長 グループCEO 辻 庸介 |
| Founded | May 2012 |
| Share capital | ¥27.8B |
| Employees (consolidated) | 2,839 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | November |
| Website | corp.moneyforward.com (https://corp.moneyforward.com/) |
| Corporate number | 6011101063359 |
| EDINET | E33390 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Internet Services & Apps, Venture Capital |

> Profile source: annual securities report (S100XM4Q, filed 2026-02-19). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94.8 | 105 |
| Profitability | 7.2 | 145 |
| Efficiency | 8.6 | 145 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 72% of Money Forward's sales come from Business, with SaaS Marketing and Home making up much of the rest.
- It lost about ¥5 for every ¥100 of sales at the operating level.
- Revenue changed +24.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥50.3B |  |
| Operating income | -¥2.65B | Margin -5.3% |
| Net income | ¥1.59B | Margin 3.2% |
| Free cash flow | -¥7.6B |  |
| Largest business | Business | of segment revenue 71.8% |
| Employees (consolidated) | 2,839 |  |
| EPS | ¥-52.05 |  |
| Diluted EPS | ¥28.58 |  |
| Book value per share | ¥664.36 |  |
| Equity ratio | 32.0% |  |
| Shares outstanding | 55,524,779 |  |
| Treasury shares | 203,500 |  |
| Shareholders | 6,305 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 32.1% | Cash ÷ revenue 81.3% |
| Vs. industry median margin | -17.7 pp | Software & SaaS |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.2× its level five years ago
- FY2025, segment profit share differs by 39 points
- FY2025, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11318217000 | ¥50349943000 | +344.9% |
| Operating income | ¥-2804783000 | ¥-2653396000 | — |
| Operating margin | -24.8% | -5.3% | +19.5 pp |
| Employees | 865 people | 2,839 people | +228.2% |
| Cash and equivalents | ¥8719850000 | ¥40934509000 | +369.4% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → Business | 71.8% |
| 新設・再編 → SaaS Marketing | 9.4% |
| 新設・再編 → HOME | 9.4% |
| 新設・再編 → X | 6.3% |
| 新設・再編 → Finance | 3.1% |

Segment revenue source references: 5 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Business | — | — | ¥36050517000 | -3.4% | 2 |
| SaaS Marketing | — | — | ¥4739320000 | 10.1% | 2 |
| Home | — | — | ¥4737818000 | 23.1% | 2 |
| X | — | — | ¥3139363000 | 12.7% | 2 |
| Finance | — | — | ¥1549848000 | 17.8% | 2 |

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,350 | 100.0% | S100XM4Q |
| Cost of revenue | 16,119 | 32.0% | S100XM4Q |
| Gross profit | 34,231 | 68.0% | S100XM4Q |
| SG&A | 36,884 | 73.3% | S100XM4Q |
| Operating income | -2,653 | -5.3% | S100XM4Q |
| Ordinary income | -3,878 | -7.7% | S100XM4Q |
| Pretax income | 3,393 | 6.7% | S100XM4Q |
| Income tax | 1,211 | 2.4% | S100XM4Q |
| Net income | 2,182 | 4.3% | S100XM4Q |
| Net income attributable to owners | 1,587 | 3.2% | S100XM4Q |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 73 |
| Operating income | -5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 68.0% → Operating margin -5.3% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 40,364 | 50,350 | 9,986 | +24.7% |
| Gross profit | 27,060 | 34,231 | 7,170 | +26.5% |
| Operating income | -4,735 | -2,653 | 2,082 | — |
| Net income attributable to owners | -6,331 | 1,587 | 7,918 | — |
| Operating cash flow | -4,761 | 1,497 | 6,258 | — |
| Free cash flow | -11,131 | -7,601 | 3,530 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 7,157 | -2,446 | -34.2% | -2,572 | -3,605 | -3,736 | S100KVLP |
| FY ending Nov 2020 | 11,318 | -2,805 | -24.8% | -2,423 | -1,120 | -2,286 | S100NJQZ |
| FY ending Nov 2021 | 15,633 | -1,062 | -6.8% | -1,482 | -2,328 | -4,662 | S100Q9Z0 |
| FY ending Nov 2022 | 21,477 | -8,469 | -39.4% | -9,450 | -4,124 | -8,392 | S100SYEO |
| FY ending Nov 2023 | 30,381 | -6,330 | -20.8% | -6,315 | 2,460 | -2,921 | S100VA5N |
| FY ending Nov 2024 | 40,364 | -4,735 | -11.7% | -6,331 | -4,761 | -11,131 | S100XM4Q |
| FY ending Nov 2025 | 50,350 | -2,653 | -5.3% | 1,587 | 1,497 | -7,601 | S100XM4Q |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.7M |
| Operating income per employee (consolidated) | -¥934.6K |
| Net income per employee (consolidated) | ¥559.1K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,248 | 1,894 | 2,130 | 2,597 | 2,839 |
| Average salary (parent company) | ¥6.5M | ¥6.5M | ¥6.7M | ¥7.1M | ¥7.2M |
| Average age (parent company) | 33.4 years | 33.3 years | 33.6 years | 34.0 years | 34.3 years |
| Average tenure (parent company) | 2.2 years | 1.9 years | 2.4 years | 2.5 years | 2.9 years |

Year over year: Employees (consolidated) +9.3% · Revenue (consolidated) +24.7%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business | 36,051 | 71.8% | -1,212 | -3.4% |
| SaaS Marketing | 4,739 | 9.4% | 479 | 10.1% |
| Home | 4,738 | 9.4% | 1,094 | 23.1% |
| X | 3,139 | 6.3% | 400 | 12.7% |
| Finance | 1,550 | 3.1% | 276 | 17.8% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Business | 71.8% | — | — | -3.4% |
| SaaS Marketing | 9.4% | 21.3% | 11.8 | 10.1% |
| Home | 9.4% | 48.7% | 39.2 | 23.1% |
| X | 6.3% | 17.8% | 11.5 | 12.7% |
| Finance | 3.1% | 12.3% | 9.2 | 17.8% |

Loss-making segment (excluded from profit shares): Business -1,212 JPY mn

Segment → industry: X → IT Services & System Integration / Business → Software & SaaS / Home → Internet Services & Apps / SaaS Marketing → Internet Services & Apps / Finance → Venture Capital

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,497 | 3.0% | S100XM4Q |
| Capital expenditure | 9,098 | 18.1% | S100XM4Q |
| Free cash flow | -7,601 | -15.1% | 算出 |
| Investing cash flow | -10,339 | -20.5% | S100XM4Q |
| Financing cash flow | 4,570 | 9.1% | S100XM4Q |
| Change in cash | -4,277 | -8.5% | S100XM4Q |
| Cash and equivalents | 40,935 | 81.3% | S100XM4Q |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 36,021 | 26,309 | 38,818 | 45,212 | 40,935 | S100SYEO, S100VA5N, S100XM4Q |
| Total assets | 56,943 | 65,987 | 88,282 | 106,192 | 127,567 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Net assets | 42,333 | 35,083 | 34,660 | 44,676 | 55,865 | S100SYEO, S100VA5N, S100XM4Q |
| Share capital | 25,775 | 26,316 | 26,717 | 27,290 | 27,837 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Trade receivables | 1,516 | — | — | — | — | S100Q9Z0 |
| Inventories | 22 | 20 | 12 | 21 | 88 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Property, plant and equipment | 537 | 731 | 1,163 | 1,065 | 1,596 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Intangible assets excluding goodwill | 6,105 | 10,977 | 13,465 | 17,047 | 26,835 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Goodwill | 3,069 | 4,504 | 3,844 | 3,382 | 6,732 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Investment securities | 5,006 | 13,285 | 16,641 | 18,760 | 23,193 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Current assets | 44,026 | 38,815 | 54,997 | 66,331 | 73,270 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Current liabilities | 12,276 | 23,965 | 30,781 | 39,531 | 46,468 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Short-term borrowings | 4,700 | 8,240 | 4,937 | 10,062 | 5,254 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Long-term borrowings | 2,141 | 6,367 | 8,948 | 7,897 | 10,995 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Bonds | — | — | 1,000 | 1,000 | — | S100VA5N, S100XM4Q |
| Interest-bearing debt | — | — | 14,885 | 18,959 | — | 算出 |
| Total liabilities | 14,610 | 30,904 | 53,622 | 61,516 | 71,702 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Non-controlling interests | 1,803 | 2,449 | 6,333 | 7,239 | 12,021 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Equity attributable to owners of parent | 40,252 | 31,426 | 25,933 | 33,453 | 38,675 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Retained earnings | -2,756 | -10,694 | -8,378 | -8,994 | -7,691 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |
| Treasury stock | -1 | -1 | -1 | -2 | -2 | S100Q9Z0, S100SYEO, S100VA5N, S100XM4Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100XM4Q |
| Inventories | 0% | S100XM4Q |
| Property, plant and equipment | 1% | S100XM4Q |
| Intangibles and goodwill | 27% | S100XM4Q |
| Investment securities | 18% | S100XM4Q |
| Other assets | 22% | S100XM4Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100XM4Q |
| Equity | 44% | S100XM4Q |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 56,943 | 65,987 | 88,282 | 106,192 | 127,567 |
| Equity | 42,333 | 35,083 | 34,660 | 44,676 | 55,865 |
| Interest-bearing debt | — | — | 14,885 | 18,959 | — |
| Cash | 36,021 | 26,309 | 38,818 | 45,212 | 40,935 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 3.2% | S100XM4Q |
| Fixed assets ÷ total assets | 1.3% | S100XM4Q |
| Goodwill ÷ parent equity | 17.4% | S100XM4Q |

Goodwill over 4 years: 3,069 → 6,732 JPY; total investing cash flow: -47,273 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 32.1% |
| Cash ÷ revenue | 81.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -91 JPY mn (of net income -5.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 18.1% |
| Investing CF relative to operating CF | 690.8% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -2.6% | —× | — | S100Q9Z0 |
| 2022 | — | —× | -15.4% | —× | — | S100SYEO |
| 2023 | — | —× | -8.2% | —× | — | S100VA5N |
| 2024 | — | —× | -6.5% | —× | — | S100XM4Q |
| 2025 | 3.2% | 0.43× | 1.4% | 3.24× | 4.4% | S100XM4Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 辻 庸介 | Major shareholder | 16.1% | 2025-11-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.7% | 2025-11-30 |
| MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社) | Major shareholder | 7.3% | 2025-11-30 |
| CGML PB CLIENT ACCOUNT/COLLATERAL(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 6.5% | 2025-11-30 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 5.9% | 2025-11-30 |
| JP MORGAN CHASE BANK 385839(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.2% | 2025-11-30 |
| STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.7% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2025-11-30 |
| PERSHING-DIV.OF DLJ SECS.CORP.(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.5% | 2025-11-30 |
| INTERACTIVE BROKERS LLC(常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 2.5% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/12/01－2025/11/30) | S100XM4Q | 2026-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XM4Q,, |
| 有価証券報告書－第13期(2023/12/01－2024/11/30) | S100VA5N | 2025-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VA5N,, |
| 有価証券報告書－第12期(2022/12/01－2023/11/30) | S100SYEO | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYEO,, |
| 有価証券報告書－第11期(2021/12/01－2022/11/30) | S100Q9Z0 | 2023-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q9Z0,, |
| 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) | S100NJQZ | 2022-02-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJQZ,, |
| 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) | S100KVLP | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVLP,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).