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Money Forward,Inc.

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Recent & upcoming events

Oct 15
Earnings 2:00
Q3 earnings announcement (scheduled)
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Jul 13
Earnings 2:00
Q2 earnings announcement (scheduled)
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Apr 14
Earnings 2:00
Q1 earnings announcement (scheduled)
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Feb 25
Shareholder meeting Time TBD
Shareholders' meeting
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Jan 14
Earnings 1:00
FY earnings announcement (scheduled)
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Jan 13
Est.
Earnings 1:00 approx.
Full-year earnings
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Apr 14
Est.
Earnings 2:00 approx.
Q1 earnings
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Jul 14
Est.
Earnings 2:00 approx.
Q2 earnings
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Oct 7
Est.
Earnings 2:00 approx.
Q3 earnings
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KPI highlights

FY25
Revenue ¥50.35B YoY +24.7%
Operating income ¥-2.65B margin -5.3%
Net income ¥1.59B YoY —
EPS ¥29 YoY —
P/E —
ROE 4.2% Equity ratio 32% Typical equity ratios vary a lot by industry. Banks, brokerages, and other financial companies tend to run lower ratios because leverage (using other people's capital) is core to their business model — a low ratio there isn't a sign of financial weakness.

Quarterly fundamentals

Income & cash flow
Quarter FY23 Q3FY23 Q4FY24 Q1FY24 Q2FY25 Q1FY26 Q1
Revenue ¥7.50B¥8.80B¥9.54B¥10.32B——
Operating income ¥-1.36B¥-1.77B¥-993M¥-835M——
Net income ¥-1.59B¥-1.75B¥-1.25B¥-1.02B——
Operating CF ——————

Ownership over time

Share of total shares outstanding (disclosed major holdings + undisclosed)（2020–2025）

国内機関 12.3%海外機関 30.5%個人 16.1%未開示 41.2%202020212022202320242025
国内機関海外機関個人未開示・浮動株

「国内機関」は信託銀行の名義口座（年金・パッシブ・一部海外資本を含む）を集計し、実質保有者へは分解していません。分類は開示名称からの推定です。

Top shareholders — rank & share

辻　庸介 16.1%辻　庸介日本マスタートラスト信託銀行株式会社 9.7%日本マスタートラスト信託銀行株式会社（信託口）MSIP CLIENT SECURI 7.3%MSIP CLIENT SECURITIES(常任代理人　モルガン・スタンレーＭＵＦＧ証券株式会社)CGML PB CLIENT ACC 6.5%CGML PB CLIENT ACCOUNT/COLLATERAL(常任代理人　シティバンク、エヌ・エイ東京支店)STATE STREET BANK 5.9%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)JP MORGAN CHASE BA 3.2%JP MORGAN CHASE BANK 385839(常任代理人　株式会社みずほ銀行決済営業部)STATE STREET BANK 2.7%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)株式会社日本カストディ銀行（信託口） 2.5%株式会社日本カストディ銀行（信託口）PERSHING-DIV.OF DL 2.5%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)INTERACTIVE BROKER 2.5%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)202020212022202320242025

Top shareholders — actual figures (as of 2025)

Holder Shares held Ratio Source
辻 庸介 8,876,395 16.1% Yuho (EDINET)
日本マスタートラスト信託銀行株式会社（信託口） 5,372,700 9.7% Yuho (EDINET)
MSIP CLIENT SECURITIES 4,051,945 7.3% Yuho (EDINET)
CGML PB CLIENT ACCOUNT/COLLATERAL 3,592,100 6.5% Yuho (EDINET)
STATE STREET BANK AND TRUST COMPANY 505001 3,263,415 5.9% Yuho (EDINET)
JP MORGAN CHASE BANK 385839 1,761,400 3.2% Yuho (EDINET)
STATE STREET BANK AND TRUST COMPANY 505103 1,494,617 2.7% Yuho (EDINET)
株式会社日本カストディ銀行（信託口） 1,402,640 2.5% Yuho (EDINET)
PERSHING-DIV.OF DLJ SECS.CORP. 1,376,070 2.5% Yuho (EDINET)
INTERACTIVE BROKERS LLC 1,360,700 2.5% Yuho (EDINET)

Source：EDINET（大株主の状況）　Classification inferred from disclosed names

F-Score (Piotroski)

5/9

Checks financial health against 9 criteria and shows how many are met as a fraction (more ✓ marks is healthier). Items with no data are shown as “—” — they're simply excluded from judgment, not counted against the score.

✓ Positive ROA ROA 1.2%
✓ Positive operating cash flow ¥1.50B
✓ ROA improved YoY -6.0% → 1.2%
✗ Operating CF exceeds net income (accrual quality) OCF ¥1.50B / net income ¥1.59B
✗ Equity ratio improved* Substitute for the original “decrease in long-term debt” 33.3% → 32.0%
✗ Current ratio improved 1.68× → 1.58×
✗ No dilution (shares outstanding did not increase) 54,788,890 → 55,524,779
✓ Gross margin improved 67.0% → 68.0%
✓ Asset turnover improved 0.38× → 0.39×

This score is reference information based on our own financial metrics. It is NOT a credit rating issued by a credit rating agency under Article 66-27 of the Financial Instruments and Exchange Act, and is NOT investment advice or a recommendation. Make investment decisions at your own responsibility.

Fact checklist

FY25
Equity ratio 32.0%
Current ratio 1.6×
Years of positive operating CF 2 of last 9 yrs
Payout ratio 0%
Latest fiscal year result Profit (net income ¥1.59B)

Performance history

Last 10 years
0億円126億円252億円378億円503億円 FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25

Income & assets

Unit: ¥100M
Item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Revenue 15.429.045.971.6113156215304404503
Operating income -8.77-7.97-7.96-24.5-28.0-10.6-84.7-63.3-47.4-26.5
Ordinary income -8.83-8.34-8.24-25.7-25.4-14.3-95.8-67.4-53.5-38.8
Net income -8.89-8.43-8.15-25.7-24.2-14.8-94.5-63.2-63.315.9
Total assets 30.974.086.61632175696608831,0621,276
Equity 18.940.133.880.3102423351347447559

Indicators & cash flow

*Split-adjustedUnit: ¥100M
Item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
EPS —¥-25¥-21¥-59¥-52¥-30¥-176¥-117¥-116¥29
ROE —-28.8%———————4.2%
Operating CF —-4.99-7.95-36.1-11.2-23.3-41.224.6-47.615.0
Investing CF —-10.7-12.9-27.8-26.1-52.0-148-74.5-95.1-103
Financing CF —46.113.186.452.634890.717520345.7
FCF —-15.6-20.8-63.9-37.3-75.3-189-49.9-143-88.4

A “—” means data wasn't available for that period — it's not a display error or an unusual value.

Source: EDINET (Annual Securities Report) (fetched 2026-08-29) *Some metrics supplemented from additional sources

Key financial metrics

3-year revenue growth ✓

Sector positioning

Relative standing within the sector
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Data provided by Twelve Data