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Japanese cloud software company offering personal finance apps and business accounting/back-office SaaS tools.
Japanese cloud software company offering personal finance apps and business accounting/back-office SaaS tools.
Earns monthly subscription fees from small and midsize companies using its cloud accounting and back-office tools, with revenue per client growing as they add modules. The consumer app brings advertising and premium income and funnels users to financial products. The business cloud is the larger revenue driver.
In one line: A Japanese mashup of Mint and Intuit QuickBooks.
Moat: narrow (switching costs, brand, data). Bank/card data integrations and embedded workflows create switching costs once adopted by SMBs.
Headquarters: Tokyo, Japan · Founded: 2012 · Employees: 2,839
Size Money Forward (3994.T) is a Japan Information Technology company (Packaged Software) with a market value of $2.52B, the 412th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥7,155 on 6 Nov 2026.
Performance Over six months the shares gained 51.4%, against +6.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 34.7% over the last twelve months (peer median +12.9%); the operating margin is 1.6% (peer median 10.8%).
Valuation It trades at 2,235.1× forward earnings against a peer median of 16.8× (most expensive of 17).
Capital Return on invested capital runs 7.5 points below its cost of capital (8.5% WACC).
Next results Next results expected around 14 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥62.0B | ¥50.3B | ¥40.4B | ¥30.4B | ¥21.5B |
| Revenue growth | — | +25% | +33% | +41% | — |
| Gross profit | ¥42.7B | ¥34.2B | ¥27.1B | ¥19.1B | ¥13.4B |
| EBITDA | ¥8.70B | ¥2.38B | -¥1.18B | -¥3.90B | -¥6.90B |
| Net income | ¥5.47B | ¥1.59B | -¥6.33B | -¥6.32B | -¥9.45B |
| Free cash flow | n/a | ¥3.32B | -¥2.88B | ¥3.23B | -¥3.76B |
| Capital expenditure | n/a | ¥9.10B | ¥6.37B | ¥5.38B | ¥4.27B |
| Total debt | ¥45.8B | ¥33.8B | ¥35.4B | ¥30.4B | ¥16.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Money Forward 3994.T | $2.52B | +51% | +35% | 2% | 2,235.1× | n/a |
| freee K.K 4478.T | $1.72B | +100% | +28% | 3% | 79.1× | n/a |
| OBIC Business Consultants 4733.T | $4.74B | +62% | +12% | 47% | 36.1× | 3.2% |
| RAKUS 3923.T | $2.38B | +24% | +17% | 31% | 14.1× | 15.8% |
| TKC 9746.T | $1.34B | +21% | +14% | 22% | 18.1× | -9.9% |
| Miroku Jyoho Service 9928.T | $382M | +27% | +6% | 15% | 13.4× | -11.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3994.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.8% | +5.7% | 8th highest of 21 |
| 6-month return | +51.4% | +6.0% | 4th highest of 21 |
| Distance from 52-week high | -2.7% | -27.9% | highest of 21 |
| Revenue growth (TTM) | +34.7% | +12.9% | 3rd highest of 21 |
| Operating margin | 1.6% | 10.8% | 7th lowest of 21 |
| Forward P/E | 2,235.1× | 16.8× | most expensive of 17 |
| ROIC minus cost of capital | -7.5 pp | +0.9 pp | 4th lowest of 19 |
| EV / EBITDA | 47.0× | 16.1× | most expensive of 11 |
| Net debt / EBITDA | -0.2× | -1.0× | 5th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Money Forward 3994.T | Japan | $2.52B | +51% | +35% | 2% | 2,235.1× | n/a | n/a |
| Meitu 1357.HK | Hong Kong | $2.50B | -9% | +24% | 24% | 12.8× | 7.5% | +25.5% |
| Urban URBANCO.NS | India | $2.58B | +8% | +36% | -26% | n/a | n/a | n/a |
| Guangdong Aofei Data Technology 300738.SZ | China | $2.44B | -34% | +24% | 23% | 42.6× | n/a | n/a |
| Blackbaud BLKB | United States | $2.43B | +44% | +2% | 21% | 9.4× | -1.6% | +4.3% |
| Asana ASAN | United States | $2.43B | +60% | +9% | -15% | 27.4× | 10.7% | +28.4% |
| ePlus PLUS | United States | $2.40B | +2% | +15% | 7% | 16.1× | 4.3% | +9.5% |
| Shijiazhuang Changshan Beiming Technology 000158.SZ | China | $2.64B | -35% | -14% | 2% | n/a | n/a | n/a |
| nCino NCNO | United States | $2.40B | +28% | +9% | 9% | 15.8× | 23.9% | +23.8% |
| RAKUS 3923.T | Japan | $2.38B | +24% | +17% | 31% | 14.1× | 15.8% | +31.4% |
| Affle 3i AFFLE.NS | India | $2.36B | +6% | +20% | 18% | 40.0× | 33.0% | +39.3% |
| JWIPC Technology 001339.SZ | China | $2.72B | -19% | +41% | 21% | 21.9× | n/a | n/a |
| Shanghai Suochen Information Technology 688507.SS | China | $2.31B | +97% | +32% | -2% | 196.7× | n/a | n/a |
| XD, Inc. 2400.HK | Hong Kong | $2.77B | -28% | +6% | 26% | 11.9× | 3.0% | +14.3% |
| NetScout Systems NTCT | United States | $2.29B | -19% | +6% | 15% | 11.6× | -0.1% | +0.7% |
| Vertex VERX | United States | $2.77B | +14% | +11% | 1% | 17.4× | 57.9% | +14.8% |
| Servyou Software 603171.SS | China | $2.84B | -16% | +6% | 5% | 72.7× | 40.3% | +5.9% |
| Schrodinger SDGR | United States | $2.23B | +125% | +9% | -59% | n/a | n/a | n/a |
| Tata Technologies TATATECH.NS | India | $2.86B | +6% | +22% | 13% | 34.9× | 28.3% | +18.3% |
| SPS Commerce SPSC | United States | $2.90B | +45% | +7% | 17% | 15.3× | 7.3% | +19.2% |
| SeeWay.ai 002405.SZ | China | $2.18B | -32% | +22% | -29% | n/a | n/a | n/a |