Company Valuation: Money Forward, Inc.

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 416,166 262,620 245,873 257,145 230,945 327,299 - -
Change - -36.9% -6.38% 4.58% -10.19% 41.72% - -
Enterprise Value (EV) 1 388,500 252,809 224,390 234,339 210,821 312,215 305,473 298,293
Change - -34.93% -11.24% 4.43% -10.04% 48.09% -2.16% -2.35%
P/E -261x -27.7x -38.8x -40.5x 145x -116,322x 97x 39.5x
PBR 10.3x 8.06x 8.84x 7.27x 5.65x 7.77x 7.41x 5.9x
PEG - -0x 1.2x 71.78x -1x 1,161x -0x 0x
Capitalization / Revenue 26.6x 12.2x 8.09x 6.37x 4.59x 5.27x 4.47x 3.81x
EV / Revenue 24.9x 11.8x 7.39x 5.81x 4.19x 5.02x 4.17x 3.47x
EV / EBITDA 903x -41.9x -99.3x 136x 42.5x 27.9x 18.1x 12x
EV / EBIT -366x -29.9x -35.5x -49.5x -79.5x 297x 50.3x 23x
EV / FCF -83.3x -38.3x -76.8x -21.1x -27.7x 231x 20x 17.6x
FCF Yield -1.2% -2.61% -1.3% -4.75% -3.61% 0.43% 5.01% 5.67%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -29.97 -176.4 -117 -116.3 28.78 -0.0507 60.86 149.5
Distribution rate - - - - - - - -
Net sales 1 15,633 21,477 30,380 40,364 50,350 62,134 73,232 86,005
EBITDA 1 430 -6,029 -2,260 1,727 4,963 11,185 16,912 24,883
EBIT 1 -1,062 -8,469 -6,329 -4,735 -2,653 1,051 6,077 12,943
Net income 1 -1,482 -9,449 -6,315 -6,331 1,587 -4.453 3,365 8,269
Net Debt 1 -27,666 -9,811 -21,482 -22,807 -20,124 -15,085 -21,826 -29,006
Reference price 2 7,820.00 4,885.00 4,542.00 4,709.00 4,174.00 5,901.00 5,901.00 5,901.00
Nbr of stocks (in thousands) 53,218 53,760 54,133 54,607 55,329 55,465 - -
Announcement Date 1/14/22 1/16/23 1/12/24 1/14/25 1/14/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
25.28x9.34x15.26x0.8% 3,698B
121.22x52.83x85.74x-.--% 445B
442.12x18.87x74.59x-.--% 88.86B
63.04x13.31x28.07x-.--% 83.43B
103.03x8.76x22.21x-.--% 78.43B
34.97x1.7x13.59x-.--% 63.5B
190.66x6.07x23.49x-.--% 47.75B
33.12x6.91x33.18x-.--% 43.7B
111.55x4.41x21.4x-.--% 38.43B
Average 125.00x 13.58x 35.28x 0.09% 509.62B
Weighted average by Cap. 47.33x 13.60x 23.88x 0.64%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. 47D Stock
  5. Valuation Money Forward, Inc.
-40%: Exceptional extension
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