Company Valuation: Money Forward, Inc.

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 416,166 262,620 245,873 257,145 230,945 316,317 - -
Change - -36.9% -6.38% 4.58% -10.19% 36.97% - -
Enterprise Value (EV) 1 388,500 252,809 224,390 234,339 210,821 301,233 294,491 287,311
Change - -34.93% -11.24% 4.43% -10.04% 42.89% -2.24% -2.44%
P/E -261x -27.7x -38.8x -40.5x 145x -112,419x 93.7x 38.1x
PBR 10.3x 8.06x 8.84x 7.27x 5.65x 7.51x 7.16x 5.7x
PEG - -0x 1.2x 71.78x -1x 1,122x -0x 0x
Capitalization / Revenue 26.6x 12.2x 8.09x 6.37x 4.59x 5.09x 4.32x 3.68x
EV / Revenue 24.9x 11.8x 7.39x 5.81x 4.19x 4.85x 4.02x 3.34x
EV / EBITDA 903x -41.9x -99.3x 136x 42.5x 26.9x 17.4x 11.5x
EV / EBIT -366x -29.9x -35.5x -49.5x -79.5x 287x 48.5x 22.2x
EV / FCF -83.3x -38.3x -76.8x -21.1x -27.7x 223x 19.3x 17x
FCF Yield -1.2% -2.61% -1.3% -4.75% -3.61% 0.45% 5.19% 5.89%
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 5,703.00 5,703.00 5,703.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-116321.7x5.02x27.91x-.--% 2.07B
25.41x9.39x15.34x0.79% 3,717B
125.55x54.82x88.98x-.--% 461B
449.29x19.2x75.87x-.--% 90.3B
64.32x13.58x28.62x-.--% 85.12B
103.99x8.84x22.4x-.--% 79.16B
34.84x1.69x13.53x-.--% 63.26B
197.16x6.29x24.33x-.--% 49.38B
33.83x7.07x33.94x-.--% 44.64B
111.98x4.42x21.49x-.--% 38.58B
Average -11,517.53x 13.03x 35.24x 0.08% 463.06B
Weighted average by Cap. -3.47x 13.96x 24.53x 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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