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Money Forward Valuation Multiples

Discover revenue and EBITDA valuation multiples for Money Forward and similar public comparables like Reckon, IODM, and Credit Clear.

Money Forward Overview

About Money Forward

Money Forward Inc provides money-related services for individuals and corporations. Its service portfolio comprises personal financial management services and MF cloud services. Its personal financial management services include economic media that conveys money related themes, automatic savings app and mirai talk channel where customers can resolve their financial concerns together directly with financial planners. Its MF Cloud services comprise cloud accounting software, cloud-based tax return, invoice preparation software, payroll calculation, and cloud-based payment reconciliation.


Founded

2012

HQ

Japan
Employees

452

Financials

LTM Revenue $294M

LTM EBITDA $16.8M

EV

$1.4B

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Money Forward Financials

Money Forward has a last 12-month revenue of $294M and a last 12-month EBITDA of $16.8M.

In the most recent fiscal year, Money Forward achieved revenue of $268M and an EBITDA of -$12.7M.

Money Forward expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Money Forward P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $202M $268M XXX XXX XXX
Gross Profit $89.0M $127M XXX XXX XXX
Gross Margin 44% 47% XXX XXX XXX
EBITDA -$28.2M -$12.7M XXX XXX XXX
EBITDA Margin -14% -5% XXX XXX XXX
Net Profit -$62.8M -$42.0M XXX XXX XXX
Net Margin -31% -16% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

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Money Forward Stock Performance

As of April 15, 2025, Money Forward's stock price is JPY 4029 (or $27).

Money Forward has current market cap of JPY 222B (or $1.5B), and EV of JPY 207B (or $1.4B).

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Money Forward Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$1.4B $1.5B XXX XXX XXX XXX $-0.65

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Money Forward Valuation Multiples

As of April 15, 2025, Money Forward has market cap of $1.5B and EV of $1.4B.

Money Forward's trades at 4.7x LTM EV/Revenue multiple, and 81.9x LTM EBITDA.

Analysts estimate Money Forward's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Money Forward Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $1.4B XXX XXX XXX
EV/Revenue 5.0x XXX XXX XXX
EV/EBITDA -144.0x XXX XXX XXX
P/E -36.3x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF -19.1x XXX XXX XXX

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Money Forward Valuation Multiples

Money Forward's NTM/LTM revenue growth is 26%

Money Forward's revenue per employee for the last fiscal year averaged $0.6M, while opex per employee averaged $0.5M for the same period.

Over next 12 months, Money Forward's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Money Forward's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Money Forward Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 33% XXX XXX XXX XXX
EBITDA Margin -3% XXX XXX XXX XXX
EBITDA Growth -55% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 23% XXX XXX XXX XXX
Revenue per Employee $0.6M XXX XXX XXX XXX
Opex per Employee $0.5M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 79% XXX XXX XXX XXX

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Money Forward Public Comps

See public comps and valuation multiples for Financial Management Software comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Cape Range XXX XXX XXX XXX XXX XXX
Credit Clear XXX XXX XXX XXX XXX XXX
IODM XXX XXX XXX XXX XXX XXX
Reckon XXX XXX XXX XXX XXX XXX
Xero XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Money Forward M&A and Investment Activity

Money Forward acquired  XXX companies to date.

Last acquisition by Money Forward was  XXXXXXXX, XXXXX XXXXX XXXXXX . Money Forward acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Money Forward

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Money Forward

When was Money Forward founded? Money Forward was founded in 2012.
Where is Money Forward headquartered? Money Forward is headquartered in Japan.
How many employees does Money Forward have? As of today, Money Forward has 452 employees.
Who is the CEO of Money Forward? Money Forward's CEO is Mr. Yosuke Tsuji.
Is Money Forward publicy listed? Yes, Money Forward is a public company listed on TKS.
What is the stock symbol of Money Forward? Money Forward trades under 3994 ticker.
When did Money Forward go public? Money Forward went public in 2017.
Who are competitors of Money Forward? Similar companies to Money Forward include e.g. Cape Range, Credit Clear, IODM, Reckon.
What is the current market cap of Money Forward? Money Forward's current market cap is $1.5B
What is the current revenue of Money Forward? Money Forward's last 12-month revenue is $294M.
What is the current EBITDA of Money Forward? Money Forward's last 12-month EBITDA is $16.8M.
What is the current EV/Revenue multiple of Money Forward? Current revenue multiple of Money Forward is 4.7x.
What is the current EV/EBITDA multiple of Money Forward? Current EBITDA multiple of Money Forward is 81.9x.
What is the current revenue growth of Money Forward? Money Forward revenue growth between 2023 and 2024 was 33%.
Is Money Forward profitable? Yes, Money Forward is EBITDA-positive (as of the last 12 months).

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