Overview
Information & Communication

Money Forward,Inc.

Money Forward, Inc. is a Japanese fintech company offering cloud-based back-office SaaS solutions for businesses and personal financial management services for individuals. Its flagship B2B product, 'Money Forward Cloud,' covers accounting, payroll, HR, legal, and other back-office functions targeting SMEs and mid-sized enterprises, with growing AI agent capabilities for autonomous back-office operations. The company also operates 'Money Forward ME,' a personal finance management (PFM) app for individuals, as well as an X segment providing white-label financial services to banks and financial institutions, and a venture capital arm ('HIRAC FUND').

Market Cap
¥374B
US$2.38B
EV
¥371B
US$2.36B
Stock¥6,747▲+0.00%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
50.6
x
LTM EV/EBIT
352.8
x
LTM PER
68.4
x
LTM PBR
9.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+19.0%pt
100123
Oct 23, 25 – Oct 23, 26StockTOPIX
1Dec 26, 25ValueAct Capital Management, L.P. changed stake (5.62%→9.53%)
2Mar 24, 26ValueAct Capital Management, L.P. changed stake (9.53%→14.39%)
3Jul 3, 26ValueAct Capital Management, L.P. changed stake (14.39%→17.94%)
MC → EV Bridge
374BUS$2.38BMarket Cap45.8BUS$292M+ Debt39.1BUS$249M− Cash23.8BUS$151M− Inv. Sec.13.6BUS$86.6M+ NCI371BUS$2.36BEV
AI Briefing
Money Forward runs cloud back-office SaaS (Business/Home/X/Finance segments) plus AI-driven automation push for SMEs and individuals. FY25/11 revenue ¥50.3B, growing but still operating loss ¥-2.7B, narrowing from ¥-8.5B in FY22/11. No tender offer in play; ¥372B market cap reflects a scaling, still-unprofitable SaaS growth story with founder-heavy ownership.
Performance & Balance
Revenue 5Y (¥B)
15.6US$99.5M'21/1121.5US$137M'22/1130.4US$193M'23/1140.4US$257M'24/1150.3US$321M'25/11
EBITDA 5Y (¥B)
-0.67-US$4.25M'21/11-7.55-US$48.1M'22/11-4.56-US$29.0M'23/11-1.87-US$11.9M'24/111.47US$9.33M'25/11
Net Income 5Y (¥B)
-1.48-US$9.44M'21/11-9.45-US$60.2M'22/11-6.32-US$40.2M'23/11-6.33-US$40.3M'24/111.59US$10.1M'25/11
Capital Structure
47%
53%
EquityD/E 1.11xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
41.2US$263M8.55US$54.5M'21/1140.0US$255M16.9US$108M'22/1155.5US$353M30.4US$193M'23/1164.0US$408M35.4US$226M'24/1164.2US$409M33.8US$216M'25/11
Shareholders
Top 10 hold 61.2%
1
Yosuke TSUJI
16.91%
2
CGML PB CLIENT ACCOUNT/COLLATERAL (Standing Proxy: Citibank, N.A., Tokyo Branch)
10.05%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
7.52%
4
MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
5.67%
5
Sumitomo Mitsui Banking Corporation
4.89%
6
PERSHING-DIV.OF DLJ SECS.CORP. (Standing Proxy: Citibank, N.A., Tokyo Branch)
4.85%
7
JP MORGAN CHASE BANK 385839 (Standing Proxy: Mizuho Bank, Ltd.)
3.15%
8
Morgan Stanley MUFG Securities Co., Ltd.
3.10%
9
VALUEACT JAPAN MASTER FUND, L.P. (Standing Proxy: Citibank, N.A., Tokyo Branch)
2.88%
10
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
2.20%
Management
14 officers
Yosuke TSUJI
Representative Director, President, Group CEO
As described in (1)
1976-06-30
Naoya KANESAKA
Director, Executive Officer
As described in (1)
1984-11-27
Takumi NAKADE
Director, Executive Officer, Group CTO
As described in (1)
1977-03-20
Masanobu TAKEDA
Director, Executive Officer, COO of Money Forward Business Segment
As described in (1)
1976-07-17
Chiaki ISHIHARA
Director, Executive Officer, Group CHO
As described in (1)
1988-02-21
Hiroaki YASUTAKE
Director
As described in (1)
1971-07-02
Gen MIYAZAWA
Director
As described in (1)
1982-01-14
Ryu Kawano SULIAWAN
Director
As described in (1)
1983-09-09
Chino KIKUMA
Director
As described in (1)
1972-03-05
Ririko UEDA
Outside Director
Dec 2008 Joined Kyoto Audit Corporation (currently PwC Japan LLC) Sep 2012 Registered as Certified Public Accountant Sep 2021 Registered as Certified Fraud Examiner Mar 2023 Joined Panasonic Operational Excellence Co., Ltd. Feb 2026 Outside Director of the Company (current)
1979-06-21
Ken ASHIDA
Outside Director
Apr 1987 Joined The Fuji Bank, Ltd. (currently Mizuho Bank, Ltd.) Apr 2017 Executive Officer, Mizuho Bank, Ltd. Jan 2019 Managing Executive Officer, Mizuho Bank, Ltd. Apr 2023 Deputy President and Executive Officer, Mizuho Bank, Ltd.; Group Executive Officer, Mizuho Financial Group, Inc. Apr 2025 Co-Chairman, Bain Capital Japan LLC (current) Feb 2026 Outside Director of the Company (current)
1963-10-11
Yumi HATAKEYAMA
Full-time Audit & Supervisory Board Member
As described in (1)
1962-01-25
Katsuyuki TANAKA
Audit & Supervisory Board Member
As described in (1)
1964-12-15
Shigeru NISHIYAMA
Outside Audit & Supervisory Board Member
Apr 1984 Joined Sanwa Audit Office (currently Deloitte Touche Tohmatsu LLC) Mar 1987 Registered as Certified Public Accountant Apr 2006 Professor, Graduate School of Business, Waseda University (current) Aug 2018 Specially Appointed Professor, Shizenkan University Graduate School (current) Jun 2021 Outside Director, Tokyo Enesys Co., Ltd. (current) Jun 2022 Outside Audit & Supervisory Board Member, NH Foods Ltd. (current) Feb 2026 Outside Audit & Supervisory Board Member of the Company (current)
1961-10-27
Large Shareholding Reports
Artisan Investments GP LLC
2026-10-22
5.27%→4.07%
Yosuke Tsuji
2026-09-08
17.21%→18.07%
Annual report (as of 2026-05-31): 16.91%
Yosuke TSUJI
2026-09-02
17.21%→18.07%
Annual report (as of 2026-05-31): 16.91%
GCQ FUNDS MANAGEMENT PTY LTD
2026-08-27
5.22%→4.07%
Baillie Gifford Overseas Limited
2026-08-06
7.14%→6.15%
GCQ FUNDS MANAGEMENT PTY LTD
2026-08-04
6.33%→5.22%
Nomura Asset Management Co., Ltd.
2026-07-06
2.91%→2.60%
ValueAct Japan Master Fund, L.P.
2026-07-03
14.39%→17.94%
GCQ FUNDS MANAGEMENT PTY LTD
2026-05-01
7.41%→6.33%
Sumitomo Mitsui Banking Corporation
2026-04-22
5.28%
Annual report (as of 2026-05-31): 4.89%
Nomura Asset Management Co., Ltd.
2026-04-22
2.91%
ValueAct Japan Master Fund, L.P.
2026-03-24
9.53%→14.39%
Baillie Gifford Overseas Limited
2026-03-09
8.50%→7.14%
GCQ FUNDS MANAGEMENT PTY LTD
2026-03-03
6.18%→7.41%
Capital Research and Management Company
2026-01-22
4.72%→3.07%
ValueAct Japan Master Fund, L.P.
2026-01-05
5.62%→9.53%
Correction filing (name/detail fix only) — ratio carried over from the original filing
ValueAct Japan Master Fund, L.P.
2025-12-26
5.62%→9.53%
Artisan Investments GP LLC
2025-12-05
5.27%
GCQ FUNDS MANAGEMENT PTY LTD
2025-11-28
5.14%→6.18%
GCQ FUNDS MANAGEMENT PTY LTD
2025-11-04
5.14%
Nikko Asset Management Co., Ltd.
2025-09-04
2.65%→2.60%
Capital Research and Management Company
2025-08-07
5.29%→4.72%
Nikko Asset Management Co., Ltd.
2025-08-06
2.97%→2.65%
ValueAct Japan Master Fund, L.P.
2025-07-24
5.62%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-22
Large Shareholding Report
TDnet
2026-10-15
Q3 Earnings Flash
FY ending Nov 2026
EDINETAmended
2026-09-08
Change Report
EDINET
2026-09-02
Large Shareholding Report
EDINET
2026-08-27
Large Shareholding Report
EDINET
2026-08-06
Large Shareholding Report
EDINET
2026-08-04
Large Shareholding Report
EDINET
2026-07-13
Semi-Annual Securities Report
Period: Dec 2025 – Nov 2026
TDnet
2026-07-13
Q2 Earnings Flash
FY ending Nov 2026
EDINET
2026-07-06
Large Shareholding Report
EDINET
2026-07-03
Large Shareholding Report
EDINET
2026-05-01
Large Shareholding Report
EDINET
2026-04-22
Large Shareholding Report
EDINET
2026-04-22
Large Shareholding Report
TDnet
2026-04-14
Q1 Earnings Flash
FY ending Nov 2026
EDINET
2026-03-24
Large Shareholding Report
EDINET
2026-03-09
Large Shareholding Report
EDINET
2026-03-03
Large Shareholding Report
EDINET
2026-02-19
Annual Securities Report
Period: Dec 2024 – Nov 2025
EDINET
2026-01-22
Large Shareholding Report
EDINETAmended
2026-01-05
Change Report
EDINET
2025-12-26
Large Shareholding Report
EDINET
2025-12-05
Large Shareholding Report
EDINET
2025-11-28
Large Shareholding Report
EDINET
2025-11-04
Large Shareholding Report
TDnet
2025-10-15
Q3 Earnings Flash
FY ending Nov 2025
EDINET
2025-09-04
Large Shareholding Report
EDINET
2025-08-07
Large Shareholding Report
EDINET
2025-08-06
Large Shareholding Report
EDINET
2025-07-24
Large Shareholding Report
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