Money Forward (3994): FY2025 Results Summary — First Full-Year Net Profit on Accelerating SaaS Growth

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Money Forward, Inc. (3994), which operates the back-office SaaS platform Money Forward Cloud and the personal finance app Money Forward ME, reported results for fiscal year 2025 ended November 30, 2025. Consolidated net sales topped ¥50.35bn, up 25% year on year and above the midpoint of guidance, while adjusted EBITDA of ¥4.96bn exceeded the upper end of guidance (¥4.4bn). Profit attributable to owners of parent was +¥1,587mn, the company’s first-ever profitable full-year performance, helped by special profits recorded from the sale of the SaaS Marketing segment and other items. Note: Money Forward’s fiscal year ends in November; the presentation labels the year ended November 30, 2025 as FY11/25 (FY2025), and those labels are retained below.

Consolidated Results (Full-Year Actual)

The company achieved guidance across all metrics. Consolidated SaaS ARR grew +31% year on year to ¥39,333mn, within the guidance range. EBITDA hit a record high at ¥4.78bn, and the EBITDA margin improved by +5.2 pts to 9.5%, exceeding the initial outlook of +1–5 pts of improvement. On an operating profit basis, the margin improved by 6.5 pts. The advertising-to-sales ratio stood at 13.8%, below the lower end of guidance (14.5–16.5%). The guidance ranges in the table below reflect revisions for the divestitures of consolidated subsidiaries during FY25.

Item (¥mn)	FY11/25 Full-Year Results	FY11/25 Guidance Range
Net sales	50,350	49,000–51,600
SaaS ARR	39,333	39,180–41,160
Adjusted EBITDA	+4,963	2,400–4,400
Operating profit	(2,653)	(4,800)–(2,400)
Profit attributable to owners of parent	+1,587	(1,400)–1,000

Segment Results

In the Business segment (back-office SaaS), full-year net sales reached ¥36.05bn (+33% YoY), exceeding the upper end of guidance, and corporate ARR grew to ¥31.3bn (+36% YoY). In Q4, consolidated net sales grew 41% YoY to ¥15,043mn, with Business segment net sales surging 50% YoY, driven by price revisions and the card business. The Q4 net increase in corporate paying customers reached +11,619, a record high, and the corporate customer churn rate remained low at 0.8% (both 3-month and 12-month averages). In the Home segment, growth in revenue from premium paying users expanded to +13% YoY owing to price revisions carried out in August 2025; total and paying users of Money Forward ME topped 17.8mn and 628,000, respectively. Quarterly net sales of the X segment topped ¥900mn, up 30% YoY. As SMARTCAMP Co., Ltd. was excluded from the scope of consolidation in November 2025, SaaS Marketing segment earnings are only recorded for part of the year.

Segment (¥mn)	FY11/25 Q4 Net sales	YoY	FY11/25 Q4 EBITDA	EBITDA margin
Consolidated	15,043	41%	1,527	10%
Business	11,135	50%	1,077	10%
Home	1,294	14%	465	36%
X	934	30%	318	34%
SaaS Marketing	964	NA	232	24%
Finance	657	–	101	–

Note: The Home segment YoY figure of 14% excludes the impact of the deconsolidation of Nexsol Co., Ltd. (excluded from the scope of consolidation from April 2025); including this impact, the YoY change was +2%.

Business Segment KPI	FY11/25
Full-year net sales	¥36.05bn (+33% YoY)
Corporate ARR	¥31.3bn (+36% YoY)
Q4 net increase in corporate paying customers	+11,619
Corporate ARPA growth	+12.0% YoY
Corporate customer churn rate (3-month / 12-month average)	0.8% / 0.8%

FY11/26 Guidance

For FY11/26, the company guides for full-year revenue of ¥53.4–57.55bn (YoY +17.5%–+26.6%, versus FY25 actual results excluding SaaS Marketing segment revenue and revenue from Next Solution Co., Ltd.), with SaaS ARR of ¥47.5–49.8bn (YoY +20.8%–+26.6%). Adjusted EBITDA is expected at ¥8.0–10.0bn, with the improvement in the adjusted EBITDA margin (excluding HIRAC) accelerating from +5.6 pts in FY25 to +7.5–10.5 pts. Operating profit is guided at ¥(2.5)–+0.5bn, with profitability achieved for the first time at the upper end of the range, and Business cash flow of ¥2.0–4.0bn, achieving full-year positivity. In FY26 the company plans to invest ¥2.0bn in AI product development, aiming to generate over ¥15.0bn in ARR in FY30.

Item (¥mn)	FY11/25 Full-Year Results	FY11/26 Guidance
Adjusted EBITDA	+4,963	+8,000~10,000
Business CF	▲624	+2,000~4,000
Operating profit	▲2,653	▲2,500~+500
Profit attributable to owners of parent	+1,587	▲5,200~▲2,200

Medium- to Long-Term Targets

For FY11/28, the company targets net sales of ¥90bn+ and EBITDA of ¥27bn+, and has newly added a Business CF target of ¥18bn+, strengthening its commitment to cash flow generation. In the longer term, it aims for an EBITDA margin of 40%+. The Business segment targets an EBITDA margin of 30%+ by FY28 (FY25: 8.6%, surpassing the upper end of the 3–8% guidance range, with an improvement of +6.7 pts), and the company aims to increase Business segment ARPA by +30%–40% or more by FY11/28 through the execution of its AI strategy, function enhancements, and the promotion of cross-selling and up-selling. Under the banner of becoming the “No.1 Back-Office AI Company,” the company launched Money Forward AI Tax Return (β), its first AI-native product, released multiple AI agents such as an invoice download agent and an entertainment expense reimbursement agent, and launched Money Forward Accounting Outsourcing, an AI x BPO service extending its reach into the digital worker market, which it estimates expands TAM from approximately ¥2.8tn to around ¥14.1tn.

Capital Allocation

To optimize capital allocation, the company transferred all shares of SMARTCAMP Co., Ltd. and its subsidiary BizHint, Inc. on November 4, 2025, with an extraordinary income of ¥6,172mn expected to be recognized in FY11/25 Q4; as a result, the SaaS Marketing segment was removed from the portfolio. In the Home segment, it established a strategic joint venture with Sumitomo Mitsui Card Co., Ltd. (51% ownership), achieving ¥19.0bn in cash inflow (before tax), and transferred shares of the insurance agency business Nexsol Co., Ltd. Cash and deposits increased by approximately ¥8.12bn (before taking into account taxation on the gain on sale) from the SMARTCAMP share transfer, and the company continued to maintain a high level of financial soundness, with cash and deposits of ¥40,973mn at year-end. Resources are being concentrated in the Business segment, particularly the midmarket and AI products, including through the M&As of Cashmo, Inc. and Whipplewood CPAs PC. Dividend information cannot be confirmed from the materials.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.