SaaS scale turns into profit
Money Forward, Inc. (TSE: 3994) reported consolidated results for the first nine months of FY11/2026, December 1, 2025 to August 31, 2026, on October 15, 2026 under Japanese GAAP. Net sales rose 32.9% to ¥46,908 million, adjusted EBITDA jumped 196.5% to ¥9,896 million, and the group swung to an operating profit of ¥1,686 million and an ordinary profit of ¥328 million. SaaS ARR, its annual recurring revenue, grew 29.7% to ¥48,645 million, including ¥37,589 million from corporate customers, up 31.2%, and ¥3,082 million from sole proprietors, up 18.3%. Special losses of ¥2,809 million, mostly ¥2,429 million of costs related to unauthorized access to its GitHub environment in May, held net profit attributable to owners of the parent to ¥498 million, against a ¥3,384 million loss a year earlier.
Business segment leads
The Business segment, home of the Money Forward Cloud back-office suite, grew sales 50.4% to ¥37,478 million and turned a ¥990 million loss into a ¥2,050 million segment profit, helped by price revisions in June 2025, larger and multi-product customers, AI agent releases, growing use of its business card and the consolidation of Money Forward GRG; third-quarter Business sales were up 52% on the year. The Home segment, built on the Money Forward ME personal-finance app, grew sales 13.3% to ¥3,902 million and profit 41.0% to ¥966 million, with premium subscribers passing 682,000 despite some impact from the breach. The X segment, which builds services for financial institutions, grew sales 33.6% to ¥2,946 million. In the Finance segment, the HIRAC FUND venture fund sold one unlisted holding, booking ¥2,134 million of sales from investment securities.
Balance sheet and outlook
Total assets rose 9.2% to ¥139,353 million and net assets 4.7% to ¥58,470 million; the equity ratio slipped to 29.7% from 32.0%. The company kept its full-year forecast, given as a range: net sales of ¥60,500 million to ¥62,300 million, up 20.2% to 23.7%, adjusted EBITDA of ¥10,500 million to ¥11,500 million and an operating result between a ¥500 million loss and a ¥1,500 million profit. Excluding Next Solution and Smartcamp, sold last year, it puts underlying sales growth at 33.1% to 37.1%. No dividend is planned.
| Metric | 9M FY11/2026 | 9M FY11/2025 | Change |
|---|---|---|---|
| Net sales (¥ million) | 46,908 | 35,306 | +32.9% |
| SaaS ARR (¥ million) | 48,645 | 37,519 | +29.7% |
| Adjusted EBITDA (¥ million) | 9,896 | 3,338 | +196.5% |
| Operating profit (¥ million) | 1,686 | −1,979 | loss to profit |
| Ordinary profit (¥ million) | 328 | −2,375 | loss to profit |
| Net profit attrib. to owners of parent (¥ million) | 498 | −3,384 | loss to profit |
| EPS (¥) | 8.99 | −61.43 | loss to profit |
| Business — revenue (¥ million) | 37,478 | 24,915 | +50.4% |
| Business — segment profit (¥ million) | 2,050 | −990 | loss to profit |
| Home — revenue (¥ million) | 3,902 | 3,443 | +13.3% |
| Home — segment profit (¥ million) | 966 | 685 | +41.0% |
| X — revenue (¥ million) | 2,946 | 2,205 | +33.6% |
| X — segment profit (¥ million) | 375 | 235 | +59.0% |
| Total assets (¥ million) | 139,353 | 127,567 | +9.2% |
| Net assets (¥ million) | 58,470 | 55,865 | +4.7% |
| Equity ratio | 29.7% | 32.0% | −2.3 pt |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.