Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Money ForwardTSE:3994 +7.71%71 Cyclically Adjusted PS Ratio is 12.77 as of Aug. 12, 2026, which is 38% above its 10-year median of 9.24. GuruFocus rates TSE:3994 with a GF Score™ of 71/100 and a GF Value™ of 円7,312.58 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,604 Software companies, Money Forward ranks worse than 92.27% on this metric.
The historical rank and industry rank for Money Forward's Cyclically Adjusted PS Ratio or its related term are showing as below:
TSE:3994'
s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 7.13 Med: 9.24 Max: 11.89
Current: 11.89
During the past years, Money Forward's highest Cyclically Adjusted PS Ratio was 11.89. The lowest was 7.13. And the median was 9.24.
TSE:3994's Cyclically Adjusted PS Ratio is ranked worse than 92.27% of 1604
companies
in the Software industry
Industry Median: 1.665
vs TSE:3994: 11.89
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.
Money Forward's adjusted revenue per share data for the three months ended in May. 2026 was 円258.137. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is 円453.97 for the trailing ten years ended in May. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Money Forward (TSE:3994) Cyclically Adjusted PS Ratio Explanation
Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.
Money Forward Cyclically Adjusted PS Ratio Related Terms
Money Forward Cyclically Adjusted PS Ratio Historical Data
* Premium members only.
The historical data trend for Money Forward's Cyclically Adjusted PS Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TSE:3994 vs QH, SHOP, UBER: Cyclically Adjusted PS Ratio Comparison
For the Software - Application subindustry, Money Forward's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Money Forward Cyclically Adjusted PS Ratio vs Software Industry
For the Software industry and Technology sector, Money Forward's Cyclically Adjusted PS Ratio distribution charts can be found below:
* The bar in red indicates where Money Forward's Cyclically Adjusted PS Ratio falls into.
Money Forward Cyclically Adjusted PS Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.
Money Forward's Cyclically Adjusted PS Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PS Ratio of 12.77 mean?
Money Forward (TSE:3994) has a Cyclically Adjusted PS Ratio of 12.77 as of Aug. 12, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Money Forward and its competitors. This is 38% above median its historical median of 9.24. Over the past decade, Money Forward's Cyclically Adjusted PS Ratio has ranged from 7.13 to 11.89. According to the industry distribution chart, Money Forward ranks #1480 out of 1604 companies in the Software industry, placing it in the top 92.3%.
Is Money Forward's Cyclically Adjusted PS Ratio too high?
Money Forward's current Cyclically Adjusted PS Ratio of 12.77 is 38% above median its 10-year median of 9.24. Over the past 10 years, this metric has ranged from a low of 7.13 to a high of 11.89. The Software industry median Cyclically Adjusted PS Ratio is 1.67. Money Forward's value of 12.77 is 667% above this industry median. Based on the distribution chart, Money Forward ranks #1480 out of 1604 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Money Forward has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Money Forward's Cyclically Adjusted PS Ratio compare to QH and SHOP?
According to the Software industry distribution chart, Money Forward ranks #1480 out of 1604 companies for Cyclically Adjusted PS Ratio. This places Money Forward in the lower half of its industry. The industry median Cyclically Adjusted PS Ratio is 1.67. Money Forward's value of 12.77 is 667% above this benchmark. Historically, Money Forward's own Cyclically Adjusted PS Ratio has ranged from 7.13 to 11.89 over the past decade. While the company's 10-year median is 9.24 vs. the industry median of 1.67, Money Forward has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a Software company?
The median Cyclically Adjusted PS Ratio among Software companies is 1.67, based on 1,604 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Money Forward's current Cyclically Adjusted PS Ratio of 12.77 is 667% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Money Forward and its competitors. For the Software industry, the median Cyclically Adjusted PS Ratio is 1.67 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Money Forward's current Cyclically Adjusted PS Ratio is 12.77, which is 38% above median its own 10-year median of 9.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Money Forward stock overvalued right now?
Based on GuruFocus' analysis, Money Forward (TSE:3994) is currently considered Modestly Undervalued. The stock's GF Value™ is 円7,312.58, compared to a current price of 円5,796.00 — trading 20.7% below its estimated fair value. The current Cyclically Adjusted PS Ratio is 12.77, which is 38% above median its 10-year median of 9.24 and 667% above the Software industry median of 1.67. Money Forward's overall GF Score™ is 71/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For Money Forward (TSE:3994), the current Cyclically Adjusted PS Ratio is 12.77 as of Aug. 12, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Money Forward (TSE:3994) Overvalued in 2026?
Based on GuruFocus' analysis, Money Forward stock appears to be undervalued.
The current stock price of 円5,796.00 is trading 20.7% below its estimated GF Value™ of 円7,312.58.
GuruFocus considers Money Forward to be Modestly Undervalued.
Key valuation signals for TSE:3994:
Cyclically Adjusted PS Ratio: 12.77 (38% above median its 10-year median of 9.24)
GF Value™: 円7,312.58 vs. price of 円5,796.00 (20.7% below fair value)
Industry Position: 667% above the Software median (#1480 of 1604)
No single metric tells the full story. See the TSE:3994 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
71GF Score
Get the complete analysis for TSE:3994
Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:3994 has been successfully added to your 
