ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. Money Forward's annualized net income for the quarter that ended in Nov. 2025 was $128.2 Mil. Money Forward's average Total Stockholders Equity over the quarter that ended in Nov. 2025 was $270.1 Mil. Therefore, Money Forward's annualized ROE % for the quarter that ended in Nov. 2025 was 47.47%.
The historical rank and industry rank for Money Forward's ROE % or its related term are showing as below:
MNYFF'
s ROE % Range Over the Past 10 Years
Min: -46.38 Med: -24.09 Max: 11.07
Current: 11.07
During the past 11 years, Money Forward's highest ROE % was 11.07%. The lowest was -46.38%. And the median was -24.09%.
MNYFF's ROE % is ranked better than 66% of 2682
companies
in the Software industry
Industry Median: 4.72
vs MNYFF: 11.07
Money Forward (OTCPK:MNYFF) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is four times the quarterly (Nov. 2025) net income data. The Revenue data used here is four times the quarterly (Nov. 2025) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.
Money Forward ROE % Related Terms
Money Forward ROE % Historical Data
* Premium members only.
The historical data trend for Money Forward's ROE % 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.
For the Software - Application subindustry, Money Forward's ROE %, along with its competitors' market caps and ROE % 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 ROE % vs Software Industry
For the Software industry and Technology sector, Money Forward's ROE % distribution charts can be found below:
* The bar in red indicates where Money Forward's ROE % falls into.
* 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.
In the calculation of annual ROE %, the net income of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Nov. 2025) net income data.
ROE % is displayed in the 30-year financial page.
Money Forward (MNYFF) has a ROE % of 47.47% as of Nov. 2025. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Money Forward and its competitors. According to the industry distribution chart, Money Forward ranks #912 out of 2682 companies in the Software industry, placing it in the top 34%.
Is Money Forward's ROE % too high?
Money Forward's current ROE % is 47.47%. The Software industry median ROE % is 4.72. Money Forward's value of 47.47% is 905.7% above this industry median. Based on the distribution chart, Money Forward ranks #912 out of 2682 companies in the Software industry, which is above the industry midpoint. Overall, Money Forward has a GF Score™ of 64/100, reflecting its overall financial health beyond just this single metric.
How does Money Forward's ROE % compare to CRM and SHOP?
According to the Software industry distribution chart, Money Forward ranks #912 out of 2682 companies for ROE %. This puts Money Forward in the upper half of its industry. The industry median ROE % is 4.72. Money Forward's value of 47.47% is 905.7% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROE % for a Software company?
The median ROE % among Software companies is 4.72, based on 2,682 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Money Forward's current ROE % of 47.47% is 905.7% 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 ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Money Forward and its competitors. For the Software industry, the median ROE % is 4.72 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Money Forward's current ROE % is 47.47%. 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?
Money Forward (MNYFF) has a current ROE % of 47.47%. The stock's GF Value™ is $57.71, compared to a current price of $29.42 — trading 49% below its estimated fair value. The current ROE % is 47.47% and 905.7% above the Software industry median of 4.72. Money Forward's overall GF Score™ is 64/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROE % calculated?
ROE % is calculated from a company's financial statements. For Money Forward (MNYFF), the current ROE % is 47.47% as of Nov. 2025. 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 (MNYFF) Overvalued in 2026?
Based on GuruFocus' analysis, Money Forward stock appears to be undervalued.
The current stock price of $29.42 is trading 49% below its estimated GF Value™ of $57.71.
Key valuation signals for MNYFF:
ROE %: 47.47%
GF Value™: $57.71 vs. price of $29.42 (49% below fair value)
Industry Position: 905.7% above the Software median (#912 of 2682)
No single metric tells the full story. See the MNYFF 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.
64GF Score
Get the complete analysis for MNYFF
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