ROIC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROC %. Money Forward's annualized return on invested capital (ROIC %) for the quarter that ended in Nov. 2025 was -2.68%.
As of today (2026-06-28), Money Forward's WACC % is 4.77%. Money Forward's ROIC % is -1.75% (calculated using TTM income statement data).
Money Forward earns returns that do not match up to its cost of capital. It will destroy value as it grows.
Money Forward (OTCPK:MNYFF) ROIC % Explanation
ROIC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.
There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.
Why is ROIC % important?
Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.
As of today, Money Forward's WACC % is 4.77%. Money Forward's ROIC % is -1.75% (calculated using TTM income statement data).
Money Forward earns returns that do not match up to its cost of capital. It will destroy value as it grows.
Be Aware
Like ROE % and ROA %, ROIC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Money Forward ROIC % Related Terms
Money Forward ROIC % Historical Data
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The historical data trend for Money Forward's ROIC % 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 ROIC %, along with its competitors' market caps and ROIC % 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 ROIC % vs Software Industry
For the Software industry and Technology sector, Money Forward's ROIC % distribution charts can be found below:
* The bar in red indicates where Money Forward's ROIC % falls into.
Note:
The Operating Income data used here is four times the quarterly (Nov. 2025) data.
The tax rate is limited to between 0% and 100%.
* 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.
Money Forward (MNYFF) has a ROIC % of -2.68% as of Nov. 2025. Return on invested capital is the ratio of current-period net income to average two-period invested capital. View historical data on Money Forward and its competitors.
Is Money Forward's ROIC % too high?
Money Forward's current ROIC % is -2.68%. Overall, Money Forward has a GF Score™ of 65/100, reflecting its overall financial health beyond just this single metric.
How does Money Forward's ROIC % compare to CRM and SHOP?
Money Forward's ROIC % of -2.68% can be compared against companies in the Software industry. The industry median ROIC % is 3.03. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROIC % for a Software company?
The median ROIC % among Software companies is 3.03, based on 2,827 companies in the industry. Companies in the top quartile (top 25%) have a ROIC % significantly above this median, while those in the bottom quartile fall well below. However, ROIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROIC % mean?
A high ROIC % can signal that a stock is expensive relative to its fundamentals. Return on invested capital is the ratio of current-period net income to average two-period invested capital. View historical data on Money Forward and its competitors. For the Software industry, the median ROIC % is 3.03 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Money Forward's current ROIC % is -2.68%. 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 ROIC % of -2.68%. The stock's GF Value™ is $60.91, compared to a current price of $29.42 — trading 51.7% below its estimated fair value. The current ROIC % is -2.68%. Money Forward's overall GF Score™ is 65/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROIC % calculated?
ROIC % is calculated from a company's financial statements. For Money Forward (MNYFF), the current ROIC % is -2.68% 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 51.7% below its estimated GF Value™ of $60.91.
Key valuation signals for MNYFF:
ROIC %: -2.68%
GF Value™: $60.91 vs. price of $29.42 (51.7% below fair value)
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.
65GF Score
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