MOGU NYSE Services-Business Services, Nec Financials FY2017βFY2026
MOGU Inc. had $17.7M of revenue in fiscal 2026, down 9.7% on the year before. Over five years, revenue changed β24.3% a year on average.
Hi! I read MOGU Inc.βs latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
Are sales growing?
β9.7%
No. Sales fell 9.7% last year.
Does it make a profit?
1.5%
A little. It keeps 1.5% of every sale as profit.
Does profit turn into cash?
β41.1%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· MOGU Inc. had $17.7M of revenue in fiscal 2026, down 9.7% on the year before. Over five years, revenue changed β24.3% a year on average. Its operating margin was β57.6%, up 14.0Β pts: of every 100 in sales, about β58 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· MOGU Inc. made $0.3M of net profit in fiscal 2026.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$7.3M in fiscal 2026, β41.1% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
KIRA Β· MOGU Inc. returned $0.0M to shareholders in fiscal 2026. The diluted share count rose 0.3%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.1M of shares on the open market and sold none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.1M
1 insider
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably MOGU Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $100M | $81.8M | $58.1M | $52.3M | $42.8M |
| Debt incl. finance leases | $1.6M | $0.0M | β | β | β |
| Debt / equity | 0.0x | 0.0x | β | β | β |
| Interest coverage | β | β313.6x | β415.2x | β140,124.0x | β6,779.0x |
| Current ratio | 2.2x | 2.0x | 1.6x | 1.5x | 1.1x |
| Quick ratio | 2.2x | 2.0x | 1.6x | 1.5x | 1.1x |
| Total assets | $184M | $147M | $130M | $118M | $120M |
| Total liabilities | $52.8M | $49.4M | $44.8M | $44.3M | $46.2M |
| Shareholders' equity | $125M | $92.7M | $81.4M | $70.2M | $73.6M |
| Net debt (β = net cash) | β$98.6M | β$81.8M | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· MOGU Inc. passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 4 / 8 | 2 / 8 | 3 / 8 | 3 / 9 | 3 / 9 | 2 / 8 | 0 / 8 | 2 / 8 |
| Accruals ratio | β | β6.5% | β3.8% | β53.3% | β11.8% | β35.2% | β14.8% | β1.9% | 0.6% | 5.8% |
| Altman Z'' | β | β10.60 | 4.72 | β9.16 | β9.46 | β23.18 | β25.50 | β28.13 | β31.77 | β33.89 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $165M | $147M | $160M | $120M | $71.2M | $52.6M | $33.9M | $22.4M | $19.6M | $17.7M |
| Gross profit | $109M | $98.9M | $113M | $77.7M | $44.2M | $27.7M | $17.2M | $9.6M | $7.8M | $5.0M |
| Research and development | $62.2M | $43.6M | $35.2M | $24.6M | $15.3M | $12.9M | $5.4M | $3.7M | $4.2M | $4.1M |
| Operating income | β$159M | β$128M | β$85.5M | β$297M | β$63.3M | β$104M | β$27.3M | β$11.0M | β$14.0M | β$10.2M |
| Interest expense | β | β | β | β | $0.0M | $0.0M | $0.1M | $0.0M | $0.0M | $0.0M |
| Pretax income | β$156M | β$97.6M | β$75.0M | β$319M | β$47.6M | β$102M | β$27.5M | β$9.6M | β$8.3M | $1.3M |
| Income tax | β$16.0M | β$13.4M | β$2.6M | β$0.1M | $0.8M | β$2.3M | β$0.3M | β$0.2M | $0.1M | $0.9M |
| Net income | β$140M | β$84.2M | β$72.4M | β$319M | β$48.4M | β$99.7M | β$26.0M | β$8.3M | β$8.7M | $0.3M |
| Net income to common | β$229M | β$188M | β$162M | β$319M | β$48.4M | β$99.7M | β$26.0M | β$8.3M | β$8.7M | $0.3M |
| Diluted EPS | β$123.48 | β$102.30 | β$38.88 | β$35.31 | β$5.31 | β$11.70 | β$3.06 | β$0.84 | β$0.84 | $0.00 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | β$124M | β$47.5M | β$48.5M | β$44.7M | β$11.5M | β$17.8M | β$1.5M | β$5.6M | β$9.4M | β$6.7M |
| Capital expenditure | $3.5M | $0.8M | $1.3M | $1.5M | $22.5M | $8.6M | $2.8M | $13.1M | $1.4M | $0.6M |
| Free cash flow | β$127M | β$48.3M | β$49.8M | β$46.2M | β$34.0M | β$26.4M | β$4.2M | β$18.8M | β$10.8M | β$7.3M |
| Depreciation and amortization | $79.7M | $67.4M | $30.7M | $48.6M | $51.8M | $52.0M | $9.5M | $1.4M | $1.6M | $1.6M |
| Stock-based compensation | $3.1M | $2.5M | $15.4M | $4.6M | $3.9M | $1.9M | $2.0M | $0.6M | $0.1M | $0.0M |
| Share buybacks | β | β | β | $0.9M | $17.7M | $1.5M | $0.2M | $0.0M | $0.1M | $0.0M |
| Dividends and buybacks | β | β | β | $0.9M | $17.7M | $1.5M | $0.2M | $0.0M | $0.1M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $185M | $215M | $222M | $154M | $122M | $100M | $81.8M | $58.1M | $52.3M | $42.8M |
| Total debt | β | β | β | β | $0.0M | $1.6M | $0.0M | β | β | β |
| Finance lease liabilities | β | β | β | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | β | $263M | $265M | $185M | $151M | $113M | $96.8M | $70.3M | $66.9M | $49.6M |
| Current liabilities | β | $107M | $81.8M | $61.3M | $55.8M | $50.7M | $48.8M | $44.5M | $44.2M | $46.2M |
| Inventory | β | $0.0M | $0.8M | $0.4M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | β | $2.6M | $1.8M | $2.0M | $1.6M | $1.2M | $28.3M | $41.5M | $38.8M | $39.7M |
| Goodwill | $228M | $249M | $234M | $26.3M | $28.5M | $10.0M | $0.0M | $0.0M | $0.0M | β |
| Intangible assets | β | $18.6M | $149M | $115M | $65.0M | $14.2M | $1.8M | $0.1M | $0.1M | $0.1M |
| Total assets | β | $569M | $686M | $344M | $281M | $184M | $147M | $130M | $118M | $120M |
| Total liabilities | β | $111M | $82.9M | $64.8M | $58.8M | $52.8M | $49.4M | $44.8M | $44.3M | $46.2M |
| Shareholders' equity | β$465M | β$716M | $603M | $279M | $222M | $125M | $92.7M | $81.4M | $70.2M | $73.6M |
| Margins | ||||||||||
| Gross margin | 66.0% | 67.4% | 70.8% | 64.8% | 62.0% | 52.7% | 50.9% | 43.1% | 40.0% | 28.6% |
| Operating margin | β96.5% | β87.1% | β53.4% | β248.2% | β88.9% | β198.7% | β80.8% | β49.4% | β71.6% | β57.6% |
| EBITDA margin | β48.2% | β41.2% | β34.2% | β207.6% | β16.1% | β99.8% | β52.6% | β43.1% | β63.4% | β48.4% |
| Net margin | β84.6% | β57.4% | β45.3% | β266.2% | β68.0% | β189.6% | β76.7% | β37.0% | β44.3% | 1.5% |
| FCF margin | β77.1% | β32.9% | β31.1% | β38.6% | β47.8% | β50.2% | β12.5% | β84.0% | β55.2% | β41.1% |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β50.2% | β318.5% | β197.2% | β | β | β |
| Return on capital employed | β | β27.7% | β14.2% | β105.3% | β28.1% | β78.4% | β27.8% | β12.9% | β18.9% | β13.8% |
| Return on equity | β | β | β | β72.4% | β19.3% | β57.5% | β23.9% | β9.5% | β11.4% | 0.4% |
| Return on assets | β | β14.8% | β11.5% | β62.0% | β15.5% | β42.9% | β15.7% | β6.0% | β7.0% | 0.2% |
| Return on tangible equity | β | β | β73.5% | β231.0% | β37.6% | β99.3% | β28.6% | β10.2% | β12.4% | 0.4% |
| Growth | ||||||||||
| Revenue growth | β | β11.0% | 9.0% | β25.1% | β40.6% | β26.1% | β35.6% | β33.9% | β12.5% | β9.7% |
| Share count change | β | β0.9% | 126.6% | 117.9% | β3.3% | β4.2% | 1.4% | 1.7% | 1.2% | 0.3% |
| Financial health | ||||||||||
| Debt / equity | β | β | β | β | 0.0x | 0.0x | 0.0x | β | β | β |
| Interest coverage | β | β | β | β | β | β | β313.6x | β415.2x | β140,124.0x | β6,779.0x |
| Current ratio | β | 2.5x | 3.2x | 3.0x | 2.7x | 2.2x | 2.0x | 1.6x | 1.5x | 1.1x |
| Quick ratio | β | 2.5x | 3.2x | 3.0x | 2.7x | 2.2x | 2.0x | 1.6x | 1.5x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.1% | 0.5% | 0.8% | 1.2% | 31.6% | 16.3% | 8.2% | 58.7% | 7.1% | 3.3% |
| Stock comp / revenue | 1.9% | 1.7% | 9.6% | 3.9% | 5.5% | 3.7% | 5.8% | 2.9% | 0.6% | 0.0% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | 4.0 | 2.0 | 3.0 | 3.0 | 3.0 | 2.0 | 0.0 | 2.0 |
| Altman Z'' | β | β10.6 | 4.7 | β9.2 | β9.5 | β23.2 | β25.5 | β28.1 | β31.8 | β33.9 |
| Accruals ratio | β | β6.5% | β3.8% | β53.3% | β11.8% | β35.2% | β14.8% | β1.9% | 0.6% | 5.8% |
Source: SEC EDGAR XBRL filings (CIK 0001743971). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. Per-share figures are per US-listed share (1 ADS = 300 ordinary shares). For information only β not investment advice. Check the original filings before relying on any figure.
