MOGU Inc.
MOGU NYSE Services-Business Services, Nec Financials FY2017โFY2026
Revenue
Total sales reported in the income statement.
$17.7M
9.7%
vs prior year
Operating margin
Operating income as a share of revenue.
โ57.6%
14.0ย pts
Net income
Profit after all expenses, interest and tax.
$0.3M
Free cash flow
Cash from operations minus capital spending.
โ$7.3M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ
Market cap
Last close times the latest diluted share count, so it is approximate.
โ
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
What MOGU Inc. does
No business description yet.
- Legal name
- MOGU Inc.
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 20-F ยท Jul 24, 2026
- Accession ยท CIK
- 0001193125-26-315001
0001743971
Revenue and margins
MOGU Inc. had $17.7M of revenue in fiscal 2026, down 9.7% on the year before.
FY17
Revenue $165M
FY18
Revenue $147M
FY19
Revenue $160M
FY20
Revenue $120M
FY21
Revenue $71.2M
FY22
Revenue $52.6M
FY23
Revenue $33.9M
FY24
Revenue $22.4M
FY25
Revenue $19.6M
FY26
Revenue $17.7M
FY17
Gross 66.0%
Operating โ96.5%
Net โ84.6%
FCF โ77.1%
FY18
Gross 67.4%
Operating โ87.1%
Net โ57.4%
FCF โ32.9%
FY19
Gross 70.8%
Operating โ53.4%
Net โ45.3%
FCF โ31.1%
FY20
Gross 64.8%
Operating โ248.2%
Net โ266.2%
FCF โ38.6%
FY21
Gross 62.0%
Operating โ88.9%
Net โ68.0%
FCF โ47.8%
FY22
Gross 52.7%
Operating โ198.7%
Net โ189.6%
FCF โ50.2%
FY23
Gross 50.9%
Operating โ80.8%
Net โ76.7%
FCF โ12.5%
FY24
Gross 43.1%
Operating โ49.4%
Net โ37.0%
FCF โ84.0%
FY25
Gross 40.0%
Operating โ71.6%
Net โ44.3%
FCF โ55.2%
FY26
Gross 28.6%
Operating โ57.6%
Net 1.5%
FCF โ41.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income โ$140M
FY18
Net income โ$84.2M
FY19
Net income โ$72.4M
FY20
Net income โ$319M
FY21
Net income โ$48.4M
FY22
Net income โ$99.7M
FY23
Net income โ$26.0M
FY24
Net income โ$8.3M
FY25
Net income โ$8.7M
FY26
Net income $0.3M
FY17
Diluted EPS โ$123.48
FY18
Diluted EPS โ$102.30
FY19
Diluted EPS โ$38.88
FY20
Diluted EPS โ$35.31
FY21
Diluted EPS โ$5.31
FY22
Diluted EPS โ$11.70
FY23
Diluted EPS โ$3.06
FY24
Diluted EPS โ$0.84
FY25
Diluted EPS โ$0.84
FY26
Diluted EPS $0.00
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital โ
Return on equity โ
Return on assets โ
FY18
Return on capital โ
Return on equity โ
Return on assets โ14.8%
FY19
Return on capital โ
Return on equity โ
Return on assets โ11.5%
FY20
Return on capital โ
Return on equity โ72.4%
Return on assets โ62.0%
FY21
Return on capital โ50.2%
Return on equity โ19.3%
Return on assets โ15.5%
FY22
Return on capital โ318.5%
Return on equity โ57.5%
Return on assets โ42.9%
FY23
Return on capital โ197.2%
Return on equity โ23.9%
Return on assets โ15.7%
FY24
Return on capital โ
Return on equity โ9.5%
Return on assets โ6.0%
FY25
Return on capital โ
Return on equity โ11.4%
Return on assets โ7.0%
FY26
Return on capital โ
Return on equity 0.4%
Return on assets 0.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$7.3M in fiscal 2026, โ41.1% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow โ$127M
FY18
Free cash flow โ$48.3M
FY19
Free cash flow โ$49.8M
FY20
Free cash flow โ$46.2M
FY21
Free cash flow โ$34.0M
FY22
Free cash flow โ$26.4M
FY23
Free cash flow โ$4.2M
FY24
Free cash flow โ$18.8M
FY25
Free cash flow โ$10.8M
FY26
Free cash flow โ$7.3M
FY17
Cash from operations โ$124M
Capital spending $3.5M
FY18
Cash from operations โ$47.5M
Capital spending $0.8M
FY19
Cash from operations โ$48.5M
Capital spending $1.3M
FY20
Cash from operations โ$44.7M
Capital spending $1.5M
FY21
Cash from operations โ$11.5M
Capital spending $22.5M
FY22
Cash from operations โ$17.8M
Capital spending $8.6M
FY23
Cash from operations โ$1.5M
Capital spending $2.8M
FY24
Cash from operations โ$5.6M
Capital spending $13.1M
FY25
Cash from operations โ$9.4M
Capital spending $1.4M
FY26
Cash from operations โ$6.7M
Capital spending $0.6M
Cash from operations
Capital spending
Dividends, buybacks and share count
MOGU Inc. returned $0.0M to shareholders in fiscal 2026. The diluted share count rose 0.3%.
FY17
Dividends โ
Buybacks โ
FY18
Dividends โ
Buybacks โ
FY19
Dividends โ
Buybacks โ
FY20
Dividends โ
Buybacks $0.9M
FY21
Dividends โ
Buybacks $17.7M
FY22
Dividends โ
Buybacks $1.5M
FY23
Dividends โ
Buybacks $0.2M
FY24
Dividends โ
Buybacks $0.0M
FY25
Dividends โ
Buybacks $0.1M
FY26
Dividends โ
Buybacks $0.0M
Dividends
Buybacks
FY17
Diluted shares 0.00B
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.01B
FY21
Diluted shares 0.01B
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
FY26
Diluted shares 0.01B
Balance sheet
Cash, debt and the ratios that show how comfortably MOGU Inc. can carry it.
FY17
Cash $185M
Debt โ
FY18
Cash $215M
Debt โ
FY19
Cash $222M
Debt โ
FY20
Cash $154M
Debt โ
FY21
Cash $122M
Debt $0.0M
FY22
Cash $100M
Debt $1.6M
FY23
Cash $81.8M
Debt $0.0M
FY24
Cash $58.1M
Debt โ
FY25
Cash $52.3M
Debt โ
FY26
Cash $42.8M
Debt โ
Cash
Debt
| 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 | โ | โ | โ |
| Debt / equity | 0.0x | 0.0x | โ | โ | โ |
| Interest coverage | โ | โ313.6x | โ415.2x | โ140,124.0x | โ6,779.0x |
| 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 (โ = net cash) | โ$98.6M | โ$81.8M | โ | โ | โ |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 4 / 8 | 2 / 8 | 3 / 8 | 3 / 9 | 3 / 9 | 2 / 8 | 0 / 8 | 2 / 8 |
| Accruals ratio | โ | โ6.5% | โ3.8% | โ53.3% | โ11.8% | โ35.2% | โ14.8% | โ1.9% | 0.6% | 5.8% |
| Altman Z'' | โ | โ10.60 | 4.72 | โ9.16 | โ9.46 | โ23.18 | โ25.50 | โ28.13 | โ31.77 | โ33.89 |
10 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| 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 | โ$159M | โ$128M | โ$85.5M | โ$297M | โ$63.3M | โ$104M | โ$27.3M | โ$11.0M | โ$14.0M | โ$10.2M |
| Interest expense | โ | โ | โ | โ | $0.0M | $0.0M | $0.1M | $0.0M | $0.0M | $0.0M |
| Pretax income | โ$156M | โ$97.6M | โ$75.0M | โ$319M | โ$47.6M | โ$102M | โ$27.5M | โ$9.6M | โ$8.3M | $1.3M |
| Income tax | โ$16.0M | โ$13.4M | โ$2.6M | โ$0.1M | $0.8M | โ$2.3M | โ$0.3M | โ$0.2M | $0.1M | $0.9M |
| Net income | โ$140M | โ$84.2M | โ$72.4M | โ$319M | โ$48.4M | โ$99.7M | โ$26.0M | โ$8.3M | โ$8.7M | $0.3M |
| Net income to common | โ$229M | โ$188M | โ$162M | โ$319M | โ$48.4M | โ$99.7M | โ$26.0M | โ$8.3M | โ$8.7M | $0.3M |
| Diluted EPS | โ$123.48 | โ$102.30 | โ$38.88 | โ$35.31 | โ$5.31 | โ$11.70 | โ$3.06 | โ$0.84 | โ$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 | โ$124M | โ$47.5M | โ$48.5M | โ$44.7M | โ$11.5M | โ$17.8M | โ$1.5M | โ$5.6M | โ$9.4M | โ$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 | โ$127M | โ$48.3M | โ$49.8M | โ$46.2M | โ$34.0M | โ$26.4M | โ$4.2M | โ$18.8M | โ$10.8M | โ$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 | โ | โ | โ | $0.9M | $17.7M | $1.5M | $0.2M | $0.0M | $0.1M | $0.0M |
| Dividends and buybacks | โ | โ | โ | $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 | โ | โ | โ | โ | $0.0M | $1.6M | $0.0M | โ | โ | โ |
| Finance lease liabilities | โ | โ | โ | โ | โ | โ | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | โ | $263M | $265M | $185M | $151M | $113M | $96.8M | $70.3M | $66.9M | $49.6M |
| Current liabilities | โ | $107M | $81.8M | $61.3M | $55.8M | $50.7M | $48.8M | $44.5M | $44.2M | $46.2M |
| Inventory | โ | $0.0M | $0.8M | $0.4M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | โ | $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 | โ |
| Intangible assets | โ | $18.6M | $149M | $115M | $65.0M | $14.2M | $1.8M | $0.1M | $0.1M | $0.1M |
| Total assets | โ | $569M | $686M | $344M | $281M | $184M | $147M | $130M | $118M | $120M |
| Total liabilities | โ | $111M | $82.9M | $64.8M | $58.8M | $52.8M | $49.4M | $44.8M | $44.3M | $46.2M |
| Shareholders' equity | โ$465M | โ$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 | โ96.5% | โ87.1% | โ53.4% | โ248.2% | โ88.9% | โ198.7% | โ80.8% | โ49.4% | โ71.6% | โ57.6% |
| EBITDA margin | โ48.2% | โ41.2% | โ34.2% | โ207.6% | โ16.1% | โ99.8% | โ52.6% | โ43.1% | โ63.4% | โ48.4% |
| Net margin | โ84.6% | โ57.4% | โ45.3% | โ266.2% | โ68.0% | โ189.6% | โ76.7% | โ37.0% | โ44.3% | 1.5% |
| FCF margin | โ77.1% | โ32.9% | โ31.1% | โ38.6% | โ47.8% | โ50.2% | โ12.5% | โ84.0% | โ55.2% | โ41.1% |
| Returns | ||||||||||
| Return on capital | โ | โ | โ | โ | โ50.2% | โ318.5% | โ197.2% | โ | โ | โ |
| Return on capital employed | โ | โ27.7% | โ14.2% | โ105.3% | โ28.1% | โ78.4% | โ27.8% | โ12.9% | โ18.9% | โ13.8% |
| Return on equity | โ | โ | โ | โ72.4% | โ19.3% | โ57.5% | โ23.9% | โ9.5% | โ11.4% | 0.4% |
| Return on assets | โ | โ14.8% | โ11.5% | โ62.0% | โ15.5% | โ42.9% | โ15.7% | โ6.0% | โ7.0% | 0.2% |
| Return on tangible equity | โ | โ | โ73.5% | โ231.0% | โ37.6% | โ99.3% | โ28.6% | โ10.2% | โ12.4% | 0.4% |
| Growth | ||||||||||
| Revenue growth | โ | โ11.0% | 9.0% | โ25.1% | โ40.6% | โ26.1% | โ35.6% | โ33.9% | โ12.5% | โ9.7% |
| Share count change | โ | โ0.9% | 126.6% | 117.9% | โ3.3% | โ4.2% | 1.4% | 1.7% | 1.2% | 0.3% |
| Financial health | ||||||||||
| Debt / equity | โ | โ | โ | โ | 0.0x | 0.0x | 0.0x | โ | โ | โ |
| Interest coverage | โ | โ | โ | โ | โ | โ | โ313.6x | โ415.2x | โ140,124.0x | โ6,779.0x |
| Current ratio | โ | 2.5x | 3.2x | 3.0x | 2.7x | 2.2x | 2.0x | 1.6x | 1.5x | 1.1x |
| Quick ratio | โ | 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 | โ | โ | 4.0 | 2.0 | 3.0 | 3.0 | 3.0 | 2.0 | 0.0 | 2.0 |
| Altman Z'' | โ | โ10.6 | 4.7 | โ9.2 | โ9.5 | โ23.2 | โ25.5 | โ28.1 | โ31.8 | โ33.9 |
| Accruals ratio | โ | โ6.5% | โ3.8% | โ53.3% | โ11.8% | โ35.2% | โ14.8% | โ1.9% | 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 โ not investment advice. Check the original filings before relying on any figure.