Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data MOGU Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Revenue
160
118
73.6
53.2
33.8
22.2
19.5
18.2
Cost of revenue
46.8
41.5
27.9
25.2
16.6
12.6
11.7
13
Gross profit
113
76.5
45.7
28.1
17.2
9.58
7.78
5.2
Research and development
35.2
24.2
15.8
13
5.4
3.7
4.13
4.17
Selling and marketing
111
86.6
35.1
23.4
9.86
9.33
7.99
5.44
General and administrative
25.1
18.1
15.7
12.5
9.24
7.64
7.81
7.16
Operating income
-85.6
-293
-65.5
-106
-27.3
-11
-13.9
-10.5
Interest expense
0.09
0.03
0
0
Interest income
5.02
4.14
2.99
2.19
2.53
1.76
0.81
0.33
Pre-tax income
-75.9
-298
-49.3
-104
-27.6
-9.1
-7.88
0.79
Income tax
-2.57
-0.08
0.79
-2.29
-0.29
-0.22
0.12
0.89
Net income to minority interests
-0.41
-1.23
-1.06
0.27
0.2
Net income
-72.5
-314
-50.1
-101
-25.9
-8.21
-8.62
0.27
EBITDA
-54.8
-245
-11.9
-53.1
-17.8
-9.58
-12.3
-8.81
EPS, basic
-0.13
-0.12
-0.02
-0.04
-0.01
0.00
0.00
0.00
EPS, diluted
-0.13
-0.12
-0.02
-0.04
-0.01
0.00
0.00
0.00
Shares, basic (weighted)
1,248
2,719
2,630
2,520
2,554
2,598
2,629
2,453
Shares, diluted (weighted)
1,248
2,719
2,630
2,520
2,554
2,598
2,629
2,637
Balance sheet
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Cash and equivalents
190
121
82.7
69.2
60.6
49.7
11.3
19.4
Short-term investments
31.6
33.6
39.7
31.1
21.2
8.49
41
23.4
Inventory
0.75
0.41
0.04
0.01
0.02
0.01
0
0.01
Other current assets
24
14
11.9
8.7
10.1
7.61
8.16
1.68
Total current assets
265
185
151
113
93.3
70.3
66.9
49.6
Property, plant and equipment
1.78
1.99
1.65
1.22
28.3
41.5
38.8
39.7
Lease right-of-use assets
0.79
0.36
0.13
0.15
Goodwill
234
26.3
28.5
10
0
Intangible assets
149
115
65
14.2
1.83
0.13
0.1
0.08
Long-term investments
36
14.5
10.1
11.4
10.1
11.3
6.89
23.9
Other non-current assets
0.11
2
24.9
33.9
9.27
6.3
5.48
5.73
Total assets
686
345
281
184
144
130
118
120
Accounts payable
2.68
2.41
3.04
2.83
1.19
0.95
0.62
0.51
Accrued liabilities
3.3
0.85
0.66
1.94
1.97
0.96
1.09
1.15
Deferred revenue
0.18
0.02
0.01
0.14
0.04
0.03
0.01
0.01
Short-term debt
1.59
0
0
0
0
Total current liabilities
81.8
61.5
55.8
50.8
45.2
44.6
44.2
46.2
Lease liabilities
0.11
0.11
0.05
0.04
Other non-current liabilities
0.7
0.52
0.33
0.14
0
Total liabilities
82.9
65
58.8
52.8
45.8
44.9
44.3
46.2
Paid-in capital
1,400
1,332
1,444
1,494
1,381
1,314
1,308
1,376
Retained earnings
-808
-1,080
-1,218
-1,359
-1,281
-1,227
-1,230
-1,294
Treasury stock
-0.93
-19.3
-21.5
-20
-19
-19.1
-20
Other comprehensive income
11.6
28.5
14.8
10.9
12
12.4
10
10.1
Shareholders' equity
603
280
125
92.8
81.5
70.1
73.7
Minority interests
6.69
4.95
3.61
3.87
0
Total equity
603
280
222
131
97.8
85.1
74
73.7
Total liabilities and equity
686
345
281
184
144
130
118
120
Cash flow statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Net income
-72.5
-314
-50.1
-101
-27.1
-9.27
-8.35
0.47
Depreciation and amortization
30.8
47.8
53.6
52.6
9.51
1.38
1.6
1.66
Stock-based compensation
15.4
4.55
4.01
1.97
1.98
0.64
0.12
0
Deferred income tax
-3.47
-0.38
-0.71
-2.52
-1.3
-0.24
0
0
Change in inventory
-0.74
0.3
0.41
0.03
-0.01
0.01
0.01
-0.01
Change in payables
0.85
Cash from operations
-48.5
-44
-11.9
-18
-1.47
-5.6
-9.36
-6.87
Capital expenditures
-1.29
-1.47
-23.3
-8.7
-2.76
-13
-1.39
-0.59
Purchases of investments
-157
-180
-317
-281
-233
-42.4
-49.7
-28
Cash from investing
-12.3
-16
-14.8
2.2
0.09
-2.74
-28.7
14.4
Stock issued
58
Share buybacks
-0.93
-18.3
-1.53
-0.19
0
-0.11
0
Cash from financing
61.8
-4.14
-18.2
0.07
-1.76
0
-0.11
0
Exchange rate effect
6.87
4.79
-3.15
-0.54
-0.13
0.35
-0.01
-0.05
Net change in cash
7.8
-59.4
-48
-16.3
-3.26
-7.99
-38.1
7.48
Free cash flow
-49.8
-45.5
-35.2
-26.7
-4.23
-18.6
-10.7
-7.47
Interest paid
0.12
0.09
0.03
0
0
Income taxes paid
0.38
-0.16
2.12
0.15
0.04
1.04
0.01
0
Key metrics
Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $1.87 on September 24, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
28.6%
Gross profit / revenue.
Operating margin
-57.6%
Operating income / revenue.
EBITDA margin
-48.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
4.3%
Pre-tax income / revenue.
Net margin
1.5%
Net income / revenue.
FCF margin
-41.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-37.8%
Cash from operations / revenue.
Effective tax rate
112.7%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
0.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
0.2%
Net income / average total assets.
Return on invested capital (ROIC)
-14.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
22.9%
Research and development expense / revenue.
Stock-based pay / revenue
0.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.3%
Capital expenditures / revenue.
D&A / revenue
9.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-6.6%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-18.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-24.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-33.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-32.9%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-35.3%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
5.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-7.4%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
1.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-5.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-15.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
0.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
1.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
0.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.07x
Current assets / current liabilities.
Quick ratio
0.93x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.93x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.00
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$0.00
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.01
Revenue / diluted weighted shares.
FCF per share
-$0.00
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.00
Cash from operations / diluted weighted shares.
Book value per share
$0.03
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
57.5x
Market cap / net income. Only when net income is positive.
P/S
0.84x
Market cap / revenue.
P/B
0.21x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.21x
Market cap / tangible book value, when positive.
FCF yield
-48.8%
Free cash flow / market cap.
Earnings yield
1.7%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was MOGU Inc.'s revenue in fiscal 2026?
MOGU Inc. reported revenue of $18.2M for fiscal 2026, 6.6% lower than the year before.
Was MOGU Inc. profitable in fiscal 2026?
Yes. Net income was $266.0K, a net margin of 1.5%.
How much free cash flow did MOGU Inc. generate in fiscal 2026?
Cash from operations of $6.9M minus capital expenditures of $594.0K left free cash flow of -$7.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.