Detailed financial statements for Mogo Inc. (MOGO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Mogo Inc. is a Canadian financial technology company that offers a range of digital financial products through its mobile app, including digital payments, identity fraud protection, and access to bitcoin and other financial products. [7, 12] The company's platform has been engineered to deliver a best-in-class digital experience, with best-in-class financial products all through one account. [19] Note: The company announced it will change its name to Orion Digital Corp.
Analysis Summary
Mogo Inc. reported revenue of $40.7M in the most recent fiscal year, growing at a 5-year CAGR of -1.7%.
Trailing-twelve-month margins: gross margin 101.2%, operating margin -5.0%, net margin -6.2%.
At the current price of $0.69, MOGO has negative trailing earnings (P/E not meaningful) and an ROE of -11.80%. Market capitalisation stands at $17M.
Balance sheet quality for MOGO: current ratio of 0.0, net debt of $63.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.9M | $48.7M | $61.3M | $59.8M | $44.2M | $57.5M | $68.9M | $65.2M | $71.2M | $40.7M |
| Cost of Revenue | $19.2M | $15.9M | $22.4M | $18.8M | $8.7M | $11.5M | $22.7M | $18.6M | $24.5M | 0 |
| Gross Profit | $30.7M | $32.8M | $38.9M | $41.0M | $35.5M | $46.0M | $46.2M | $46.7M | $46.7M | $40.7M |
| Research & Development | $10.1M | $11.4M | $14.7M | $15.0M | $5.1M | $10.7M | $13.0M | $10.6M | $10.6M | $16.6M |
| Selling, General & Admin | $17.1M | $17.1M | $19.9M | $20.9M | $14.6M | $45.0M | $40.1M | $20.3M | $20.5M | $31.2M |
| Operating Expenses | $34.4M | $35.8M | $43.1M | $44.7M | $34.4M | $81.6M | $79.8M | $50.5M | $50.4M | $43.3M |
| Operating Income | -$3.7M | -$3.0M | -$4.2M | -$3.7M | $1.1M | -$35.5M | -$33.6M | -$3.9M | -$3.7M | -$2.6M |
| EBITDA | -$2.0M | -$1.6M | $2.2M | $17.0M | $2.1M | -$15.3M | -$147.5M | -$2.2M | $1.8M | 0 |
| Interest Expense | $12.4M | $14.7M | $17.4M | $19.8M | 0 | $9.2M | $5.9M | $7.0M | $7.4M | 0 |
| Pre-tax Income | -$17.1M | -$19.7M | -$22.0M | -$10.8M | -$13.4M | -$33.4M | -$166.0M | -$18.3M | -$14.0M | -$8.9M |
| Income Tax | $515 | -$1000 | 0 | 0 | 0 | -$232000 | -$336000 | -$400000 | -$341000 | -$336000 |
| Net Income | -$17.1M | -$19.7M | -$22.0M | -$10.8M | -$13.4M | -$33.2M | -$165.7M | -$17.9M | -$13.7M | -$8.5M |
| EPS | $-2.81 | $-3.22 | $-2.91 | $-2.57 | $-2.83 | $-1.59 | $-6.51 | $-0.72 | $-0.56 | $-0.35 |
| EPS (Diluted) | $-2.81 | $-3.22 | $-2.91 | $-2.57 | $-2.80 | $-1.58 | $-6.51 | $-0.72 | $-0.56 | $-0.35 |
| Shares Outstanding (Diluted) | $6.1M | $6.1M | $7.6M | $8.5M | $9.6M | $21.0M | $25.4M | $24.9M | $24.4M | $24.1M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $18.6M | $40.6M | $20.4M | $10.4M | $12.1M | $67.8M | $29.3M | $16.1M | $8.5M | $17.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $26.3M | $26.1M | 0 |
| Receivables | 0 | 0 | 0 | $88.7M | $47.2M | $64.3M | $66.7M | $73.5M | $68.1M | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $82.0M | $116.2M | $110.3M | $102.3M | $62.3M | $135.3M | $100.1M | $119.0M | $106.8M | 0 |
| Property, Plant & Equipment | $3.9M | $3.2M | $3.0M | $6.6M | $4.8M | $4.6M | $3.7M | $1.2M | $448000 | $254000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $70.1M | $38.4M | $38.4M | $38.4M | $38.4M |
| Intangible Assets | $12.2M | $14.9M | $18.7M | $21.3M | $18.9M | $52.3M | $41.8M | $36.6M | $31.1M | $26.0M |
| Total Assets | $99.0M | $134.7M | $132.2M | $151.1M | $104.5M | $393.9M | $221.5M | $207.8M | $189.6M | $173.6M |
| Accounts Payable | 0 | 0 | $4.6M | $7.1M | $3.3M | $5.0M | $5.7M | $6.4M | $4.5M | 0 |
| Short-term Debt | 0 | 0 | 0 | $76.5M | $37.6M | $45.0M | $46.2M | $49.4M | $48.8M | 0 |
| Total Current Liabilities | $51.5M | $64.6M | $85.6M | $87.7M | $45.5M | $65.8M | $67.2M | $73.5M | $71.0M | 0 |
| Long-term Debt | $86.0M | $109.7M | $53.4M | $56.4M | $49.4M | $39.8M | $38.3M | $36.8M | $35.3M | $81.3M |
| Total Liabilities | $93.3M | $120.9M | $140.9M | $149.3M | $99.2M | $124.1M | $110.6M | $114.0M | $108.4M | $101.3M |
| Retained Earnings | -$43.9M | -$63.6M | -$90.8M | -$101.6M | -$115.1M | -$148.3M | -$313.9M | -$331.8M | -$345.5M | -$354.0M |
| Total Equity | $5.7M | $13.8M | -$8.7M | $1.8M | $5.2M | $269.8M | $110.9M | $93.7M | $81.2M | $72.3M |
| Total Debt | $86.0M | $109.7M | $129.3M | $138.1M | $91.4M | $88.7M | $87.7M | $88.9M | $85.6M | $81.3M |
| Net Debt | $67.4M | $69.1M | $108.9M | $127.7M | $79.3M | $21.0M | $58.5M | $46.4M | $51.0M | $63.6M |
| Working Capital | $30.5M | $51.6M | $24.7M | $14.6M | $16.9M | $69.6M | $32.9M | $45.5M | $35.8M | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$17.1M | -$19.7M | -$22.0M | -$10.8M | -$13.4M | -$33.2M | -$165.7M | -$17.9M | -$13.7M | -$8.5M |
| Depreciation & Amortization | $2.0M | $3.5M | $7.1M | $8.0M | $8.4M | $12.7M | $12.6M | $9.1M | $8.4M | $8.0M |
| Stock-based Compensation | $1.1M | $1.3M | $1.3M | $1.7M | $2.0M | $11.7M | $8.7M | $2.5M | $1.9M | $1.8M |
| Change in Working Capital | -$17.7M | -$23.2M | -$35.1M | -$22.3M | -$735000 | -$18.3M | -$18.5M | -$21.0M | -$16.4M | -$15.5M |
| Operating Cash Flow | -$12.7M | -$21.4M | -$29.2M | -$15.2M | $43.8M | -$31.1M | -$27.0M | -$9.2M | -$1.3M | -$964000 |
| Capital Expenditure | -$7.3M | -$5.4M | -$11.1M | -$9.1M | -$4.8M | -$8.0M | -$455000 | -$3.4M | -$3.3M | -$49000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -$31.6M | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$1.6M | -$1.1M | -$104000 | -$1.1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$20.1M | -$26.8M | -$40.3M | -$24.3M | $39.0M | -$39.1M | -$27.5M | -$12.6M | -$4.5M | -$1.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -2.4% | +25.9% | -2.4% | -26.0% | +30.0% | +19.9% | -5.4% | +9.2% | -42.9% | |
| Net Income Growth (YoY) | -15.4% | -11.6% | +50.8% | -24.2% | -147.0% | -398.9% | +89.2% | +23.5% | +37.6% | |
| EPS Growth (YoY) | -14.6% | +9.6% | +11.7% | -10.1% | +43.8% | -309.4% | +88.9% | +22.2% | +37.5% | |
| Shares Change (YoY) | +0.7% | +23.6% | +12.5% | +13.0% | +118.2% | +21.1% | -2.3% | -1.8% | -1.3% | |
| FCF Growth (YoY) | -33.5% | -50.3% | +39.6% | +260.5% | -200.2% | +29.7% | +54.2% | +64.1% | +77.6% | |
| Gross Margin | 61.6% | 67.4% | 63.4% | 68.6% | 80.2% | 80.0% | 67.1% | 71.5% | 65.6% | 100.0% |
| Operating Margin | -7.4% | -6.1% | -6.9% | -6.1% | 2.6% | -61.8% | -48.7% | -5.9% | -5.2% | -6.5% |
| EBITDA Margin | -4.0% | -3.2% | 3.7% | 28.4% | 4.8% | -26.7% | -213.9% | -3.4% | 2.5% | 0.0% |
| Net Margin | -34.3% | -40.5% | -35.9% | -18.1% | -30.4% | -57.7% | -240.3% | -27.4% | -19.2% | -21.0% |
| FCF Margin | -40.2% | -55.0% | -65.7% | -40.6% | 88.1% | -67.9% | -39.8% | -19.3% | -6.4% | -2.5% |
| Effective Tax Rate | -0.0% | 0.0% | -0.0% | -0.0% | -0.0% | 0.7% | 0.2% | 2.2% | 2.4% | 3.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-3.30 | $-4.37 | $-5.32 | $-2.85 | $4.05 | $-1.86 | $-1.08 | $-0.51 | $-0.19 | $-0.04 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6.1M | $6.1M | $7.6M | $8.5M | $9.5M | $20.9M | $25.4M | $24.8M | $24.4M | $24.1M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -11.80% |
| Return on Invested Capital | -1.47% |
| Return on Assets | -4.92% |
| Gross Margin | 101.25% |
| Operating Margin | -4.97% |
| Net Margin | -6.16% |
Financial Health
| Debt / Equity | 1.22 |
| Current Ratio | 0.00 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -1.75 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.02 | -6.28 | -3.28 | -3.89 | -5.10 | -8.16 | -0.33 | -3.38 | -3.49 | -4.19 |
| P/B | 6.06 | 8.99 | -8.31 | 48.56 | 26.27 | 1.00 | 0.49 | 0.65 | 0.59 | 0.49 |
| P/S | 0.69 | 2.55 | 1.18 | 1.42 | 3.11 | 4.71 | 0.79 | 0.93 | 0.67 | 0.87 |
| Gross Margin | 61.6% | 67.4% | 63.4% | 68.6% | 80.2% | 80.0% | 67.1% | 71.5% | 65.6% | 100.0% |
| Operating Margin | -7.4% | -6.1% | -6.9% | -6.1% | 2.6% | -61.8% | -48.7% | -5.9% | -5.2% | -6.5% |
| Net Margin | -34.3% | -40.5% | -35.9% | -18.1% | -30.4% | -57.7% | -240.3% | -27.4% | -19.2% | -21.0% |
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Explore sector: Technology · Software - Infrastructure
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