Detailed financial statements for MOGU Inc. (MOGU): 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.
MOGU Inc., through its various subsidiaries, manages a significant online fashion and lifestyle e-commerce platform catering to consumers across the People's Republic of China. This digital marketplace features an extensive array of products, encompassing fashion apparel, beauty items, and accessories, primarily sourced from a wide network of third-party merchants.
Analysis Summary
MOGU Inc. reported revenue of $121.5M in the most recent fiscal year, growing at a 5-year CAGR of -24.1%.
Trailing-twelve-month margins: gross margin 28.6%, operating margin -57.6%, net margin 1.5%.
At the current price of $1.98, MOGU trades at a P/E of 57.17 and an ROE of 0.35%. Market capitalisation stands at $16M.
Balance sheet quality for MOGU: current ratio of 1.1, net cash position of $294.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$51.5M represents -2888% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $973.2M | $1.07B | $835.3M | $482.4M | $338.0M | $232.1M | $160.3M | $141.2M | $121.5M |
| Cost of Revenue | $377.8M | $317.7M | $313.8M | $293.8M | $183.1M | $159.6M | $113.9M | $91.2M | $84.8M | $87.0M |
| Gross Profit | $732.1M | $655.5M | $760.5M | $541.6M | $299.3M | $177.9M | $118.2M | $69.2M | $56.5M | $34.6M |
| Research & Development | $418.5M | $289.3M | $236.4M | $171.1M | $103.5M | $82.6M | $37.1M | $26.7M | $30.0M | $27.9M |
| Selling, General & Admin | $816.1M | $848.0M | $912.1M | $741.3M | $332.8M | $227.6M | $131.2M | $122.5M | $114.6M | $84.2M |
| Operating Expenses | $1.68B | $1.52B | $1.33B | $2.61B | $728.2M | $848.9M | $305.6M | $148.3M | $157.6M | $112.1M |
| Operating Income | -$1.07B | -$847.4M | -$574.2M | -$2.07B | -$428.9M | -$670.5M | -$187.4M | -$79.2M | -$101.1M | -$77.6M |
| EBITDA | -$399.0M | -$420.9M | -$374.6M | -$350.1M | -$84.8M | -$383.9M | -$20.8M | -$51.4M | -$43.7M | -$66.4M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $191000 | $1000 | $10658 |
| Pre-tax Income | -$1.05B | -$641.7M | -$509.2M | -$2.11B | -$322.8M | -$656.9M | -$188.4M | -$68.6M | -$59.7M | $9.1M |
| Income Tax | -$107.7M | -$88.7M | -$17.2M | -$590000 | $5.2M | -$14.5M | -$2.0M | -$1.6M | $839000 | $5.9M |
| Net Income | -$939.1M | -$558.2M | -$486.3M | -$2.22B | -$328.0M | -$639.8M | -$178.0M | -$59.3M | -$62.6M | $1.8M |
| EPS | $-513.86 | $-68.93 | $-54.62 | $0.00 | $-36.00 | $-75.00 | $-20.91 | $-6.84 | $-7.77 | $0.21 |
| EPS (Diluted) | $-511.48 | $-68.93 | $-54.54 | $0.00 | $-36.00 | $-75.00 | $-21.00 | $-6.84 | $-7.17 | $0.21 |
| Shares Outstanding (Diluted) | $1.8M | $8.1M | $8.9M | 0 | $8.8M | $8.4M | $8.5M | $8.7M | $8.7M | $8.8M |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.27B | $1.22B | $1.28B | $856.6M | $542.1M | $438.6M | $416.2M | $358.8M | $82.0M | $133.6M |
| Short-term Investments | $400.6M | $130.0M | $212.0M | $238.0M | $260.2M | $196.9M | $145.8M | $61.3M | $297.6M | $161.5M |
| Receivables | $740.6M | $89.8M | $120.9M | $53.2M | $41.2M | $26.8M | 0 | $17.1M | $46.2M | $40.1M |
| Inventory | $4.1M | $110000 | $5.0M | $2.9M | $240000 | $79000 | $144000 | $98000 | $11000 | $46000 |
| Total Current Assets | $2.48B | $1.66B | $1.78B | $1.31B | $987.1M | $718.9M | $665.6M | $507.8M | $485.6M | $342.1M |
| Property, Plant & Equipment | $99.7M | $16.5M | $12.0M | $14.1M | $10.8M | $7.7M | $200.0M | $302.3M | $282.2M | $275.0M |
| Goodwill | $1.57B | $1.57B | $1.57B | $186.5M | $186.5M | $63.5M | 0 | 0 | 0 | 0 |
| Intangible Assets | $500.9M | $116.8M | $1.00B | $813.0M | $426.0M | $89.8M | $12.6M | $949000 | $718000 | $536000 |
| Total Assets | $4.68B | $3.58B | $4.60B | $2.44B | $1.84B | $1.17B | $1.01B | $938.4M | $858.2M | $826.9M |
| Accounts Payable | $11.1M | $12.3M | $18.0M | $17.1M | $19.9M | $17.9M | $8.2M | $6.9M | $4.5M | $3.5M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | $10.1M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.07B | $670.1M | $548.9M | $435.1M | $365.3M | $321.8M | $335.7M | $321.8M | $320.9M | $318.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.19B | $695.3M | $556.1M | $460.3M | $385.0M | $334.8M | $339.8M | $323.9M | $321.2M | $318.8M |
| Retained Earnings | -$3.27B | -$4.50B | -$5.43B | -$7.65B | -$7.98B | -$8.62B | -$8.79B | -$8.86B | -$8.92B | -$8.92B |
| Total Equity | $3.50B | $2.88B | $4.05B | $1.98B | $1.45B | $789.7M | $640.7M | $588.4M | $509.0M | $508.1M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | $10.1M | $3.4M | $2.7M | $972000 | $768000 |
| Net Debt | -$1.67B | -$1.35B | -$1.49B | -$1.09B | -$802.3M | -$625.4M | -$558.6M | -$417.4M | -$378.6M | -$294.4M |
| Working Capital | $1.40B | $985.7M | $1.23B | $875.5M | $621.8M | $397.1M | $329.9M | $186.0M | $164.7M | $23.6M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$939.1M | -$558.2M | -$486.3M | -$2.22B | -$328.0M | -$639.8M | -$178.0M | -$59.3M | -$60.6M | $3.2M |
| Depreciation & Amortization | $536.4M | $446.4M | $206.4M | $338.5M | $351.1M | $333.6M | $73.9M | $14.1M | $13.5M | $11.5M |
| Stock-based Compensation | $20.7M | $16.8M | $103.1M | $32.2M | $26.3M | $12.5M | $13.6M | $4.6M | $839000 | $16000 |
| Change in Working Capital | -$450.1M | $38.5M | -$94.4M | -$41.5M | -$32.9M | -$36.8M | -$14.4M | $3.5M | -$58.0M | -$56.3M |
| Operating Cash Flow | -$832.5M | -$314.9M | -$325.8M | -$311.8M | -$77.9M | -$114.4M | -$10.1M | -$40.5M | -$67.9M | -$47.4M |
| Capital Expenditure | -$23.7M | -$5.2M | -$8.6M | -$10.4M | -$152.6M | -$55.1M | -$55.5M | -$94.2M | -$10.1M | -$4.1M |
| Acquisitions | -$69.2M | 0 | 0 | 0 | 0 | -$36.1M | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$6.6M | -$119.9M | -$9.7M | -$1.3M | 0 | -$822000 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$856.2M | -$320.0M | -$334.5M | -$322.2M | -$230.6M | -$169.5M | -$65.6M | -$134.6M | -$78.0M | -$51.5M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -12.3% | +10.4% | -22.2% | -42.3% | -29.9% | -31.3% | -30.9% | -11.9% | -13.9% | |
| Net Income Growth (YoY) | +40.6% | +12.9% | -357.3% | +85.2% | -95.1% | +72.2% | +66.7% | -5.5% | +102.9% | |
| EPS Growth (YoY) | +86.6% | +20.8% | +100.0% | -108.3% | +72.1% | +67.3% | -13.6% | +102.7% | ||
| Shares Change (YoY) | +341.0% | +10.1% | -100.0% | -4.2% | +1.4% | +1.7% | +0.9% | +0.7% | ||
| FCF Growth (YoY) | +62.6% | -4.5% | +3.7% | +28.4% | +26.5% | +61.3% | -105.1% | +42.1% | +34.0% | |
| Gross Margin | 66.0% | 67.4% | 70.8% | 64.8% | 62.0% | 52.6% | 50.9% | 43.1% | 40.0% | 28.4% |
| Operating Margin | -96.5% | -87.1% | -53.4% | -248.2% | -88.9% | -198.4% | -80.8% | -49.4% | -71.6% | -63.8% |
| EBITDA Margin | -36.0% | -43.2% | -34.9% | -41.9% | -17.6% | -113.6% | -9.0% | -32.1% | -30.9% | -54.7% |
| Net Margin | -84.6% | -57.4% | -45.3% | -266.2% | -68.0% | -189.3% | -76.7% | -37.0% | -44.3% | 1.5% |
| FCF Margin | -77.1% | -32.9% | -31.1% | -38.6% | -47.8% | -50.2% | -28.3% | -84.0% | -55.2% | -42.4% |
| Effective Tax Rate | 10.3% | 13.8% | 3.4% | 0.0% | -1.6% | 2.2% | 1.1% | 2.4% | -1.4% | 65.6% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-466.33 | $-39.53 | $-37.52 | $-26.30 | $-20.18 | $-7.71 | $-15.55 | $-8.93 | $-5.86 | |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Shares Outstanding (Basic) | $1.8M | $8.1M | $8.9M | 0 | $8.8M | $8.4M | $8.5M | $8.7M | $8.0M | $8.2M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 0.35% |
| Return on Invested Capital | -4.89% |
| Return on Assets | 0.22% |
| Gross Margin | 28.58% |
| Operating Margin | -57.57% |
| Net Margin | 1.47% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.07 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.25 | -15.29 | -20.14 | 0.00 | -4.24 | -0.30 | -1.07 | -2.01 | -2.06 | 73.24 |
| P/B | 0.60 | 2.96 | 2.42 | 0.00 | 0.92 | 0.24 | 0.30 | 0.20 | 0.25 | 0.25 |
| P/S | 1.90 | 8.77 | 9.12 | 0.00 | 2.77 | 0.55 | 0.82 | 0.74 | 0.91 | 1.03 |
| Gross Margin | 66.0% | 67.4% | 70.8% | 64.8% | 62.0% | 52.6% | 50.9% | 43.1% | 40.0% | 28.4% |
| Operating Margin | -96.5% | -87.1% | -53.4% | -248.2% | -88.9% | -198.4% | -80.8% | -49.4% | -71.6% | -63.8% |
| Net Margin | -84.6% | -57.4% | -45.3% | -266.2% | -68.0% | -189.3% | -76.7% | -37.0% | -44.3% | 1.5% |
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Explore sector: Consumer Cyclical · Specialty Retail
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