Mogu Inc. key statistics and ratios

In fiscal 2026, Mogu Inc. had return on equity of 0.4%, an operating margin of -57.6%, debt equal to 0.0% of equity and a current ratio of 1.07. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Mogu Inc.: financial ratios, annual
Fiscal year	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026
Gross margin	66.0%	67.4%	70.8%	64.8%	62.0%	52.7%	50.9%	43.1%	40.0%	28.6%
Operating margin	−96.5%	−87.1%	−53.4%	−248.2%	−88.9%	−198.7%	−80.8%	−49.4%	−71.6%	−57.6%
Net margin	−84.6%	−57.4%	−45.3%	−266.2%	−68.0%	−189.6%	−76.7%	−37.0%	−44.3%	1.5%
Free-cash-flow margin	−77.1%	−32.9%	−31.1%	−38.6%	−47.8%	−50.2%	−12.5%	−84.0%	−55.2%	−41.1%
Return on equity	—	—	—	−72.4%	−19.3%	−57.5%	−23.9%	−9.5%	−11.4%	0.4%
Return on assets	—	−14.8%	−11.6%	−62.0%	−15.5%	−42.9%	−15.7%	−6.0%	−7.0%	0.2%
Asset turnover	—	0.26	0.26	0.23	0.23	0.23	0.20	0.16	0.16	0.15
Current ratio	—	2.47	3.24	3.01	2.70	2.23	1.98	1.58	1.51	1.07
Debt to equity	—	—	0.0%	0.0%	0.0%	1.3%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	n/m	n/m	n/m	n/m
Effective tax rate	—	—	—	—	—	—	—	—	—	65.6%
R&D as % of revenue	37.7%	29.7%	22.0%	20.5%	21.5%	24.5%	16.0%	16.7%	21.2%	22.9%
Capital spending as % of revenue	2.1%	0.5%	0.8%	1.2%	31.6%	16.3%	8.2%	58.7%	7.1%	3.3%
Free cash flow ÷ net income	—	—	—	—	—	—	—	—	—	<−999%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · March 31, 2026

What it owns · $120m

Short-term assets $50mLonger-term assets $70m

What it owes, and who funded it · $120m

Short-term liabilities $46mLonger-term liabilities $0mShareholders' equity $74m

Short-term assets cover short-term liabilities $50m of assets due within a year against $46m of liabilities due within a year.
Short-term assets cover long-term liabilities $50m short-term assets against $34,648 of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$10m against $1,549 of interest.

From Mogu Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Mogu Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Mogu Inc.