MOGU Inc. (NYSE: MOGU)

Sector: Consumer Cyclical Industry: Internet Retail CIK: 0001743971
Market Cap 9.66 Mn
P/B 0.12
P/E 5.72
P/S 0.46
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 0.00
Total Debt (Qtr) 98,595.51
Debt/Equity (Qtr) 0.00

About

MOGU Inc., a prominent player in the Chinese e-commerce market, is a technology-driven company that operates under the stock symbols MOGU and SZSE:03698. It specializes in providing a KOL-driven online fashion and lifestyle destination in China, offering users an accessible and enjoyable shopping experience for everyday fashion. The company's platform operates as a vibrant community where people can discover, share, and transact with merchants for a comprehensive selection of attractive fashion products. MOGU's main business activities revolve...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 18.85M provide 390.15x coverage of short-term debt 48314.61, demonstrating strong liquidity position and minimal refinancing risk.
  • Operating cash flow of (10.92M) provides strong 125.17x coverage of stock compensation (87219.10), indicating sustainable incentive practices.
  • Strong tangible asset base of 122.19M provides 1239.35x coverage of total debt 98595.51, indicating robust asset backing and low credit risk.
  • Cash position of 18.85M provides exceptional 74.56x coverage of minority interest expenses 252808.99, indicating strong liquidity.
  • Long-term investments of 10M provide solid 198.84x coverage of long-term debt 50280.90, indicating strategic financial planning.

Bear case

  • Operating cash flow of (10.92M) barely covers its investment activities of 17.78M, with a coverage ratio of -0.61, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • High receivables of 2.05M relative to inventory of 8286.52 (247.88 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Operating cash flow of (10.92M) provides minimal -15.67x coverage of tax expenses of 696769.66, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Free cash flow of (12.28M) provides weak coverage of capital expenditures of 1.36M, with a -9.01 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of 2.39M show weak coverage of depreciation charges of 1.84M, with a 1.29 ratio indicating high capital intensity and potential reinvestment needs.

Product and Service Breakdown of Revenue (2025)

Peer comparison

Companies in the Internet Retail
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 AMZN Amazon Com Inc 2,240.82 Bn 28.85 3.13 152.99 Bn
2 BABA Alibaba Group Holding Ltd 376.37 Bn 21.36 2.65 39.55 Bn
3 PDD PDD Holdings Inc. 146.78 Bn 10.22 2.50 1.50 Bn
4 MELI Mercadolibre Inc 99.88 Bn 48.09 3.81 9.88 Bn
5 DASH DoorDash, Inc. 77.19 Bn 89.45 6.11 3.26 Bn
6 SE Sea Ltd 64.15 Bn 45.22 3.05 4.24 Bn
7 JD JD.com, Inc. 40.42 Bn 8.94 0.22 15.74 Bn
8 EBAY Ebay Inc 40.35 Bn 18.49 3.77 7.02 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.13 1.44
EV to Cash from Ops. EV/CFO 1.47 10.32
EV to Debt EV to Debt -162.56 11.03
EV to EBIT EV/EBIT -6.71 18.24
EV to EBITDA EV/EBITDA 1.33 16.97
EV to Free Cash Flow [EV/FCF] EV/FCF 1.31 15.91
EV to Market Cap EV to Market Cap -1.66 -40.94
EV to Revenue EV/Rev -0.77 -2.40
Price to Book Value [P/B] P/B 0.12 5.28
Price to Earnings [P/E] P/E 5.72 32.69
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -93.84
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -203.90
Dividend per Basic Share Div per Share (Qtr) 0.00 0.08
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -3.46
Interest Coverage Interest Coverage 1,416.33 37.32
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 89.51 -39.22
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 58.15 58.76
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.00
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 125.16 -370.47
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -34.23 -113.32
EBIT Growth (1y) % EBIT 1y % (Qtr) 135.58 -1,110.85
EBT Growth (1y) % EBT 1y % (Qtr) 135.42 -130.57
EPS Growth (1y) % EPS 1y % (Qtr) 150.00 2.19
FCF Growth (1y) % FCF 1y % (Qtr) 32.23 -50.73
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 2.98 0.67
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.02 1.16
Cash Payout Ratio Cash Payout Ratio 0.00 -0.04
Cash Ratio Cash Ratio (Qtr) 0.43 2.15
Current Ratio Curr Ratio (Qtr) 1.55 3.66
Debt to Equity Ratio Debt/Equity (Qtr) 0.00 0.49
Interest Cover Ratio Interest Cover Ratio 1,416.33 37.32
Times Interest Earned Times Interest Earned 1,416.33 37.32
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 20.40 3.67
EBIT Margin % EBIT Margin % (Qtr) 81.73 -28.93
EBT Margin % EBT Margin % (Qtr) 11.47 -42.42
Gross Margin % Gross Margin % (Qtr) 40.20 44.90
Net Profit Margin % Net Margin % (Qtr) 8.10 -42.23