MOGU's revenue growth remains in a state of contraction, with recent quarterly figures showing a -75.2% operating margin that underscores the firm's inability to scale profitably.
| Sales/Revenue | 141.23M | 160.34M | 232.08M | 337.47M | 482.39M | 835.31M | 1.07B | 973.21M | 1.11B |
| Revenue Growth % | -11.92% | -30.91% | -31.23% | -30.04% | -42.25% | -22.24% | 10.39% | -12.31% | - |
| Cost of Goods Sold | 84.76M | 91.19M | 113.88M | 159.6M | 183.11M | 293.76M | 313.79M | 317.73M | 377.76M |
| COGS % of Revenue | 60.02% | 56.87% | 49.07% | 47.29% | 37.96% | 35.17% | 29.21% | 32.65% | 34.04% |
| Gross Profit | 56.47M | 69.15M | 118.19M | 177.87M | 299.28M | 541.56M | 760.49M | 655.48M | 732.11M |
| Gross Margin % | 39.98% | 43.13% | 50.93% | 52.71% | 62.04% | 64.83% | 70.79% | 67.35% | 65.96% |
| Gross Profit Growth % | -18.34% | -41.49% | -33.55% | -40.57% | -44.74% | -28.79% | 16.02% | -10.47% | - |
| Operating Expenses | 157.61M | 148.32M | 305.64M | 848.89M | 728.2M | 1.23B | 1.33B | 1.52B | 1.68B |
| OpEx % of Revenue | 111.6% | 92.5% | 131.7% | 251.55% | 150.96% | 147.52% | 124.24% | 156.47% | 150.96% |
| Selling, General & Admin | 114.63M | 122.54M | 131.15M | 227.59M | 332.81M | 741.34M | 912.11M | 848.03M | 816.15M |
| SG&A % of Revenue | 81.16% | 76.42% | 56.51% | 67.44% | 68.99% | 88.75% | 84.9% | 87.14% | 73.53% |
| Research & Development | 29.97M | 26.72M | 37.07M | 82.64M | 103.47M | 171.14M | 236.45M | 289.27M | 418.5M |
| R&D % of Revenue | 21.22% | 16.67% | 15.97% | 24.49% | 21.45% | 20.49% | 22.01% | 29.72% | 37.71% |
| Other Operating Expenses | 13.02M | -938K | 137.42M | 538.66M | 291.92M | 319.82M | 186.88M | 385.44M | 440.83M |
| Operating Income | -101.14M | -79.17M | -187.45M | -670.48M | -428.92M | 757.96M | -574.18M | -847.42M | -1.07B |
| Operating Margin % | -71.61% | -49.38% | -80.77% | -198.68% | -88.92% | 90.74% | -53.45% | -87.07% | -96.53% |
| Operating Income Growth % | -27.75% | 57.76% | 72.04% | -56.32% | -156.59% | 232.01% | 32.24% | 20.9% | - |
| EBITDA | -87.64M | -65.09M | -113.53M | -336.93M | -77.8M | 1.1B | -379.31M | -401.02M | -534.89M |
| EBITDA Margin % | -62.05% | -40.6% | -48.92% | -99.84% | -16.13% | 131.26% | -35.31% | -41.21% | -48.19% |
| EBITDA Growth % | -34.63% | 42.66% | 66.3% | -333.1% | -107.1% | 389.06% | 5.41% | 25.03% | - |
| D&A (Non-Cash Add-back) | 13.5M | 14.08M | 73.91M | 333.55M | 351.13M | 338.47M | 194.87M | 446.4M | 536.45M |
| EBIT | -57.19M | -65.5M | -188.67M | -656.35M | -435.97M | -688.57M | -569.51M | -867.27M | -935.47M |
| Net Interest Income | 5.9M | 12.53M | 16.79M | 13.9M | 19.6M | 29.31M | 33.7M | 33.46M | 24.51M |
| Interest Income | 5.91M | 12.72M | 16.79M | 13.9M | 19.6M | 29.31M | 33.7M | 33.46M | 24.51M |
| Interest Expense | 1K | 191K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 41.41M | 10.6M | -941K | 13.6M | 106.13M | -37.24M | 64.94M | 200.7M | 24.51M |
| Pretax Income | -59.73M | -68.58M | -188.39M | -656.89M | -322.79M | -2.11B | -509.24M | -641.74M | -1.05B |
| Pretax Margin % | -42.29% | -42.77% | -81.18% | -194.65% | -66.91% | -252.61% | -47.4% | -65.94% | -94.32% |
| Income Tax | 839K | -1.62M | -1.98M | -14.51M | 5.18M | -590K | -17.22M | -88.67M | -107.69M |
| Effective Tax Rate % | -1.4% | 2.36% | 1.05% | 2.21% | -1.61% | 0.03% | 3.38% | 13.82% | 10.29% |
| Net Income | -62.56M | -59.28M | -177.98M | -639.8M | -328.01M | -2.22B | -486.27M | -558.17M | -939.14M |
| Net Margin % | -44.29% | -36.97% | -76.69% | -189.59% | -68% | -266.2% | -45.27% | -57.35% | -84.62% |
| Net Income Growth % | -5.52% | 66.69% | 72.18% | -95.06% | 85.25% | -357.28% | 12.88% | 40.57% | - |
| Net Income (Continuing) | -60.57M | -66.96M | -186.41M | -642.37M | -327.97M | -2.22B | -486.27M | -558.05M | -939.14M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 28.05M | 26.06M | 34M | 42.42M | 0 | 0 | 0 | 0 | -3K |
| EPS (Diluted) | -7.17 | -6.84 | -21.00 | -75.00 | -36.00 | -234.00 | -54.54 | -68.93 | -511.48 |
| EPS Growth % | -4.82% | 67.43% | 72% | -108.33% | 84.62% | -329.04% | 20.88% | 86.52% | - |
| EPS (Basic) | -7.77 | -6.84 | -20.91 | -75.00 | -36.00 | -234.00 | -54.62 | -68.93 | -513.86 |
| Diluted Shares Outstanding | 8.73M | 8.66M | 8.51M | 8.4M | 8.77M | 9.06M | 8.91M | 8.1M | 1.84M |
| Basic Shares Outstanding | 8.04M | 8.66M | 8.48M | 8.4M | 8.77M | 9.04M | 8.9M | 8.1M | 1.83M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Structural platform irrelevance
According to the provided financial data, MOGU has experienced a sustained period of revenue decline, with recent quarterly figures showing a contraction that underscores the difficulty of maintaining market share against larger, more diversified social commerce competitors within the highly competitive Chinese fashion retail landscape.
The inability to sustain positive year-over-year growth suggests that the company's pivot toward live-streaming has not yet reached the critical mass required to offset the erosion of its legacy marketplace business. Investors should monitor whether this trend reflects a permanent loss of consumer relevance or merely a temporary adjustment to a more focused, albeit smaller, niche.
As reported in the income statement, MOGU's gross margins have fluctuated significantly, recently settling near 43.1%, which highlights the inherent volatility in a platform model that relies heavily on promotional subsidies to maintain engagement in a saturated market environment dominated by larger, better-capitalized e-commerce players.
The compression of gross margins suggests that the company is forced to sacrifice pricing power to retain both merchants and influencers. This dynamic indicates that the platform lacks the necessary competitive moat to command premium take-rates, leaving it vulnerable to further margin erosion if competitive intensity continues to escalate.
Based on the reported figures, MOGU's operating margin of -75.2% indicates a profound lack of operating leverage, as the company continues to incur substantial overhead and marketing costs that far exceed the gross profit generated by its current transactional volume and core business activities.
The persistent gap between gross profit and operating expenses suggests that the current cost structure is misaligned with the company's revenue scale. Without a significant reduction in fixed overhead or a dramatic improvement in monetization efficiency, the company appears unlikely to achieve operational break-even in the near term.
Analysis of the income statement reveals that MOGU's cost structure is heavily weighted toward SG&A and R&D, which together consistently consume the entirety of the gross profit, reflecting the high cost of maintaining a specialized live-streaming infrastructure in a market where user acquisition costs are rising.
The company's expense discipline appears insufficient to counter the ongoing revenue decline, suggesting that management is struggling to right-size the organization. This cost profile warrants further investigation into whether the current R&D spend is actually driving innovation or merely maintaining legacy systems that no longer provide a competitive advantage.
Based on the provided financial snapshot, the most significant challenge to the investment thesis is the combination of negative operating margins and declining revenue, which suggests that the company's core value proposition may be insufficient to survive the ongoing consolidation of the Chinese social commerce sector.
Short-sellers would likely focus on the persistent cash burn and the potential for further impairment of intangible assets if the current trajectory continues. The lack of a clear path to profitability suggests that the company may be trapped in a terminal decline unless a strategic pivot or consolidation event occurs.
Quick answers to the most common questions about buying MOGU stock.
For fiscal year 2025, MOGU Inc. (MOGU) reported total revenue of $141.2M. This represents a 87.3% decline compared to $1.11B in 2017.
MOGU Inc. (MOGU) reported a net loss of $62.6M for the fiscal year ending 2025.
MOGU Inc. (MOGU) reported an operating income of $-101.1M, resulting in an operating profit margin of -71.6%. This margin reflects the operational efficiency of the business before interest and taxes.
MOGU Inc. (MOGU) generated $56.5M in gross profit for the year, representing a gross profit margin of 40.0%. This demonstrates the company's core pricing power and production efficiency.