Breaking Down MoneyLion Inc. (ML) Financial Health: Key Insights for Investors

You're looking at MoneyLion Inc. (ML) right now and wondering how to value a company whose trajectory was fundamentally altered in the first half of the year, and honestly, that's the right question to ask. The big story for 2025 isn't just organic growth, but the definitive agreement to be acquired by Gen Digital Inc., which led to the company's delisting in April 2025. Still, before that, the underlying business showed significant momentum; analysts had projected a full-year 2025 revenue of around $660 million, a solid jump from the 2024 actual revenue of $545.9 million, and forecasted Adjusted EBITDA to hit $96 million for the year. That's a powerful narrative of scale and reaching profitability, but it's all overshadowed by the acquisition. We have to break down the financial health of MoneyLion not just on its own merit-like its customer base reaching 20.4 million in 2024-but through the lens of a near-term exit, and what that means for investors who bought in before the deal was announced. The acquisition changes the game completely, so let's get into the hard numbers of what was and what is.

Revenue Analysis

MoneyLion Inc. (ML) has demonstrated strong top-line momentum, with full-year 2024 revenue hitting a record $545.9 million, representing a 29% year-over-year (YoY) increase from 2023. For the full 2025 fiscal year, market consensus projects this growth trajectory to continue, with estimated total revenue of approximately $660 million. This performance is not just about volume; it's about a deliberate shift toward a diversified, ecosystem-driven model, which is defintely a more stable foundation than relying on a single product.

The core of MoneyLion Inc.'s revenue comes from three main streams: Banking, Enterprise Services, and Membership Subscriptions. While the company is known for its direct-to-consumer app, the Enterprise segment is a key growth accelerator, expanding its market reach through partnerships. This dual approach-consumer and enterprise-is what's driving the impressive customer growth, which hit 20.4 million total customers in 2024.

Here's the quick math on where the revenue is coming from, using the most recent detailed quarterly figures from Q3 2024 to illustrate the segment contribution:

Banking Revenue is the powerhouse, accounting for nearly 60% of the total, largely fueled by fee income from its Instacash advances, which is a form of earned wage access (EWA). This product drives high engagement. Enterprise Service Revenue, which comes from the company's marketplace and business-to-business (B2B) platform, is the second-largest stream and a vital diversification play, growing by 15.6% in Q3 2024.

A significant change investors must map to their near-term actions is the pending acquisition by Gen Digital Inc., which is expected to close in the first half of Gen's fiscal year 2026 (April through September 2025). This transaction changes the entire revenue outlook, as MoneyLion Inc. will integrate into a larger, more diversified global digital freedom platform. The company stopped issuing forward financial guidance after this announcement, so the $660 million 2025 revenue forecast is an analyst projection, not management guidance. The immediate opportunity here is understanding the deal terms, but you also need to look at the long-term strategic fit. For a deeper dive into who is betting on this new structure, you should be Exploring MoneyLion Inc. (ML) Investor Profile: Who's Buying and Why?

The shift in revenue mix is clear:

• Banking revenue is a high-growth engine, increasing 33.5% in Q3 2024.
• Membership subscription revenue, however, saw an 8.3% decrease in Q3 2024 as the company transitioned customers off legacy membership tiers.
• Total originations-the volume of products like loans and advances-grew 38% to $3.1 billion in 2024, demonstrating that the customer base is using more of the ecosystem's products.

The core takeaway is that MoneyLion Inc.'s revenue growth is accelerating, but the composition is shifting away from older subscription models toward higher-volume, transaction-based (Banking) and B2B (Enterprise) revenues. This is a healthier, more scalable revenue model, but it also exposes the company to credit risk, which you must monitor closely.

Profitability Metrics

You want to know if MoneyLion Inc. (ML) is truly making money and how efficiently, especially with the Gen Digital acquisition news. The quick answer is yes, they are profitable on a net income basis as of their latest trailing twelve months (TTM) data in 2025, but their margins show a business still scaling and spending heavily to acquire customers.

Here's the quick math on their core profitability for the TTM period ending in 2025, based on a reported revenue of $545.91 million:

• Gross Profit: $297.65 million
• Operating Profit: Approximately $33.74 million (Calculated from TTM Operating Margin)
• Net Profit: Approximately $9.17 million (Calculated from TTM Net Profit Margin)

This translates directly into the margins you need to watch. The shift from consistent net losses in prior years to a positive net income of $9.17 million is a huge milestone, but the margins tell a more nuanced story about operational efficiency.

Gross, Operating, and Net Margins

MoneyLion Inc. (ML)'s profitability ratios show a strong core business (Gross) but significant operational costs (Operating) that compress the final take-home (Net). This is typical for a high-growth FinTech company, but you need to see the operating margin expand faster.

Profitability Trends and Operational Efficiency

The trend in profitability is defintely positive. In 2024, the company's full-year net income was $9 million, a massive turnaround from a net loss of $45.2 million in 2023. The TTM operating margin of 6.18% as of October 2025 is a significant jump from the 1.74% margin at the end of 2024. This shows a clear path to operating leverage, which is when revenue grows faster than operating expenses.

The Gross Margin of 54.52% is a good, solid margin for a platform that blends lending, subscription, and software services. However, a pure software-led FinTech often targets a 70%+ gross margin. The difference here is MoneyLion Inc.'s revenue mix, which includes lending and credit-related products that carry a higher cost of revenue (loan loss provisions, funding costs), naturally pulling the gross margin down from the pure software benchmark.

The compression from the 54.52% Gross Margin down to the 6.18% Operating Margin is where you see the cost of customer acquisition (CAC) and technology investment. The operating expenses are still high, but the fact that the Operating Margin has improved so sharply from 2024 to 2025 (from 1.74% to 6.18%) indicates strong cost management and operational efficiency is finally kicking in as the platform scales.

Industry Comparison: A FinTech Realist's View

When you compare MoneyLion Inc. (ML)'s margins to the industry, you see the challenge. The broader financial services industry averages an 18% net profit margin. MoneyLion Inc.'s 1.68% net margin is far below that, but this is an apples-to-oranges comparison. They are a high-growth FinTech, not a traditional bank.

The key takeaway is that MoneyLion Inc. is in the 'efficient growth' phase. They have proven the model can be profitable, moving from a net loss to a net profit in a short time. Now, the focus shifts to sustaining that margin expansion. The acquisition by Gen Digital, expected to close in the first half of Gen's fiscal year 2026 (April 1 through September 30, 2025), suggests a strategic buyer sees this profitability trend and the value in their customer base.

For more on the strategic direction that drives these numbers, you should look at the Mission Statement, Vision, & Core Values of MoneyLion Inc. (ML).

Debt vs. Equity Structure

MoneyLion Inc. (ML) maintains a conservative and well-structured capital base, leaning more on equity financing than debt, which is a strong signal for a growth-focused FinTech firm. Your key takeaway here is that the company's debt-to-equity ratio sits significantly below the industry benchmark, suggesting a lower financial risk profile right before its acquisition.

Debt Levels and Financial Leverage

As of the latest financial filings in early 2025, MoneyLion Inc.'s total debt stands at approximately $131.87 million. This debt is split between short-term and long-term obligations, a necessary balance for a company that originates loans and cash advances like Instacash. Here's the quick math on the approximate split based on the latest available ratios:

• Total Debt: $131.87 million
• Estimated Long-Term Debt: Approximately $63.88 million
• Estimated Short-Term Debt: Approximately $67.99 million

The total debt is manageable, especially when you consider the company's robust revenue of $545.9 million for the full year 2024. That's a leverage ratio that defintely favors stability.

Debt-to-Equity Comparison

The Debt-to-Equity (D/E) ratio is the clearest measure of how a company finances its assets-are they using borrowed money (debt) or shareholder money (equity)? MoneyLion Inc.'s D/E ratio is currently a low 0.45. This means for every dollar of shareholder equity, the company uses just 45 cents of debt. To be fair, in the Capital Markets industry, the average D/E ratio is around 0.53, and for Asset Management, it's closer to 0.95. MoneyLion Inc. is operating with a notably lower leverage than its peers, indicating a strong buffer against economic downturns or credit losses.

Recent Debt Management and Equity Context

MoneyLion Inc. has been proactive in managing its debt structure. In November 2024, the company successfully refinanced its existing senior debt, securing a new $70 million loan facility. This move was smart: it repaid approximately $65.0 million of older debt and, critically, extended the maturity date out to 2029, reducing its cost of capital in the process. This is a concrete example of strengthening the balance sheet.

The biggest factor, of course, is the definitive agreement to be acquired by Gen Digital Inc., which was announced in December 2024 and is expected to close in the first half of Gen's fiscal year 2026 (April 1 through September 30, 2025). This transaction effectively converts the entire equity base into a cash and contingent value right (CVR) consideration, making the long-term capital structure a non-issue for current ML shareholders. The company's low D/E ratio and successful refinancing made it an attractive, low-risk target for the acquirer. You can read more about the broader financial picture in Breaking Down MoneyLion Inc. (ML) Financial Health: Key Insights for Investors.

Action: Review the terms of the Gen Digital Inc. acquisition to understand how the low debt will impact the final transaction value.

Liquidity and Solvency

You need to know if MoneyLion Inc. (ML) has enough short-term cash to cover its immediate bills, especially with the announced acquisition by Gen Digital Inc. The quick takeaway is that MoneyLion Inc. (ML) shows a strong near-term liquidity position, with a Current Ratio of 2.60 and positive operating cash flow, but you should watch the negative cash flow from financing activities.

As of the most recent TTM (Trailing Twelve Months) data, MoneyLion Inc. (ML)'s liquidity is defintely solid. The company's ability to cover its short-term debt is excellent, which is what the current and quick ratios tell us. A Current Ratio of 2.60 and a Quick Ratio (acid-test ratio) of 2.40 are both well above the typical 1.0 benchmark, meaning MoneyLion Inc. (ML) has $2.60 in current assets for every dollar of current liabilities, even without needing to sell any inventory, which is minimal for a financial technology company anyway.

Here's the quick math on their working capital (Current Assets minus Current Liabilities), which represents the cash available for day-to-day operations. Based on recent figures, Current Assets were approximately $296.1 million and Current Liabilities were about $82.5 million, leaving a healthy working capital balance of roughly $213.6 million. This is a strong buffer, and it gives management a lot of flexibility. What this estimate hides is the quality of those receivables, which is always key for a lending-focused business.

The cash flow statement overview for the full year 2024 shows a very positive trend in core business operations, a critical sign of financial health:

• Operating Cash Flow: A strong inflow of about $201 million, up significantly from prior years, showing the core business is generating substantial cash.
• Investing Cash Flow: An outflow of about $68 million, which is typical for a growing company that is investing in its future, like technology or new product development.
• Financing Cash Flow: An outflow of approximately $77 million, which is the net result of debt repayments, equity transactions, or other financing activities, and is a number to monitor.

The consistent positive operating cash flow is the biggest strength, indicating the business model works and is self-funding its growth. Still, the overall solvency picture is shifting due to the announced acquisition by Gen Digital Inc., which is expected to close in the first half of Gen's fiscal year 2026 (April 1 through September 30, 2025). This transaction effectively mitigates many long-term liquidity and solvency concerns for current shareholders, replacing them with a focus on the deal's terms and closing timeline. For a deeper dive into the company's long-term vision, you can check out their Mission Statement, Vision, & Core Values of MoneyLion Inc. (ML).

The main liquidity strength is the high Current Ratio and the robust operating cash generation, which provides a significant cushion. Any potential liquidity concern is minor and relates to the nature of their assets-a large portion of current assets are receivables (loans), which require constant monitoring for credit risk. But overall, the near-term picture is one of stability and strength.

Valuation Analysis

You're looking at MoneyLion Inc. (ML) and trying to figure out if the recent stock run-up has left it overvalued. My take? The market is pricing in significant future growth, making it look expensive on trailing metrics, but the forward-looking picture is more balanced. As of late 2025, the consensus suggests a slight upside, but the stock is defintely not a deep value play.

The core of any valuation starts with the multiples. MoneyLion Inc. (ML)'s Trailing Price-to-Earnings (P/E) ratio-which compares the current share price to the last twelve months of earnings per share-is high at about 114.79x. This is a classic indicator of a growth stock, meaning investors are willing to pay a premium for future earnings potential, not current profits.

Here's the quick math on the key valuation ratios based on 2025 fiscal year data:

• Trailing P/E: 114.79x (Signals a high-growth expectation, far above the S&P 500 average).
• Forward P/E: 24.46x (A massive drop, suggesting analysts expect earnings to quadruple in the near-term).
• Price-to-Book (P/B): 3.34x (A moderate premium over the company's net asset value, which is common for a technology-focused financial platform).
• EV/EBITDA: 18.44x (Enterprise Value-to-EBITDA, a good way to compare companies with different debt loads, is also elevated, but not in the stratosphere of pure-play software companies).

The huge gap between the trailing and forward P/E is the whole story here. If MoneyLion Inc. (ML) hits its projected 2025 earnings per share (EPS), the stock moves from wildly overvalued to simply fairly-priced for a high-growth fintech. If they miss, the stock will get crushed.

Stock Price Momentum and Analyst Sentiment

Looking at the stock price trends over the last 12 months, MoneyLion Inc. (ML) has been volatile but strong. It traded in a wide 52-week range, from a low of $36.65 to a high of $106.82. The stock has posted a solid 1-year price increase of over 6.05%, which, to be fair, slightly outperformed the broader S&P 500 Index over the same period. Momentum is on its side, still.

As for Wall Street's view, the analyst consensus rating is a firm Hold. Out of four analysts covering the stock as of November 2025, 75% recommend a Hold, and only 25% recommend a Buy. The average price target is set at $93.00, which suggests a modest upside of about 8.27% from the recent trading price of approximately $85.90. What this estimate hides is the binary nature of the risk: either they execute on the growth plan and the forward P/E is justified, or they don't.

One quick note on shareholder returns: MoneyLion Inc. (ML) is a growth company, so it does not currently pay a dividend. The dividend yield is 0%, and the payout ratio is not applicable. Don't buy this stock for income.

For a more complete picture of the company's operational strength, you should read the full analysis at Breaking Down MoneyLion Inc. (ML) Financial Health: Key Insights for Investors.

Your next action should be to track Q4 2025 earnings closely, specifically focusing on revenue growth and customer acquisition costs.

Risk Factors

You're looking at MoneyLion Inc. (ML) after a strong 2024, where they flipped a net loss to a net income of $9.1 million. That's a huge turnaround, but it doesn't erase the substantial risks that come with a high-growth, technology-driven lender. The biggest near-term factor is the pending acquisition, but the core business still faces classic fintech challenges like credit quality and competition.

Honestly, the most immediate risk is the strategic one: the definitive agreement for Gen Digital Inc. to acquire MoneyLion Inc. The deal is expected to close in the first half of Gen Digital Inc.'s fiscal year 2026, which runs from April 1 to September 30, 2025. If the acquisition fails to close, or if the integration process hits major snags, it creates massive uncertainty for the stock, the management team, and the operational strategy. This is a defintely a key consideration.

Operational and Financial Headwinds

Even with the acquisition on the table, MoneyLion Inc. (ML) has internal risks tied directly to its business model. The core challenge is maintaining profitability, given the company's history of cumulative net losses before the 2024 turnaround. Here's the quick math: while total revenue hit $545.9 million in 2024, the business relies heavily on customer acquisition and retention, which is getting tougher.

The financial risks are concentrated in credit quality and market conditions. MoneyLion Inc. (ML) is exposed to credit risk, especially in its consumer lending products like Instacash and Credit Builder Plus. If underwriting criteria prove inadequate-or if the broader economy weakens-financial losses could rise quickly. Also, fluctuations in interest rates can decrease demand for lending products and negatively affect loan performance, which is a constant market risk for any lending platform.

• Credit Risk: Inadequate underwriting could erode the 2024 net income of $9.1 million.
• Competition: Pricing pressure from competitors like Ally Financial Inc. and Intuit Inc. makes customer retention costly.
• Partner Reliance: Adverse changes with vital third-party partners could degrade platform functionality.

Mitigation Strategies and Clear Actions

The company is not just sitting back; they are actively managing these risks. The proposed merger with Gen Digital Inc. is the ultimate strategic mitigation, aimed at expanding market presence and product offerings by leveraging a larger corporate structure. But there are also concrete financial actions you should note.

MoneyLion Inc. (ML) has focused on debt management to improve its financial position. They secured a $70 million loan facility with Silicon Valley Bank to refinance existing debt. This is a smart move because it reduces capital costs and extends the maturity date until 2029, giving them a longer runway and more fiscal stability. Plus, the company is leveraging machine-learning algorithms to deliver personalized offers, which is their operational strategy to combat customer churn and increase cross-sell opportunities, thereby lowering the effective customer acquisition cost. You can read more about their core philosophy here: Mission Statement, Vision, & Core Values of MoneyLion Inc. (ML).

What this estimate hides is the potential for regulatory changes in the fintech space, which could impact their core products, especially wage access (earned wage access) and small-dollar loans. Regulators are paying closer attention, and a sudden shift could force a costly operational pivot. So, keep an eye on federal and state legislative movements in consumer finance.

Growth Opportunities

The future growth prospects for MoneyLion Inc. (ML) are now inextricably linked to its new parent company, Gen Digital Inc., following the definitive acquisition agreement. The core takeaway is that MoneyLion Inc.'s strong, independent growth trajectory-evidenced by its 29% revenue increase to $546 million in 2024-made it a highly attractive target, but its standalone growth story essentially ended in the first half of 2025.

You need to understand the growth drivers that existed before the company was acquired, because they explain the value Gen Digital Inc. saw. MoneyLion Inc. was not a struggling company; it was a high-growth fintech. Honestly, the acquisition by Gen Digital Inc., which closed on April 17, 2025, is the single most important strategic event for the company's future, so that's where the focus shifts.

Key Growth Drivers & Competitive Edge

MoneyLion Inc.'s competitive advantage was its integrated digital ecosystem, often called a 'super app,' which serves a broad spectrum of financially-underserved Americans. This ecosystem drives growth through cross-selling and high customer engagement. The company's platform combines banking (RoarMoney), instant cash advances (Instacash), credit building (Credit Builder Plus), and investing solutions all in one place. That's a powerful retention tool.

• Ecosystem Model: Provides a full suite of products to save, borrow, spend, and invest, fostering a network effect.
• Marketplace Strategy: Leverages an Enterprise Partner network of over 1,200+ partners, diversifying revenue and customer acquisition (Source 7).
• Targeted Audience: Focuses on the 'mass market,' including low-credit borrowers, giving it a large, growing market segment often overlooked by traditional banks.

This marketplace-first strategy and the direct-to-consumer relationship allowed MoneyLion Inc. to scale product offerings quickly. For instance, total customers grew 46% year-over-year to 20.4 million in 2024, showing the model's effectiveness (Source 4). You can see the foundational mission that drove this growth here: Mission Statement, Vision, & Core Values of MoneyLion Inc. (ML).

Future Revenue Projections & The Acquisition Pivot

For the short period MoneyLion Inc. operated independently in the 2025 fiscal year, analyst estimates pointed to continued strong growth. The acquisition, however, means these are now historical benchmarks for its valuation, not future guidance. Here's the quick math on what analysts projected for the full year 2025 before the deal closed:

What this estimate hides is the fact that the company will not report a full year of independent results. The strategic initiative for 2025 was the merger itself, with shareholders receiving $82.00 in cash plus one Contingent Value Right (CVR) per share (Source 7, 9). The new growth story is about how Gen Digital Inc. will integrate MoneyLion Inc.'s financial services into its own portfolio, which includes consumer brands like Norton and Avast, to drive new cross-selling opportunities.

Post-Acquisition Strategic Integration

The opportunity now lies in leveraging Gen Digital Inc.'s massive global customer base and cybersecurity infrastructure to scale MoneyLion Inc.'s financial products. This is a classic 'embedded finance' play. MoneyLion Inc.'s platform, which includes an embedded finance solution for enterprise businesses, is defintely a key asset for Gen Digital Inc. The integration should accelerate the distribution of MoneyLion Inc.'s products to a much wider audience than it could have reached alone.

The action for you, as an investor, is to track Gen Digital Inc.'s quarterly reports for commentary on the integration and the performance of the newly acquired financial wellness segment. Finance: Monitor Gen Digital Inc.'s Q2 FY26 (covering July-September 2025) results for the first post-acquisition performance metrics.