Breaking Down MoneyLion Inc. WT Financial Health: Key Insights for Investors

Dive into a data-driven look at MoneyLion Inc. WT (ML-WT), where a record $545.9 million in 2024 revenue-up 29% year-over-year-and a sharpened 75% gross profit margin collide with a modest $191.86 million free cash flow and an operating income of $26.7 million (4.9% margin), while net income reached $9 million (1.7% margin) and EBITDA hit $59.4 million (9.58% margin); add a strong liquidity profile (current and quick ratios of 3.59), a net cash position of $8.11 million with $139.98 million in cash, an Altman-Z of 2.41, debt-to-equity of 0.41 and debt/EBITDA of 2.30, plus valuation signals like a trailing P/E 113.03 and forward P/E 24.46, and you've got a mix of robust cash generation, accelerating quarterly revenue (+40.48% in Q4), and valuation risk that investors will want to unpack in detail-read on for the full breakdown of liquidity, leverage, profitability and growth catalysts including the Gen Digital acquisition agreement and what these metrics mean for prospective shareholders

MoneyLion Inc. WT (ML-WT) Revenue Analysis

MoneyLion Inc. WT (ML-WT) delivered robust top-line performance in 2024, driven by stronger monetization, rising customer engagement, and efficiency gains across the business.

• 2024 total revenue: $545.9 million (29% increase vs. 2023)
• Gross profit margin: 75% in 2024, up from 63% in 2023
• Operating income: $26.7 million; operating margin: 4.9%
• Net income: $9.0 million; net profit margin: 1.7%
• Year-over-year revenue growth (2024): 28.9%
• Q4 2024 revenue: $158.6 million (40.48% increase vs. Q4 2023)

Key drivers behind these figures include improved unit economics and margin expansion-evidenced by the 12 percentage-point jump in gross margin-and strong sequential momentum in Q4. For background on the company's strategic trajectory and business model that underpin these results, see MoneyLion Inc. WT: History, Ownership, Mission, How It Works & Makes Money.

MoneyLion Inc. WT (ML-WT) - Profitability Metrics

• Net profit margin (2024): 1.7% - a significant improvement from a net loss in 2023.
• Operating margin (2024): 4.9% - remained steady, signaling consistent control over operating costs.
• EBITDA (2024): $59.4 million - EBITDA margin: 9.58%, reflecting solid earnings before non-cash and financing items.
• Return on equity (ROE, 2024): 3.34% - up from 0.73% in 2023, indicating better utilization of shareholders' equity.
• Return on assets (ROA, 2024): 3.22% - showing efficient use of the asset base.
• Return on invested capital (ROIC, 2024): 3.83% - demonstrating returns on capital deployment.

MoneyLion Inc. WT (ML-WT) Debt vs. Equity Structure

• Total debt (reported): $118.53 million
• Alternate total debt figure reported: $131.87 million
• Stockholders' equity: $290.94 million
• Cash and cash equivalents: $139.98 million
• Net cash position: $8.11 million (cash minus total debt using $131.87M debt)

• Leverage interpretation: a debt-to-equity ratio of 0.41 signals low relative leverage versus equity, supporting financial flexibility.
• Coverage: debt-to-EBITDA of 2.30 is within typical mid-cap comfort ranges, indicating earnings can cover interest and principal over a few years.
• Liquidity: the ~$140M cash buffer and reported net cash position reduce short-term solvency risk and provide runway for operations or strategic initiatives.
• Bankruptcy risk: Altman Z-score of 2.41 sits above distress thresholds, implying limited near-term bankruptcy risk.

MoneyLion Inc. WT (ML-WT) - Liquidity and Solvency

• Current ratio: 3.59 - strong short-term financial health.
• Quick ratio: 3.59 - ability to meet short-term obligations without inventory reliance.
• Operating cash flow increase: 72.80% year-over-year (2023 → 2024).
• Cash flow from operations (2024): $201.02 million.
• Free cash flow (2024): $191.86 million.
• Free cash flow to net income ratio: 7.30 - efficient cash conversion relative to profitability.

• High current and quick ratios suggest ample liquidity buffers and conservative short-term leverage.
• Large operating cash flow growth (72.80%) signals improving operational efficiency or revenue quality.
• Strong FCF ($191.86M) and CFO ($201.02M) provide runway for reinvestment, debt service, or shareholder returns.
• A free cash flow to net income ratio of 7.30 indicates cash generation significantly outpacing accounting earnings, highlighting cash quality.

MoneyLion Inc. WT (ML-WT) - Valuation Analysis

• Trailing P/E: 113.03 - implies high market expectations versus recent reported earnings.
• Forward P/E: 24.46 - indicates anticipated earnings growth and a more normalized valuation ahead.
• P/B ratio: 3.34 - moderate premium to book value, consistent with growth-oriented fintech peers.
• EV/EBITDA: 18.44 - premium relative to operational earnings, suggesting expectations of margin expansion or higher margins ahead.
• EV/FCF: 5.03 - the market is attributing notable value to the company's free cash flow generation capability.

• Investor takeaway: valuation mixes a stretched trailing earnings multiple with a materially lower forward multiple - suggests a market-implied recovery in earnings.
• Comparative view: EV/EBITDA at 18.44 places ML-WT above many mature financials but within range for high-growth fintechs; EV/FCF of 5.03 signals the market values near-term cash conversion.

MoneyLion Inc. WT (ML-WT) - Risk Factors

• Elevated valuation: P/E ratio at 113.03 - the stock trades at a significant premium versus broad-market and many peers.
• Solvency caution: Altman-Z score of 2.41 - limited bankruptcy risk but below typical industry averages, signaling potential vulnerability under stress.
• Leverage considerations: Debt-to-EBITDA of 2.30 - moderate debt load that can constrain flexibility during revenue shocks.
• Thin operating profitability: Operating margin of 4.9% - leaves limited buffer to absorb cost increases or revenue declines.
• Low net conversion: Net profit margin of 1.7% - most revenue is consumed by operating and non-operating expenses.
• Shareholder returns under pressure: ROE of 3.34% - below many industry peers, indicating less efficient use of equity capital.

• Investor considerations: high valuation + modest profitability means upside is contingent on sustained margin expansion or material revenue growth.
• Stress scenarios: rising interest rates, slower user growth, or increased credit losses would amplify solvency and liquidity risks given current metrics.
• Watchlist items: margin trends, EBITDA growth, debt reduction initiatives, and any shifts in credit losses or provisioning.

MoneyLion Inc. WT (ML-WT) - Growth Opportunities

• Revenue growth: 29% YoY (2024)
• Operating cash flow: +72.80% YoY (2024 vs 2023)
• Free cash flow: $191.86 million (2024)
• Strategic transaction: definitive agreement to be acquired by Gen Digital - potential for new resources, distribution, and scale
• Product and customer focus: investment in product innovation and customer acquisition driving top-line expansion

• Product innovation: enhanced digital financial products and personalized offerings increasing ARPU and retention.
• Customer acquisition: continued expansion into underserved segments and cross-selling across the platform.
• Capital allocation flexibility: $191.86M FCF enables investment in marketing, product R&D, or strategic M&A.
• Acquisition synergies: the Gen Digital transaction could accelerate distribution, embedment in broader ecosystems, or provide scale economies.
• Operational leverage: a 72.80% jump in operating cash flow suggests improving unit economics and scalability.