Term · Business Model & Operating KPIs
MAU (Monthly Active Users)
In briefMAU (Monthly Active Users) refers to the number of unique users who perform at least one company-defined activity within a given month. As a self-defined, non-accounting metric, it measures reach, not automatically revenue or genuine user retention.
Definition
MAU stands for Monthly Active Users, i.e. the number of unique users who have carried out at least one defined activity in a product or service within a calendar month. The metric is not an accounting figure but an operating metric defined by the company itself. Its informational value depends entirely on how activity is defined.
How it is calculated
Formula. MAU = Number of unique users with ≥ 1 defined activity in the calendar month
Why it matters for small caps
For small companies with modest growth figures and no stable profits, MAU often serves as the central evidence of traction, but it is easily manipulated. Cross-checking it against revenue per user and repeat-usage rates prevents overvaluing pure reach figures.
Common misreadings
- Rising MAU is wrongly equated with rising revenue or genuine engagement, even though the activity threshold may be set very low.
In the process
Frequently asked
How does MAU differ from DAU?
DAU counts active users per day, MAU per month. The DAU/MAU ratio shows how frequently a service is used.
Why are MAU figures hard to compare?
Each company defines for itself what counts as an activity. Without a disclosed definition, MAU figures are barely comparable between two firms.
Are MAU figures audited?
As a rule, no. Operating user metrics lie outside the audited financial statements and should be questioned critically.
Related terms
Education only, not investment advice. Ranges and thresholds are didactic orientation values, not an official standard.