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Japanese internet company known for the Monster Strike mobile game and online sports betting-style products.
Japanese internet company known for the Monster Strike mobile game and online sports betting-style products.
Earns most of its income from players buying virtual items inside Monster Strike, a free-to-download game released in 2013, so the business rides on one title's ability to keep players spending. It has used that cash to build a sports arm that includes the FC Tokyo football club and the Chiba Jets basketball team.
In one line: A Japanese mobile-gaming company like a smaller Zynga, plus a sports-content arm.
Moat: narrow (brand, IP / patents). Long-running hit mobile game franchise generates recurring revenue, but is a single-title dependency risk.
Headquarters: Tokyo, Japan · Founded: 1999 · Employees: 2,116
Size MIXI (2121.T) is a Japan Information Technology company (Packaged Software) with a market value of $1.56B, the 560th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,920 on 6 Nov 2026.
Performance Over six months the shares gained 51.1%, against -6.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 30.3% over the last twelve months (peer median +9.5%); the operating margin is 13.8% (peer median 8.4%).
Valuation It trades at 10.7× forward earnings against a peer median of 25.3× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -18% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.2 points above its cost of capital (5.0% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥200B | ¥171B | ¥155B | ¥147B | ¥147B |
| Revenue growth | — | +11% | +5% | 0% | — |
| Gross profit | ¥132B | ¥114B | ¥106B | ¥103B | ¥105B |
| EBITDA | ¥40.6B | ¥31.9B | ¥32.0B | ¥23.5B | ¥29.5B |
| Net income | ¥22.2B | ¥17.3B | ¥17.6B | ¥7.08B | ¥5.16B |
| Free cash flow | ¥31.5B | ¥10.4B | ¥23.8B | ¥9.76B | ¥18.9B |
| Capital expenditure | ¥8.46B | ¥9.79B | ¥6.48B | ¥3.46B | ¥2.55B |
| Total debt | ¥45.6B | ¥45.1B | ¥12.5B | ¥7.44B | ¥7.80B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MIXI 2121.T | $1.56B | +51% | +30% | 14% | 10.7× | -18.1% |
| Dena 2432.T | $1.54B | +4% | -17% | 16% | 5.5× | -10.3% |
| Gungho Online Entertainment 3765.T | $798M | -3% | -6% | 7% | 31.5× | n/a |
| Cyber Agent 4751.T | $4.13B | +3% | +14% | 10% | 15.4× | -11.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2121.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.1% | +3.3% | 9th highest of 21 |
| 6-month return | +51.1% | -6.0% | 2nd highest of 21 |
| Distance from 52-week high | -5.8% | -34.4% | 2nd highest of 21 |
| Revenue growth (TTM) | +30.3% | +9.5% | 5th highest of 21 |
| Operating margin | 13.8% | 8.4% | 6th highest of 21 |
| Forward P/E | 10.7× | 25.3× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -18.1% | 13.4% | least demanding of 15 |
| Growth delivered (Del g) | +7.5% | +14.8% | 5th lowest of 14 |
| Hurdle (Req g minus delivered) | -25.6 pp | -1.7 pp | 4th least demanding of 14 |
| ROIC minus cost of capital | +13.2 pp | +1.1 pp | 5th highest of 19 |
| EV / EBITDA | 3.7× | 11.5× | cheapest of 12 |
| Net debt / EBITDA | -2.5× | -1.1× | 4th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MIXI 2121.T | Japan | $1.56B | +51% | +30% | 14% | 10.7× | -18.1% | +7.5% |
| KPIT Technologies KPITTECH.NS | India | $1.57B | -25% | +9% | 14% | 26.3× | 14.8% | +26.0% |
| Sprinklr CXM | United States | $1.55B | +25% | +6% | 6% | 13.0× | 4.8% | +17.2% |
| Paradox Interactive PDX.ST | Sweden | $1.54B | +6% | +13% | 6% | 25.3× | 20.8% | +4.1% |
| CloudWalk Technology 688327.SS | China | $1.54B | -28% | -47% | -165% | n/a | n/a | n/a |
| Digiwin 300378.SZ | China | $1.54B | -2% | +10% | 9% | 32.5× | n/a | n/a |
| Yusys Technologies 300674.SZ | China | $1.53B | -23% | -11% | 8% | 20.8× | 15.6% | +4.0% |
| Weaver Network Technology 603039.SS | China | $1.59B | -8% | +2% | 12% | 29.1× | 15.8% | +9.0% |
| YOOZOO Interactive 002174.SZ | China | $1.61B | +9% | -1% | -20% | 24.7× | n/a | n/a |
| YGsoft 002063.SZ | China | $1.51B | -16% | +5% | 13% | 31.0× | 16.3% | +8.9% |
| Nazara Technologies NAZARA.NS | India | $1.62B | +50% | -2% | 3% | 138.0× | n/a | n/a |
| BlackLine BL | United States | $1.50B | -15% | +9% | 7% | 10.0× | 12.1% | +14.8% |
| Wuxi Boton Technology 300031.SZ | China | $1.50B | +8% | +22% | 2% | 32.5× | 30.2% | +5.6% |
| Newborn Town 9911.HK | Hong Kong | $1.63B | -5% | +36% | 12% | 8.8× | -3.5% | +41.3% |
| Donnelley Financial Solutions DFIN | United States | $1.63B | +56% | +5% | 20% | 12.3× | -4.7% | -3.0% |
| Fractal Analytics FRACTAL.NS | India | $1.49B | -27% | +19% | 12% | 41.5× | 31.4% | +18.5% |
| Phancy 6682.HK | Hong Kong | $1.48B | -45% | +42% | -5% | 88.0× | n/a | n/a |
| Wealthfront WLTH | United States | $1.66B | -7% | +18% | -41% | 26.7× | -4.2% | n/a |
| Pagaya Technologies PGY | United States | $1.47B | +15% | +11% | 22% | 7.8× | 4.1% | +68.9% |
| Exzeo XZO | United States | $1.47B | +21% | +329% | 49% | 14.8× | -8.4% | +59.0% |
| PearlAbyss 263750.KS | South Korea | $1.47B | -44% | +114% | 40% | 7.1× | n/a | n/a |