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Japanese used-car dealer specializing in imported and domestic luxury vehicles through its Nextage and U-Select store networks.
Japanese used-car dealer specializing in imported and domestic luxury vehicles through its Nextage and U-Select store networks.
Earns the gap between what it pays for a car, bought from auctions and trade-ins, and its retail price, then adds warranties, financing and insurance as extra fees on each sale. Imported brands carry the premium end of the range.
In one line: A used-luxury-car retail chain, like a Japanese CarMax focused on imports.
Moat: none (scale). Store-network scale and inventory sourcing help, but used-car retail is fragmented with low switching costs.
Headquarters: Nagoya, Japan · Employees: 7,537
Size Nextage (3186.T) is a Japan Consumer Discretionary company (Specialty Stores) with a market value of $1.25B, the 641st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,539 on 6 Nov 2026.
Performance Over six months the shares fell 25.5%, against +1.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 23.5% over the last twelve months (peer median +5.6%); the operating margin is 3.6% (peer median 6.7%).
Valuation It trades at 11.2× forward earnings against a peer median of 16.3× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.6 points above its cost of capital (6.7% WACC).
Next results Next results expected around 12 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥776B | ¥652B | ¥553B | ¥463B | ¥418B |
| Revenue growth | — | +18% | +19% | +11% | — |
| Gross profit | ¥126B | ¥112B | ¥98.7B | ¥86.8B | ¥74.0B |
| EBITDA | ¥35.3B | ¥26.2B | ¥19.0B | ¥20.4B | ¥22.4B |
| Net income | ¥18.7B | ¥12.8B | ¥8.01B | ¥11.6B | ¥13.9B |
| Free cash flow | n/a | ¥3.09B | -¥11.0B | ¥13.3B | -¥30.4B |
| Capital expenditure | n/a | ¥6.64B | ¥14.2B | ¥20.5B | ¥12.7B |
| Total debt | ¥116B | ¥96.3B | ¥110B | ¥77.4B | ¥76.5B |
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 |
|---|---|---|---|---|---|---|
| Nextage 3186.T | $1.25B | -26% | +24% | 4% | 11.2× | -0.1% |
| IDOM 7599.T | $601M | -28% | +17% | 3% | 8.5× | -6.7% |
| CarMax KMX | $7.31B | +28% | +4% | 2% | 15.5× | 17.6% |
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 | 3186.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.9% | +2.5% | 4th lowest of 21 |
| 6-month return | -25.5% | +1.9% | 2nd lowest of 21 |
| Distance from 52-week high | -41.3% | -24.6% | 4th lowest of 21 |
| Revenue growth (TTM) | +23.5% | +5.6% | 4th highest of 21 |
| Operating margin | 3.6% | 6.7% | 7th lowest of 20 |
| Forward P/E | 11.2× | 16.3× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -0.1% | 0.1% | 9th least demanding of 17 |
| Growth delivered (Del g) | +22.0% | +4.7% | 2nd highest of 17 |
| Hurdle (Req g minus delivered) | -22.1 pp | -4.8 pp | 3rd least demanding of 17 |
| ROIC minus cost of capital | +4.6 pp | +3.2 pp | 8th highest of 19 |
| Net debt / EBITDA | 2.4× | 1.4× | 8th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nextage 3186.T | Japan | $1.25B | -26% | +24% | 4% | 11.2× | -0.1% | +22.0% |
| Chengdu Fusen Noble-House Industrial 002818.SZ | China | $1.26B | -8% | -22% | 42% | 11.2× | -2.7% | -1.0% |
| Kidswant Digital Technology 301078.SZ | China | $1.24B | -25% | +5% | 5% | 21.8× | -0.6% | +4.2% |
| Rusta RUSTA.ST | Sweden | $1.28B | -17% | +8% | 8% | 18.7× | 2.5% | +7.3% |
| SILICON 2 257720.KS | South Korea | $1.30B | -39% | +55% | 19% | 7.2× | -14.8% | +62.2% |
| MarineMax HZO | United States | $1.16B | +21% | -6% | 2% | 32.8× | n/a | n/a |
| Sinomach Automobile 600335.SS | China | $1.16B | -14% | -11% | 2% | n/a | -10.9% | -4.2% |
| Bluestone Jewellery and Lifestyle BLUESTONE.NS | India | $1.15B | +41% | +38% | 9% | 132.9× | n/a | n/a |
| Bilia BILI-A.ST | Sweden | $1.37B | +9% | +1% | 3% | 14.6× | 0.9% | +6.0% |
| Sun Art Retail 6808.HK | Hong Kong | $1.37B | -24% | -10% | 0% | n/a | 1.6% | -9.4% |
| TUHU Car 9690.HK | Hong Kong | $1.14B | -13% | +16% | 0% | 21.3× | -17.8% | +12.7% |
| Chow Sang Sang Holdings International 0116.HK | Hong Kong | $1.13B | +7% | +16% | 20% | 3.1× | n/a | n/a |
| Apotea APOTEA.ST | Sweden | $1.11B | +42% | +9% | 4% | 37.2× | 7.9% | +9.4% |
| Itochu Enex 8133.T | Japan | $1.41B | +3% | +2% | 3% | n/a | -7.1% | +2.9% |
| National Vision EYE | United States | $1.42B | -22% | +8% | 4% | 16.3× | 15.6% | +3.0% |
| Leon's Furniture LNF.TO | Canada | $1.43B | +16% | 0% | 8% | 13.3× | -3.3% | +3.0% |
| FIYTA Precision Technology 000026.SZ | China | $1.05B | +1% | +2% | n/a | 52.4× | 5.3% | -3.8% |
| Pets At Home PETS.L | United Kingdom | $1.51B | +48% | -1% | 7% | 15.9× | 9.2% | +5.2% |
| Pet Valu PET.TO | Canada | $1.03B | +6% | +6% | 16% | 13.0× | -3.5% | +12.6% |
| Savers Value Village SVV | United States | $1.52B | +22% | +10% | 8% | 18.2× | 12.9% | +15.0% |
| Luk Fook Holdings (International) 0590.HK | Hong Kong | $1.58B | -9% | +29% | 20% | 6.1× | n/a | n/a |