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Runs Japan's largest consumer-to-consumer flea-market app for buying and selling secondhand goods.
Runs Japan's largest consumer-to-consumer flea-market app for buying and selling secondhand goods.
Charges sellers a commission when an item sells, so income follows the value of goods traded, and earns separately on Merpay payments and credit. Founder Shintaro Yamada still leads it. The US marketplace has been funded by profit from Japan.
In one line: Japan's eBay/Poshmark.
Moat: narrow (network effects, brand). Largest C2C marketplace brand in Japan; buyers and sellers cluster where listings and traffic already are.
Headquarters: Tokyo, Japan · Founded: 2013 · Employees: 2,065
Size Mercari (4385.T) is a Japan Consumer Discretionary company (Internet Retail) with a market value of $3.76B, the 305th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,583 on 6 Nov 2026.
Performance Over six months the shares fell 5.1%, against +7.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 19.0% over the last twelve months (peer median +11.1%); the operating margin is 19.3% (peer median 7.6%).
Valuation It trades at 15.6× forward earnings against a peer median of 23.0× (2nd cheapest of 18).
Capital Return on invested capital runs 7.3 points above its cost of capital (6.1% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥229B | ¥229B | ¥193B | ¥187B | ¥172B |
| Revenue growth | — | +19% | +3% | +9% | — |
| Gross profit | ¥169B | ¥168B | ¥138B | ¥130B | ¥114B |
| EBITDA | ¥47.1B | ¥47.1B | ¥29.4B | ¥20.9B | ¥19.5B |
| Net income | ¥35.4B | ¥35.4B | ¥26.1B | ¥13.5B | ¥13.1B |
| Free cash flow | -¥10.9B | -¥10.9B | -¥12.2B | -¥43.5B | -¥36.4B |
| Capital expenditure | ¥5.10B | ¥5.10B | ¥300M | ¥155M | ¥580M |
| Total debt | ¥274B | ¥274B | ¥199B | ¥193B | ¥161B |
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 |
|---|---|---|---|---|---|---|
| Mercari 4385.T | $3.76B | -5% | +19% | 19% | 15.6× | n/a |
| Rakuten 4755.T | $8.59B | -18% | +11% | 6% | n/a | -2.0% |
| Ly Corporation 4689.T | $23.2B | +31% | +8% | 15% | 18.5× | 0.8% |
| eBay EBAY | $53.5B | +14% | +15% | 21% | 18.4× | 15.4% |
| Zozo 3092.T | $6.41B | +8% | +6% | 30% | 19.6× | -5.0% |
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 | 4385.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.9% | +3.5% | 7th lowest of 21 |
| 6-month return | -5.1% | +7.8% | 6th lowest of 21 |
| Distance from 52-week high | -29.9% | -23.7% | 9th lowest of 21 |
| Revenue growth (TTM) | +19.0% | +11.1% | 6th highest of 21 |
| Operating margin | 19.3% | 7.6% | 6th highest of 21 |
| Forward P/E | 15.6× | 23.0× | 2nd cheapest of 18 |
| ROIC minus cost of capital | +7.3 pp | +6.2 pp | 8th highest of 17 |
| EV / EBITDA | 14.5× | 12.9× | 5th most expensive of 13 |
| Net debt / EBITDA | 1.9× | -0.1× | 2nd most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mercari 4385.T | Japan | $3.76B | -5% | +19% | 19% | 15.6× | n/a | n/a |
| Xingyun Technology 300209.SZ | China | $3.15B | +30% | +978% | 23% | n/a | n/a | n/a |
| USS 4732.T | Japan | $5.34B | +8% | +11% | 52% | 18.7× | -0.8% | +8.7% |
| Zozo 3092.T | Japan | $6.41B | +8% | +6% | 30% | 19.6× | -5.0% | +9.2% |
| Vipshop Holdings Ltd Sponsored ADR VIPS | United States | $6.55B | -4% | +2% | 7% | 5.4× | -20.3% | 0.0% |
| Global-e Online GLBE | United States | $7.22B | +44% | +31% | 14% | 30.9× | 23.4% | +47.8% |
| Zalando ZAL.DE | Germany | $7.64B | +42% | +18% | 4% | 19.6× | 7.6% | +9.1% |
| Etsy ETSY | United States | $7.75B | +40% | +1% | 18% | 19.7× | 12.8% | +10.8% |
| Global Industrial GIC | United States | $1.77B | +59% | +10% | 8% | 22.4× | 1.3% | +6.0% |
| Rakuten 4755.T | Japan | $8.59B | -18% | +11% | 6% | n/a | -2.0% | +11.4% |
| RealReal REAL | United States | $1.61B | +25% | +18% | 0% | 47.8× | n/a | n/a |
| Chewy CHWY | United States | $9.07B | -2% | +6% | 3% | 24.1× | 16.8% | +12.0% |
| LuxExperience B.V. Sponsored ADR LUXE | United States | $1.40B | +20% | +111% | -6% | 194.0× | n/a | n/a |
| Liquidity Services LQDT | United States | $1.37B | +21% | +5% | 9% | 24.8× | 16.2% | +18.3% |
| FSN E-Commerce Ventures NYKAA.NS | India | $10.7B | +31% | +28% | 5% | 209.2× | n/a | n/a |
| Revolve RVLV | United States | $1.32B | -11% | +15% | 6% | 20.4× | n/a | n/a |
| Guangzhou Ruoyuchen Technology 003010.SZ | China | $1.31B | -8% | +75% | 10% | 23.0× | 1.7% | +24.7% |
| Vedant Fashions MANYAVAR.NS | India | $1.22B | +6% | +2% | 32% | 29.6× | 21.4% | +21.5% |
| Akso Health Group Sponsored ADR AHG | United States | $1.14B | -34% | -6% | -29% | n/a | n/a | n/a |
| NanJi E-Commerce 002127.SZ | China | $1.05B | -1% | -28% | -12% | 29.9× | 6.4% | -9.0% |
| IndiaMART InterMESH INDIAMART.NS | India | $985M | -26% | +12% | 34% | 17.0× | 8.2% | +18.6% |