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Runs Japan's largest used-car auction network where dealers buy and sell wholesale used vehicles.
Runs Japan's largest used-car auction network where dealers buy and sell wholesale used vehicles.
Earns fees from both sides of each wholesale sale: sellers pay to list and sell a car, and buyers pay a fee when they win, so income follows the number of cars sold through its auctions more than the price of any one car.
In one line: Japan's Manheim/Copart, for live car auctions.
Moat: narrow (network effects, scale, installed base). Largest auction network by volume; dealers go where liquidity (most buyers/sellers) already is.
Headquarters: Tokai, Aichi, Japan · Founded: 1980 · Employees: 1,211
Size USS (4732.T) is a Japan Consumer Discretionary company (Internet Retail) with a market value of $5.34B, the 230th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,824 on 6 Nov 2026.
Performance Over six months the shares gained 7.6%, against +23.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th lowest of 15 in its peer set.
Growth Revenue grew 11.3% over the last twelve months (peer median +14.5%); the operating margin is 52.1% (peer median 7.6%).
Valuation It trades at 18.7× forward earnings against a peer median of 23.3× (3rd cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 29.3 points above its cost of capital (6.4% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥118B | ¥114B | ¥104B | ¥97.6B | ¥88.8B |
| Revenue growth | — | +9% | +7% | +10% | — |
| Gross profit | ¥72.2B | ¥70.4B | ¥63.8B | ¥58.0B | ¥52.7B |
| EBITDA | ¥67.1B | ¥65.6B | ¥59.5B | ¥54.2B | ¥49.1B |
| Net income | ¥42.1B | ¥41.4B | ¥37.6B | ¥32.9B | ¥30.0B |
| Free cash flow | ¥35.9B | ¥34.6B | ¥35.4B | ¥45.1B | ¥32.8B |
| Capital expenditure | ¥10.6B | ¥11.0B | ¥4.27B | ¥2.67B | ¥4.57B |
| Total debt | ¥7.31B | ¥2.10B | ¥2.25B | ¥2.66B | ¥2.42B |
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 |
|---|---|---|---|---|---|---|
| USS 4732.T | $5.34B | +8% | +11% | 52% | 18.7× | -0.8% |
| Copart CPRT | $29.6B | -6% | 0% | 35% | 19.7× | 7.2% |
| Karoon Energy KAR.AX | $763M | -23% | -20% | 28% | 4.6× | -10.4% |
| Aucnet 3964.T | $824M | +12% | +12% | 15% | 15.5× | 0.1% |
| ACV Auctions ACVA | n/a | +44% | n/a | n/a | n/a | n/a |
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 | 4732.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.1% | +5.3% | 5th lowest of 15 |
| 6-month return | +7.6% | +23.0% | 5th lowest of 15 |
| Distance from 52-week high | -14.4% | -13.1% | 8th highest of 15 |
| Revenue growth (TTM) | +11.3% | +14.5% | 8th highest of 15 |
| Operating margin | 52.1% | 7.6% | highest of 15 |
| Forward P/E | 18.7× | 23.3× | 3rd cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -0.8% | 7.6% | 4th least demanding of 10 |
| Growth delivered (Del g) | +8.7% | +10.8% | 3rd lowest of 10 |
| Hurdle (Req g minus delivered) | -9.5 pp | -4.7 pp | 5th least demanding of 10 |
| ROIC minus cost of capital | +29.3 pp | +7.3 pp | 2nd highest of 12 |
| EV / EBITDA | 11.5× | 14.4× | 3rd cheapest of 10 |
| Net debt / EBITDA | -1.1× | 0.6× | 3rd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Mercari 4385.T | Japan | $3.76B | -5% | +19% | 19% | 15.6× | n/a | n/a |
| 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% |
| Rakuten 4755.T | Japan | $8.59B | -18% | +11% | 6% | n/a | -2.0% | +11.4% |
| Xingyun Technology 300209.SZ | China | $3.15B | +30% | +978% | 23% | n/a | n/a | n/a |
| Chewy CHWY | United States | $9.07B | -2% | +6% | 3% | 24.1× | 16.8% | +12.0% |
| FSN E-Commerce Ventures NYKAA.NS | India | $10.7B | +31% | +28% | 5% | 209.2× | n/a | n/a |
| Global Industrial GIC | United States | $1.77B | +59% | +10% | 8% | 22.4× | 1.3% | +6.0% |
| RealReal REAL | United States | $1.61B | +25% | +18% | 0% | 47.8× | n/a | n/a |
| 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% |