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Japan's largest e-commerce marketplace operator, also running a mobile carrier, banking and fintech businesses.
Japan's largest e-commerce marketplace operator, also running a mobile carrier, banking and fintech businesses.
The marketplace earns fees from merchants, such as monthly charges, a cut of sales and advertising, while card, bank and securities units earn interest and transaction fees; a shared points scheme moves customers between them. The mobile network is the cost centre, built from 2020 on borrowed money. Founder Hiroshi Mikitani still leads the group.
In one line: A Japanese Amazon plus PayPal with a mobile carrier bolted on.
Moat: narrow (network effects, brand, installed base). A large loyalty-points ecosystem ties e-commerce, finance and mobile users together across services.
Headquarters: Tokyo, Japan · Founded: 1997 · Employees: 29,419
Size Rakuten (4755.T) is a Japan Consumer Discretionary company (Internet Retail) with a market value of $8.59B, the 160th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥620 on 6 Nov 2026.
Performance Over six months the shares fell 18.3%, against +7.9% for the median peer and +1.8% for the Japan market (cap-weighted) — lowest of 12 in its peer set.
Growth Revenue grew 10.9% over the last twelve months (peer median +11.3%); the operating margin is 6.2% (peer median 14.3%).
Valuation It trades at 0.8× enterprise value to sales against a peer median of 3.0× (4th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points above its cost of capital (5.0% WACC).
Credit Rakuten has 5 bonds outstanding ($6.47B), rated B by the agencies.
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.65T | ¥2.50T | ¥2.28T | ¥2.07T | ¥1.92T |
| Revenue growth | — | +10% | +10% | +8% | — |
| Gross profit | ¥164B | ¥1.13T | ¥948B | ¥790B | ¥585B |
| EBITDA | ¥483B | ¥433B | ¥307B | ¥151B | -¥58.4B |
| Net income | -¥64.4B | -¥178B | -¥162B | -¥339B | -¥377B |
| Free cash flow | ¥91.9B | ¥278B | ¥1.04T | ¥493B | -¥584B |
| Capital expenditure | ¥237B | ¥206B | ¥243B | ¥351B | ¥435B |
| Total debt | ¥4.80T | ¥5.93T | ¥5.51T | ¥4.86T | ¥4.89T |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Rakuten 4755.T | $8.59B | -18% | +11% | 6% | 0.8× | -2.0% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 3.7× | n/a |
| Ly Corporation 4689.T | $23.2B | +31% | +8% | 15% | 2.6× | 0.8% |
| Softbank 9434.T | $71.3B | +6% | +8% | 14% | 2.6× | 3.4% |
| Ntt 9432.T | $86.6B | +5% | +8% | 12% | 2.0× | 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 | 4755.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.1% | +5.7% | 2nd lowest of 12 |
| 6-month return | -18.3% | +7.9% | lowest of 12 |
| Distance from 52-week high | -42.0% | -15.7% | 3rd lowest of 12 |
| Revenue growth (TTM) | +10.9% | +11.3% | 6th lowest of 12 |
| Operating margin | 6.2% | 14.3% | 5th lowest of 12 |
| EV / Sales | 0.8× | 3.0× | 4th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | -2.0% | 7.6% | 3rd least demanding of 8 |
| Growth delivered (Del g) | +11.4% | +9.2% | 3rd highest of 8 |
| Hurdle (Req g minus delivered) | -13.4 pp | -9.5 pp | 4th least demanding of 8 |
| ROIC minus cost of capital | +0.6 pp | +9.3 pp | 3rd lowest of 11 |
| EV / EBITDA | 4.3× | 13.4× | cheapest of 7 |
| Net debt / EBITDA | 0.6× | 0.6× | 5th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rakuten 4755.T | Japan | $8.59B | -18% | +11% | 6% | 0.8× | -2.0% | +11.4% |
| Chewy CHWY | United States | $9.07B | -2% | +6% | 3% | 0.7× | 16.8% | +12.0% |
| Etsy ETSY | United States | $7.75B | +40% | +1% | 18% | 3.0× | 12.8% | +10.8% |
| Zalando ZAL.DE | Germany | $7.64B | +42% | +18% | 4% | 0.5× | 7.6% | +9.1% |
| Global-e Online GLBE | United States | $7.22B | +44% | +31% | 14% | 6.1× | 23.4% | +47.8% |
| FSN E-Commerce Ventures NYKAA.NS | India | $10.7B | +31% | +28% | 5% | 9.0× | n/a | n/a |
| Vipshop Holdings Ltd Sponsored ADR VIPS | United States | $6.55B | -4% | +2% | 7% | 0.2× | -20.3% | 0.0% |
| Zozo 3092.T | Japan | $6.41B | +8% | +6% | 30% | 4.3× | -5.0% | +9.2% |
| USS 4732.T | Japan | $5.34B | +8% | +11% | 52% | 6.5× | -0.8% | +8.7% |
| Mercari 4385.T | Japan | $3.76B | -5% | +19% | 19% | 3.0× | n/a | n/a |
| Xingyun Technology 300209.SZ | China | $3.15B | +30% | +978% | 23% | 16.9× | n/a | n/a |
| Coupang CPNG | United States | $29.2B | -4% | +7% | -3% | 0.8× | n/a | n/a |
Rakuten has 5 bonds outstanding with $6.47B face value. The agencies rate it B.