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Japanese operator of used luxury-goods buying and resale shops, buying watches, bags and jewelry from consumers.
Japanese operator of used luxury-goods buying and resale shops, buying watches, bags and jewelry from consumers.
Makes money on the gap between what it pays consumers for used items and the price it later resells them at, so skilled appraisal and a steady flow of items bought carry the business more than the selling side. Resale values of watches and bags set the margin on each item.
In one line: A Japanese version of a scaled-up, store-based version of TheRealReal.
Moat: narrow (brand, scale). Store network and appraisal expertise build trust for a business with modest switching costs.
Headquarters: Tokyo, Japan · Founded: 2011 · Employees: 2,466
Size BuySell Technologies (7685.T) is a Japan Information Technology company (Internet Software/Services) with a market value of $938M, the 759th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,399 on 6 Nov 2026.
Performance Over six months the shares fell 28.4%, against -3.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 57.6% over the last twelve months (peer median +6.8%); the operating margin is 10.8% (peer median 11.2%).
Valuation It trades at 15.0× forward earnings against a peer median of 13.4× (7th most expensive of 16).
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 +47%, so the hurdle is -48 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 31.1 points above its cost of capital (7.0% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥125B | ¥101B | ¥60.0B | ¥42.6B | ¥33.7B |
| Revenue growth | — | +68% | +41% | +26% | — |
| Gross profit | ¥65.2B | ¥53.3B | ¥31.7B | ¥24.1B | ¥19.6B |
| EBITDA | ¥16.0B | ¥11.3B | ¥6.15B | ¥3.84B | ¥4.26B |
| Net income | ¥8.46B | ¥5.27B | ¥2.41B | ¥1.45B | ¥2.27B |
| Free cash flow | n/a | ¥7.11B | ¥1.76B | ¥686M | ¥2.71B |
| Capital expenditure | n/a | ¥821M | ¥1.08B | ¥1.18B | ¥551M |
| Total debt | ¥25.8B | ¥24.0B | ¥26.9B | ¥8.07B | ¥5.05B |
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 |
|---|---|---|---|---|---|---|
| BuySell Technologies 7685.T | $938M | -28% | +58% | 11% | 15.0× | -1.2% |
| Komehyo 2780.T | n/a | -35% | n/a | n/a | n/a | n/a |
| Mercari 4385.T | $3.76B | -5% | +19% | 19% | 15.6× | 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 | 7685.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.7% | +1.2% | 6th lowest of 21 |
| 6-month return | -28.4% | -3.9% | 4th lowest of 21 |
| Distance from 52-week high | -42.3% | -37.7% | 9th lowest of 21 |
| Revenue growth (TTM) | +57.6% | +6.8% | highest of 20 |
| Operating margin | 10.8% | 11.2% | 10th lowest of 20 |
| Forward P/E | 15.0× | 13.4× | 7th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -1.2% | 7.0% | 4th least demanding of 15 |
| Growth delivered (Del g) | +46.8% | +14.3% | 2nd highest of 15 |
| Hurdle (Req g minus delivered) | -48.0 pp | -7.9 pp | least demanding of 15 |
| ROIC minus cost of capital | +31.1 pp | -0.5 pp | 4th highest of 17 |
| EV / EBITDA | 9.1× | 8.9× | 7th most expensive of 14 |
| Net debt / EBITDA | -0.2× | 0.1× | 8th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BuySell Technologies 7685.T | Japan | $938M | -28% | +58% | 11% | 15.0× | -1.2% | +46.8% |
| Sify Technologies Limited Sponsored ADR SIFY | United States | $941M | -20% | +11% | 8% | n/a | n/a | n/a |
| Omada Health OMDA | United States | $924M | +2% | +48% | 0% | 37.1× | 28.7% | +42.9% |
| D-MARKET Elektronik Hizmetler ve Ticaret AS Sponsored ADR HEPS | United States | $979M | -3% | +22% | -3% | n/a | n/a | n/a |
| LegalZoom.com LZ | United States | $897M | -19% | +12% | 4% | 6.7× | 6.1% | +9.9% |
| TeamViewer TMV.DE | Germany | $894M | -5% | +2% | 34% | 5.2× | -11.0% | +10.4% |
| iQIYI, Inc. Sponsored ADR IQ | United States | $886M | -20% | -3% | -2% | n/a | n/a | n/a |
| Gushengtang 2273.HK | Hong Kong | $874M | +1% | +12% | 13% | 13.4× | 2.4% | +27.6% |
| Yalla Group Ltd. Sponsored ADR YALA | United States | $863M | -21% | -4% | 31% | 7.0× | n/a | n/a |
| EverQuote EVER | United States | $1.02B | +41% | +24% | 11% | 14.3× | -7.0% | +14.8% |
| Yelp YELP | United States | $1.06B | -28% | +2% | 13% | 8.1× | -18.4% | +10.9% |
| FuboTV FUBO | United States | $830M | -26% | n/a | n/a | n/a | n/a | n/a |
| PubMatic PUBM | United States | $811M | +82% | -1% | -5% | 360.6× | 7.8% | +13.7% |
| Auction Technology ATG.L | United Kingdom | $789M | +36% | +22% | 11% | 16.1× | 22.7% | +32.6% |
| Moonpig MOON.L | United Kingdom | $1.13B | +41% | +7% | 21% | 15.2× | 3.7% | +0.3% |
| Le Travenues Technology IXIGO.NS | India | $775M | -2% | +16% | 6% | 47.3× | 38.2% | +55.4% |
| Baltic Classifieds BCG.L | United Kingdom | $1.14B | -99% | +7% | 68% | 0.2× | 15.2% | +15.9% |
| Nextdoor NXDR | United States | $758M | -3% | +10% | -17% | 350.1× | 24.0% | +15.9% |
| Huawen Media 000793.SZ | China | $1.19B | -34% | 0% | -14% | n/a | 17.8% | -34.6% |
| Phoenix Education Partners PXED | United States | $718M | -36% | +1% | 17% | 5.0× | n/a | n/a |
| Cars.com CARS | United States | $715M | +14% | +1% | 11% | 6.2× | 5.7% | +5.7% |