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Mandarake Inc.
(2652)
Select Model
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Rating:73Outperform
Price Target:
¥495.00
▲(13.79% Upside)
Action:Reiterated
Date:08/18/26
The score is driven primarily by solid financial performance with clear weaknesses in profitability and cash flow, balanced by supportive technical trends and an attractive valuation (low P/E and high dividend yield).
Positive Factors
Consistent Revenue Growth
Continued revenue expansion indicates sustained demand for Mandarake’s specialized collectibles offering. Growth across its curated secondhand inventory and retail channels can support scale, supplier reach, and broader customer engagement over the medium term.
Negative Factors
Softening Profitability
Falling operating and net margins show that revenue growth is not fully converting into earnings. If this pressure persists, higher costs or weaker operating efficiency could limit profit expansion and reduce the funds available for long-term business investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Revenue Growth
Continued revenue expansion indicates sustained demand for Mandarake’s specialized collectibles offering. Growth across its curated secondhand inventory and retail channels can support scale, supplier reach, and broader customer engagement over the medium term.
Read all positive factors
Mandarake Inc. (2652) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥15.58B
Dividend Yield0.23%
Average Volume (3M)236.16K
Price to Earnings (P/E)9.1
Beta (1Y)0.63
Revenue Growth11.20%
EPS Growth51.35%
CountryJP
Employees420
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)11.68
Shares Outstanding36,180,000
10 Day Avg. Volume235,600
30 Day Avg. Volume236,156
Financial Highlights & Ratios
PEG Ratio-0.50
Price to Book (P/B)0.85
Price to Sales (P/S)0.66
P/FCF Ratio-81.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Mandarake Inc. Business Overview & Revenue Model
Company Description
Mandarake Inc. is a Japanese retailer that manages and operates a chain of stores specializing in vintage books and an array of antique collectibles. Their product selection is vast, ranging from the latest releases to cherished vintage items, enc...
How the Company Makes Money
Mandarake primarily makes money by buying pre-owned collectibles from individuals and reselling them at a markup through its retail and e-commerce operations. Its core revenue stream is product sales of secondhand items, where gross profit is gene...
Mandarake Inc. Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 15.18B | 14.46B | 12.84B | 10.59B | 9.63B |
| Gross Profit | 8.06B | 7.68B | 6.80B | 5.54B | 5.02B |
| EBITDA | 2.03B | 2.32B | 2.09B | 1.17B | 836.28M |
| Net Income | 1.12B | 1.38B | 1.25B | 587.48M | 357.39M |
Balance Sheet | |||||
| Total Assets | 18.92B | 18.10B | 17.92B | 16.67B | 16.12B |
| Cash, Cash Equivalents and Short-Term Investments | 766.15M | 1.25B | 1.47B | 845.47M | 736.35M |
| Total Debt | 4.91B | 5.06B | 6.15B | 6.45B | 6.78B |
| Total Liabilities | 7.09B | 7.23B | 8.31B | 8.30B | 8.33B |
| Stockholders Equity | 11.82B | 10.86B | 9.62B | 8.37B | 7.79B |
Cash Flow | |||||
| Free Cash Flow | -123.55M | 995.92M | 961.19M | 486.17M | 245.23M |
| Operating Cash Flow | 215.22M | 1.09B | 1.19B | 562.06M | 392.92M |
| Investing Cash Flow | -389.39M | -90.50M | -257.47M | -118.59M | -140.02M |
| Financing Cash Flow | -311.62M | -1.21B | -309.16M | -334.79M | -283.23M |
Mandarake Inc. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ¥96.83B | 10.16 | ― | 1.81% | 16.16% | 176.37% | |
75 Outperform | ¥51.57B | 18.84 | ― | 1.32% | 9.16% | 47.03% | |
74 Outperform | ¥45.00B | 12.97 | ― | 2.19% | 15.56% | 21.99% | |
73 Outperform | ¥15.58B | 9.13 | ― | 0.23% | 11.20% | 51.35% | |
71 Outperform | ¥37.46B | 10.57 | ― | 3.77% | 23.51% | 56.52% | |
62 Neutral | ¥186.00B | 23.50 | ― | 0.64% | 57.65% | 100.02% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
JP:2652
Mandarake Inc.
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31.95%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.