Mandarake Inc. (2652) AI Stock Analysis

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Mandarake Inc.

(TSE/TYO:2652)

Select Model

Rating:58Neutral

Price Target:JPY 394.00▲(7.07% Upside)

Action:reiterated

Date:08/18/26

The overall score of 58 reflects a company with a strong balance sheet and attractive valuation, but these positives are significantly weighed down by deteriorating cash flow generation and margin compression. The stock's positive technical trend provides some support, but the fundamental cash flow weakness is the primary risk factor.

Positive Factors

Revenue GrowthContinued revenue expansion indicates that Mandarake is attracting sustained demand for its specialized secondhand collectibles and hobby merchandise. Growth broadens the inventory base and sales opportunity, supporting reinvestment in stores, online channels, and the company’s long-term market position.

Negative Factors

Profitability PressureDeclining EBIT, EBITDA, and net margins show that revenue growth is not fully translating into operating or bottom-line earnings. If this pressure persists, Mandarake may have less capacity to fund expansion internally and could experience weaker returns from its growing sales base.

Mandarake Inc. (2652) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 12.12B
Dividend Yield: 0.27%
Average Volume (3M): 171.85K
Price to Earnings (P/E): 7.7
Beta (1Y): 0.68
Revenue Growth: 11.20%
EPS Growth: 51.35%
Country: Japan
Employees: 420
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Specialty Retail

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, encomp...

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 generat...

Mandarake Inc. Financial Statement Overview

Summary

Financial performance is mixed. The balance sheet is healthy with reduced leverage (D/E 0.42) and a strong equity ratio (62.5%). However, this is offset by declining margins (net margin fell to 7.4% from 9.5%) and a critical cash flow weakness, with free cash flow turning negative and operating cash flow covering only 19.2% of net income.

Income Statement

55Neutral

Balance Sheet

70Positive

Cash Flow

20Very Negative

Financial statement breakdown
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. Technical Analysis

Technical Analysis SentimentNegative

Last Price368.00

Price Trends

50DMA412.06Negative

100DMA422.12Negative

200DMA383.63Negative

Market Momentum

MACD-13.00Positive

RSI34.75Neutral

STOCH35.91Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2652, the sentiment is Negative. The current price of 368.00 is below the 20-day moving average (MA) of 391.85, below the 50-day MA of 412.06, and below the 200-day MA of 383.63, indicating a bearish trend. The MACD of -13.00 indicates Positive momentum. The RSI at 34.75 is Neutral, neither overbought nor oversold. The STOCH value of 35.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2652.

Mandarake Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

JP:2652 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:2674	82Outperform	JPY 35.07B	10.13	―	3.31%	28.72%	58.69%
JP:2681	73Outperform	JPY 87.76B	8.67	―	1.51%	14.88%	108.36%
JP:3093	72Outperform	JPY 45.17B	12.91	―	2.38%	15.52%	22.34%
JP:7685	72Outperform	JPY 158.11B	18.68	―	0.49%	57.65%	100.02%
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
JP:9278	61Neutral	JPY 45.78B	14.74	―	1.40%	10.64%	96.47%
JP:2652	58Neutral	JPY 13.27B	7.67	―	0.27%	11.20%	51.35%

* Consumer Cyclical Sector Average

Performance Comparison

JP:2652 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:2652	Mandarake Inc.	368.00	19.84	5.70%
JP:2674	Hard Off Corporation Co., Ltd.	2566.00	734.34	40.09%
JP:2681	GEO Holdings Corporation	2247.00	507.32	29.16%
JP:3093	Treasure Factory Co., Ltd.	1889.00	256.74	15.73%
JP:7685	BuySell Technologies Co., Ltd.	2556.00	879.69	52.48%
JP:9278	BOOKOFF GROUP HOLDINGS LIMITED	2575.00	1207.57	88.31%

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.

Date of analysis: Aug 18, 2026

Mandarake Inc. AI Stock Analysis