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Mandarake Inc. (2652) AI Stock Analysis

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JP:2652

Mandarake Inc.

(TSE/TYO:2652)

Select Model
Rating:73Outperform
Price Target:JPY 423.00â–²(14.95% 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
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)

-10%0%10%20%30%40%50%JP:2652+10.45%EWJ+13.61%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
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

Revenue growth and a strong ~53%+ gross margin support fundamentals, and leverage has improved (debt-to-equity ~0.42). Offsetting this, profitability has softened (lower EBIT/EBITDA and ~7.39% net margin) and cash flow quality is weak (declining free cash flow growth and unfavorable cash flow-to-net income metrics).

Income Statement

75Positive

Balance Sheet

70Positive

Cash Flow

60Neutral
Financial statement breakdown
BreakdownSep 2025Sep 2024Sep 2023Sep 2022Sep 2021
Income Statement
Total Revenue15.18B14.46B12.84B10.59B9.63B
Gross Profit8.06B7.68B6.80B5.54B5.02B
EBITDA2.03B2.32B2.09B1.17B836.28M
Net Income1.12B1.38B1.25B587.48M357.39M
Balance Sheet
Total Assets18.92B18.10B17.92B16.67B16.12B
Cash, Cash Equivalents and Short-Term Investments766.15M1.25B1.47B845.47M736.35M
Total Debt4.91B5.06B6.15B6.45B6.78B
Total Liabilities7.09B7.23B8.31B8.30B8.33B
Stockholders Equity11.82B10.86B9.62B8.37B7.79B
Cash Flow
Free Cash Flow-123.55M995.92M961.19M486.17M245.23M
Operating Cash Flow215.22M1.09B1.19B562.06M392.92M
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
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
JP:2674JP:267482OutperformJPY 35.07B10.13―3.31%28.72%58.69%
JP:2681JP:268173OutperformJPY 87.76B8.67―1.51%14.88%108.36%
JP:2652JP:265273OutperformJPY 13.27B7.67―0.27%11.20%51.35%
JP:3093JP:309372OutperformJPY 45.17B12.91―2.38%15.52%22.34%
JP:7685JP:768572OutperformJPY 158.11B18.68―0.49%57.65%100.02%
Sector *61Neutral$18.38B12.79-2.54%3.03%1.52%-15.83%
JP:9278JP:927861NeutralJPY 45.78B14.74―1.40%10.64%96.47%

* Consumer Cyclical Sector Average

Performance Comparison

0%50%100%JP:2652JP:2674JP:2681JP:3093JP:7685JP:9278Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
JP:2652 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
JP:2652Mandarake Inc.368.0019.845.70%
JP:2674Hard Off Corporation Co., Ltd.2566.00734.3440.09%
JP:2681GEO Holdings Corporation2247.00507.3229.16%
JP:3093Treasure Factory Co., Ltd.1889.00256.7415.73%
JP:7685BuySell Technologies Co., Ltd.2556.00879.6952.48%
JP:9278BOOKOFF GROUP HOLDINGS LIMITED2575.001207.5788.31%
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