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Mixi
(2121)
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Rating:74Outperform
Price Target:
¥3,595.00
▲(27.17% Upside)
Action:Reiterated
Date:08/01/26
The score is driven primarily by solid financial performance (rebounding profitability and a strong balance sheet), supported by attractive valuation (low P/E and high dividend yield). The main constraint is mixed cash-flow conversion/consistency and only moderate technical confirmation due to limited momentum indicator data.
Positive Factors
Balance sheet strength
Mixi's moderate leverage and equity-heavy capital base provide durable financial flexibility. Improved ROE signals better capital efficiency as profitability recovered, supporting the firm's ability to invest in new titles, sustain dividends, or weather weaker content cycles without immediate financing stress.
Negative Factors
Weak cash conversion
Weak FCF-to-net-income conversion and light operating cash flow relative to earnings indicate working-capital swings or timing effects. Over time this reduces the predictability of internally funded investments and dividends and raises financing risk during revenue slowdowns.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Mixi's moderate leverage and equity-heavy capital base provide durable financial flexibility. Improved ROE signals better capital efficiency as profitability recovered, supporting the firm's ability to invest in new titles, sustain dividends, or weather weaker content cycles without immediate financing stress.
Read all positive factors
Mixi (2121) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥182.01B
Dividend Yield4.14%
Average Volume (3M)167.95K
Price to Earnings (P/E)8.8
Beta (1Y)0.28
Revenue Growth19.88%
EPS Growth34.50%
CountryJP
Employees2,116
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)330.40
Shares Outstanding68,530,850
10 Day Avg. Volume160,560
30 Day Avg. Volume167,946
Financial Highlights & Ratios
PEG Ratio4.69
Price to Book (P/B)0.92
Price to Sales (P/S)0.98
P/FCF Ratio16.09
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)217.89
Revenue Forecast (FY)¥187.17B
Mixi Business Overview & Revenue Model
Company Description
Tokyo-based mixi, Inc., initially founded as eMecury Co., Ltd. in 1999 before its rebranding in February 2006, is a diverse Japanese enterprise focused on entertainment and lifestyle services. The company boasts a robust digital portfolio, encompa...
How the Company Makes Money
MIXI generates revenue primarily by operating digital entertainment and online services. A key revenue stream is mobile gaming, where the company earns money from in-game purchases (sale of virtual items and other paid digital content) and related...
Mixi Earnings Call Summary
Earnings Call Date:Jan 14, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The earnings call presented a generally positive outlook with significant growth in several segments, strong performance of new products, and successful launches. However, challenges such as misconduct impact and declines in certain entertainment products were noted.Positive Updates
Overall Increase in Sales and Profits
Net sales increased to JPY 38.7 billion with EBITDA at JPY 7.1 billion and operating income at JPY 5.9 billion. Profit attributable to owners of parent was JPY 2.9 billion, indicating an increase in both sales and profits.
Negative Updates
Misconduct Impact on Net Income
Misconduct at a consolidated subsidiary led to a decrease in net income by JPY 500 million.
Read all updates
Q2-2025 Updates
Positive
Negative
Overall Increase in Sales and Profits
Net sales increased to JPY 38.7 billion with EBITDA at JPY 7.1 billion and operating income at JPY 5.9 billion. Profit attributable to owners of parent was JPY 2.9 billion, indicating an increase in both sales and profits.
Read all positive updates
Company Guidance
During the Q2 2025 earnings call for 2121.T, CFO Kohei Shimamura reported a positive financial performance with net sales reaching JPY 38.7 billion and EBITDA at JPY 7.1 billion. The company saw an operating income of JPY 5.9 billion and a profit attributable to owners of the parent at JPY 2.9 billion, despite a JPY 500 million decrease in net income due to misconduct at a subsidiary. The Sports segment experienced a 28.6% year-on-year increase in net sales to JPY 9.6 billion, driven by TIPSTAR and FC Tokyo, while the Lifestyle segment saw a 27.7% rise in sales to JPY 2.7 billion. However, the Digital Entertainment segment faced a 9.1% decline in sales to JPY 22 billion, despite a 27.7% increase in EBITDA to JPY 8.2 billion. The Investment segment reported net sales of JPY 4.3 billion, bolstered by Timee share sales. CEO Koki Kimura highlighted the strong performance of new character sales for Monster Strike and the promising growth of the new SNS mixi2, with over 1.2 million registered users by December.Mixi Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
83
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 187.12B | 171.37B | 154.85B | 146.87B | 146.87B | 118.10B |
| Gross Profit | 123.63B | 113.59B | 106.04B | 102.63B | 105.12B | 88.58B |
| EBITDA | 39.42B | 34.25B | 32.03B | 17.00B | 15.97B | 20.36B |
| Net Income | 21.68B | 17.27B | 17.60B | 7.08B | 5.16B | 10.26B |
Balance Sheet | ||||||
| Total Assets | 282.83B | 280.40B | 225.54B | 207.34B | 222.32B | 218.06B |
| Cash, Cash Equivalents and Short-Term Investments | 147.37B | 146.31B | 144.04B | 129.53B | 138.44B | 133.03B |
| Total Debt | 44.25B | 45.15B | 12.45B | 7.44B | 7.80B | 8.14B |
| Total Liabilities | 87.45B | 90.94B | 44.21B | 31.61B | 38.86B | 32.00B |
| Stockholders Equity | 188.69B | 182.39B | 180.06B | 174.52B | 182.14B | 184.64B |
Cash Flow | ||||||
| Free Cash Flow | 28.81B | 10.43B | 23.77B | 9.76B | 18.88B | 731.00M |
| Operating Cash Flow | 36.88B | 20.23B | 30.26B | 13.22B | 20.85B | 4.04B |
| Investing Cash Flow | -29.16B | -31.55B | -14.49B | -6.85B | -7.35B | -17.44B |
| Financing Cash Flow | 12.95B | 13.22B | -10.38B | -15.73B | -8.33B | -16.63B |
Mixi Technical Analysis
Positive
2827.00
Price Trends
2788.26
Positive
2687.32
Positive
2722.78
Positive
Market Momentum
96.83
Negative
64.08
Neutral
69.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2121, the sentiment is Positive. The current price of 2827 is below the 20-day moving average (MA) of 2963.35, above the 50-day MA of 2788.26, and above the 200-day MA of 2722.78, indicating a bullish trend. The MACD of 96.83 indicates Negative momentum. The RSI at 64.08 is Neutral, neither overbought nor oversold. The STOCH value of 69.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2121.
Mixi Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥182.01B | 8.77 | 9.75% | 4.24% | 19.88% | 34.50% | |
74 Outperform | ¥43.99B | 7.78 | ― | 4.06% | 9.32% | 243.27% | |
69 Neutral | ¥273.01B | 14.42 | 7.42% | 2.69% | -9.94% | -21.11% | |
61 Neutral | ¥126.82B | 86.62 | 1.24% | 3.69% | -5.49% | -82.16% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
54 Neutral | ¥72.00B | 31.26 | 2.38% | 5.42% | -8.43% | -5.44% | |
42 Neutral | ¥18.79B | -2.98 | ― | ― | -17.15% | -70.83% |
* Communication Services Sector Average
JP:2121
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Mixi Corporate Events
MIXI Lifts FY2027 Profit and Dividend Forecast on Extraordinary Gain
Jul 31, 2026
MIXI, Inc., a TSE Prime Market-listed Japanese internet services company, focuses on growth through business development, RD, and MA while maintaining a shareholder-friendly capital policy. The group aims for sustainable corporate value enhancemen...
MIXI Delivers Surging Q1 Profits and Lifts Full-Year Dividend Outlook
Jul 31, 2026
MIXI reported a sharp earnings rebound for the quarter ended June 30, 2026, with net sales surging 50.3% year on year to ¥47.1 billion and profit attributable to owners of parent jumping 311.7% to ¥5.8 billion. EBITDA more than doubled a...
MIXI Completes Restricted Stock Treasury Share Disposal for Executive and Employee Pay
Jul 16, 2026
MIXI, Inc. has completed the payment procedures for the disposal of 202,900 treasury shares used as restricted stock compensation, following a resolution approved by its board of directors on June 26, 2026. The shares, priced at 2,552 yen each for...
MIXI Revamps Director Pay to Tie Rewards More Closely to Long-Term Value
Jun 26, 2026
MIXI, Inc. has overhauled its director compensation system to more tightly align executive pay with sustainable value creation and medium- to long-term corporate performance. The changes were approved by the board after recommendations from an ind...
MIXI to Allocate ¥517.8 Million in Treasury Shares as Restricted Stock Compensation
Jun 26, 2026
MIXI will dispose of 202,900 treasury shares as restricted stock compensation, valued at approximately ¥517.8 million, to directors, senior corporate officers, corporate officers and selected employees. The disposal price is set at ¥2,55...
MIXI to Exit bitbank Stake, Book Extraordinary Gain on Crypto Affiliate Sale
Jun 25, 2026
MIXI has agreed to sell all of its 26.22% stake in crypto asset platform operator bitbank, Inc. via a planned share repurchase by bitbank, as part of a broader transaction in which SBICAH, a subsidiary of SBI Holdings, will acquire and be allotted...
MIXI to Acquire GREE Fund Manager and Make Investment Fund a Specified Subsidiary
Jun 22, 2026
MIXI, Inc. will acquire all shares of GREE Fund Investments, Inc., which will be renamed MIXI Capital Management, Inc., and a portion of limited partnership interests in GREE LP Fund JP 2, to be renamed MIXI LP Fund 1. Upon completion, MIXI Capita...
MIXI Founder to Donate 680,000 Shares to Employees to Strengthen Stakeholder Alignment
May 29, 2026
MIXI founder and director Kenji Kasahara will donate 680,000 of his MIXI common shares to officers, permanent employees, and other eligible personnel of the company and its wholly owned subsidiaries, with eligibility set as of June 1, 2026. The do...
MIXI to Launch Performance-Linked Restricted Stock Plan for Directors
May 15, 2026
MIXI, Inc. has resolved to introduce a new performance-linked, post-evaluation restricted stock compensation plan for its internal directors as it enters its next phase of growth. The scheme is designed to more closely tie executive pay to the ach...
MIXI Strengthens Governance With New Audit Nominee and Board Reappointments
May 15, 2026
MIXI, Inc. has nominated a slate of directors and Audit Supervisory Board members, with all current directors, including President and CEO Koki Kimura and Founder Kenji Kasahara, standing for reappointment alongside outside directors who will con...
MIXI Posts Higher Sales but Lower Profits as Acquisitions Weigh on Margins
May 15, 2026
MIXI reported consolidated net sales of ¥171.4 billion for the fiscal year ended March 31, 2026, up 10.7% year on year, while EBITDA slipped 1.6% and operating income fell 16.3%, reflecting rising costs and margin pressure. Profit attributabl...
MIXI to Retire 2.8 Million Treasury Shares, Tightening Share Float
May 15, 2026
MIXI, Inc. has resolved at its Board of Directors meeting on May 15, 2026 to retire 2.8 million of its own common shares, representing 3.93% of its total outstanding shares prior to the transaction. The retirement, scheduled for May 29, 2026 under...
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.