Mixi (2121) AI Stock Analysis

• Market Cap: ¥176.26B
• Dividend Yield: 4.61%
• Average Volume (3M): 167.95K
• Price to Earnings (P/E): 10.1
• Beta (1Y): 0.36
• Revenue Growth: 1.14%
• EPS Growth: 77.07%
• Country: JP
• Employees: 1,645
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): 85.66
• Shares Outstanding: 71,330,850
• 10 Day Avg. Volume: 160,560
• 30 Day Avg. Volume: 167,946
• PEG Ratio: 0.08
• Price to Book (P/B): 1.28
• Price to Sales (P/S): 1.49
• P/FCF Ratio: 10.98
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 214.07
• Revenue Forecast (FY): ¥160.52B

• Rating: 69 Neutral
• Price Target: ¥2,975.00 ▲(9.62% Upside)
• Action: Reiterated Date: 02/01/26
• Date: Action: Reiterated 02/01/26

The score is driven primarily by strong underlying profitability and a generally solid balance sheet, supported by attractive valuation (low P/E and high dividend yield). These positives are tempered by weak technical momentum (below key moving averages with negative MACD) and recent cash-flow volatility.

Positive Factors

High Profitability

Persistently high gross and operating margins reflect strong unit economics for digital products and effective cost structure. These margins support durable cash earnings, funding content investment and shareholder returns even if top-line growth moderates.

Conservative Balance Sheet

Low absolute leverage and sizable equity provide financial flexibility to fund game development, marketing or M&A without immediate refinancing risk. This conservative position helps absorb shocks and supports multi-year operational planning.

Established Core Franchise

A strong, long-lived IP with recurring in‑app monetization creates durable revenue streams and predictable user monetization. Consistent title engagement enables efficient re-monetization through events, collaborations and licensing over multiple years.

Negative Factors

Cash-Flow Volatility

Large swings in operating and free cash flow reduce predictability of internally generated funding for content and dividends. Over time this volatility can force either higher external financing or reduced reinvestment in the franchise ecosystem.

Revenue Concentration Risk

Heavy reliance on a single title concentrates product and demand risk: player fatigue, competitive hits or platform policy changes could disproportionately reduce revenue and margins, making long-term stability sensitive to one game’s lifecycle.

Rising Leverage Trend

Although leverage remains modest, the step-up in debt reduces optionality and increases interest and refinancing exposure if the trend continues. Coupled with cash-flow swings, rising leverage could constrain strategic investments or dividend policy.

Mixi Business Overview & Revenue Model

Company Description

mixi, Inc. engages in the entertainment and lifestyle businesses in Japan. It offers Monster Strike, Kotodaman, and Monster Strike Stadium gaming applications; TIPSTAR, a freemium online betting app; Chariloto, a keirin and auto race betting ticket sales site; Chiba Jets Funabashi; netkeiba.com, a national horse racing resource; and Weekly Baseball Online, a baseball information site. The company also provides FamilyAlbum, a family photo and video sharing app; minimo, a salon artist booking app; mixi, a social networking service that offers space for friendly communication; KARASTA, a karaoke video community; Find Job!, a job recruitment info site for the IT and web industries; and OKURU, a photo gift service. It also provides employment opportunities for people with disabilities; operates XFLAG stores that offer merchandise from game; organizes events; and produces and sells various goods, as well as manages professional sports team, and businesses related to publicly operated competitions and other services. The company was formerly known as eMecury Co., Ltd. and changed its name to mixi, Inc. in February 2006. mixi, Inc. was founded in 1999 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Mixi generates revenue through multiple streams, primarily from its gaming sector, which includes in-app purchases and premium game sales. The company has developed several successful mobile games that have attracted millions of users, contributing significantly to its earnings. Additionally, Mixi monetizes its social networking platform through advertising, offering targeted ad placements to businesses looking to reach its user demographic. The company also engages in strategic partnerships with other gaming developers and brands, enhancing its content offerings and expanding its reach, which further bolsters its revenue potential.

Mixi Financial Statement Overview

Summary

Financials are solid overall: strong profitability (TTM gross margin ~67%, EBIT margin ~15.7%, net margin ~11%) and a conservative balance sheet (TTM debt-to-equity ~0.26x) support the score. The main offset is cash-flow volatility, with TTM operating cash flow notably weaker than FY2025 and free cash flow down materially (~-27%), plus a step-up in leverage versus FY2025.

Income Statement

TTM (Trailing-Twelve-Months) results show steady top-line momentum (revenue up ~4.9%) with strong profitability: gross margin ~67% and solid operating profitability (EBIT margin ~15.7%, EBITDA margin ~19.6%). Net margin is healthy at ~11%, and earnings are materially stronger than FY2024 (which had much lower net profitability). The main weakness is some margin compression versus the most recent annual period (FY2025) where operating and EBITDA margins were higher, suggesting incremental costs or mix pressure.

Balance Sheet

The balance sheet is conservatively positioned with modest leverage: debt is ~0.26x equity in TTM (Trailing-Twelve-Months), and equity is large relative to the asset base. Returns on shareholder capital are stable around ~9.8% (TTM and FY2025), reflecting a reasonably efficient capital profile for the business. The key watch-out is the noticeable increase in debt versus FY2025 (debt-to-equity rising from ~0.07x to ~0.26x), which reduces flexibility if it continues.

Cash Flow

Cash generation is mixed. TTM (Trailing-Twelve-Months) free cash flow is positive (~10.6B) and covers a meaningful portion of earnings (free cash flow is ~77% of net income), which is a constructive quality signal. However, TTM operating cash flow is much weaker than the prior annual period (down sharply from FY2025), and free cash flow declined materially (about -27% growth). This volatility in cash conversion is the primary weakness and raises questions about working-capital or timing effects.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	160.92B	154.85B	146.87B	146.87B	118.10B	119.32B
Gross Profit	108.44B	106.04B	102.63B	105.12B	88.58B	93.31B
EBITDA	31.50B	32.03B	17.00B	15.97B	20.36B	27.41B
Net Income	17.75B	17.60B	7.08B	5.16B	10.26B	15.69B
Balance Sheet
Total Assets	262.29B	225.54B	207.34B	222.32B	218.06B	226.36B
Cash, Cash Equivalents and Short-Term Investments	127.35B	144.04B	129.53B	138.44B	133.03B	149.81B
Total Debt	45.11B	12.45B	7.43B	7.79B	8.12B	8.93B
Total Liabilities	86.74B	44.21B	31.61B	38.86B	32.00B	36.77B
Stockholders Equity	174.70B	180.06B	174.52B	182.13B	184.64B	189.53B
Cash Flow
Free Cash Flow	10.58B	20.99B	5.72B	13.20B	-796.00M	29.87B
Operating Cash Flow	13.73B	27.48B	9.18B	15.75B	3.10B	34.67B
Investing Cash Flow	-39.60B	-14.49B	-6.85B	-7.35B	-17.89B	-7.16B
Financing Cash Flow	12.69B	-10.38B	-15.73B	-8.33B	-16.63B	-3.14B

Mixi Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2714.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2121, the sentiment is Neutral. The current price of 2714 is above the 20-day moving average (MA) of 2636.40, above the 50-day MA of 2697.76, and below the 200-day MA of 3049.71, indicating a neutral trend. The MACD of -26.50 indicates Negative momentum. The RSI at 47.90 is Neutral, neither overbought nor oversold. The STOCH value of 39.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:2121.

Mixi Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2432	74 Outperform	¥293.83B	11.73	17.98%	2.52%	34.16%	―
2121	69 Neutral	¥176.26B	10.15	9.54%	4.61%	1.14%	77.07%
3765	61 Neutral	¥139.19B	99.65	3.38%	2.38%	-3.12%	-63.07%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
3932	60 Neutral	¥44.42B	11.80	―	4.06%	-15.30%	39.61%
3632	54 Neutral	¥70.92B	46.19	4.14%	2.09%	-2.61%	116.80%
3656	45 Neutral	¥26.12B	-4.24	―	―	-14.71%	-38.87%

Mixi Corporate Events

MIXI Delivers Modest Sales Growth but Lower Profits, Keeps Full-Year Outlook and Dividend Unchanged

MIXI reported consolidated net sales of ¥116.4 billion for the nine months ended December 31, 2025, up 5.5% year on year, while EBITDA fell 13.0% and operating income dropped 22.7%, signaling rising costs or profit pressure despite modest top-line growth. Profit attributable to owners of the parent edged up 1.4% to ¥10.6 billion, and basic earnings per share rose to ¥158.57, supported in part by a lower average share count, even as the equity ratio weakened to 66.3% following a balance-sheet expansion and reduced net assets. The company kept its full-year forecast unchanged, projecting 8.5% growth in net sales to ¥168.0 billion but double-digit declines in EBITDA, operating income, and net profit, indicating expectations of continued margin compression. MIXI plans to maintain an annual dividend of ¥120 per share for the year ending March 31, 2026, matching the prior year, suggesting a commitment to shareholder returns despite forecast profit declines. The scope of consolidation expanded to include six new subsidiaries, including PointsBet Holdings Limited, underscoring MIXI’s ongoing investment and portfolio-expansion strategy, which may weigh on short-term earnings but could reshape its growth profile over the longer term.

The most recent analyst rating on (JP:2121) stock is a Hold with a Yen2890.00 price target. To see the full list of analyst forecasts on Mixi stock, see the JP:2121 Stock Forecast page.

MIXI Revises FY2026 Financial Forecast Upward Amid Strategic Acquisitions

MIXI, Inc. has revised its full-year financial forecast for FY2026, increasing its net sales projection due to the acquisition of PointsBet and strong performance in its sports and investment segments. However, the digital entertainment segment saw a downward revision in sales due to a decrease in MONSTER STRIKE’s monthly active users. Despite these changes, the company’s operating income remains unchanged, and its dividend policy is maintained.

The most recent analyst rating on (JP:2121) stock is a Buy with a Yen3556.00 price target. To see the full list of analyst forecasts on Mixi stock, see the JP:2121 Stock Forecast page.

Mixi, Inc. Reports Decline in Financial Performance but Anticipates Sales Growth

Mixi, Inc. reported a decline in its financial performance for the six months ended September 30, 2025, with net sales dropping by 2% and significant decreases in EBITDA and operating income compared to the previous year. Despite these challenges, the company has revised its financial forecast for the fiscal year ending March 31, 2026, reflecting an 8.5% increase in net sales, though it anticipates declines in other financial metrics. The company’s strategic moves, including the inclusion of six new companies in its consolidation scope, indicate a potential shift in its operational focus and market strategy.

The most recent analyst rating on (JP:2121) stock is a Buy with a Yen3556.00 price target. To see the full list of analyst forecasts on Mixi stock, see the JP:2121 Stock Forecast page.