Mixi Inc (JP:2121)
:2121
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Mixi
(2121)
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Rating:70Outperform
Price Target:
¥2,928.00
▲(7.89% Upside)
Action:Upgraded
Date:05/17/26
The score is driven most by attractive valuation (low P/E and high dividend yield). Financial performance is solid but capped by margin pressure, increased leverage in 2026, and weaker cash conversion. Technicals are moderately positive near-term but still constrained by being below the 200-day moving average.
Positive Factors
High gross margin & revenue expansion
Sustained multi-year revenue growth combined with a 66% gross margin indicates durable unit economics in Mixi's digital entertainment business. High gross margins provide structural room to fund content, R&D and marketing while preserving the ability to invest in product cycles and platform scale.
Negative Factors
Sharp 2026 leverage increase
The sudden rise in absolute debt and leverage materially increases financial risk compared with prior years. Higher leverage can constrain strategic optionality, raise interest costs and limit the company's ability to fund content pipelines or return cash if revenue or margins re-soften.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin & revenue expansion
Sustained multi-year revenue growth combined with a 66% gross margin indicates durable unit economics in Mixi's digital entertainment business. High gross margins provide structural room to fund content, R&D and marketing while preserving the ability to invest in product cycles and platform scale.
Read all positive factors
Mixi (2121) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥175.87B
Dividend Yield4.61%
Average Volume (3M)167.95K
Price to Earnings (P/E)9.7
Beta (1Y)0.35
Revenue Growth10.67%
EPS Growth1.68%
CountryJP
Employees1,645
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)261.84
Shares Outstanding71,330,850
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)215
Revenue Forecast (FY)¥173.00B
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 ticke...
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:Jul 31, 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
72
Positive
Balance Sheet
70
Positive
Cash Flow
58
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 171.37B | 154.85B | 146.87B | 146.87B | 118.10B |
| Gross Profit | 113.59B | 106.04B | 102.63B | 105.12B | 88.58B |
| EBITDA | 31.87B | 32.03B | 17.00B | 15.97B | 20.36B |
| Net Income | 17.27B | 17.60B | 7.08B | 5.16B | 10.26B |
Balance Sheet | |||||
| Total Assets | 280.40B | 225.54B | 207.34B | 222.32B | 218.06B |
| Cash, Cash Equivalents and Short-Term Investments | 146.31B | 144.04B | 129.53B | 138.44B | 133.03B |
| Total Debt | 45.15B | 12.45B | 7.44B | 7.80B | 8.14B |
| Total Liabilities | 90.94B | 44.21B | 31.61B | 38.86B | 32.00B |
| Stockholders Equity | 182.39B | 180.06B | 174.52B | 182.14B | 184.64B |
Cash Flow | |||||
| Free Cash Flow | 10.43B | 23.77B | 9.76B | 18.88B | 731.00M |
| Operating Cash Flow | 20.23B | 30.26B | 13.22B | 20.85B | 4.04B |
| Investing Cash Flow | -31.55B | -14.49B | -6.85B | -7.35B | -17.44B |
| Financing Cash Flow | 13.22B | -10.38B | -15.73B | -8.33B | -16.63B |
Mixi Technical Analysis
Positive
2714.00
Price Trends
2580.59
Positive
2605.73
Positive
2822.26
Negative
Market Momentum
25.93
Negative
59.03
Neutral
76.03
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 2714 is above the 20-day moving average (MA) of 2612.15, above the 50-day MA of 2580.59, and below the 200-day MA of 2822.26, indicating a neutral trend. The MACD of 25.93 indicates Negative momentum. The RSI at 59.03 is Neutral, neither overbought nor oversold. The STOCH value of 76.03 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | ¥175.87B | 9.72 | 10.05% | 4.61% | 10.67% | 1.68% | |
69 Neutral | ¥304.94B | 14.22 | 17.98% | 2.52% | -9.94% | -21.11% | |
66 Neutral | ¥44.42B | 6.92 | ― | 4.06% | 9.32% | 243.34% | |
61 Neutral | ¥131.06B | 19.38 | 3.38% | 2.38% | -5.49% | -82.16% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
54 Neutral | ¥72.72B | 23.27 | 1.59% | 2.09% | -8.43% | -5.44% | |
49 Neutral | ¥25.41B | -11.91 | ― | ― | -17.15% | -70.83% |
* Communication Services Sector Average
JP:2121
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Mixi Corporate Events
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...
MIXI Raises FY2026 Earnings Outlook on Strong Sports Betting Performance
Apr 24, 2026
MIXI, Inc. revised its full-year FY2026 consolidated earnings forecast upward, projecting net sales of ¥171 billion, EBITDA of ¥30.5 billion, operating income of ¥22 billion, ordinary income of ¥24.5 billion, and profit attribu...
MIXI Refinances PointsBet Acquisition with ¥27.9 Billion Syndicated Loan
Mar 26, 2026
MIXI, Inc. has secured a ¥27.9 billion unsecured syndicated loan from a consortium of major Japanese banks to refinance short-term borrowings used for its acquisition of shares in PointsBet Holdings Limited. The new facility, carrying a float...
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.