Mandarake Inc. (JP:2652)
:2652
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Mandarake Inc.
(2652)
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Rating:66Neutral
Price Target:
¥408.00
▲(15.58% Upside)
Action:Downgraded
Date:12/11/25
Mandarake Inc. has a solid valuation with a low P/E ratio, indicating potential undervaluation. However, financial performance is mixed, with strong revenue growth but declining profitability and cash flow challenges. Technical indicators suggest bearish momentum, but the stock is nearing oversold conditions, which could present a buying opportunity.
Positive Factors
High gross profit margin
A gross margin above 53% reflects durable pricing power from curated, rare collectibles and low direct cost base of recommerce. This margin cushion supports reinvestment in inventory, marketing and omnichannel operations, helping sustain profitability despite operational headwinds.
Negative Factors
Weak free cash flow
Negative and declining free cash flow indicates the business is generating less cash from operations than accounting earnings, limiting internal funding for inventory, capex or strategic initiatives. Persistent weak FCF raises financing and liquidity risks over a multi‑month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross profit margin
A gross margin above 53% reflects durable pricing power from curated, rare collectibles and low direct cost base of recommerce. This margin cushion supports reinvestment in inventory, marketing and omnichannel operations, helping sustain profitability despite operational headwinds.
Read all positive factors
Mandarake Inc. (2652) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥12.34B
Dividend Yield0.3%
Average Volume (3M)177.19K
Price to Earnings (P/E)5.0
Beta (1Y)0.52
Revenue Growth6.65%
EPS Growth28.68%
CountryJP
Employees347
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)15.84
Shares Outstanding36,180,000
10 Day Avg. Volume176,670
30 Day Avg. Volume177,186
Financial Highlights & Ratios
PEG Ratio-0.50
Price to Book (P/B)0.85
Price to Sales (P/S)0.66
P/FCF Ratio-81.11
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)N/A
Revenue Forecast (FY)N/A
Mandarake Inc. Business Overview & Revenue Model
Company Description
Mandarake Inc. operates and manages old books and antique stores in Japan. It provides newest to vintage items, including, toys, dolls, games, subcultures, art books, doujinshi, etc. It also edits and sells publications. The company sells its prod...
How the Company Makes Money
Mandarake generates revenue through multiple channels, primarily from the sale of second-hand goods, including manga, anime merchandise, and collectibles. The company's revenue model is based on purchasing items from individuals, which allows them...
Mandarake Inc. Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| 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
Positive
353.00
Price Trends
336.00
Positive
342.03
Positive
338.78
Positive
Market Momentum
5.24
Negative
53.21
Neutral
63.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2652, the sentiment is Positive. The current price of 353 is above the 20-day moving average (MA) of 341.40, above the 50-day MA of 336.00, and above the 200-day MA of 338.78, indicating a bullish trend. The MACD of 5.24 indicates Negative momentum. The RSI at 53.21 is Neutral, neither overbought nor oversold. The STOCH value of 63.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2652.
Mandarake Inc. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | ¥42.12B | 12.04 | ― | 2.19% | 15.14% | 17.01% | |
79 Outperform | ¥32.99B | 10.78 | ― | 3.77% | 17.14% | 8.81% | |
74 Outperform | ¥35.67B | 5.26 | ― | 1.73% | 7.61% | 57.19% | |
67 Neutral | ¥79.61B | 7.71 | ― | 1.81% | 12.53% | 92.28% | |
66 Neutral | ¥12.34B | 5.05 | ― | 0.30% | 6.65% | 28.68% | |
65 Neutral | ¥234.96B | 14.06 | ― | 0.64% | 53.35% | 107.20% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
JP:2652
Mandarake Inc.
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20.04%
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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.