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Mandarake Inc.
(2652)
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Rating:76Outperform
Price Target:
¥496.00
▲(40.51% Upside)
Action:Upgraded
Date:07/08/26
The score is driven primarily by strong technical momentum (price above major moving averages with positive MACD) and attractive valuation (low P/E and very high dividend yield). These positives are moderated by financial performance risks, particularly weakening profitability margins and notable cash flow quality/coverage concerns.
Positive Factors
High gross margin (>53%)
A sustained gross margin above 53% provides structural pricing power in the collectibles recommerce model. That margin buffer supports profitability even if acquisition costs rise and underpins long-term cash generation when inventory turns efficiently, helping fund operations and reinvestment.
Negative Factors
Declining profitability margins
Compression in operating and net margins reduces retained earnings and the company’s capacity to fund growth or absorb shocks. If higher operating costs or pricing pressure persist, the margin decline may erode the cushion provided by gross margins and limit sustainable investment in stores and online capabilities.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin (>53%)
A sustained gross margin above 53% provides structural pricing power in the collectibles recommerce model. That margin buffer supports profitability even if acquisition costs rise and underpins long-term cash generation when inventory turns efficiently, helping fund operations and reinvestment.
Read all positive factors
Mandarake Inc. (2652) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥15.86B
Dividend Yield0.3%
Average Volume (3M)177.19K
Price to Earnings (P/E)10.1
Beta (1Y)0.51
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. 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, enc...
How the Company Makes Money
Mandarake primarily makes money by buying used items from individuals (and other sources), then reselling them at a markup through its retail stores and online channels. The core revenue stream is merchandise sales, where gross profit is driven by...
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
375.12
Positive
357.27
Positive
350.29
Positive
Market Momentum
18.62
Negative
71.87
Negative
80.40
Negative
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 below the 20-day moving average (MA) of 408.90, below the 50-day MA of 375.12, and above the 200-day MA of 350.29, indicating a bullish trend. The MACD of 18.62 indicates Negative momentum. The RSI at 71.87 is Negative, neither overbought nor oversold. The STOCH value of 80.40 is Negative, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | ¥37.68B | 14.86 | ― | 3.77% | 17.14% | 8.80% | |
76 Outperform | ¥15.86B | 10.08 | ― | 0.30% | 6.65% | 28.68% | |
74 Outperform | ¥53.87B | 15.15 | ― | 2.19% | 15.56% | 21.99% | |
72 Outperform | ¥219.56B | 29.11 | ― | 0.64% | 53.35% | 107.20% | |
67 Neutral | ¥80.28B | 9.04 | ― | 1.81% | 12.53% | 92.29% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | ¥37.94B | 14.85 | ― | 1.73% | 7.61% | 57.19% |
* Consumer Cyclical Sector Average
JP:2652
Mandarake Inc.
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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.