# MANDARAKE INC.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2024/10/01－2025/09/30) (S100XD0Z)
> Page: https://vizora.meequs.com/en/company/mandarake
> Retrieved: 2026-09-30T21:32:51.312Z

## Company

Mandarake, founded in 1987, is a company in Secondhand Retail listed on TSE Standard. It has 420 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MANDARAKE INC. |
| Ticker | 2652 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2652.T) |
| Listing | TSE Standard |
| Head office | 東京都中野区中野五丁目52番15号 |
| Representative (per filing) | 代表取締役社長 田中 幹教 |
| Founded | Feb 1987 |
| Share capital | ¥837.4M |
| Employees (consolidated) | 420 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | September |
| Website | mandarake.co.jp (https://mandarake.co.jp/) |
| Corporate number | 4011201005139 |
| EDINET | E03347 |
| Industries (Vizora) | Secondhand Retail |

> Profile source: annual securities report (S100XD0Z, filed 2025-12-25). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.2 | 17 |
| Profitability | 92.5 | 20 |
| Cash conversion | 16.7 | 15 |
| Efficiency | 12.5 | 20 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Mandarake brought in ¥15.2B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit -13.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥15183051000 → ¥1121645000
- Net income → operating cash flow: ¥1121645000 → ¥215216000（difference ¥-906429000）
- Main uses of operating cash flow: CapEx ¥342076000 / dividends ¥33300000 / buybacks ¥131450000
- Change in cash: ¥-485592000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥15.2B |  |
| Operating income | ¥1.79B | Margin 11.8% |
| Net income | ¥1.12B | Margin 7.4% |
| Free cash flow | -¥126.9M |  |
| Employees (consolidated) | 420 |  |
| EPS | ¥34.36 |  |
| Book value per share | ¥364.95 |  |
| Equity ratio | 62.5% |  |
| Shares outstanding | 36,180,000 |  |
| Treasury shares | 3,784,400 |  |
| Shareholders | 16,731 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 4.1% | Cash ÷ revenue 5.0% |
| Vs. industry median margin | +8.5 pp | Secondhand Retail |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 3.9× dividends
- FY2025, parent-company salary changed +26% over five years
- FY2025, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9017937000 | ¥15183051000 | +68.4% |
| Operating income | ¥257274000 | ¥1792120000 | +596.6% |
| Operating margin | 2.9% | 11.8% | +9 pp |
| Employees | 364 people | 420 people | +15.4% |
| Cash and equivalents | ¥766573000 | ¥766155000 | -0.1% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,183 | 100.0% | S100XD0Z |
| Cost of revenue | 6,888 | 45.4% | S100XD0Z |
| Gross profit | 8,295 | 54.6% | S100XD0Z |
| SG&A | 6,503 | 42.8% | S100XD0Z |
| Operating income | 1,792 | 11.8% | S100XD0Z |
| Ordinary income | 1,750 | 11.5% | S100XD0Z |
| Pretax income | 1,748 | 11.5% | S100XD0Z |
| Income tax | 627 | 4.1% | S100XD0Z |
| Net income | 1,122 | 7.4% | S100XD0Z |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 43 |
| Operating income | 12 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 54.6% → Operating margin 11.8% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.0%; Core profit growth: -13.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.73×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,455 | 15,183 | 728 | +5.0% |
| Gross profit | 7,919 | 8,295 | 376 | +4.8% |
| Operating income | 2,078 | 1,792 | -286 | -13.8% |
| Operating cash flow | 1,086 | 215 | -870 | -80.2% |
| Free cash flow | 996 | -127 | -1,122 | -112.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 10,059 | 891 | 8.9% | 564 | -39 | -82 | S100KFEH |
| FY ending Sep 2020 | 9,018 | 257 | 2.9% | 139 | 233 | 83 | S100N49B |
| FY ending Sep 2021 | 9,626 | 601 | 6.2% | 357 | 393 | 240 | S100PUV5 |
| FY ending Sep 2022 | 10,589 | 934 | 8.8% | 587 | 562 | 460 | S100SJB1 |
| FY ending Sep 2023 | 12,840 | 1,874 | 14.6% | 1,248 | 1,191 | 953 | S100V0II |
| FY ending Sep 2024 | 14,455 | 2,078 | 14.4% | 1,376 | 1,086 | 996 | S100XD0Z |
| FY ending Sep 2025 | 15,183 | 1,792 | 11.8% | 1,122 | 215 | -127 | S100XD0Z |

## People and productivity（FY ending Sep 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.2M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥2.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 364 | 381 | 395 | 411 | 420 |
| Average salary (parent company) | ¥4M | ¥4.1M | ¥4.3M | ¥4.7M | ¥5M |
| Average age (parent company) | 37.4 years | 37.3 years | 37.7 years | 37.8 years | 37.9 years |
| Average tenure (parent company) | 10.8 years | 9.5 years | 11.0 years | 11.1 years | 11.2 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +5.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 215 | 1.4% | S100XD0Z |
| Capital expenditure | 342 | 2.3% | S100XD0Z |
| Free cash flow | -127 | -0.8% | 算出 |
| Investing cash flow | -389 | -2.6% | S100XD0Z |
| Financing cash flow | -312 | -2.1% | S100XD0Z |
| Dividends paid | 33 | 0.2% | S100XD0Z |
| Share buyback | 131 | 0.9% | S100XD0Z |
| Change in cash | -486 | -3.2% | S100XD0Z |
| Cash and equivalents | 766 | 5.0% | S100XD0Z |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 736 | 845 | 1,470 | 1,252 | 766 | S100SJB1, S100V0II, S100XD0Z |
| Total assets | 16,123 | 16,672 | 17,921 | 18,093 | 18,907 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Net assets | 7,793 | 8,374 | 9,616 | 10,865 | 11,823 | S100SJB1, S100V0II, S100XD0Z |
| Share capital | 837 | 837 | 837 | 837 | 837 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Trade receivables | 271 | — | — | — | — | S100PUV5 |
| Property, plant and equipment | 5,537 | 5,382 | 5,409 | 5,270 | 5,407 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Intangible assets excluding goodwill | 13 | 32 | 30 | 21 | 14 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Investment securities | 1 | 1 | 1 | 1 | 2 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Current assets | 9,688 | 10,342 | 11,521 | 11,821 | 12,450 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Current liabilities | 4,054 | 4,610 | 4,895 | 4,522 | 4,901 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Trade payables | 18 | 18 | 21 | 20 | 23 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Short-term borrowings | 2,016 | 2,666 | 2,624 | 2,400 | 2,400 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Long-term borrowings | 3,308 | 2,732 | 2,455 | 1,726 | 1,111 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Bonds | 120 | 80 | 40 | — | — | S100PUV5, S100SJB1, S100V0II |
| Interest-bearing debt | 5,444 | 5,478 | 5,120 | — | — | 算出 |
| Total liabilities | 8,329 | 8,298 | 8,304 | 7,228 | 7,085 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Equity attributable to owners of parent | 7,793 | 8,374 | 9,616 | 10,864 | 11,822 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Retained earnings | 5,971 | 6,552 | 7,794 | 9,164 | 10,253 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |
| Treasury stock | -133 | -133 | -133 | -254 | -386 | S100PUV5, S100SJB1, S100V0II, S100XD0Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100XD0Z |
| Property, plant and equipment | 29% | S100XD0Z |
| Intangibles and goodwill | 0% | S100XD0Z |
| Investment securities | 0% | S100XD0Z |
| Other assets | 67% | S100XD0Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100XD0Z |
| Other liabilities | 37% | S100XD0Z |
| Equity | 63% | S100XD0Z |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,123 | 16,672 | 17,921 | 18,093 | 18,907 |
| Equity | 7,793 | 8,374 | 9,616 | 10,865 | 11,823 |
| Interest-bearing debt | 5,444 | 5,478 | 5,120 | — | — |
| Cash | 736 | 845 | 1,470 | 1,252 | 766 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 35.6% | S100XD0Z |
| Fixed assets ÷ total assets | 28.6% | S100XD0Z |
| Goodwill ÷ parent equity | — | —, S100XD0Z |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 4.1% |
| Cash ÷ revenue | 5.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 12.0% |
| Cash vs. profit gap | -906 JPY mn (of net income -80.8%) |
| Shareholder returns / net income | 14.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 3.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 180.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.7% | 0.60× | 2.2% | 2.07× | 4.6% | S100PUV5 |
| 2022 | 5.5% | 0.65× | 3.6% | 2.03× | 7.3% | S100SJB1 |
| 2023 | 9.7% | 0.74× | 7.2% | 1.92× | 13.9% | S100V0II |
| 2024 | 9.5% | 0.80× | 7.6% | 1.76× | 13.4% | S100XD0Z |
| 2025 | 7.4% | 0.82× | 6.1% | 1.63× | 9.9% | S100XD0Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 古 川 益 蔵 | Major shareholder | 34.0% | 2025-09-30 |
| 有限会社カイカイキキ | Major shareholder | 3.5% | 2025-09-30 |
| まんだらけ従業員持株会 | Major shareholder | 1.9% | 2025-09-30 |
| 西 田 貴 美 | Major shareholder | 1.7% | 2025-09-30 |
| 古 川 北 斗 | Major shareholder | 1.3% | 2025-09-30 |
| 大 軒 紀 之 | Major shareholder | 1.1% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.1% | 2025-09-30 |
| 古 川 五 勢 | Major shareholder | 1.0% | 2025-09-30 |
| 古 川 せ お に | Major shareholder | 1.0% | 2025-09-30 |
| まんだらけ役員持株会 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2024/10/01－2025/09/30) | S100XD0Z | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XD0Z,, |
| 有価証券報告書－第38期(2023/10/01－2024/09/30) | S100V0II | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0II,, |
| 有価証券報告書－第37期(2022/10/01－2023/09/30) | S100SJB1 | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJB1,, |
| 有価証券報告書－第36期(令和3年10月1日－令和4年9月30日) | S100PUV5 | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUV5,, |
| 有価証券報告書－第35期(令和2年10月1日－令和3年9月30日) | S100N49B | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N49B,, |
| 有価証券報告書－第34期(令和1年10月1日－令和2年9月30日) | S100KFEH | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFEH,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).