# MarketEnterprise Co.,Ltd: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2024/07/01－2025/06/30) (S100WRDT)
> Page: https://vizora.meequs.com/en/company/marketenterprise
> Retrieved: 2026-09-30T22:10:26.002Z

## Company

MarketEnterprise, founded in 2006, is a company in Telecom Carriers listed on TSE Prime. It has 394 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MarketEnterprise Co.,Ltd. |
| Ticker | 3135 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3135.T) |
| Listing | TSE Prime |
| Head office | 東京都墨田区亀沢三丁目3番14号(同所は登記上の本店所在地であり、実際の業務は下記「最寄りの 連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 小林 泰士 |
| Founded | Jul 2006 |
| Share capital | ¥336.5M |
| Employees (consolidated) | 394 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | June |
| Website | www.marketenterprise.co.jp (https://www.marketenterprise.co.jp/) |
| Corporate number | 7010601032252 |
| EDINET | E31551 |
| Industries (Vizora) | Telecom Carriers, Internet Services & Apps, Secondhand Retail |

> Profile source: annual securities report (S100WRDT, filed 2025-09-26). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.6 | 17 |
| Profitability | 37.5 | 20 |
| Cash conversion | 36.7 | 15 |
| Efficiency | 97.5 | 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)

- About 50% of MarketEnterprise's sales come from Web-based reuse business, with Mobile business and Internet media business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +30.3% from the prior year, operating profit +109.4%.

## Company structure

- Segment revenue mix: Web-based reuse business 50.3%、Mobile business 47.8%、Internet media business 1.9%
- Revenue → net income: ¥24771890000 → ¥611969000
- Net income → operating cash flow: ¥611969000 → ¥482470000（difference ¥-129499000）
- Main uses of operating cash flow: CapEx ¥65038000 / dividends — / buybacks —
- Change in cash: ¥224096000
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 | ¥24.8B |  |
| Operating income | ¥625.6M | Margin 2.5% |
| Net income | ¥484.7M | Margin 2.0% |
| Free cash flow | ¥417.4M |  |
| Largest business | Web-based reuse business | of segment revenue 50.3% |
| Employees (consolidated) | 394 |  |
| EPS | ¥40.45 |  |
| Diluted EPS | ¥39.53 |  |
| Book value per share | ¥65.4 |  |
| Equity ratio | 21.8% |  |
| Shares outstanding | 5,351,800 |  |
| Treasury shares | 400 |  |
| Shareholders | 3,170 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 27.4% | Cash ÷ revenue 6.9% |
| Vs. industry median margin | -0.8 pp | Secondhand Retail |
| ROE | 43.6% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.3× its level five years ago
- FY2025, employees -9% while operating income rose 109%
- FY2025, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10904257000 | ¥24771890000 | +127.2% |
| Operating income | ¥655813000 | ¥625635000 | -4.6% |
| Operating margin | 6.0% | 2.5% | -3.5 pp |
| Employees | 223 people | 394 people | +76.7% |
| Cash and equivalents | ¥1255622000 | ¥1710882000 | +36.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ネット型リユース事業 → ネット型リユース事業 | 50.3% |
| ネット型リユース事業 → 事業再編・廃止 | 10.7% |
| メディア事業 → メディア事業 | 1.9% |
| メディア事業 → 事業再編・廃止 | 1.6% |
| モバイル通信事業 → モバイル通信事業 | 35.5% |
| 新設・再編 → モバイル通信事業 | 12.3% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Web-based reuse business | 5 years | +13.4% | ¥12460726000 | 7.5% | 2 |
| Mobile business | 5 years | +25.1% | ¥11847813000 | 4.7% | 2 |
| Internet media business | 5 years | +4.0% | ¥463349000 | 61.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,772 | 100.0% | S100WRDT |
| Cost of revenue | 16,240 | 65.6% | S100WRDT |
| Gross profit | 8,532 | 34.4% | S100WRDT |
| SG&A | 7,907 | 31.9% | S100WRDT |
| Operating income | 626 | 2.5% | S100WRDT |
| Ordinary income | 684 | 2.8% | S100WRDT |
| Pretax income | 699 | 2.8% | S100WRDT |
| Income tax | 87 | 0.4% | S100WRDT |
| Net income | 612 | 2.5% | S100WRDT |
| Net income attributable to owners | 485 | 2.0% | S100WRDT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 32 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 34.4% → Operating margin 2.5% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +30.3%; Core profit growth: +109.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.61×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,008 | 24,772 | 5,764 | +30.3% |
| Gross profit | 6,941 | 8,532 | 1,591 | +22.9% |
| Operating income | 299 | 626 | 327 | +109.4% |
| Net income attributable to owners | -476 | 485 | 961 | — |
| Operating cash flow | -424 | 482 | 907 | — |
| Free cash flow | -471 | 417 | 888 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 8,473 | 452 | 5.3% | 204 | 224 | 198 | S100JQU3 |
| FY ending Jun 2020 | 10,904 | 656 | 6.0% | 292 | -65 | -107 | S100MI7U |
| FY ending Jun 2021 | 10,876 | 54 | 0.5% | -40 | 595 | 574 | S100P96P |
| FY ending Jun 2022 | 11,987 | -319 | -2.7% | -404 | -395 | -483 | S100RXB5 |
| FY ending Jun 2023 | 15,258 | 95 | 0.6% | 290 | 193 | 159 | S100UFSB |
| FY ending Jun 2024 | 19,008 | 299 | 1.6% | -476 | -424 | -471 | S100WRDT |
| FY ending Jun 2025 | 24,772 | 626 | 2.5% | 485 | 482 | 417 | S100WRDT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.9M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 252 | 290 | 385 | 433 | 394 |
| Average salary (parent company) | ¥4.2M | ¥4.3M | ¥4.4M | ¥4.2M | ¥4.3M |
| Average age (parent company) | 31.6 years | 31.6 years | 30.0 years | 30.2 years | 31.4 years |
| Average tenure (parent company) | 3.6 years | 3.5 years | 2.9 years | 3.0 years | 3.8 years |

Year over year: Employees (consolidated) -9.0% · Revenue (consolidated) +30.3%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Web-based reuse business | 12,461 | 50.3% | 941 | 7.5% |
| Internet media business | 463 | 1.9% | 284 | 61.4% |
| Mobile business | 11,848 | 47.8% | 552 | 4.7% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Web-based reuse business | 50.3% | 52.9% | 2.6 | 7.5% |
| Internet media business | 1.9% | 16.0% | 14.1 | 61.4% |
| Mobile business | 47.8% | 31.1% | -16.8 | 4.7% |

Segment → industry: Mobile business → Telecom Carriers / Internet media business → Internet Services & Apps / Web-based reuse business → Secondhand Retail

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 482 | 1.9% | S100WRDT |
| Capital expenditure | 65 | 0.3% | S100WRDT |
| Free cash flow | 417 | 1.7% | 算出 |
| Investing cash flow | -51 | -0.2% | S100WRDT |
| Financing cash flow | -197 | -0.8% | S100WRDT |
| Change in cash | 224 | 0.9% | S100WRDT |
| Cash and equivalents | 1,711 | 6.9% | S100WRDT |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,469 | 942 | 1,644 | 1,487 | 1,711 | S100RXB5, S100UFSB, S100WRDT |
| Total assets | 3,462 | 3,531 | 4,854 | 5,345 | 6,238 | S100P96P, S100RXB5, S100UFSB, S100WRDT |
| Net assets | 1,653 | 1,296 | 1,702 | 1,306 | 1,914 | S100RXB5, S100UFSB, S100WRDT |
| Share capital | 325 | 326 | 331 | 332 | 337 | S100P96P, S100RXB5, S100UFSB, S100WRDT |
| Property, plant and equipment | 360 | 366 | 429 | 270 | 313 | S100P96P, S100RXB5, S100UFSB, S100WRDT |
| Intangible assets excluding goodwill | 236 | 216 | 127 | 49 | 78 | S100P96P, S100RXB5, S100UFSB, S100WRDT |
| Goodwill | 212 | 172 | 97 | 32 | 69 | S100P96P, S100RXB5, S100UFSB, S100WRDT |
| Investment securities | 23 | 16 | 20 | 3 | 1 | S100P96P, S100RXB5, S100UFSB, S100WRDT |
| Current assets | 2,531 | 2,541 | 3,473 | 4,335 | 5,032 | S100P96P, S100RXB5, S100UFSB, S100WRDT |
| Current liabilities | 1,156 | 2,058 | 3,078 | 3,976 | 4,276 | S100P96P, S100RXB5, S100UFSB, S100WRDT |
| Short-term borrowings | — | 800 | 1,500 | 2,233 | 2,100 | S100RXB5, S100UFSB, S100WRDT |
| Long-term borrowings | 605 | 147 | — | — | — | S100P96P, S100RXB5 |
| Total liabilities | 1,809 | 2,235 | 3,152 | 4,039 | 4,325 | S100P96P, S100RXB5, S100UFSB, S100WRDT |
| Non-controlling interests | 214 | 245 | 349 | 426 | 552 | S100P96P, S100RXB5, S100UFSB, S100WRDT |
| Equity attributable to owners of parent | 1,439 | 1,038 | 1,339 | 865 | 1,357 | S100P96P, S100RXB5, S100UFSB, S100WRDT |
| Retained earnings | 811 | 407 | 697 | 221 | 703 | S100P96P, S100RXB5, S100UFSB, S100WRDT |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100P96P, S100RXB5, S100UFSB, S100WRDT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100WRDT |
| Property, plant and equipment | 5% | S100WRDT |
| Intangibles and goodwill | 2% | S100WRDT |
| Investment securities | 0% | S100WRDT |
| Other assets | 65% | S100WRDT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 69% | S100WRDT |
| Equity | 31% | S100WRDT |
| Other liabilities | 0% | S100WRDT |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,462 | 3,531 | 4,854 | 5,345 | 6,238 |
| Equity | 1,653 | 1,296 | 1,702 | 1,306 | 1,914 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,469 | 942 | 1,644 | 1,487 | 1,711 |

## 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) | 1.3% | S100WRDT |
| Fixed assets ÷ total assets | 5.0% | S100WRDT |
| Goodwill ÷ parent equity | 5.1% | S100WRDT |

Goodwill over 4 years: 212 → 69 JPY; total investing cash flow: -546 JPY. This does not imply causation.

### 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) | 27.4% |
| Cash ÷ revenue | 6.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.1% |
| Cash vs. profit gap | -2 JPY mn (of net income -0.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 10.6% |

## 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 | — | —× | -1.2% | —× | — | S100P96P |
| 2022 | — | —× | -11.6% | —× | — | S100RXB5 |
| 2023 | 1.9% | 3.64× | 6.9% | 3.53× | 24.4% | S100UFSB |
| 2024 | — | —× | -9.3% | —× | — | S100WRDT |
| 2025 | 2.0% | 4.28× | 8.4% | 5.21× | 43.6% | S100WRDT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＷＷＧ | Major shareholder | 38.8% | 2025-06-30 |
| 小林 泰士 | Major shareholder | 10.1% | 2025-06-30 |
| 加茂 知之 | Major shareholder | 9.8% | 2025-06-30 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE（常任代理人 株式会社三菱ＵＦＪ銀行決済事業部） | Major shareholder | 1.5% | 2025-06-30 |
| 丸尾 光兵 | Major shareholder | 1.3% | 2025-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.2% | 2025-06-30 |
| BNY GCM CLIENT ACCOUNT JRRD AC ISG (FE-AC)（常任代理人 株式会社三菱ＵＦＪ銀行決済事業部） | Major shareholder | 1.0% | 2025-06-30 |
| 楽天証券株式会社 | Major shareholder | 0.9% | 2025-06-30 |
| 株式会社マーケットエンタープライズ従業員持株会 | Major shareholder | 0.9% | 2025-06-30 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.9% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2024/07/01－2025/06/30) | S100WRDT | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRDT,, |
| 有価証券報告書－第18期(2023/07/01－2024/06/30) | S100UFSB | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFSB,, |
| 有価証券報告書－第17期(2022/07/01－2023/06/30) | S100RXB5 | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXB5,, |
| 有価証券報告書－第16期(令和3年7月1日－令和4年6月30日) | S100P96P | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P96P,, |
| 有価証券報告書－第15期(令和2年7月1日－令和3年6月30日) | S100MI7U | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI7U,, |
| 有価証券報告書－第14期(令和1年7月1日－令和2年6月30日) | S100JQU3 | 2020-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JQU3,, |

## 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).