# Mercari, Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/07/01－2026/06/30) (S100Z2BE)
> Page: https://vizora.meequs.com/en/company/mercari
> Retrieved: 2026-09-30T20:48:39.391Z

## Company

Mercari, founded in 2013, is a company in E-commerce listed on TSE Prime. It has 2,065 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mercari, Inc. |
| Ticker | 4385 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4385.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木六丁目10番1号 六本木ヒルズ森タワー |
| Representative (per filing) | 代表執行役 CEO(社長) 山田 進太郎 |
| Founded | Feb 2013 |
| Share capital | ¥49.2B |
| Employees (consolidated) | 2,065 |
| Average salary (parent only) | ¥12.3M |
| Fiscal year end | June |
| Website | about.mercari.com (https://about.mercari.com/) |
| Corporate number | 6010701027558 |
| EDINET | E34064 |
| Industries (Vizora) | E-commerce, Cashless Payments |

> Profile source: annual securities report (S100Z2BE, filed 2026-09-17). As of filing

## Key points (generated from figures)

- About 79% of Mercari's sales come from JapanBusiness, with US and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +19.0% from the prior year, operating profit +57.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥229.3B |  |
| Operating income | ¥43.9B | Margin 19.1% |
| Net income | ¥35.4B | Margin 15.4% |
| Free cash flow | -¥14.6B |  |
| Largest business | JapanBusiness | of segment revenue 78.9% |
| Employees (consolidated) | 2,065 |  |
| EPS | ¥214.74 |  |
| Diluted EPS | ¥209.06 |  |
| Book value per share | ¥683.77 |  |
| Equity ratio | 18.9% | Derived from disclosed figures |
| Shares outstanding | 165,220,952 |  |
| Treasury shares | 600 |  |
| Shareholders | 30,836 |  |
| Average salary (parent only) | ¥12.3M | Filing company only |
| Cash ratio | 25.3% | Cash ÷ revenue 80.3% |
| Vs. industry median margin | +14.2 pp | E-commerce |
| ROE | 30.0% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, employees -4% while operating income rose 58%
- FY2026, parent-company salary changed +27% over five years

## What changed in 5 years

Accounting standard changed in FY2022; percentage changes are omitted.

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥106115000000 | ¥229293000000 | — |
| Operating income | ¥5184000000 | ¥43905000000 | — |
| Operating margin | 4.9% | 19.1% | +14.3 pp |
| Employees | 1,752 people | 2,065 people | — |
| Cash and equivalents | ¥171463000000 | ¥184069000000 | — |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → Japan Business | 78.9% |
| 新設・再編 → US | 17.8% |
| 新設・再編 → その他 | 3.3% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| JapanBusiness | — | — | ¥180858000000 | 28.4% | 2 |
| US | 3 years | -2.8% | ¥40782000000 | 4.1% | 2 |
| Other | 4 years | +7.7% | ¥7653000000 | 5.0% | 2 |

## Income statement（FY ending Jun 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 229,293 | 100.0% | S100Z2BE |
| Cost of revenue | 60,387 | 26.3% | S100Z2BE |
| Gross profit | 168,906 | 73.7% | S100Z2BE |
| SG&A | 124,724 | 54.4% | S100Z2BE |
| Operating income | 43,905 | 19.1% | S100Z2BE |
| Pretax income | 44,188 | 19.3% | S100Z2BE |
| Income tax | 8,760 | 3.8% | S100Z2BE |
| Net income | 35,428 | 15.5% | S100Z2BE |
| Net income attributable to owners | 35,401 | 15.4% | S100Z2BE |

## Per ¥100 of revenue（FY ending Jun 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 26 |
| SG&A | 55 |
| Operating income | 19 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 73.7% → Operating margin 19.1% → Net margin 15.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.0%; Core profit growth: +57.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.03×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 192,633 | 229,293 | 36,660 | +19.0% |
| Gross profit | 138,258 | 168,906 | 30,648 | +22.2% |
| Operating income | 27,840 | 43,905 | 16,065 | +57.7% |
| Net income attributable to owners | 26,114 | 35,401 | 9,287 | +35.6% |
| Operating cash flow | -11,949 | -9,512 | 2,437 | — |
| Free cash flow | -13,112 | -14,611 | -1,499 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 76,275 | -19,308 | -25.3% | -22,772 | 12,533 | 11,760 | S100MIGF |
| FY ending Jun 2021 | 106,115 | 5,184 | 4.9% | 5,720 | 3,367 | 2,947 | S100P8KO |
| FY ending Jun 2022 | 147,049 | -3,715 | -2.5% | -7,569 | -26,217 | -26,886 | S100RX8V |
| FY ending Jun 2023 | 171,967 | 16,385 | 9.5% | 13,113 | -35,820 | -36,400 | S100UEYZ |
| FY ending Jun 2024 | 187,407 | 17,486 | 9.3% | 13,461 | -43,337 | -43,492 | S100WQDW |
| FY ending Jun 2025 | 192,633 | 27,840 | 14.5% | 26,114 | -11,949 | -13,112 | S100Z2BE |
| FY ending Jun 2026 | 229,293 | 43,905 | 19.1% | 35,401 | -9,512 | -14,611 | S100Z2BE |

## People and productivity（FY ending Jun 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥111M |
| Operating income per employee (consolidated) | ¥21.3M |
| Net income per employee (consolidated) | ¥17.1M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,209 | 2,101 | 2,080 | 2,159 | 2,065 |
| Average salary (parent company) | ¥9.7M | ¥10.4M | ¥11.7M | ¥11.8M | ¥12.3M |
| Average age (parent company) | 34.6 years | 35.6 years | 36.0 years | 36.3 years | 37.2 years |
| Average tenure (parent company) | 2.9 years | 3.4 years | 3.5 years | 3.8 years | 4.5 years |

Year over year: Employees (consolidated) -4.4% · Revenue (consolidated) +19.0%

## Segments（FY ending Jun 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JapanBusiness | 180,858 | 78.9% | 51,316 | 28.4% |
| US | 40,782 | 17.8% | 1,664 | 4.1% |
| Other | 7,653 | 3.3% | 379 | 5.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| JapanBusiness | 78.9% | 96.2% | 17.3 | 28.4% |
| US | 17.8% | 3.1% | -14.7 | 4.1% |
| Other | 3.3% | 0.7% | -2.6 | 5.0% |

Segment → industry: US → E-commerce / JapanBusiness → E-commerce / JapanBusiness → Cashless Payments

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -9,512 | -4.1% | S100Z2BE |
| Capital expenditure | 5,099 | 2.2% | S100Z2BE |
| Free cash flow | -14,611 | -6.4% | 算出 |
| Investing cash flow | -29,240 | -12.8% | S100Z2BE |
| Financing cash flow | 73,473 | 32.0% | S100Z2BE |
| Change in cash | 37,040 | 16.2% | S100Z2BE |
| Cash and equivalents | 184,069 | 80.3% | S100Z2BE |

## 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 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 211,758 | 201,822 | 191,998 | 147,028 | 184,069 | S100UEYZ, S100WQDW, S100Z2BE |
| Total assets | 345,181 | 418,349 | 501,773 | 543,763 | 726,622 | S100UEYZ, S100WQDW, S100Z2BE |
| Net assets | 38,214 | 55,659 | 72,145 | 99,640 | 137,468 | S100UEYZ, S100WQDW, S100Z2BE |
| Share capital | 44,628 | 45,596 | 47,349 | 48,176 | 49,182 | S100UEYZ, S100WQDW, S100Z2BE |
| Property, plant and equipment | 2,110 | 1,825 | 1,472 | 1,428 | 2,621 | S100UEYZ, S100WQDW, S100Z2BE |
| Intangible assets excluding goodwill | 666 | 584 | — | — | — | S100RX8V |
| Investment securities | 117 | 78 | — | — | — | S100RX8V |
| Current assets | 302,533 | 338,645 | 402,033 | 420,241 | 682,996 | S100UEYZ, S100WQDW, S100Z2BE |
| Current liabilities | 224,722 | 273,608 | — | — | — | S100RX8V |
| Short-term borrowings | 54,254 | 55,121 | — | — | — | S100RX8V |
| Long-term borrowings | 25,749 | 35,696 | — | — | — | S100RX8V |
| Total liabilities | 306,967 | 362,689 | 429,627 | 444,122 | 589,154 | S100UEYZ, S100WQDW, S100Z2BE |
| Non-controlling interests | 314 | 554 | — | — | — | S100RX8V |
| Equity attributable to owners of parent | 37,835 | 55,346 | 71,836 | 99,269 | 137,069 | S100UEYZ, S100WQDW, S100Z2BE |
| Retained earnings | -55,891 | -42,777 | -29,125 | -3,014 | 32,426 | S100UEYZ, S100WQDW, S100Z2BE |
| Treasury stock | 0 | 0 | 0 | 0 | -2 | S100UEYZ, S100WQDW, S100Z2BE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100Z2BE |
| Property, plant and equipment | 1% | S100Z2BE |
| Other assets | 74% | S100Z2BE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 81% | S100Z2BE |
| Equity | 19% | S100Z2BE |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 345,181 | 418,349 | 501,773 | 543,763 | 726,622 |
| Equity | 38,214 | 55,659 | 72,145 | 99,640 | 137,468 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 211,758 | 201,822 | 191,998 | 147,028 | 184,069 |

## 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) | 1.1% | S100Z2BE |
| Fixed assets ÷ total assets | 0.4% | S100Z2BE |
| Goodwill ÷ parent equity | — | —, S100Z2BE |

### 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) | 25.3% |
| Cash ÷ revenue | 80.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -21.7% |
| Cash vs. profit gap | -44,913 JPY mn (of net income -126.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -2.2% | —× | — | S100RX8V, S100UEYZ |
| 2023 | 7.6% | 0.45× | 3.4% | 8.19× | 28.1% | S100UEYZ |
| 2024 | 7.2% | 0.41× | 2.9% | 7.23× | 21.2% | S100WQDW |
| 2025 | 13.6% | 0.37× | 5.0% | 6.11× | 30.5% | S100Z2BE |
| 2026 | 15.4% | 0.36× | 5.6% | 5.38× | 30.0% | S100Z2BE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山田 進太郎 | Major shareholder | 21.4% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 17.4% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.3% | 2026-06-30 |
| 株式会社suadd | Major shareholder | 6.3% | 2026-06-30 |
| OASIS JAPAN STRATEGIC FUND LTD. （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.9% | 2026-06-30 |
| 富島 寛 | Major shareholder | 3.4% | 2026-06-30 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2026-06-30 |
| CEP LUX-ORBIS SICAV （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.8% | 2026-06-30 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-06-30 |
| CACEIS BANK FOR (EQUITIES) NON TREATY UCITS CLIENTS （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.1% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/07/01－2026/06/30) | S100Z2BE | 2026-09-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z2BE,, |
| 有価証券報告書－第13期(2024/07/01－2025/06/30) | S100WQDW | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQDW,, |
| 有価証券報告書－第12期(2023/07/01－2024/06/30) | S100UEYZ | 2024-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEYZ,, |
| 有価証券報告書－第11期(2022/07/01－2023/06/30) | S100RX8V | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RX8V,, |
| 有価証券報告書－第10期(令和3年7月1日－令和4年6月30日) | S100P8KO | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8KO,, |
| 有価証券報告書－第9期(令和2年7月1日－令和3年6月30日) | S100MIGF | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIGF,, |

## 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).