# MIXI, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/04/01－2026/03/31) (S100YE1D)
> Page: https://vizora.meequs.com/en/company/mixi
> Retrieved: 2026-09-30T20:24:59.459Z

## Company

Mixi, founded in 1999, is a company in Internet Services & Apps listed on TSE Prime. It has 2,116 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIXI, Inc. |
| Ticker | 2121 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2121.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷二丁目24番12号渋谷スクランブルスクエア |
| Representative (per filing) | 代表取締役社長 上級執行役員 CEO 木村 弘毅 |
| Founded | Jun 1999 |
| Share capital | ¥9.7B |
| Employees (consolidated) | 2,116 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.mixi.co.jp (https://www.mixi.co.jp/) |
| Corporate number | 1011001035512 |
| EDINET | E05617 |
| Industries (Vizora) | Internet Services & Apps, Venture Capital, Games, Professional Sports |

> Profile source: annual securities report (S100YE1D, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Games (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.3 | 36 |
| Profitability | 72 | 41 |
| Cash conversion | 46.8 | 31 |
| Efficiency | 42.7 | 41 |

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 49% of Mixi's sales come from Digital entertainment business, with Sports business and Lifestyle business making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +10.7% from the prior year, operating profit -16.3%.

## Company structure

- Segment revenue mix: Digital entertainment business 49.0%、Sports business 38.4%、Lifestyle business 10.0%、Investment business 2.6%
- Revenue → net income: ¥171369000000 → ¥16552000000
- Net income → operating cash flow: ¥16552000000 → ¥19287000000（difference ¥2735000000）
- Main uses of operating cash flow: CapEx ¥9792000000 / dividends ¥8378000000 / buybacks ¥9504000000
- Change in cash: ¥3016000000
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 | ¥171.4B |  |
| Operating income | ¥22.3B | Margin 13.0% |
| Net income | ¥17.3B | Margin 10.1% |
| Free cash flow | ¥9.49B |  |
| Largest business | Digital entertainment business | of segment revenue 49.0% |
| Employees (consolidated) | 2,116 |  |
| EPS | ¥251.39 |  |
| Diluted EPS | ¥248.75 |  |
| Book value per share | ¥2721.08 |  |
| Equity ratio | 64.7% |  |
| Shares outstanding | 71,330,850 |  |
| Treasury shares | 6,224,400 |  |
| Shareholders | 18,393 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 39.7% | Cash ÷ revenue 64.9% |
| Vs. industry median margin | +7.6 pp | Games |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, one segment accounts for 86% of positive segment profit
- FY2026, segment profit share differs by 37 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥119319000000 | ¥171369000000 | +43.6% |
| Operating income | ¥22928000000 | ¥22256000000 | -2.9% |
| Operating margin | 19.2% | 13.0% | -6.2 pp |
| Employees | 1,168 people | 2,116 people | +81.2% |
| Cash and equivalents | ¥149812000000 | ¥111190000000 | -25.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| デジタルエンターテインメント事業 → デジタルエンターテインメント事業 | 49.0% |
| デジタルエンターテインメント事業 → 事業再編・廃止 | 35.3% |
| スポーツ事業 → スポーツ事業 | 10.6% |
| ライフスタイル事業 → ライフスタイル事業 | 5.1% |
| 新設・再編 → スポーツ事業 | 27.8% |
| 新設・再編 → ライフスタイル事業 | 5.0% |
| 新設・再編 → 投資事業 | 2.6% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital entertainment business | 5 years | -3.6% | ¥83889000000 | 51.3% | 2 |
| Sports business | 5 years | +39.0% | ¥65848000000 | 7.7% | 2 |
| Lifestyle business | 5 years | +23.3% | ¥17159000000 | 5.1% | 2 |
| Investment business | 4 years | +3.1% | ¥4440000000 | 22.5% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 171,369 | 100.0% | S100YE1D |
| Cost of revenue | 57,779 | 33.7% | S100YE1D |
| Gross profit | 113,590 | 66.3% | S100YE1D |
| SG&A | 91,334 | 53.3% | S100YE1D |
| Operating income | 22,256 | 13.0% | S100YE1D |
| Ordinary income | 24,700 | 14.4% | S100YE1D |
| Pretax income | 24,885 | 14.5% | S100YE1D |
| Income tax | 8,332 | 4.9% | S100YE1D |
| Net income | 16,552 | 9.7% | S100YE1D |
| Net income attributable to owners | 17,270 | 10.1% | S100YE1D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 53 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 66.3% → Operating margin 13.0% → Net margin 10.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +10.7%; Core profit growth: -16.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.53×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 154,847 | 171,369 | 16,522 | +10.7% |
| Gross profit | 106,043 | 113,590 | 7,547 | +7.1% |
| Operating income | 26,600 | 22,256 | -4,344 | -16.3% |
| Net income attributable to owners | 17,601 | 17,270 | -331 | -1.9% |
| Operating cash flow | 27,476 | 19,287 | -8,189 | -29.8% |
| Free cash flow | 20,993 | 9,495 | -11,498 | -54.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 112,171 | 17,147 | 15.3% | 10,760 | 17,792 | 7,858 | S100LPWL |
| FY ending Mar 2021 | 119,319 | 22,928 | 19.2% | 15,692 | 34,672 | 29,874 | S100O6A1 |
| FY ending Mar 2022 | 122,030 | 17,808 | 14.6% | 10,262 | 2,647 | -1,247 | S100QX1Y |
| FY ending Mar 2023 | 146,867 | 24,820 | 16.9% | 5,161 | 15,751 | 13,202 | S100TR2T |
| FY ending Mar 2024 | 146,868 | 19,177 | 13.1% | 7,082 | 9,181 | 5,719 | S100W37Z |
| FY ending Mar 2025 | 154,847 | 26,600 | 17.2% | 17,601 | 27,476 | 20,993 | S100YE1D |
| FY ending Mar 2026 | 171,369 | 22,256 | 13.0% | 17,270 | 19,287 | 9,495 | S100YE1D |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81M |
| Operating income per employee (consolidated) | ¥10.5M |
| Net income per employee (consolidated) | ¥8.2M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,432 | 1,527 | 1,645 | 1,717 | 2,116 |
| Average salary (parent company) | ¥7.1M | ¥7.4M | ¥7.5M | ¥7.9M | ¥8.5M |
| Average age (parent company) | 35.6 years | 36.1 years | 36.7 years | 37.4 years | 38.1 years |
| Average tenure (parent company) | 4.3 years | 4.8 years | 5.2 years | 5.8 years | 6.2 years |

Year over year: Employees (consolidated) +23.2% · Revenue (consolidated) +10.7%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital entertainment business | 83,889 | 49.0% | 43,050 | 51.3% |
| Sports business | 65,848 | 38.4% | 5,088 | 7.7% |
| Lifestyle business | 17,159 | 10.0% | 876 | 5.1% |
| Investment business | 4,440 | 2.6% | 1,001 | 22.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital entertainment business | 49.0% | 86.1% | 37.1 | 51.3% |
| Sports business | 38.4% | 10.2% | -28.3 | 7.7% |
| Lifestyle business | 10.0% | 1.8% | -8.3 | 5.1% |
| Investment business | 2.6% | 2.0% | -0.6 | 22.5% |

Segment → industry: Lifestyle business → Internet Services & Apps / Investment business → Venture Capital / Digital entertainment business → Games / Sports business → Professional Sports

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 19,287 | 11.3% | S100YE1D |
| Capital expenditure | 9,792 | 5.7% | S100YE1D |
| Free cash flow | 9,495 | 5.5% | 算出 |
| Investing cash flow | -31,552 | -18.4% | S100YE1D |
| Financing cash flow | 14,161 | 8.3% | S100YE1D |
| Dividends paid | 8,378 | 4.9% | S100YE1D |
| Share buyback | 9,504 | 5.5% | S100YE1D |
| Change in cash | 3,016 | 1.8% | S100YE1D |
| Cash and equivalents | 111,190 | 64.9% | S100YE1D |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 118,433 | 118,703 | 105,688 | 108,174 | 111,190 | S100TR2T, S100W37Z, S100YE1D |
| Total assets | 218,056 | 222,321 | 207,342 | 225,544 | 280,405 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Net assets | 186,056 | 183,463 | 175,730 | 181,333 | 189,466 | S100TR2T, S100W37Z, S100YE1D |
| Share capital | 9,698 | 9,698 | 9,698 | 9,698 | 9,698 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Trade receivables | 11,580 | 13,736 | 13,227 | 15,812 | 15,811 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Property, plant and equipment | 15,012 | 15,114 | 17,532 | 20,020 | 25,180 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Intangible assets excluding goodwill | 21,924 | 19,410 | 16,961 | 14,793 | 60,551 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Goodwill | 10,737 | 9,806 | 8,467 | 7,265 | 23,827 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Investment securities | 13,458 | 10,313 | 7,391 | 6,023 | 4,618 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Current assets | 155,871 | 162,907 | 154,236 | 169,931 | 176,340 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Current liabilities | 20,847 | 29,244 | 22,992 | 31,380 | 40,022 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Short-term borrowings | 645 | 912 | 1,090 | 1,865 | 4,927 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Long-term borrowings | 7,477 | 6,873 | 6,341 | 10,587 | 40,223 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Total liabilities | 32,000 | 38,857 | 31,611 | 44,210 | 90,939 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Non-controlling interests | 1,415 | 1,324 | 1,209 | 1,270 | 7,077 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Equity attributable to owners of parent | 182,385 | 180,116 | 172,240 | 175,026 | 175,070 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Retained earnings | 181,278 | 177,655 | 163,190 | 173,149 | 174,756 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |
| Treasury stock | -18,248 | -16,900 | -10,310 | -17,491 | -19,060 | S100QX1Y, S100TR2T, S100W37Z, S100YE1D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100YE1D |
| Receivables | 5% | S100YE1D |
| Property, plant and equipment | 9% | S100YE1D |
| Intangibles and goodwill | 30% | S100YE1D |
| Investment securities | 2% | S100YE1D |
| Other assets | 14% | S100YE1D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YE1D |
| Equity | 68% | S100YE1D |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 218,056 | 222,321 | 207,342 | 225,544 | 280,405 |
| Equity | 186,056 | 183,463 | 175,730 | 181,333 | 189,466 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 118,433 | 118,703 | 105,688 | 108,174 | 111,190 |

## 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) | 14.7% | S100YE1D |
| Fixed assets ÷ total assets | 9.0% | S100YE1D |
| Goodwill ÷ parent equity | 13.6% | S100YE1D |

Goodwill over 4 years: 10,737 → 23,827 JPY; total investing cash flow: -77,680 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) | 39.7% |
| Cash ÷ revenue | 64.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.7% |
| Cash vs. profit gap | 2,017 JPY mn (of net income 11.7%) |
| Shareholder returns / net income | 103.5% |
| Shareholder returns / FCF | 188.3% |
| Shareholder payments — dividends / net income | 48.5% |
| Shareholder payments — dividends / FCF | 88.2% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 163.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.4% | 0.56× | 4.7% | 1.20× | 5.6% | S100QX1Y |
| 2023 | 3.5% | 0.67× | 2.3% | 1.21× | 2.8% | S100TR2T |
| 2024 | 4.8% | 0.68× | 3.3% | 1.22× | 4.0% | S100W37Z |
| 2025 | 11.4% | 0.72× | 8.1% | 1.25× | 10.1% | S100YE1D |
| 2026 | 10.1% | 0.68× | 6.8% | 1.45× | 9.9% | S100YE1D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 笠原 健治 | Major shareholder | 50.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2026-03-31 |
| 木村 弘毅 | Major shareholder | 2.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 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） | Major shareholder | 1.6% | 2026-03-31 |
| THE BANK OF NEW YORK 133612（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行） | Major shareholder | 0.9% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行） | Major shareholder | 0.8% | 2026-03-31 |
| 三菱UFJモルガン・スタンレー証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YE1D | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE1D,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100W37Z | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W37Z,, |
| 有価証券報告書－第25期(2023/04/01－2024/03/31) | S100TR2T | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR2T,, |
| 有価証券報告書－第24期(2022/04/01－2023/03/31) | S100QX1Y | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QX1Y,, |
| 有価証券報告書－第23期(令和3年4月1日－令和4年3月31日) | S100O6A1 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O6A1,, |
| 有価証券報告書－第22期(令和2年4月1日－令和3年3月31日) | S100LPWL | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPWL,, |

## 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).