Overview
Information & Communication

Mercari,Inc.

Mercari operates Japan's leading consumer-to-consumer (CtoC) flea market marketplace app, enabling individuals to easily buy and sell secondhand goods via smartphone, with annual GMV exceeding JPY 1.1 trillion and over 23 million MAU as of FY2025. The group also operates Merpay (smartphone payment and credit services including the Mercard credit card with over 5 million cards issued), Mercari US (C2C marketplace in the United States), Mercari Shops (BtoC marketplace), Mercari Haro (gig work platform), and Mercoin (crypto asset services). The company leverages AI-driven fraud detection, proprietary credit scoring, and a large user data platform to create a circular economy ecosystem spanning marketplace, fintech, and digital asset services.

Market Cap
¥590B
US$3.75B
EV
¥—B
Stock¥3,573▼-0.20%
US$1 = ¥157.25 (2026-10-30)
LTM EV/EBITDA
—
LTM EV/EBIT
—
LTM PER
16.7
x
LTM PBR
4.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+38.3%pt
1001
Nov 4, 25 – Oct 30, 26StockTOPIX
1Aug 7, 26FY26/6 net profit +36% YoY, first-ever ¥10bn buyback announced
AI Briefing
Mercari dominates Japan's CtoC marketplace (¥1.1T+ GMV, 23M+ MAU), scaling Merpay/Mercard fintech alongside US and crypto verticals. FY26/6 revenue ¥229B, OP margin expanded to 19.1% from 14.5% prior year, fintech mix driving profitability. Founder Yamada retains 21.45% stake; Oasis Japan activist position (3.93%) warrants watching for governance/capital allocation pressure.
Performance & Balance
Revenue 5Y (¥B)
147US$935M'22/6172US$1.09B'23/6187US$1.19B'24/6193US$1.23B'25/6229US$1.46B'26/6
EBITDA 5Y (¥B)
-2.90-US$18.4M'22/619.8US$126M'23/619.5US$124M'24/629.7US$189M'25/646.8US$297M'26/6
Net Income 5Y (¥B)
-7.57-US$48.1M'22/613.1US$83.1M'23/613.5US$85.6M'24/626.1US$166M'25/635.4US$225M'26/6
Capital Structure
33%
67%
EquityD/E 2.00xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
212US$1.35B131US$835M'22/6202US$1.28B155US$983M'23/6192US$1.22B193US$1.23B'24/6147US$935M199US$1.27B'25/6184US$1.17B274US$1.74B'26/6
Shareholders
Top 10 hold 65.7%
1
Shintaro YAMADA
21.45%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
17.41%
3
Custody Bank of Japan, Ltd. (Trust Account)
7.29%
4
suadd Co., Ltd.
6.26%
5
OASIS JAPAN STRATEGIC FUND LTD. (Standing Proxy: Citibank, N.A., Tokyo Branch)
3.93%
6
Hiroshi TOMISHIMA
3.39%
7
GOVERNMENT OF NORWAY (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.94%
8
CEP LUX-ORBIS SICAV (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.76%
9
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
1.19%
10
CACEIS BANK FOR (EQUITIES) NON TREATY UCITS CLIENTS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.07%
Management
12 officers
Shintaro YAMADA
Chair of the Board of Directors, Member of Nominating Committee, Member of Compensation Committee
Aug 2001 Established Unou Co., Ltd.; Representative Director Feb 2005 Changed trade name of Unou Co., Ltd. to Unou Inc. Sep 2010 General Manager, Zynga Japan Co., Ltd. Jun 2012 Established suadd Co., Ltd.; Representative Director (current) Feb 2013 Established Kozo Co., Ltd. (now Mercari, Inc.); Representative Director, President Mar 2014 Director, Mercari, Inc. (current) Apr 2017 Representative Director, Chairman and CEO, Mercari, Inc. Sep 2019 Representative Director, CEO (President), Mercari, Inc. Jul 2021 Representative Director, Shintaro Yamada D&I Foundation (now Public Interest Incorporated Foundation) (current) Sep 2023 Director and Representative Executive Officer, CEO (President), Mercari, Inc. (current) Jan 2025 CEO, Mercari, Inc.
1977-09-21
Fumiaki KOIZUMI
Director, President (Chairman)
Apr 2003 Joined Daiwa Securities SMBC Co., Ltd. (now Daiwa Securities Co., Ltd.) Dec 2006 Joined MIXI, Inc. Jun 2008 Director, MIXI, Inc. Dec 2013 Joined Mercari, Inc. Mar 2014 Director, Head of Corporate Division, Mercari, Inc. Apr 2017 Director, President and COO, Head of Corporate Division, Mercari, Inc. Aug 2019 Representative Director, President, Kashima Antlers F.C. Co., Ltd. (current) Sep 2019 Director, President (Chairman), Mercari, Inc. (current) Mar 2022 Part-time Board Member, Japan Professional Football League (J.League) (current)
1980-09-26
Kiyoka EDA (formerly ANDO)
Director
Apr 2006 Joined Goldman Sachs Securities Co., Ltd. Nov 2017 Managing Director, Goldman Sachs Securities Co., Ltd. Jan 2021 Executive Officer, CFO, Mercari, Inc. Jan 2021 Director, Merpay Inc. (current) Jul 2022 Executive Officer, VP of Corporate and CFO, Mercari, Inc. Jan 2023 Senior Executive Officer, SVP of Corporate and CFO, Mercari, Inc. Sep 2023 Director and Executive Officer, SVP of Corporate and CFO, Mercari, Inc. (current)
1981-12-03
Mayumi TOCHIGI
Director, Audit Committee Member
Sep 1991 Joined Deloitte & Touche LLP Oct 1995 Joined J.P. Morgan Securities Co., Ltd. (now JPMorgan Securities Japan Co., Ltd.) Mar 2003 General Manager, Internal Audit Department, JPMorgan Securities Japan Co., Ltd. Jun 2007 Head of Compliance Testing Group, Asia Region, JPMorgan Securities Japan Co., Ltd. Mar 2013 Head of Compliance and Risk Assessment, Asia Region, JPMorgan Securities Japan Co., Ltd. Sep 2013 Executive Officer, Chief Administrative Officer and Compliance Officer, Standard & Poor's Ratings Japan Co., Ltd. (now S&P Global Ratings Japan, Inc.) Jan 2019 Executive Officer, Head of Internal Audit Office, Mercari, Inc. Sep 2019 Full-time Audit & Supervisory Board Member, Mercari, Inc. Sep 2019 Audit & Supervisory Board Member, Merpay Inc. Apr 2021 Audit & Supervisory Board Member, Mercoin, Inc. Sep 2023 Director, Mercari, Inc. (current) Jun 2024 Outside Director (Audit and Supervisory Committee Member), ENEOS Holdings, Inc. (current)
1967-10-25
Makiko SHINODA
Director, Chair of Compensation Committee
Apr 1991 Joined The Long-Term Credit Bank of Japan, Ltd. (now SBI Shinsei Bank, Limited) Sep 1998 Joined McKinsey & Company, Inc. Japan Oct 2002 Joined Novartis Pharma K.K. Jul 2007 General Manager, Corporate Planning, Nestle Nutrition K.K. Dec 2008 Director and CFO, Tokyo Itoi Shigesato Office Co., Ltd. (now Hobonichi Co., Ltd.) Mar 2020 Director, Yell Inc. (current) Sep 2020 Outside Director, Mercari, Inc. (current) Jun 2026 Outside Director (Audit and Supervisory Committee Member), M3, Inc. (current)
1968-03-01
Takuya KITAGAWA
Director, Member of Nominating Committee
Sep 2012 Joined Rakuten, Inc. (now Rakuten Group, Inc.) Apr 2013 Executive Officer, Head of Behavioral Insight Strategy Office, Planning Division, Rakuten, Inc. Sep 2017 Director, Rakuten Data Marketing, Inc. Sep 2018 Co-founder and Board Member, Well-being for Planet Earth (current) Jan 2019 Managing Executive Officer, CDO, Technology Division, Rakuten, Inc. Aug 2023 President and Director, QuEra Computing Inc. (current) Sep 2023 Outside Director, Mercari, Inc. (current) Nov 2024 Representative Director, President, QuEra Computing Japan Co., Ltd. (current)
1985-05-10
Kazuhiko TOMIYAMA
Director, Chair of Nominating Committee, Member of Compensation Committee
Apr 1985 Joined Boston Consulting Group K.K. Apr 1986 Participated in establishing Corporate Direction Inc. Apr 2001 President and Representative Director, Corporate Direction Inc. Apr 2007 CEO and Representative Director, Industrial Growth Platform, Inc. (IGPI) Jun 2016 Outside Director, Panasonic Corporation (now Panasonic Holdings Corporation) Jun 2017 Outside Director, Tokyo Electric Power Company Holdings, Inc. Oct 2020 Chairman, IGPI Group, Industrial Growth Platform, Inc. (current) Dec 2020 President and Representative Director, Japan Co-Creation Platform Inc. (current) May 2022 Chairman, Japan Institute of Directors (current) Jun 2023 Outside Director, Kuroda Precision Industries Ltd. Sep 2023 Outside Director, Mercari, Inc. (current)
1960-04-15
Mayumi UMEZAWA
Director, Audit Committee Member
Oct 2002 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC), Tokyo Office May 2006 Registered as Certified Public Accountant Jul 2006 Representative, Umezawa CPA Office (now Mayumi Umezawa CPA Office) (current) May 2007 Joined McDonald's Co. (Japan), Ltd. Feb 2012 Finance Manager, Disney Store Division, Walt Disney Japan Ltd. Jul 2016 Director, Management Accounting Lab Inc. (current) Jul 2016 Representative Director, Management Accounting Lab Inc. Jul 2016 Outside Audit & Supervisory Board Member, Retty Inc. Dec 2017 Outside Director (Audit and Supervisory Committee Member), Retty Inc. Nov 2019 Supervisory Officer, Japan Hotel REIT Investment Corporation Apr 2021 Outside Director, Wellness Communications Inc. Mar 2022 Outside Director (Audit and Supervisory Committee Member), Royal Holdings Co., Ltd. (current) Sep 2024 Outside Director, Mercari, Inc. (current)
1978-11-08
Shiho KONNO
Director, Chair of Audit Committee
Apr 1991 Registered as Attorney, Dai-Ichi Tokyo Bar Association Jun 2005 Audit & Supervisory Board Member, Yahoo Japan Corporation (now LY Corporation) Mar 2008 Audit & Supervisory Board Member, Advanced Soft Materials Inc. (now ASM Corporation) Jun 2014 Member, Gender Equality Promotion Headquarters, Japan Federation of Bar Associations (current) Aug 2014 Auditor, Japan Corporate Governance Network (NPO) Mar 2015 Shiho Konno Habataki Law Office (current) Jun 2015 Outside Director, Watami Co., Ltd. Jun 2016 Outside Director, Kakaku.com, Inc. Jun 2017 Outside Director, Alfresa Holdings Corporation Jun 2018 Outside Audit & Supervisory Board Member, Shinsei Bank, Limited (now SBI Shinsei Bank, Limited) Jun 2018 Outside Director, Monex Group, Inc. Jun 2021 Outside Director, LIXIL Group Corporation (current) Mar 2022 Outside Audit & Supervisory Board Member, Pegasus Tech Holdings Inc. (current) Sep 2024 Outside Director, Mercari, Inc. (current)
1963-06-28
Kikuka HANAZAWA
Director, Member of Compensation Committee
Apr 1991 Office Director, New York Office, Itochu Fashion Systems Co., Ltd. Apr 1995 Vice President, Marketing, Cygne Designs, Inc. Apr 1998 CEO, CYGNE INTERNATIONAL Dec 2002 Strategy Director, Link Theory Holdings Co., Ltd. Apr 2007 CEO, VPL Apr 2011 Chairperson, Fashion Girls for Humanity (current) Jan 2022 Co-founder, Yabbey Mar 2023 Trustee, Columbia University (current) Sep 2024 Outside Director, Mercari, Inc. (current)
1970-10-26
Kumi FUJISAWA
Director, Member of Nominating Committee
Apr 1989 Joined Kokusai Investment Management Co., Ltd. Sep 1991 Joined Schroder Investment Management Japan Ltd. Apr 1995 Representative Director, I-Fis Co., Ltd. Jun 2004 Director, Investment Trusts Association, Japan (general incorporated association) Jun 2011 Public Member, Japan Securities Dealers Association (current) Jun 2013 Outside Director, Shizuoka Bank, Ltd. Aug 2013 Representative Director, Sophia Bank Co., Ltd. Jun 2014 Outside Director, Toyota Tsusho Corporation May 2016 Outside Director, Creek & River Co., Ltd. Oct 2018 Outside Director, NET PROTECTIONS HOLDINGS, Inc. Jan 2021 Outside Director, Cellsource Co., Ltd. Apr 2022 Chairperson, Institute for International Socioeconomic Studies (current) Oct 2022 Outside Director, Shizuoka Financial Group, Inc. (current) Jan 2023 Outside Director (Audit and Supervisory Committee Member), Cellsource Co., Ltd. Sep 2024 Outside Director, Mercari, Inc. (current) Jun 2025 Outside Director, Toyota Motor Corporation (current)
1967-03-15
Masahiro KOTOSAKA
Director, Audit Committee Member
Sep 2004 Joined McKinsey & Company, Inc. Apr 2013 Associate Professor, Faculty of Business Administration, Ritsumeikan University Apr 2015 Outside Director, Appirits Inc. Mar 2016 Outside Audit & Supervisory Board Member, Uzabase, Inc. Apr 2016 Associate Professor, Faculty of Policy Management, Keio University Jun 2017 Outside Audit & Supervisory Board Member, Raksul Inc. Dec 2018 Outside Director, Euglena Co., Ltd. (current) Mar 2019 Outside Director (Audit and Supervisory Committee Member), Uzabase, Inc. Oct 2019 Outside Director (Audit and Supervisory Committee Member), Raksul Inc. Jun 2023 Outside Director (Audit and Supervisory Committee Member), SRE Holdings Corporation (current) Apr 2025 Professor, Faculty of Policy Management, Keio University (current) Sep 2025 Outside Director, Mercari, Inc. (current)
1982-01-14
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2025-11-28
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Annual report (as of 2026-06-30): 21.45%
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Oasis Management Company Ltd.
2024-11-13
5.37%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-17
Annual Securities Report
Period: Jul 2025 – Jun 2026
TDnet
2026-08-05
Full-Year Earnings Flash
FY ending Jun 2026
EDINET
2026-07-22
Large Shareholding Report
TDnet
2026-05-11
Q3 Earnings Flash
FY ending Jun 2026
TDnet
2026-05-11
業績予想の修正
EDINET
2026-04-21
Large Shareholding Report
EDINET
2026-03-05
Large Shareholding Report
EDINET
2026-02-13
Semi-Annual Securities Report
Period: Jul 2025 – Jun 2026
TDnet
2026-02-09
業績予想の修正
EDINET
2026-02-05
Large Shareholding Report
EDINET
2026-01-21
Large Shareholding Report
EDINET
2026-01-09
Large Shareholding Report
EDINET
2025-12-02
Large Shareholding Report
EDINET
2025-11-28
Large Shareholding Report
EDINET
2025-11-20
Large Shareholding Report
EDINET
2025-11-07
Large Shareholding Report
TDnet
2025-11-07
Q1 Earnings Flash
FY ending Jun 2026
EDINET
2025-10-21
Large Shareholding Report
EDINET
2025-10-06
Large Shareholding Report
EDINET
2025-09-24
Annual Securities Report
Period: Jul 2024 – Jun 2025
EDINET
2025-09-19
Large Shareholding Report
EDINET
2025-09-19
Large Shareholding Report
EDINET
2025-09-04
Large Shareholding Report
EDINET
2025-08-21
Large Shareholding Report
EDINET
2025-08-06
Large Shareholding Report
EDINET
2025-08-06
Large Shareholding Report
TDnet
2025-05-07
Q3 Earnings Flash
FY ending Jun 2025
EDINET
2025-02-14
Semi-Annual Securities Report
Period: Jul 2024 – Jun 2025
TDnet
2025-02-06
Q2 Earnings Flash
FY ending Jun 2025
EDINET
2024-11-13
Large Shareholding Report
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