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Overview

Retail Trade

MANDARAKE INC.

Mandarake Inc. is a Japanese specialty retailer engaged in the buying and selling of manga-related used books, collectible goods, and anime-related merchandise. The company operates as a single business segment focused on secondhand manga, anime, and pop culture products. Mandarake positions itself as a destination for rare and nostalgic items, targeting collectors and enthusiasts of Japanese pop culture.

Market Cap

¥12.9B

US$82.6M

¥17.4B

US$111M

Stock¥405▼-1.70%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

6.6

LTM EV/EBIT

7.4

LTM PER

8.3

LTM PBR

1.0

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-12.7%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Feb 16, 26Activist investor stake acquisition

2Aug 17, 26Q3 FY2026/09 earnings announced

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

72%

28%

EquityD/E 0.39xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 48.0%

as of 2026-03-31 · Source: Annual Securities Report

Masuzo FURUKAWA

34.50%

Kaikaikiki Co., Ltd.

3.41%

Takami NISHIDA

1.70%

The Master Trust Bank of Japan, Ltd. (Trust Account)

1.69%

MANDARAKE INC. Employee Stock Ownership Association

1.36%

Hokuto FURUKAWA

1.27%

Noriyuki OOKEN

1.13%

Seoni FURUKAWA

0.99%

Goze FURUKAWA

0.99%

Rakuten Securities, Inc. (Joint Account)

0.92%

Management

16 officers

Masuzo FURUKAWA

Representative Director, Chairman

Jul 1970 Assistant, Mizuki Production May 1980 Founded Mandarake Feb 1987 Established the Company; Director Nov 1990 Representative Director, President of the Company Dec 2020 Director, Chairman of the Company Mar 2023 Representative Director, Chairman of the Company (current)

1950-10-21

Mikinori TANAKA

Representative Director, President

Mar 2001 Joined the Company Oct 2003 General Manager, Web Production Department of the Company Dec 2010 Director of the Company Dec 2020 Vice President of the Company Mar 2023 Representative Director, President of the Company (current)

1979-02-10

Hiroshi KAWASHIRO

Director, General Manager of Accounting Headquarters

Apr 1984 Joined Chiba Kogyo Bank, Ltd. Jun 1989 Joined Mizukami Tax Accounting Office (now Tokyo Zeikei Sogo Jimusho Tax Accountant Corporation) Nov 2000 Joined the Company Jul 2001 General Manager, Accounting Department of the Company Mar 2002 Director of the Company (current) Mar 2023 General Manager, Accounting Headquarters of the Company (current)

1961-06-25

Takami NISHIDA

Senior Managing Director, General Manager of Administration Division

Apr 1983 Joined Fujisawa Pharmaceutical Co., Ltd. (now Astellas Pharma Inc.) Aug 1995 Joined the Company Mar 1996 Director of the Company Apr 1996 Director of the Company; Store Manager, Osaka Store Apr 2002 Deputy General Manager, Administration Division of the Company Dec 2022 Senior Managing Director of the Company (current) Dec 2022 General Manager, Administration Division of the Company (current)

1965-03-30

Norihiro TAKESHITA

Managing Director, Complex Store Manager

Mar 2001 Joined the Company Mar 2008 Store Manager, Complex Store of the Company (current) Dec 2014 Director of the Company Dec 2022 Managing Director of the Company (current)

1977-07-15

Yo KOZAI

Director, Shibuya Store Manager

Sep 2004 Joined the Company Jan 2012 Store Manager, Shibuya Store of the Company (current) Dec 2014 Director of the Company (current)

1979-06-17

Yusuke KOYAMA

Director, Vice President, Nakano Store Manager

Oct 1998 Joined the Company Nov 2016 Store Manager, Grand Chaos Store of the Company Dec 2019 Director of the Company (current) Dec 2020 Store Manager, Nakano Store of the Company (current) Mar 2023 Vice President of the Company (current)

1978-08-24

Ryo NOKUO

Managing Director, Umeda Store Manager

Apr 2005 Joined the Company May 2015 Store Manager, Umeda Store of the Company (current) Dec 2019 Director of the Company Dec 2022 Managing Director of the Company (current)

1982-02-08

Kenichiro OI

Managing Director

Jul 1993 Joined Kosugiyama Co., Ltd. Mar 2001 Joined Bikou Co., Ltd. Jan 2005 Joined the Company Feb 2009 Store Manager, Sapporo Store of the Company Dec 2021 Director of the Company Dec 2022 Managing Director of the Company (current)

1972-04-28

Makoto YASUNAGA

Director, Kyoto Store Manager, PUCK 2 Store Manager

Oct 2003 Joined the Company Feb 2007 Store Manager, Nagoya Store of the Company Dec 2014 Director of the Company Dec 2018 Retired as Director of the Company Oct 2023 Store Manager, Kyoto Store of the Company (current) Dec 2024 Director of the Company (current) Oct 2025 Store Manager, PUCK 2 of the Company (current)

1981-12-11

Yoshiharu AOKI

Director

Apr 1968 Joined Aoki Kimono Shop May 1978 Opened restaurant (Socalo) Mar 2013 Closed Aoki Kimono Shop Dec 2015 Director of the Company (current)

1942-03-14

Sayaka INA

Director

Apr 2018 Joined CROCO Co., Ltd. Jan 2021 Joined Legal Japan Attorney Corporation (current) Dec 2024 Director of the Company (current)

1980-05-24

Katsunobu YOSHIHARA

Director

Oct 2001 Joined Asahi Audit Corporation (now Azusa Audit LLC) Nov 2006 Joined Avex Group Holdings Inc. (now Avex Inc.) Feb 2009 Opened Katsunobu Yoshihara Certified Public Accountant Office (current) Dec 2024 Director of the Company (current) Jun 2025 Outside Audit & Supervisory Board Member, NetResource Management Inc. (current)

1977-05-31

Masafumi AMEMIYA

Full-time Audit & Supervisory Board Member

Mar 1973 Joined Nihonbashi Warehouse Co., Ltd. (now Asia Development Capital Co., Ltd.) Apr 2001 General Manager, General Affairs and Real Estate Business Division, same company Feb 2007 General Manager, General Affairs Department, Kojitsu Co., Ltd. (now Kojitsu Sansou Co., Ltd.) Mar 2010 General Manager, Accounting Department, same company Sep 2010 Director, Kernel Capital Co., Ltd. Feb 2011 Audit & Supervisory Board Member, Kojitsu Co., Ltd. (now Kojitsu Sansou Co., Ltd.) Dec 2012 Audit & Supervisory Board Member of the Company (current)

1949-01-01

Yoshinori SAITO

Audit & Supervisory Board Member

Jan 2006 Joined Aoba Judicial Scrivener Corporation (now Judicial Scrivener Aoba Sogo Jimusho) Mar 2008 Established Judicial Scrivener Corporation Shinjuku Office Dec 2019 Audit & Supervisory Board Member of the Company (current)

1977-10-18

Yukihito DAIKUHARA

Audit & Supervisory Board Member

Apr 1980 Joined Mitsui & Co., Ltd. Oct 2010 Representative Director, DBS Research Institute Co., Ltd. (current) Jan 2020 Audit & Supervisory Board Member of the Company (current)

1957-03-23

Large Shareholding Reports

No filings

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-14

Q3 Earnings Flash

FY ending Sep 2026

MANDARAKE INC.

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MANDARAKE INC.

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