Overview
Information & Communication

Marvelous Inc.

Marvelous Inc. is a Japanese entertainment company operating across three core segments: Digital Contents (planning, development, and sales of consumer, smartphone, PC, and mobile games, including franchise titles such as 'Story of Seasons' and 'Rune Factory', as well as third-party development outsourcing), Amusement (development and sales of arcade hardware and products for amusement facility operators, leveraging strong IP alliances and original game machine development), and Music & Visual (production and multi-use commercialization of animation-centered music and visual content, as well as stage productions based on popular manga, anime, and game IP). The company operates globally through subsidiaries in the USA, Europe, and Asia-Pacific.

Market Cap
¥32.5B
US$207M
EV
¥12.8B
US$81.4M
Stock¥537▼-0.56%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
2.4
x
LTM EV/EBIT
4.2
x
LTM PER
12.2
x
LTM PBR
1.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-26.1%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 4, 25Profit-taking after interim earnings
2Feb 2, 26Rise on strong Q3 earnings
MC → EV Bridge
32.5BUS$207MMarket Cap0.00BUS$0.00M+ Debt16.9BUS$108M− Cash2.91BUS$18.6M− Inv. Sec.0.03BUS$0.22M+ NCI12.8BUS$81.4MEV
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Performance & Balance
Revenue 5Y (¥B)
25.7US$164M'22/325.3US$162M'23/329.5US$188M'24/328.0US$178M'25/338.0US$242M'26/3
EBITDA 5Y (¥B)
5.95US$38.0M'22/35.06US$32.3M'23/33.61US$23.0M'24/33.16US$20.2M'25/34.60US$29.3M'26/3
Net Income 5Y (¥B)
3.82US$24.3M'22/31.93US$12.3M'23/3-0.52-US$3.30M'24/30.82US$5.22M'25/31.99US$12.7M'26/3
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
21.0US$134M0.16US$1.02M'22/318.1US$115M0.16US$1.02M'23/315.6US$99.5M'24/310.8US$68.8M'25/320.4US$130M'26/3
Shareholders
Top 10 hold 64.3%
1
Image Frame Investment(HK) Limited (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
20.00%
2
Hayao NAKAYAMA
14.81%
3
Amuse Capital Investment Co., Ltd.
9.38%
4
Haruki NAKAYAMA
9.04%
5
The Master Trust Bank of Japan, Ltd. (Trust Account)
6.97%
6
Custody Bank of Japan, Ltd. (Trust Account)
1.24%
7
UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)
0.84%
8
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
0.81%
9
THE BANK OF NEW YORK MELLON 140040 (Standing Proxy: Mizuho Bank, Ltd.)
0.63%
10
Custody Bank of Japan, Ltd. (Trust Account 4)
0.62%
Management
13 officers
Shinichi TERUI
Representative Director, President
Apr 1993 Joined Sega Enterprises, Ltd. (now Sega Corporation) Jan 1998 Joined Atlus Co., Ltd. Dec 2009 Joined NEWS Co., Ltd.; Executive Officer, Head of Operations Department Nov 2013 Joined Make East Co., Ltd. Dec 2014 Joined the Company; General Manager, Business Promotion Department, Amusement Business Division Apr 2015 General Manager, Amusement Business Division Apr 2019 Executive Officer, General Manager, Amusement Business Division Jun 2022 Director, in charge of Amusement Business May 2023 Director, Marvelous USA, Inc. Jun 2023 Director, CBO; Director, Marvelous Europe Limited Apr 2024 Director, General Manager, Game Business Division Jun 2024 Director, G-mode Co., Ltd. (current) Aug 2024 Director, Marvelous APAC Pte. Ltd. (current) Apr 2025 Representative Director, President (current); Chairman, Marvelous USA, Inc. (current); Chairman, Marvelous Europe Limited (current)
1974-11-20
Chihiro NOGUCHI
Director, in charge of Administration Division
Apr 1992 Joined The Niigata Chuo Bank, Ltd. Jun 2008 Executive Officer, Head of Accounting and Finance Department, Mirai Securities Co., Ltd. Jul 2010 Joined AQ Interactive Co., Ltd. (now the Company) Oct 2011 General Manager, Management Strategy Office, the Company Apr 2015 General Manager, Corporate Planning Department, Administration Division, the Company Sep 2015 Director, G-mode Co., Ltd. Apr 2020 Executive Officer, General Manager, Corporate Communications Division, the Company May 2023 Director, Marvelous USA, Inc. (current) Jun 2023 Director, General Manager, Corporate Division, the Company; Director, Marvelous Europe Limited (current) Aug 2024 Director, Marvelous APAC Pte. Ltd. (current) Apr 2025 Director, in charge of Administration Division, the Company (current)
1969-03-04
Shingo DOTE
Director, in charge of Amusement Business
Apr 1987 Joined Sega Enterprises, Ltd. (now Sega Corporation) Apr 2003 Deputy General Manager, Mechatronics R&D Department, Sega Enterprises, Ltd. Apr 2008 Joined AQ Interactive Co., Ltd. (now the Company) Oct 2011 General Manager, Amusement Content Development Department, Consumer Business Division, the Company Feb 2013 Deputy General Manager, Amusement Business Division, the Company Apr 2021 Executive Officer, Deputy General Manager, Amusement Business Division, the Company Jun 2022 Executive Officer, General Manager, Amusement Business Division, the Company Apr 2026 Executive Officer, in charge of Amusement Business Division, the Company Jun 2026 Director, in charge of Amusement Business Division, the Company (current)
1964-09-16
Shunichi NAKAMURA
Director
Sep 1970 Joined Computer Service Co., Ltd. Apr 1984 Director, Sega Enterprises, Ltd. (now Sega Corporation) Jun 2003 Executive Vice President, Sega Toys Co., Ltd. Jun 2005 Director and CFO, Calbee, Inc. Apr 2006 Managing Director, Nakayama Hayao Science and Technology Culture Foundation (now Nakayama Hayao Science and Technology Culture Foundation, a public interest foundation) Feb 2007 Representative Director, President, Livewire Co., Ltd. (now the Company) Jun 2009 Director, AQ Interactive Co., Ltd. (now the Company); Director, InterWorks Corp. (now Confidence InterWorks Co., Ltd.) Apr 2011 Representative Director, President, Amuse Capital Co., Ltd. Oct 2011 Outside Director, the Company (current) May 2023 Representative Director, Vice Chairman, Amuse Capital Co., Ltd. (current)
1947-02-08
Makoto ARIMA
Director
Apr 1980 Joined Kurabo Industries Ltd. Apr 1988 Director, Recruit International VAN Co., Ltd. Jun 2000 Managing Director, Yahoo Japan Corporation Oct 2004 Established I AM Co., Ltd. (now Confidence InterWorks Co., Ltd.); Representative Director, President May 2010 Representative Director, Google Japan K.K. Feb 2014 Representative Director, President, MAK Corporation (current) Jun 2016 Outside Director, the Company (current) Jul 2017 Vice President and Executive Officer, Chief Revenue Officer, Rakuten, Inc. (now Rakuten Group, Inc.); Representative Director, President, Rakuten Data Marketing, Inc. Apr 2022 Senior Adviser, Rakuten Group, Inc. May 2022 Special Adviser, Metaverse Japan General Incorporated Association (current)
1956-10-20
Shin Joon OH
Director
Jul 2008 Joined Deloitte Tohmatsu Audit (now Deloitte Touche Tohmatsu LLC) Aug 2010 Associate Manager, NCsoft Aug 2011 Investment Manager, T.S. Investment Dec 2011 CFO and COO, Gameprix Jan 2013 Assistant General Manager, Tencent Games; Branch Head, Tencent Japan G.K. (current) Mar 2016 Outside Director, Aiming Inc. Jan 2020 Outside Director, PlatinumGames Inc. (current) Jun 2020 Outside Director, the Company (current) Oct 2020 Outside Director, Vokal Games Studio Co., Ltd. (current) Nov 2021 Outside Director, Wake Up Interactive Limited (current) Feb 2022 Outside Director, Headlock Inc. Aug 2022 Vice General Manager, Tencent Games (current) Sep 2022 Outside Director, Twin Engine Inc. Oct 2022 Outside Director, FromSoftware, Inc. (current) Aug 2023 Outside Director, Visual Arts Co., Ltd. (current)
1982-10-11
Sakurako KONISHI
Director
Apr 2005 Joined the Legal Training and Research Institute of the Supreme Court of Japan Oct 2006 Registered as Attorney at Law; joined TMI Associates Jan 2018 Counsel, TMI Associates (current) Jun 2018 Director, Kao to Kokoro to Karada Kenkyukai Foundation (current) Apr 2019 Outside Audit & Supervisory Board Member, Kids Smile Holdings, Inc. (now Smile Holdings, Inc.); Outside Audit & Supervisory Board Member, Kids Smile Project Co., Ltd. (now Smile Project Co., Ltd.) Jun 2022 Outside Director, the Company (current) Sep 2023 Outside Director, Daytona International Co., Ltd.
1981-03-31
Hideki OKAMURA
Director
Jan 1987 Joined Sega Enterprises, Ltd. (now Sega Corporation) Jun 1997 Director, Sega Enterprises, Ltd. Jun 2003 Senior Managing Executive Officer, Sega Corporation Jun 2004 Managing Director, Sega Corporation Oct 2004 Director, Sega Sammy Holdings Inc. Jun 2007 Director, Sega Corporation Apr 2014 Representative Director, President and COO, Sega Corporation Jun 2014 Director, Sega Sammy Holdings Inc. Apr 2015 Representative Director, President and COO, Sega Holdings Co., Ltd. (now Sega Corporation); Representative Director, Chairman, TMS Entertainment Co., Ltd.; Representative Director, Chairman, Sega Toys Co., Ltd. May 2015 Chairman, Computer Entertainment Supplier's Association Apr 2017 Managing Director, Sega Sammy Holdings Inc. Feb 2018 Chairman, Japan eSports Union Jun 2021 Special Adviser, Sega Corporation Mar 2023 Standing Committee Member, Olympic Council of Asia (OCA) (current) Apr 2023 Adviser, Sega Corporation (current) Jun 2023 Outside Director, the Company (current); Special Adviser, Japan eSports Union (current) Jul 2023 Adviser, SNK Corporation May 2025 Member, Esports Expert Panel, International Olympic Committee (current)
1955-02-01
Ryu TAKAHASHI
Director
Apr 2002 Joined Mitsui & Co., Ltd. Nov 2008 Joined Frontier Works Inc. Feb 2013 Director, Frontier Works Inc. Jan 2014 Director, Animate Corporation Jan 2020 Representative Director, Animate Corporation Jan 2021 Director, Movic Inc. Dec 2022 Representative Director, Movic Inc. (current) Jan 2024 Director, Animate Corporation (current) Jun 2024 Outside Director, the Company (current)
1979-09-19
Masumi HASEGAWA
Full-time Audit & Supervisory Board Member
Apr 1988 Joined Renown, Inc. Dec 2009 General Manager, Accounting Department, Renown, Inc. Jul 2020 Joined the Company; General Manager, Accounting and Finance Department, Administration Division (now Corporate Division) Jun 2024 Audit & Supervisory Board Member, G-mode Co., Ltd. Apr 2026 Senior Adviser, Accounting and Finance Department, Corporate Division, the Company Jun 2026 Full-time Audit & Supervisory Board Member, the Company (current)
1966-03-03
Hisashi MIYAZAKI
Audit & Supervisory Board Member
Apr 1975 Joined Shinagawa Shinyo Kumiai (now Daitokyo Shinyo Kumiai) Nov 1984 Joined Sega Enterprises, Ltd. (now Sega Corporation) Jun 2001 General Manager, Accounting Department, Accounting and Finance Division, Sega Corporation Jun 2007 Full-time Audit & Supervisory Board Member, Sega Corporation; Audit & Supervisory Board Member, Sega Sammy Holdings Inc. Jun 2009 Audit & Supervisory Board Member, Sega Logistics Service Co., Ltd. Jun 2015 Outside Audit & Supervisory Board Member, the Company (current)
1953-01-24
Zaishin YAMAGUCHI
Audit & Supervisory Board Member
Apr 1975 Joined Nomura Securities Co., Ltd. Dec 1998 Representative Director, Executive Vice President, Nomura Investment & Services Co., Ltd. (now Nomura Securities Co., Ltd.) Mar 2008 Managing Director, Millennium Retailing, Inc. (now Seibu Holdings Inc.) May 2009 Director, Executive Officer, Chairman, Dip Corporation Oct 2010 Managing Director, SBI Securities Co., Ltd. May 2012 Full-time Audit & Supervisory Board Member, SBI Securities Co., Ltd. Jun 2015 Outside Audit & Supervisory Board Member, SBI Japannext Co., Ltd. (now Japannext Securities Co., Ltd.) Jun 2019 Outside Audit & Supervisory Board Member, the Company (current); Outside Audit & Supervisory Board Member, InterWorks Corp. (now Confidence InterWorks Co., Ltd.)
1951-12-14
Megumi YASUDA
Audit & Supervisory Board Member
Oct 1999 Joined Chuo Audit Corporation Sep 2006 Joined Arata Audit Corporation (now PwC Japan LLC) Jul 2008 Joined Seisen Audit Corporation Jul 2016 Head, Yasuda Megumi Certified Public Accountant Office (current) Jun 2021 Outside Audit & Supervisory Board Member, Soken Chemical & Engineering Co., Ltd. (current) Sep 2023 Outside Audit & Supervisory Board Member, Monogatari Corporation (current) Jun 2024 Outside Director (Audit and Supervisory Committee Member), Avex Inc. (current) Jun 2025 Board Member, Nakayama Hayao Science and Technology Culture Foundation (current) Jun 2026 Outside Audit & Supervisory Board Member, the Company (current)
1973-01-21
Large Shareholding Reports
Image Frame Investment (HK) Limited
2026-08-06
19.55%→8.33%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-06
Large Shareholding Report
TDnet
2026-07-31
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-05-29
株主総会招集通知
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-05
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-07-31
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-23
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-05
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-07-31
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-21
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-02
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-02
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-02
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-20
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-02
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-02
Quarterly Securities Report
EDINET
2022-08-02
Quarterly Securities Report
EDINET
2022-06-21
Annual Securities Report
EDINET
2022-02-02
Quarterly Securities Report
EDINET
2021-11-02
Quarterly Securities Report
EDINET
2021-08-03
Quarterly Securities Report
EDINET
2021-06-22
Annual Securities Report
EDINET
2021-02-02
Quarterly Securities Report
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