Mercari, Inc.

4385.T · Consumer Cyclical · Internet Retail · Valued as of 2026-11-03 · Statements 2024-06-30

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

1.38B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

849.81M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

849.81M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

1.03B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

3.69B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.28×

the ratio the screener ranks by

Margin of Safety

-259.6%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 1.38B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)1.13B USD
+②Net Cash Today250.76M USD
+③Growth Value0 USD
=Value1.38B USD

EPV of the Operations (NOPAT over WACC)

1.13B USD

Net cash today

+250.76M USD

Growth Value

0 USD

Value

1.38B USD

①EPV (earnings power value)

1.13B USD

②Net Cash Today

250.76M USD

③Growth Value

0 USD

Market value

Market Cap3.69B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-167.3%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 849.81M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 849.81M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap3.69B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-334.6%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 849.81M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 849.81M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap3.69B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-334.6%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 7.53%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.07×Market Risk Premium 6.00%= 10.93%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 27.62M USDPretax Income 111.44M USD= 24.78%

The tax the interest saves.

Interest Expense =EBIT 114.48M USD−Pretax Income 111.44M USD= 3.04M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 3.04M USDTotal Debt 1.70B USD×(1 − Tax Rate for WACC 24.78%)= 0.13%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 1.70B USDMarket Cap + Total Debt 3.69B USD + 1.70B USD= 31.47%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 68.53%×Cost of Equity 10.93%+Debt Weight 31.47%×Cost of Debt 0.13%= 7.53%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 4.49B USD − Total Liabilities 3.64B USD = Book Value Today 849.81M USD

Total Debt 1.70B USD − Cash and Short-Term Investments 1.95B USD = Net Debt Today -250.76M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1—at most 5%not measured165,220,296 / 0
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-7.9%at least -10.0%passes(-269.97M USD − 83.86M USD) ÷ 4.49B USD
Price to bookMarket Cap ÷ Book Value Today4.35×at most 3×does not pass3.69B USD ÷ 849.81M USD
Operating marginOperating Income ÷ Revenue9.3%above 10.0%does not pass108.93M USD ÷ 1.17B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-1.8%above 10.0%does not pass1.17B USD / 1.19B USD
Net cash(Cash − Total Debt) ÷ Market Cap-14.6%above -30%passes(1.16B USD − 1.70B USD) ÷ 3.69B USD
Operating efficiencyOperating Income ÷ Gross Profit13.5%above 25.0%does not pass108.93M USD ÷ 808.15M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

3549.55 JPY

Enterprise value

677.20B JPY

the provider's own figure

EV / EBITDA

14.46×

Price / book

4.27×

the provider's book

Price / earnings

16.95×

Return on equity

29.9%

the provider's figure, not this page's

Profit margin

15.4%

Revenue growth

27.7%

Analyst target, mean

5072.76 JPY

Analysts

13

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD202120222023202420252026
Income statement

Revenue

——1.19B1.17B1.33B1.42B

Gross profit

——787.88M808.15M957.65M1.04B

Operating income

——113.29M108.93M192.83M271.42M

EBITDA

operating income before depreciation and amortisation

——135.73M127.20M206.33M279.36M

Pretax income

——113.34M111.44M201.70M273.17M

Net income

——90.66M83.86M180.88M218.85M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

——90.66M83.86M180.88M218.85M

R&D

——————
Balance sheet, year end

Total assets

——2.89B3.13B3.77B4.49B

Total liabilities

——2.51B2.68B3.08B3.64B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

——382.66M447.50M687.59M847.35M

Total debt

——1.11B1.20B1.38B1.70B

Cash and equivalents

——1.41B1.22B1.06B1.16B

Net PP&E

fixed assets after depreciation

——42.51M30.83M69.20M65.71M

Working capital

current assets less current liabilities

——440.65M619.77M697.71M1.39B
Cash flow

Operating cash flow

30.49M-192.13M-247.66M-269.97M——

Capital expenditure

paid out, so below zero

-3.80M-4.90M-4.01M-965.57K——

Depreciation and amortisation

7.65M5.99M18.98M12.72M——

Free cash flow

operating cash flow plus capital expenditure

26.69M-197.04M-251.67M-270.93M——