Earnings quality
Compare earnings and operating cash flow for earnings quality.
Mercari, Inc.
Ticker 4385 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-09-17 · Period end 2026-06-30
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 18.9%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio18.9%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
株式会社メルカリ is a Japanese listed company. Its reportable segments include US, Total Of, Operating Segments Not Included In, Japan Business.
- US
- Total Of
- Operating Segments Not Included In
- Japan Business
- Disclosure Of Changes In
Segments US · Total Of · Operating Segments Not Included In · Japan Business · Disclosure Of Changes In
Compare trends
No phone/email found in this filing · Filing date 2026-09-17
Financial statements
Income statement
| Account | FY2025 (ended Jun 30, 2025) | FY2026 (ended Jun 30, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥138.3B | ¥168.9B |
| Operating profit (loss) | ¥27.8B | ¥43.9B |
| Finance income | ¥1.9B | ¥1.3B |
| Finance costs | ¥668.0M | ¥1.0B |
| Income tax expense | ¥2.9B | ¥8.8B |
| Profit (loss) | ¥26.2B | ¥35.4B |
| Profit (loss) attributable to owners | ¥26.1B | ¥35.4B |
| Basic EPS (¥) | 159.05 | 214.74 |
Balance sheet
| Account | FY2025 (ended Jun 30, 2025) | FY2026 (ended Jun 30, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥147.0B | ¥184.1B |
| Current assets | ¥420.2B | ¥683.0B |
| Non-current assets | ¥123.5B | ¥43.6B |
| Total assets | ¥543.8B | ¥726.6B |
| Short-term borrowings | — | — |
| Current liabilities | ¥319.5B | ¥458.4B |
| Non-current liabilities* | ¥124.6B | ¥130.8B |
| Total liabilities | ¥444.1B | ¥589.2B |
| Equity attributable to owners | ¥99.3B | ¥137.1B |
| Total equity | ¥99.6B | ¥137.5B |
Cash flow statement
| Account | FY2025 (ended Jun 30, 2025) | FY2026 (ended Jun 30, 2026) |
|---|---|---|
| Cash flows from operating activities | -¥11.9B | -¥9.5B |
| Cash flows from investing activities | -¥31.4B | -¥29.2B |
| Cash flows from financing activities | ¥504.0M | ¥73.5B |
| Net increase (decrease) in cash | -¥45.0B | ¥37.0B |
| Cash at end of period | ¥147.0B | ¥184.1B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥147.0B | ¥172.0B | ¥187.4B | ¥192.6B | ¥229.3B | |
| Operating profit | -¥3.9B | ¥17.4B | ¥18.2B | ¥27.8B | ¥43.9B | |
| Profit to owners | — | ¥13.1B | ¥13.5B | ¥26.1B | ¥35.4B | |
| Total assets | ¥345.2B | ¥418.3B | ¥501.8B | ¥543.8B | ¥726.6B | |
| Cash & equivalents | ¥211.8B | ¥201.8B | ¥192.0B | ¥147.0B | ¥184.1B | |
| Owners’ equity | ¥37.8B | ¥55.3B | ¥71.8B | ¥99.3B | ¥137.1B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—), so the top line did not break. Gross profit only slipped from ¥138.3B to ¥168.9B, while operating profit swung from ¥27.8B to ¥43.9B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still -¥9.5B (prior -¥11.9B), and cash on the balance sheet rose to ¥184.1B from ¥147.0B. When profits collapse but operating cash stays positive, read the notes for impairments and other non-cash charges before assuming the business stopped generating cash.
The balance sheet got heavier on leverage. Total liabilities rose to ¥589.2B while owners’ equity fell to ¥137.1B. ROE moved from 30.5% to 30.0%, and the equity ratio from 18.3% to 18.9%. Employee count is 2,065 vs 2,159 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
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Source: EDINET S100Z2BE
(株式会社メルカリ), period end 2026-06-30.