Mercari Inc

4385: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Mercari Earnings: Improved User Experience Translates to Higher Top-Line Growth; Fair Value Up 19%

Pujance Chan

Feb 10, 2026

Mercari's December-quarter revenue and operating income grew 15% and 54% year on year. 2026 guidance for revenue and operating income is now JPY 210 billion-JPY 220 billion and JPY 32 billion-JPY 36 billion (up JPY 10 billion and JPY 4 billion), mainly due to an upward revision for marketplace.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

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United States

Mercari Inc

Mercari Earnings: Improved User Experience Translates to Higher Top-Line Growth; Fair Value Up 19%

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