October 2026
Largest Gaming - Console & PC Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Nintendo, Konami, NEXON, Capcom and Square Enix.
 | Nintendo started its video game console business in 1983 by launching the NES, and started its portable console business in 1989 by launching the Game Boy. Since then, the firm has focused on expanding the gaming population by delivering unique entertainment experiences on its original console systems. However, Nintendo not only makes game consoles, but also owns world-renowned IPs such as Super Mario, Pokemon, and Zelda, which have been a source of cash flow for 40 years. | $54 | -37% | $62B | $49B | 3.4x | 14.5x | ||
| Konami is a Japanese video game and entertainment company best known for its eFootball, Yu-Gi-Oh!, Powerful Pro Baseball, and Metal Gear franchises. It operates four business divisions—digital entertainment, amusement, gaming and systems, and sports. Overseas sales account for the majority of the company’s revenue. | $157 | -6% | $21B | $20B | 6.3x | 18.0x | ||
| Nexon is a South Korean online game developer and publisher, founded in 1994 in Korea by Kim Jung-ju. In 2005, the company moved its headquarters to Tokyo, Japan, and has operations in Korea, the US, Taiwan, and Thailand. The company’s most notable franchises are MapleStory, Dungeon & Fighter, Sudden Attack, and KartRider. Nexon has been the publisher for EA’s FC Online game franchise in Korea and Japan since 2013. Nexon acquired an independent game developer, Embark Studios AB, located in Stockholm, Sweden, in 2019. | $18 | -13% | $14B | $11B | 3.5x | 14.6x | ||
| Capcom was founded in 1979, originally an arcade game producer, but gradually transitioned to focus on producing console games, with the popularization of console gaming throughout the years. Capcom is currently one of the top video game producers in the world, with several long-lived popular series Resident Evil (since 1996), Monster Hunter (since 2004) and Streetfighter (since 1987). It was the top highly reviewed game publisher in 2019 and 2023 in Metacritic’s Annual Game Publisher Rankings. It also runs several side businesses including arcade operations, slot machines and e-sports. | $29 | +11% | $12B | $11B | 9.0x | 22.6x | ||
| Square Enix is a Japanese video game publisher and entertainment company that was formed in 2003 through the merger between Square and Enix. The company is best known for its role-playing game franchises such as Final Fantasy, Dragon Quest, Kingdom Hearts, and Nier. The company also operates publishing, merchandise, and amusement businesses. | $19 | -1% | $6.9B | $5.3B | 2.8x | 14.8x | ||
| Sega Sammy Holdings was established as a holding company in 2004, when video game developer Sega and pachislot and pachinko vendor Sammy were merged. The company generates the majority of its sales revenue from entertainment content and the pachislot and pachinko machine business, which contributed 75% and 23% of total revenue in fiscal 2024, respectively. It also operates gaming-related businesses on a limited scale, contributing 2% of revenue in fiscal 2024. | $21 | +16% | $4.3B | $4.3B | 1.4x | 40.4x | ||
| Koei Tecmo Holdings is a Japanese video game, amusement, and anime company created in 2009 by the merger of Koei and Tecmo, best known for their Nobunaga’s Ambition, Romance of the Three Kingdoms, Nioh, and Atelier game franchises. The company also creates games based on third-party franchises, such as Nintendo’s The Legend of Zelda and Fire Emblem, and Kodansha’s Attack on Titan. | $11 | -20% | $3.6B | $2.9B | 5.2x | 9.8x | ||
| GungHo Online Entertainment Inc is a Japanese company that plans, develops, publishes, and distributes online video games. Its portfolio includes games for smartphones, PCs, consoles, and handheld gaming devices. The company operates across several business segments, including the operation and distribution of smartphone games; the planning, development, and sale of console games; and the planning, development, licensing, and distribution of PC online games. Additionally, it is involved in the development and delivery of games for smartphones, consoles, and portable gaming platforms. | $16 | -8% | $818M | $182M | 0.3x | 4.9x | ||
| Marvelous Inc is a Japanese technology company that engages in planning, developing, and selling online games, consumer game software, and audio-visual content. The company's segments include online business, which develops and operates online games and applications, focusing on social games for social networking sites; consumer business, which develops and sells home game software and commercial equipment for amusement facilities; and music video business, which produces and operates music and video contents with a focus on animation. | $3 | -7% | $191M | $84M | 0.4x | 2.6x | ||
| Nihon Falcom Corp is a Japan-based company engages in the development and sale of game software. It produces music titles/video titles; plans game software; sells game software and related products; and provides various licenses. It offers role-playing game software and Japanese version of overseas game software as well as home-use game software, among others. | $15 | +55% | $147M | $78M | 4.7x | 9.3x | ||
| AGS Corp is engaged in software development, system equipment sales, information processing services, and other information services. | $7 | -28% | $117M | $87M | 0.5x | 3.5x | ||
| Aiming Inc engages in the online game business. It develops and operates social games primarily intended for smartphones; and the applications are distributed through different platforms. It also provides game licenses held by the Group to other distributors. The company's products include Browser Three Kingdoms, Sengoku IXA and Hero Quest for smartphones and PCs. | $1 | -10% | $62M | $31M | 0.3x | 3.3x | ||
| Extreme Co Ltd is engaged in the technology services business, providing solutions that support corporate IT operations and development. The group has three reportable segments: Digital Human Resources Business, Contract Development Business, and Content Property Business. The Digital Human Resources segment is involved in dispatching IT professionals and providing technical support through staffing contracts. The Contract Development segment focuses on commissioned services such as smartphone app development, CRM (Customer Relationship Management) system implementation, and cloud platform construction. The Content Property segment is engaged in licensing and content-related services. It generates the majority of its revenue from the Digital Human Resources Business. | $10 | +17% | $53M | $31M | 0.4x | 3.0x | ||
| Nippon Ichi Software Inc is engaged in developing, manufacturing, and selling computer software in Japan and other Asian countries, North America, and Europe. It develops software for consumer game machines, mobile game machines, mobile phones, smartphones, arcades, and produces content of various genres. Its segments include Entertainment Business and Student Dormitories & Other Businesses. | $9 | +64% | $45M | $17M | 0.7x | (8.1x) | ||
| CAVE Interactive Co Ltd is a game creator. It is engaged in business such as mobile entertainment, content media and entertainment marketing, business planning, production management. It provides mobile media entertainment content. It develops music, social media applications, and online games, arcade video games such as deathsmiles, espagaluda, dodonpachi resurrection and shin megami. | $6 | +9% | $35M | $10M | 0.1x | (0.5x) | ||
| Gala Inc is engaged in the development of smartphone applications, operation support, provision of services and development of online games, operation support, provision of services. Its online games include flyff, rappelz, gpotato. | $1 | -15% | $35M | $42M | ||||
| Monstarlab is a technology-consulting company founded in 2006 and based in Japan. Monstarlab provides DX-focused consulting services and products, from strategy formulation to design, development, improvement, and operation, in 20 countries and regions and 33 cities (Japan, China, Southeast Asia, Europe, Middle East, Northand South America / expansion through M&A). Offers comprehensive support for DX issues to companiesand organizations in a wide range of industries, including business design/planning, UX/UI design, branding, system/application development, and growth hacking. The company serves business and institutional customers through products and services in the technology-consulting market. Its commercial model is built primarily on contracted services, reflecting the way customers obtain and use its offering. JIC Venture Growth Investments classifies the business in its IPO portfolio and records December 2020 for the company. The company maintains its operating website at monstar-lab.com, while JIC VGI's portfolio materials preserve the public record of the investment relationship. | $0 | -55% | $31M | $44M | ||||
| Aeria Inc is a Japanese company engaged in Free-to-Play online gaming business. The company also provides integrated solutions that enable the delivery of content to users. | $2 | -20% | $30M | $35M | ||||
| Median | $10 | -7% | $169M | $86M | 1.2x | 5.9x |
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