May 2026
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Largest Gaming - Mobile Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Konami, NEXON, Square Enix, Koei Tecmo and DeNA.
 | 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. | $120 | -3% | $16B | $14B | 5.5x | 17.3x | ||
| 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. | $14 | -15% | $11B | $8B | 2.7x | 8.7x | ||
| 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. | $17 | -11% | $6B | $4B | 2.2x | 14.5x | ||
| 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. | $9 | -37% | $3B | $3B | 5.1x | 12.5x | ||
| DeNA Co Ltd is a social media service provider in Japan. It generates majority of the portion of its revenue by providing social media and Internet marketing-related services through its Social Media segment. The E-commerce segment offers E-Commerce related services, including the operation of auction shopping and cellular phone websites under the names DeNA shopping and Mobaoku, respectively. The Others segment is engaged in travel agency and insurance agency services, and professional baseball related business. The company has its primary market in North America. | $17 | -1% | $2B | $1B | 1.2x | 5.1x | ||
| mixi Inc is a Japanese company which provides social networking services. The company conducts its business activities mainly including the operation of websites and provision of native smartphone games on the Internet. It business segments include, Entertainment Business and Media Platform Business. mixi provides games mainly including native smartphone games through Entertainment Business, and operates business-to-consumer and consumer-to-consumer services utilizing the Internet and invests in operating companies of these services through Media Platform Business. | $17 | -21% | $1B | $439M | 0.5x | 2.2x | ||
| GungHo Online Entertainment Inc is a Japanese company that plans, develops, and distributes online video games. These games include smartphone platforms, online computer games, and console games. The company operates through its Personal Computer (PC) online segment, which is involved with distributing, operating, and licensing online games, and Mobile Consumer segment, which is involved with planning, development, and delivery of smartphone, consoles, and portable gaming machines. | $14 | -19% | $743M | ($68M) | (0.1x) | (1.3x) | ||
| GREE Holdings Inc is a Japanese internet media company headquartered in Tokyo. It is engaged in developing the Game and Anime, Metaverse, DX, Manga, and Investment Business. | $3 | -22% | $442M | $27M | 0.1x | 1.1x | ||
| COLOPL Inc is a Japanese company that is engaged in the entertainment business, mainly developing and operating games for smartphones. It's native smartphone apps such as White Cat Project and Quiz RPG: Wizard and Black Cat Wiz. The company operates in two business segments: the Entertainment Business develops and sells smartphone games, and the Investment Development Business, which mainly targets IT-related and entertainment companies, etc. | $2 | -24% | $321M | ($48M) | (0.3x) | (12.8x) | ||
| Akatsuki Inc is engaged in smartphone service and social network application development. It offers MobileSocialGame services. | $20 | +10% | $291M | $172M | 1.2x | 5.8x | ||
| Bushiroad Inc is engaged in the development, manufacturing and sales of trading card games using various IPs, mobile online games, video and music contents, events and goods. | $2 | -32% | $207M | $150M | 0.4x | 4.3x | ||
| AlphaPolis Co Ltd is engaged in the development, planning, and sale of smartphone applications and PC browser games. The company is also involved in the publication of books. | $7 | -33% | $189M | $116M | 1.4x | 5.6x | ||
| 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 | -1% | $176M | $115M | 0.7x | 5.2x | ||
| KLab Inc is the Japan-based software company. The principal activities of the company are planning, developing, and operating online mobile games. The company's business is broadly divided into two areas - game business and other business. The game business is focused on designing and developing online mobile games. The other business is involved in designing, developing, and providing smartphone-related applications, services, and server infrastructures. The company has an operational presence across China, Singapore, Japan and the United States. | $2 | +169% | $155M | $123M | 2.7x | (4.9x) | ||
| Bank of Innovation Inc is engaged in development and operation of game application for smartphone. Some of the products offered by the company include mitrasphere, cryptolact, and conquest fighting. | $32 | -45% | $129M | $93M | 1.2x | 6.8x | ||
| Ateam Holdings Co Ltd an IT company that develops a wide range of businesses centered around the internet, including web services, games, and e-commerce. | $6 | -15% | $110M | $88M | 0.5x | 6.1x | ||
| Gumi Inc is an entertainment company, which develops, operates, and distributes online games for smartphones and tablets. It provides native application services, game contents can be downloaded from apple store without browser; browser game services, game can be played on the mobile terminal browser, as well as publishing services, in which the company performs localization of game content developed by third parties and then sell them through its various sales channels. In addition, the firm offers VR (Virtual Reality) services. | $2 | -43% | $97M | $101M | 1.6x | 6.2x | ||
| Coly Inc is mainly engaged in the planning, development, and operation of mobile online games. The Company operates a single segment, the content business. | $14 | +43% | $76M | $65M | 1.5x | 50.6x | ||
| Link-U Group Inc through its subsidiaries engages in developing and operating manga apps, etc., utilizing data distribution technology based on its own original server design, operates a platform that connects businesses and users, supports and promotes the introduction of digital transformation, as well as planning, development, and operation in a wide range of areas, from manga apps to government systems, provides IT consulting services such as digital transformation support for government agencies, among others. | $4 | -- | $59M | $61M | 1.9x | 92.2x | ||
| 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 | -35% | $51M | $17M | 0.2x | 1.8x | ||
| 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. | $9 | +11% | $46M | $22M | 0.3x | 2.0x | ||
| Mobile Factory Inc engages in the social apps and mobile content businesses in Japan. The company develops social games and communication tools; and produces mobile content. It also produces mobile music content and other music, such as ringtones. Social Application Service is focus on delivering services of game application through SNS platforms and application markets. Contents Service mainly provides sites, such as ringer melody and divination sites, which are operated by telecommunication carriers. | $7 | +15% | $44M | $30M | 1.3x | 4.1x | ||
| Kayac Inc engages in the development of gaming websites. It involves in the commission of internet-based advertising, marketing of clients, and support branding through client work. It also provides social games and game community under the name Lobi. The company also develops and sells smartphone games and wedding planner platforms. | $3 | -4% | $40M | $20M | 0.2x | 2.2x | ||
| 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 | -11% | $37M | $41M | 2.5x | (10.8x) | ||
| 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. | $1 | -11% | $30M | $32M | 0.3x | 6.0x | ||
| 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. | $5 | -2% | $26M | ($3M) | (0.1x) | (8.4x) | ||
| 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. | $4 | -34% | $23M | $10M | 0.1x | 28.0x | ||
| Mynet Inc is engaged in the business of smartphone game. The Company develops and manages online smartphones games. It is specialized in operation of the game domain. It provides and operates CroPro which is a mutual customer network for domestic smartphone games. | $2 | -- | $14M | $13M | 0.3x | 5.4x | ||
| Enish Inc is a Japan-based company engaged in mobile games business, including the planning, developing and providing social apps through the Internet. The social apps developed by the company are provided through social game platforms such as GREE, and it pays system usage fees while outsourcing fee collection to these social game platform operators. | $0 | -64% | $11M | $6M | 0.5x | (0.9x) | ||
| Median | $5 | -15% | $129M | $65M | 0.7x | 5.2x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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