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Mercari Valuation Multiples
Discover revenue and EBITDA valuation multiples for Mercari and similar public comparables like Inchcape, Seek, SMG Swiss Marketplace Group, MakeMyTrip and more.
Mercari Overview
About Mercari
Mercari operates the largest consumer-to-consumer secondhand goods trading platform in Japan in Mercari, with over 23 million monthly active users and over JPY 1.1 trillion in gross merchandise value in fiscal 2022. We estimate that it currently has over 40% market share in the online C2C market, making it the top platform in Japan. It operates a domestic fintech business and a C2C marketplace app business in the US as well. Domestic business roughly accounts for over 95% of its total GMV.
Founded
2013
HQ
Employees
2.7K
Website
Financials (LTM)
EV
$4B
Mercari Financials
Mercari reported last 12-month revenue of $1B and EBITDA of $245M.
In the same LTM period, Mercari generated $245M in EBITDA and $172M in net income.
Revenue (LTM)
Mercari P&L
In the most recent fiscal year, Mercari reported revenue of $1B and EBITDA of $198M.
Mercari expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $1B | XXX | $1B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $868M | XXX | XXX | XXX |
| Gross Margin | — | XXX | 66% | XXX | XXX | XXX |
| EBITDA | $245M | XXX | $198M | XXX | XXX | XXX |
| EBITDA Margin | 18% | XXX | 15% | XXX | XXX | XXX |
| EBIT Margin | 17% | XXX | 14% | XXX | XXX | XXX |
| Net Profit | $172M | XXX | $177M | XXX | XXX | XXX |
| Net Margin | 13% | XXX | 14% | XXX | XXX | XXX |
| Net Debt | — | — | $236M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Mercari Stock Performance
Mercari has current market cap of $4B, and enterprise value of $4B.
Market Cap Evolution
Mercari's stock price is $22.80.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $4B | $4B | 1.1% | XXX | XXX | XXX | $1.07 |
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Start Free TrialMercari Valuation Multiples
Mercari trades at 3.0x EV/Revenue multiple, and 16.6x EV/EBITDA.
EV / Revenue (LTM)
Mercari Financial Valuation Multiples
As of April 15, 2026, Mercari has market cap of $4B and EV of $4B.
Equity research analysts estimate Mercari's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Mercari has a P/E ratio of 21.9x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $4B | XXX | $4B | XXX | XXX | XXX |
| EV (current) | $4B | XXX | $4B | XXX | XXX | XXX |
| EV/Revenue | 3.0x | XXX | 3.1x | XXX | XXX | XXX |
| EV/EBITDA | 16.6x | XXX | 20.5x | XXX | XXX | XXX |
| EV/EBIT | 17.4x | XXX | 21.7x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 4.7x | XXX | XXX | XXX |
| P/E | 21.9x | XXX | 21.2x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Mercari Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Mercari Margins & Growth Rates
Mercari's revenue in the last 12 month grew by 8%.
Mercari's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.3M for the same period.
Mercari's rule of 40 is 30% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Mercari's rule of X is 46% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Mercari Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 8% | XXX | 5% | XXX | XXX | XXX |
| EBITDA Margin | 18% | XXX | 15% | XXX | XXX | XXX |
| EBITDA Growth | 17% | XXX | 30% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 30% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 46% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.5M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 53% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 53% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Mercari Public Comps
See public comps and valuation multiples for other Consumer Marketplaces and Horizontal Marketplaces comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Mercari | XXX | XXX | XXX | XXX | XXX | XXX |
| Inchcape | XXX | XXX | XXX | XXX | XXX | XXX |
| Seek | XXX | XXX | XXX | XXX | XXX | XXX |
| SMG Swiss Marketplace Group | XXX | XXX | XXX | XXX | XXX | XXX |
| MakeMyTrip | XXX | XXX | XXX | XXX | XXX | XXX |
| Openlane | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Mercari M&A Activity
Mercari acquired XXX companies to date.
Last acquisition by Mercari was on XXXXXXXX, XXXXX. Mercari acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Mercari
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialMercari Investment Activity
Mercari invested in XXX companies to date.
Mercari made its latest investment on XXXXXXXX, XXXXX. Mercari invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Mercari
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Mercari
| When was Mercari founded? | Mercari was founded in 2013. |
| Where is Mercari headquartered? | Mercari is headquartered in Japan. |
| How many employees does Mercari have? | As of today, Mercari has over 2K employees. |
| Who is the CEO of Mercari? | Mercari's CEO is Shintaro Yamada. |
| Is Mercari publicly listed? | Yes, Mercari is a public company listed on Tokyo Stock Exchange. |
| What is the stock symbol of Mercari? | Mercari trades under 4385 ticker. |
| When did Mercari go public? | Mercari went public in 2018. |
| Who are competitors of Mercari? | Mercari main competitors are Inchcape, Seek, SMG Swiss Marketplace Group, MakeMyTrip. |
| What is the current market cap of Mercari? | Mercari's current market cap is $4B. |
| What is the current revenue of Mercari? | Mercari's last 12 months revenue is $1B. |
| What is the current revenue growth of Mercari? | Mercari revenue growth (NTM/LTM) is 8%. |
| What is the current EV/Revenue multiple of Mercari? | Current revenue multiple of Mercari is 3.0x. |
| Is Mercari profitable? | Yes, Mercari is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Mercari? | Mercari's last 12 months EBITDA is $245M. |
| What is Mercari's EBITDA margin? | Mercari's last 12 months EBITDA margin is 18%. |
| What is the current EV/EBITDA multiple of Mercari? | Current EBITDA multiple of Mercari is 16.6x. |
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