MIXI, Inc.
2121・Prime Market・Information & Communication
Business
MIXI, Inc. was founded in 1999, launched the SNS "mixi" in 2004, and shifted its focus to the gaming business with "Monster Strike" in 2013. It currently operates four segments: Digital Entertainment (games for smart devices), Sports (public sports betting and professional sports team management), Lifestyle (family-oriented apps and SNS), and Investment. The company has 32 consolidated subsidiaries and 4 equity-method affiliates, with consolidated net sales of ¥171,369 million for FY2026 (ending March 2026). Its main customers span a wide range, including smartphone users, sports fans, and the child-rearing generation.
Business Model
In the Digital Entertainment segment, the primary revenue source is in-app purchases (paid service usage fees) from users. The Sports segment generates revenue from online betting ticket sales commissions for public sports (keirin and horse racing), sports betting fees, and gate revenue from professional sports teams. The Lifestyle segment combines subscription fees with advertising revenue. The Investment segment derives revenue from distributions from VC funds and gains on sales of shares in investee companies.
Company Strengths
The Digital Entertainment business maintained an EBITDA margin of 51.3% in FY2026 (ending March 2026) (segment profit of ¥43,050 million). The expansion of the proprietary payment channel "Monster Strike Web Shop" reduced platform fees, achieving cost efficiencies that limited the decline in segment profit to 2.8% even as revenue fell 10.8% year on year.
The Sports business achieved rapid growth in FY2026 (ending March 2026), with revenue of ¥65,848 million (up 63.8% year on year) and segment profit of ¥5,088 million (up 154.5% year on year). With multiple revenue sources including TIPSTAR, Chari Loto, Net Dreamers, Chiba Jets, and PointsBet Holdings Limited, the company has built a vertically integrated portfolio spanning public sports betting to professional sports spectating.
Cash and cash equivalents at the end of FY2026 (ending March 2026) stood at ¥111,190 million. The company primarily funds working capital and capital expenditure from internal resources, and maintained net assets of ¥189,466 million even while making major investments such as the acquisition of PointsBet as a subsidiary (¥25,533 million spent) and the redevelopment of a keirin (bicycle racing) venue (¥7,326 million). This reflects high financial stability, preserving capacity for additional M&A and business investment.
ENVALITH's Perspective
Performance Trend
Net sales for FY2026 (ending March 2026) reached ¥171,369 million (up 10.7% year on year), marking the highest level in the past five fiscal years. The Sports business led growth with a 63.8% increase, driven by the consolidation of PointsBet, growth of TIPSTAR, and higher revenue from Chiba Jets, while the Lifestyle business also performed well with a 16.0% increase. On the other hand, operating profit came to ¥22,256 million (down 16.3% year on year), declining for the first time in two fiscal years. The main causes were an increase in goodwill amortization from ¥1,417 million to ¥2,021 million and an expansion in company-wide expenses from ¥17,452 million to ¥19,676 million. Profit attributable to owners of parent was ¥17,270 million (down 1.9% year on year), a relatively modest decline. Over the past five fiscal years, net sales have maintained an expansionary trend, moving from ¥118,099 million to ¥146,867 million, ¥146,868 million, ¥154,847 million, and ¥171,369 million, while operating profit has fluctuated significantly, moving from ¥16,069 million to ¥24,820 million, ¥19,177 million, ¥26,600 million, and ¥22,256 million, reflecting emerging profit pressure during the M&A investment phase.
Growth Strategy
Building second and third earnings pillars in sports and lifestyle centered on the We-Time economy
Full-year consolidation of PointsBet Holdings Limited, which became a consolidated subsidiary in September 2025, is expected to drive a full-scale contribution from sports betting revenue in Australia and Canada in FY2027 (ending March 2027). Synergies with TIPSTAR are also anticipated.
Expanding the share of payments made through the proprietary payment channel "Monster Strike Web Shop" is reducing platform fees. This partially offsets the decline in revenue caused by falling MAU, while maintaining a highly profitable structure with an EBITDA margin exceeding 51%.
As operations have only just begun in earnest, the FY2027 (ending March 2027) forecast includes only costs with no revenue assumed. Positioned as a litmus test for medium- to long-term overseas monetization, its ramp-up will be a key evaluation point going forward.
The four focus areas—Mitene Premium, photo printing, Mitene Mimamori GPS, and advertising—grew, leading to a turn to profitability in FY2026 (ending March 2026) with segment profit of ¥876 million. Significant profit growth is forecast for FY2027 (ending March 2027), with the aim of establishing this as a third pillar of earnings.
In FY2026 (ending March 2026), the company acquired ¥9,499 million of treasury shares and plans to cancel 2,800,000 shares (3.93% of total shares issued) on May 29, 2026. Combined with a dividend policy targeting a DOE of 5% (forecast annual dividend of ¥125 for FY2027, ending March 2027), shareholder returns are being strengthened.
Last updated: July 19, 2026