Mobile Factory, Inc.
3912・Standard Market・Information & Communication
Business
Mobile Factory, Inc. is a company listed on the TSE Standard Market, founded in 2001. Guided by its mission of "making people around the world happy through what we create," the company is organized into two segments: the Mobile Games Business (approximately 92.6% of net sales), centered on its flagship location-based games "Eki Memo! (Station Memories!)" and "Awa Memo!", and the Content Business (approximately 7.4%), which provides monthly subscription services such as ringtone melodies. The games transform everyday movement—commuting, school trips, travel, and the like—into an enjoyable experience, and the company has more than ten years of long-term operational track record with its unique game design centered on collecting and competing for railway stations. Its main customers are smartphone users, with app distribution through Google Play and the App Store serving as the primary sales channel.
Business Model
The Mobile Games Business adopts a freemium (basic free) model, generating revenue through sales of paid items such as licenses, gacha, and radar. The Content Business operates on a flat-rate subscription model charging between ¥100 and ¥300 (excluding tax) per month. Both businesses maintain a high gross profit structure by completing system development and operations in-house, limiting outsourcing to certain areas such as illustration and scenario work. The operating profit margin for FY2025 (ending December 2025) reached 32.7%. Approximately 82% of sales are processed via payment agency services through Google Inc. (48.3%) and Apple Inc. (33.7%), making platform dependency a structural characteristic.
Company Strengths
From FY2021 (ended December 2021) to FY2025 (ended December 2025), revenue grew from ¥2,898 million to ¥3,427 million and operating profit grew from ¥851 million to ¥1,121 million, expanding for five consecutive periods. FY2025 (ended December 2025) marked a record-high consolidated revenue, and the company maintains a highly profitable structure with an operating margin of 32.7%.
"Eki Dasshu PLUS" was released in December 2011 and "Eki Memo! (Station Memories!)" in June 2014, both boasting more than 10 years of continuous operation. The unique game design centered on collecting and competing for railway stations, together with an accumulated user community, forms a barrier to entry. Track records of collaboration with local governments and railway operators (Fukui Prefecture, Tokushima City, etc.) also serve as a differentiating factor.
As of the end of FY2025 (ended December 2025), total assets stood at ¥3,979 million against total liabilities of ¥895 million (all of which were current liabilities), resulting in an equity ratio of 77.5%. The company has zero interest-bearing debt and holds ¥1,540 million in cash and cash equivalents in addition to ¥1,600 million in time deposits. It possesses sufficient financial capacity to fund business operations, shareholder returns, and potential M&A activity using only its own funds.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, rising from ¥2,898 million in FY2021 to ¥3,427 million in FY2025. Operating profit also trended upward over the same period, from ¥851 million to ¥1,121 million. In Q1 of FY2026 (ending December 2026), revenue was ¥749 million (up 7.7% year on year), operating profit was ¥209 million (up 17.0%), and EBITDA was also ¥209 million (up 16.9%), achieving increased revenue and profit. In the mainstay "Eki Memo! (Station Memories!)" title, the holding of battle events and the establishment of accessory gacha as a regular feature contributed to results, and segment profit in the Mobile Games Business improved substantially, up 26.2% year on year. The full-year forecast for FY2026 (ending December 2026) remains unchanged, at revenue of ¥3,500 million (+2.1%) and operating profit of ¥1,170 million (+4.3%). Note that net income attributable to owners of parent for FY2025 was ¥488 million, down from ¥699 million in the prior fiscal year; however, this decline was due to special factors, and underlying earning power on an operating profit basis continues to improve.
Growth Strategy
Pursuing sustainable growth through diversification of initiatives, feature enhancement, and external collaboration for "Eki Memo!"
Diversifying users' monetization opportunities through an increase in the number of initiatives such as battle events and raid events, and the introduction of new products such as accessory gacha and premium Deko characters. A battle event was held in Q1 FY2026 (ending March 2026), achieving year-on-year growth in both revenue and profit. Continued expansion of initiatives is a key driver for achieving the full-year forecast.
The "History Feature," which allows players to look back on their journey, was implemented in Q1 FY2026 (ending March 2026). By fostering long-term motivation to use the service and revitalizing the community, the company aims to improve the retention rate of existing users. The policy is to continue developing new features going forward.
Leveraging the characteristics of location-based games, the company continues to collaborate with local governments and railway operators. Collaboration with tourism promotion and regional revitalization efforts enhances the social value of the service, contributing to user acquisition and retention. Specific collaboration projects are being continuously rolled out.
The annual dividend forecast for FY2026 (ending December 2026) is ¥51.00 (an increase from ¥44.00 in the previous period). In Q1 FY2026 (ending March 2026), the company acquired 643,200 shares of treasury stock (approximately ¥800 million), and cancelled 1,000,000 shares at the end of March. Continuous shareholder returns are being implemented utilizing abundant cash.
Last updated: July 17, 2026