Mercari (HAM:6TP) Cyclically Adjusted PS Ratio: (As of Sep. 04, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

HAM:6TP Mercari Inc HAM:6TP
64 GF Score
Price €23.20
GF Value €16.26
Valuation Significantly Overvalued
! 7 Warning Signs
View Full Analysis

What is Mercari Cyclically Adjusted PS Ratio?

Note: If the price history is too short, we do not calculate current Cyclically Adjusted PS Ratio for this stock. All the historical data is shown as the company's primary share's data instead.

Shiller PE for Stocks: The True Measure of Stock Valuation


Mercari  (HAM:6TP) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Mercari Cyclically Adjusted PS Ratio Related Terms


Mercari Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Mercari's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Mercari Cyclically Adjusted PS Ratio Chart

Mercari Annual Data
Trend Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25 Jun26
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 3.88 4.96

Mercari Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.88 0.00 0.00 0.00 4.96

HAM:6TP vs AMZN, BABA, PDD: Cyclically Adjusted PS Ratio Comparison

For the Internet Retail subindustry, Mercari's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Mercari Cyclically Adjusted PS Ratio vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Mercari's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Mercari's Cyclically Adjusted PS Ratio falls into.


HAM:6TP
64GF Score
Mercari Inc HAM:6TP
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mercari Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Mercari's Cyclically Adjusted Revenue per Share for the fiscal year that ended in Jun26 is calculated as:

For example, Mercari's adjusted Revenue per Share data for the fiscal year that ended in Jun26 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Jun26 (Change)*Current CPI (Jun26)
=1354.087/333.9520*333.9520
=1,354.087

Current CPI (Jun26) = 333.9520.

Mercari Annual Data

Revenue per Share CPI Adj_RevenuePerShare
201706 338.808 244.955 461.904
201806 307.852 251.989 407.985
201906 356.644 256.143 464.982
202006 495.234 257.797 641.530
202106 652.088 271.696 801.506
202206 919.579 296.311 1,036.395
202306 1,017.845 305.109 1,114.065
202406 1,099.974 314.175 1,169.216
202506 1,142.280 322.561 1,182.619
202606 1,354.087 333.952 1,354.087

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Mercari (HAM:6TP) Overvalued in 2026?

Based on GuruFocus' analysis, Mercari stock appears to be overvalued. The current stock price of €23.20 is trading 42.7% above its estimated GF Value™ of €16.26. GuruFocus considers Mercari to be Significantly Overvalued.

Key valuation signals for HAM:6TP:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: €16.26 vs. price of €23.20 (42.7% above fair value)
  • GF Score™: 64/100 with 7 warning signs

No single metric tells the full story. See the HAM:6TP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Mercari Business Description

Address 6-10-1 Roppongi, 18th Floor, Roppongi Hills Mori Tower, Minato-ku, Tokyo, JPN, 106-6118
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.
64GF Score

Get the complete analysis for HAM:6TP

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€23.20
Price
€16.26
GF Value