Mercari (FRA:6TP) Moat Score: 5/10 (As of Jun. 29, 2026)


FRA:6TP Mercari Inc FRA:6TP
78 GF Score
Price €19.80
GF Value €15.55
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Mercari Moat Score?

Mercari FRA:6TP -4.81% 78 Moat Score is 5 as of Jun. 29, 2026. GuruFocus rates FRA:6TP with a GF Score™ of 78/100 and a GF Value™ of €15.55 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 1,118 Retail - Cyclical companies, Mercari ranks better than 94.81% on this metric.

Mercari has the Moat Score of 5, which implies that the company might have Narrow Moat - Solid narrow moat.

Mercari has Narrow Moat: Mercari Inc has a solid narrow moat with network effects and a growing user base. However, it faces significant competition and lacks the durable cost advantages needed for a stronger moat.

Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more.

The company's Moat Score is based on these criteria:

1. Market leadership and sustainable market share
2. Network effects and significant customer switching costs
3. Valuable intellectual property and patents
4. Strong brand strength and deep customer loyalty
5. Durable cost advantages (e.g., economies of scale, proprietary technology)
6. Significant regulatory barriers and exclusive licenses
7. Superior distribution network
8. Strong and sustainable pricing power
9. Consistent and impactful innovation and R&D capabilities

Based on the research, GuruFocus believes Mercari might have Narrow Moat - Solid narrow moat.

Mercari  (FRA:6TP) Moat Score Explanation

The Moat Score ranges from 0 to 10, with 10 as the highest. GuruFocus divided Moat Score into following 8 categories:

Moat Score Moat Level
10Wide Moat - Exceptionally dominant and durable wide moat
8 - 9Wide Moat - Clear and robust wide moat
7Wide Moat - Entry-level wide moat, clearly possessing durable advantages
6Narrow Moat - Strong narrow moat, clearly distinguishable but not wide
5Narrow Moat - Solid narrow moat
4Narrow Moat - Discernible but modest moat
1 - 3No Moat - Very weak/transient advantages
0No Moat - No discernible moat

Mercari Moat Score Related Terms

FRA:6TP vs AMZN, BABA, PDD: Moat Score Comparison

For the Internet Retail subindustry, Mercari's Moat Score, along with its competitors' market caps and Moat Score 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 Moat Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Mercari's Moat Score distribution charts can be found below:

* The bar in red indicates where Mercari's Moat Score falls into.


FRA:6TP
78GF Score
Mercari Inc FRA:6TP
Moat Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Frequently Asked Questions Learn more about Moat Score →
What does a Moat Score of 5 mean?
Mercari (FRA:6TP) has a Moat Score of 5 as of Jun. 29, 2026. Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more. According to the industry distribution chart, Mercari ranks #58 out of 1118 companies in the Retail - Cyclical industry, placing it in the top 5.2%.
Is Mercari's Moat Score too high?
Mercari's current Moat Score is 5. Based on the distribution chart, Mercari ranks #58 out of 1118 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Mercari has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Mercari's Moat Score compare to AMZN and BABA?
According to the Retail - Cyclical industry distribution chart, Mercari ranks #58 out of 1118 companies for Moat Score. This places Mercari in the top 5% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Moat Score for a Retail - Cyclical company?
A good Moat Score depends on the Retail - Cyclical industry context. However, Moat Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Moat Score mean?
A high Moat Score can signal that a stock is expensive relative to its fundamentals. Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more. Mercari's current Moat Score is 5. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mercari stock overvalued right now?
Based on GuruFocus' analysis, Mercari (FRA:6TP) is currently considered Modestly Overvalued. The stock's GF Value™ is €15.55, compared to a current price of €19.80 — trading 27.3% above its estimated fair value. The current Moat Score is 5. Mercari's overall GF Score™ is 78/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Moat Score calculated?
Moat Score is calculated from a company's financial statements. For Mercari (FRA:6TP), the current Moat Score is 5 as of Jun. 29, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

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

Based on GuruFocus' analysis, Mercari stock appears to be overvalued. The current stock price of €19.80 is trading 27.3% above its estimated GF Value™ of €15.55. GuruFocus considers Mercari to be Modestly Overvalued.

Key valuation signals for FRA:6TP:

  • Moat Score: 5
  • GF Value™: €15.55 vs. price of €19.80 (27.3% above fair value)
  • GF Score™: 78/100 with 5 warning signs

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

Mercari Business Description

Other Exchanges MCARY:USA4385:Japan
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.
78GF Score

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Moat Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€19.80
Price
€15.55
GF Value