# ZAOH COMPANY, LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第70期(2025/04/01－2026/03/31) (S100YJ27)
> Page: https://vizora.meequs.com/en/company/zaoh
> Retrieved: 2026-09-30T19:03:18.125Z

## Company

Zaoh Company, founded in 1956, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 238 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZAOH COMPANY, LTD. |
| Ticker | 9986 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9986.T) |
| Listing | TSE Standard |
| Head office | 東京都江東区毛利一丁目19番5号 |
| Representative (per filing) | 代表取締役社長 沓澤 孝則 |
| Founded | Apr 1956 |
| Share capital | ¥2.08B |
| Employees (consolidated) | 238 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Corporate number | 3010601019393 |
| EDINET | E02779 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YJ27, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 97.6 | 185 |
| Cash conversion | 57.3 | 179 |
| Efficiency | 2.4 | 185 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Zaoh Company brought in ¥8.76B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit +11.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8757531000 → ¥718912000
- Net income → operating cash flow: ¥718912000 → ¥1127396000（difference ¥408484000）
- Main uses of operating cash flow: CapEx ¥54947000 / dividends ¥542299000 / buybacks ¥1021000
- Change in cash: ¥122993000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.76B |  |
| Operating income | ¥1.02B | Margin 11.6% |
| Net income | ¥718.9M | Margin 8.2% |
| Free cash flow | ¥1.07B |  |
| Employees (consolidated) | 238 |  |
| EPS | ¥132.24 |  |
| Book value per share | ¥2407.74 |  |
| Equity ratio | 85.9% |  |
| Shares outstanding | 6,266,000 |  |
| Treasury shares | 827,900 |  |
| Shareholders | 12,951 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 45.2% | Cash ÷ revenue 78.6% |
| Vs. industry median margin | +8.7 pp | Specialty Trading & Wholesale |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6823891000 | ¥8757531000 | +28.3% |
| Operating income | ¥968176000 | ¥1016759000 | +5.0% |
| Operating margin | 14.2% | 11.6% | -2.6 pp |
| Employees | 193 people | 238 people | +23.3% |
| Cash and equivalents | ¥6525836000 | ¥6884299000 | +5.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,758 | 100.0% | S100YJ27 |
| Cost of revenue | 4,590 | 52.4% | 算出 |
| Gross profit | 4,168 | 47.6% | S100YJ27 |
| SG&A | 3,151 | 36.0% | S100YJ27 |
| Operating income | 1,017 | 11.6% | S100YJ27 |
| Ordinary income | 1,043 | 11.9% | S100YJ27 |
| Pretax income | 1,043 | 11.9% | S100YJ27 |
| Income tax | 324 | 3.7% | S100YJ27 |
| Net income | 719 | 8.2% | S100YJ27 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 36 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 47.6% → Operating margin 11.6% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.6%; Core profit growth: +11.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.17×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,450 | 8,758 | 308 | +3.6% |
| Gross profit | 3,888 | 4,168 | 279 | +7.2% |
| Operating income | 912 | 1,017 | 105 | +11.5% |
| Operating cash flow | 514 | 1,127 | 614 | +119.5% |
| Free cash flow | 387 | 1,072 | 685 | +176.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,080 | 1,021 | 14.4% | 701 | 874 | 851 | S100LS1P |
| FY ending Mar 2021 | 7,075 | 1,001 | 14.1% | 794 | 798 | 762 | S100LS1P |
| FY ending Mar 2021 | 6,824 | 968 | 14.2% | 793 | 798 | — | S100OGUS |
| FY ending Mar 2022 | 8,949 | 1,287 | 14.4% | 1,171 | 1,295 | 1,158 | S100R41K |
| FY ending Mar 2023 | 9,647 | 1,379 | 14.3% | 1,055 | 178 | 87 | S100TXNA |
| FY ending Mar 2024 | 9,425 | 1,211 | 12.8% | 1,017 | 1,187 | 1,021 | S100W57Q |
| FY ending Mar 2025 | 8,450 | 912 | 10.8% | 617 | 514 | 387 | S100YJ27 |
| FY ending Mar 2026 | 8,758 | 1,017 | 11.6% | 719 | 1,127 | 1,072 | S100YJ27 |

## People and productivity（FY ending Mar 2026, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.8M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 201 | 206 | 219 | 237 | 238 |
| Average salary (parent company) | ¥5.9M | ¥6.1M | ¥6.4M | ¥6M | ¥6.1M |
| Average age (parent company) | 45.6 years | 45.0 years | 44.0 years | 43.8 years | 43.8 years |
| Average tenure (parent company) | 16.0 years | 14.4 years | 14.0 years | 13.4 years | 13.6 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +3.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,127 | 12.9% | S100YJ27 |
| Capital expenditure | 55 | 0.6% | S100YJ27 |
| Free cash flow | 1,072 | 12.2% | 算出 |
| Investing cash flow | -450 | -5.1% | S100YJ27 |
| Financing cash flow | -555 | -6.3% | S100YJ27 |
| Dividends paid | 542 | 6.2% | S100YJ27 |
| Share buyback | 1 | 0.0% | S100YJ27 |
| Change in cash | 123 | 1.4% | S100YJ27 |
| Cash and equivalents | 6,884 | 78.6% | S100YJ27 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,539 | 7,164 | 6,749 | 6,761 | 6,884 | S100TXNA, S100W57Q, S100YJ27 |
| Total assets | 14,740 | 15,122 | 14,802 | 14,758 | 15,234 | S100R41K, S100TXNA, S100W57Q, S100YJ27 |
| Net assets | 12,596 | 13,171 | 12,797 | 12,877 | 13,093 | S100TXNA, S100W57Q, S100YJ27 |
| Share capital | 2,078 | 2,078 | 2,078 | 2,078 | 2,078 | S100R41K, S100TXNA, S100W57Q, S100YJ27 |
| Property, plant and equipment | 3,420 | 3,373 | 3,440 | 3,467 | 3,434 | S100R41K, S100TXNA, S100W57Q, S100YJ27 |
| Intangible assets excluding goodwill | 95 | 176 | 153 | 129 | 99 | S100R41K, S100TXNA, S100W57Q, S100YJ27 |
| Investment securities | 266 | 254 | 256 | 78 | 466 | S100R41K, S100TXNA, S100W57Q, S100YJ27 |
| Current assets | 10,599 | 11,058 | 10,600 | 10,732 | 10,836 | S100R41K, S100TXNA, S100W57Q, S100YJ27 |
| Current liabilities | 1,105 | 939 | 976 | 843 | 1,082 | S100R41K, S100TXNA, S100W57Q, S100YJ27 |
| Total liabilities | 2,144 | 1,951 | 2,005 | 1,881 | 2,141 | S100R41K, S100TXNA, S100W57Q, S100YJ27 |
| Equity attributable to owners of parent | 12,261 | 12,870 | 12,465 | 12,554 | 12,741 | S100R41K, S100TXNA, S100W57Q, S100YJ27 |
| Retained earnings | 8,539 | 9,136 | 9,452 | 9,525 | 9,700 | S100R41K, S100TXNA, S100W57Q, S100YJ27 |
| Treasury stock | -758 | -746 | -1,471 | -1,461 | -1,453 | S100R41K, S100TXNA, S100W57Q, S100YJ27 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100YJ27 |
| Property, plant and equipment | 22% | S100YJ27 |
| Intangibles and goodwill | 1% | S100YJ27 |
| Investment securities | 3% | S100YJ27 |
| Other assets | 29% | S100YJ27 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YJ27 |
| Equity | 86% | S100YJ27 |
| Other liabilities | 0% | S100YJ27 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,740 | 15,122 | 14,802 | 14,758 | 15,234 |
| Equity | 12,596 | 13,171 | 12,797 | 12,877 | 13,093 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,539 | 7,164 | 6,749 | 6,761 | 6,884 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 39.2% | S100YJ27 |
| Fixed assets ÷ total assets | 22.5% | S100YJ27 |
| Goodwill ÷ parent equity | — | —, S100YJ27 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 45.2% |
| Cash ÷ revenue | 78.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 110.9% |
| Cash vs. profit gap | 408 JPY mn (of net income 56.8%) |
| Shareholder returns / net income | 75.6% |
| Shareholder returns / FCF | 50.7% |
| Shareholder payments — dividends / net income | 75.4% |
| Shareholder payments — dividends / FCF | 50.6% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 39.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 13.1% | 0.61× | 7.9% | 1.20× | 9.5% | S100R41K |
| 2023 | 10.9% | 0.65× | 7.1% | 1.19× | 8.4% | S100TXNA |
| 2024 | 10.8% | 0.63× | 6.8% | 1.18× | 8.0% | S100W57Q |
| 2025 | 7.3% | 0.57× | 4.2% | 1.18× | 4.9% | S100YJ27 |
| 2026 | 8.2% | 0.58× | 4.8% | 1.19× | 5.7% | S100YJ27 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社三井住友銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 学校法人麻生塾 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社千葉銀行 | Major shareholder | 4.2% | 2026-03-31 |
| 東京美装興業株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 土方 孝悦 | Major shareholder | 2.9% | 2026-03-31 |
| 蔵王産業社員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社ユシロ | Major shareholder | 2.2% | 2026-03-31 |
| 照井 雅夫 | Major shareholder | 1.7% | 2026-03-31 |
| オリックス自動車株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| スーパー工業株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/04/01－2026/03/31) | S100YJ27 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ27,, |
| 有価証券報告書－第69期(2024/04/01－2025/03/31) | S100W57Q | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W57Q,, |
| 有価証券報告書－第68期(2023/04/01－2024/03/31) | S100TXNA | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXNA,, |
| 有価証券報告書－第67期(2022/04/01－2023/03/31) | S100R41K | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R41K,, |
| 有価証券報告書－第66期(令和3年4月1日－令和4年3月31日) | S100OGUS | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGUS,, |
| 有価証券報告書－第65期(令和2年4月1日－令和3年3月31日) | S100LS1P | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS1P,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).