# ZENHOREN CO.,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25期(2025/04/01－2026/03/31) (S100YEH1)
> Page: https://vizora.meequs.com/en/company/zenhoren
> Retrieved: 2026-09-30T22:40:41.875Z

## Company

Zenhoren, founded in 2001, is a company in Credit Cards & Consumer Credit listed on TSE Standard. It has 575 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZENHOREN CO.,LTD. |
| Ticker | 5845 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5845.T) |
| Listing | TSE Standard |
| Head office | 沖縄県那覇市字天久905番地 |
| Representative (per filing) | 代表取締役会長兼社長執行役員 茨木 英彦 |
| Founded | Nov 2001 |
| Share capital | ¥1.73B |
| Employees (consolidated) | 575 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.zenhoren.jp (https://www.zenhoren.jp/) |
| Corporate number | 9360001002793 |
| EDINET | E39018 |
| Industries (Vizora) | Credit Cards & Consumer Credit |

> Profile source: annual securities report (S100YEH1, filed 2026-06-19). As of filing

## Key points (generated from figures)

- Zenhoren brought in ¥26.2B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit +24.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥26188000000 → ¥1728000000
- Net income → operating cash flow: ¥1728000000 → ¥5143000000（difference ¥3415000000）
- Main uses of operating cash flow: CapEx ¥597000000 / dividends ¥911000000 / buybacks —
- Change in cash: ¥2166000000
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 | ¥26.2B |  |
| Operating income | ¥3.17B | Margin 12.1% |
| Net income | ¥1.73B | Margin 6.6% |
| Free cash flow | ¥4.55B |  |
| Employees (consolidated) | 575 |  |
| EPS | ¥66.06 |  |
| Diluted EPS | ¥65.81 |  |
| Book value per share | ¥308.68 |  |
| Equity ratio | 32.5% |  |
| Shares outstanding | 26,653,900 |  |
| Treasury shares | 426,200 |  |
| Shareholders | 10,485 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 37.9% | Cash ÷ revenue 36.0% |
| Vs. industry median margin | -6 pp | Credit Cards & Consumer Credit |
| ROE | 22.6% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income
- FY2026, employees -3% while operating income rose 25%
- FY2026, cash is 38% of total assets

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23846000000 | ¥26188000000 | +9.8% |
| Operating income | ¥1904000000 | ¥3173000000 | +66.6% |
| Operating margin | 8.0% | 12.1% | +4.1 pp |
| Employees | 624 people | 575 people | -7.9% |
| Cash and equivalents | ¥3656000000 | ¥9435000000 | +158.1% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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 | 26,188 | 100.0% | S100YEH1 |
| Cost of revenue | 7,955 | 30.4% | S100YEH1 |
| Gross profit | 18,233 | 69.6% | S100YEH1 |
| SG&A | 15,059 | 57.5% | S100YEH1 |
| Operating income | 3,173 | 12.1% | S100YEH1 |
| Ordinary income | 3,178 | 12.1% | S100YEH1 |
| Pretax income | 2,533 | 9.7% | S100YEH1 |
| Income tax | 804 | 3.1% | S100YEH1 |
| Net income | 1,728 | 6.6% | S100YEH1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 58 |
| Operating income | 12 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 69.6% → Operating margin 12.1% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.1%; Core profit growth: +24.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.87×
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 | 25,658 | 26,188 | 530 | +2.1% |
| Gross profit | 17,154 | 18,233 | 1,079 | +6.3% |
| Operating income | 2,548 | 3,173 | 625 | +24.5% |
| Operating cash flow | 3,063 | 5,143 | 2,080 | +67.9% |
| Free cash flow | 2,880 | 4,546 | 1,666 | +57.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 23,846 | 1,904 | 8.0% | 773 | -808 | -1,156 | S100TVHR |
| FY ending Mar 2024 | 24,510 | 2,224 | 9.1% | 1,538 | 3,324 | 2,973 | S100W6DG |
| FY ending Mar 2025 | 25,658 | 2,548 | 9.9% | 1,621 | 3,063 | 2,880 | S100YEH1 |
| FY ending Mar 2026 | 26,188 | 3,173 | 12.1% | 1,728 | 5,143 | 4,546 | S100YEH1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.5M |
| Operating income per employee (consolidated) | ¥5.5M |
| 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 624 | 608 | 595 | 575 |
| Average salary (parent company) | — | ¥6M | ¥6.2M | ¥6.6M |
| Average age (parent company) | — | 42.1 years | 42.5 years | 43.1 years |
| Average tenure (parent company) | — | 9.7 years | 10.2 years | 10.8 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) +2.1%

## 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 | 5,143 | 19.6% | S100YEH1 |
| Capital expenditure | 597 | 2.3% | S100YEH1 |
| Free cash flow | 4,546 | 17.4% | 算出 |
| Investing cash flow | -1,086 | -4.1% | S100YEH1 |
| Financing cash flow | -1,890 | -7.2% | S100YEH1 |
| Dividends paid | 911 | 3.5% | S100YEH1 |
| Change in cash | 2,166 | 8.3% | S100YEH1 |
| Cash and equivalents | 9,435 | 36.0% | S100YEH1 |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,656 | 5,202 | 7,268 | 9,435 | S100W6DG, S100YEH1 |
| Total assets | 20,425 | 21,793 | 22,762 | 24,904 | S100TVHR, S100W6DG, S100YEH1 |
| Net assets | 1,453 | 4,759 | 7,193 | 8,096 | S100W6DG, S100YEH1 |
| Share capital | 99 | 983 | 1,709 | 1,730 | S100TVHR, S100W6DG, S100YEH1 |
| Property, plant and equipment | 642 | 551 | 446 | 311 | S100TVHR, S100W6DG, S100YEH1 |
| Intangible assets excluding goodwill | 2,482 | 1,849 | 1,096 | 909 | S100TVHR, S100W6DG, S100YEH1 |
| Investment securities | 70 | 60 | 60 | 60 | S100TVHR, S100W6DG, S100YEH1 |
| Current assets | 13,253 | 14,764 | 16,677 | 19,048 | S100TVHR, S100W6DG, S100YEH1 |
| Current liabilities | 17,547 | 16,439 | 15,485 | 16,490 | S100TVHR, S100W6DG, S100YEH1 |
| Short-term borrowings | 2,997 | 1,100 | 900 | — | S100TVHR, S100W6DG, S100YEH1 |
| Long-term borrowings | 292 | 86 | — | — | S100TVHR, S100W6DG |
| Total liabilities | 18,971 | 17,033 | 15,568 | 16,808 | S100TVHR, S100W6DG, S100YEH1 |
| Equity attributable to owners of parent | 1,449 | 4,755 | 7,192 | 8,095 | S100TVHR, S100W6DG, S100YEH1 |
| Retained earnings | -463 | 1,075 | 2,039 | 2,856 | S100TVHR, S100W6DG, S100YEH1 |
| Treasury stock | -635 | -635 | -620 | -243 | S100TVHR, S100W6DG, S100YEH1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100YEH1 |
| Property, plant and equipment | 1% | S100YEH1 |
| Intangibles and goodwill | 4% | S100YEH1 |
| Investment securities | 0% | S100YEH1 |
| Other assets | 57% | S100YEH1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100YEH1 |
| Equity | 33% | S100YEH1 |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 20,425 | 21,793 | 22,762 | 24,904 |
| Equity | 1,453 | 4,759 | 7,193 | 8,096 |
| Interest-bearing debt | — | — | — | — |
| Cash | 3,656 | 5,202 | 7,268 | 9,435 |

## 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) | 1.2% | S100YEH1 |
| Fixed assets ÷ total assets | 1.2% | S100YEH1 |
| Goodwill ÷ parent equity | — | —, S100YEH1 |

### 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) | 37.9% |
| Cash ÷ revenue | 36.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 162.1% |
| Cash vs. profit gap | 3,415 JPY mn (of net income 197.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.7% |
| Shareholder payments — dividends / FCF | 20.0% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 21.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 3.2% | 1.17× | 3.8% | 14.10× | 53.3% | S100TVHR |
| 2024 | 6.3% | 1.16× | 7.3% | 6.80× | 49.6% | S100W6DG |
| 2025 | 6.3% | 1.15× | 7.3% | 3.73× | 27.1% | S100YEH1 |
| 2026 | 6.6% | 1.10× | 7.3% | 3.12× | 22.6% | S100YEH1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱ＵＦＪニコス株式会社 | Major shareholder | 51.1% | 2026-03-31 |
| 迫 幸治 | Major shareholder | 11.1% | 2026-03-31 |
| 茨木 英彦 | Major shareholder | 4.7% | 2026-03-31 |
| 全保連社員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| 藤本 竜也 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.1% | 2026-03-31 |
| 豊里 友成 | Major shareholder | 0.8% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| ＲＥ ＦＵＮＤ １０７－ＣＬＩＥＮＴ ＡＣ （常任代理人 株式会社三井住友銀行 デットファイナンス営業部） | Major shareholder | 0.7% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＳＴＡＴＥ ＴＥＡＣＨＥＲＳ ＲＥＴＩＲＥＭＥＮＴ ＳＹＳＴＥＭ ＯＦ ＯＨＩＯ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YEH1 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEH1,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W6DG | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6DG,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TVHR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVHR,, |

## 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).