# ZENKOKU HOSHO Co.,Ltd: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第46期(2025/04/01－2026/03/31) (S100YAIZ)
> Page: https://vizora.meequs.com/en/company/zenkoku-hosho
> Retrieved: 2026-09-30T22:22:13.001Z

## Company

Zenkoku Hosho, founded in 1981, is a company in Credit Cards & Consumer Credit listed on TSE Prime. It has 378 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZENKOKU HOSHO Co.,Ltd. |
| Ticker | 7164 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7164.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 青木 裕一 |
| Founded | Feb 1981 |
| Share capital | ¥10.7B |
| Employees (consolidated) | 378 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.zenkoku.co.jp (https://www.zenkoku.co.jp/) |
| Corporate number | 8010001008694 |
| EDINET | E09753 |
| Industries (Vizora) | Credit Cards & Consumer Credit |

> Profile source: annual securities report (S100YAIZ, filed 2026-06-12). As of filing

## Key points (generated from figures)

- Zenkoku Hosho brought in ¥58.7B in revenue.
- Out of every ¥100 of sales, about ¥70 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit -1.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥58739000000 → ¥32526000000
- Net income → operating cash flow: ¥32526000000 → ¥32833000000（difference ¥307000000）
- Main uses of operating cash flow: CapEx ¥393000000 / dividends ¥20332000000 / buybacks ¥7000000000
- Change in cash: ¥-36860000000
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 | ¥58.7B |  |
| Operating income | ¥41.4B | Margin 70.5% |
| Net income | ¥32.5B | Margin 55.4% |
| Free cash flow | ¥32.4B |  |
| Employees (consolidated) | 378 |  |
| EPS | ¥236.37 |  |
| Book value per share | ¥1813.25 |  |
| Equity ratio | 48.9% |  |
| Shares outstanding | 137,743,580 |  |
| Treasury shares | 4,589,400 |  |
| Shareholders | 87,077 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 11.1% | Cash ÷ revenue 94.5% |
| Vs. industry median margin | +52.3 pp | Credit Cards & Consumer Credit |
| ROE | 13.5% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 70 per ¥100 of revenue

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥47834000000 | ¥58739000000 | — |
| Operating income | ¥38233000000 | ¥41382000000 | — |
| Operating margin | 79.9% | 70.5% | -9.5 pp |
| Employees | 258 people | 378 people | — |
| Cash and equivalents | ¥136099000000 | ¥55524000000 | — |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,739 | 100.0% | S100YAIZ |
| Operating income | 41,382 | 70.5% | S100YAIZ |
| Ordinary income | 46,554 | 79.3% | S100YAIZ |
| Pretax income | 46,581 | 79.3% | S100YAIZ |
| Income tax | 14,055 | 23.9% | S100YAIZ |
| Net income | 32,526 | 55.4% | S100YAIZ |
| Net income attributable to owners | 32,526 | 55.4% | S100YAIZ |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 30 |
| Operating income | 70 |
| (Ref.) Net income | 55 |

### Margin funnel

Operating margin 70.5% → Net margin 55.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.1%; Core profit growth: -1.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.45×
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 | 56,972 | 58,739 | 1,767 | +3.1% |
| Operating income | 41,974 | 41,382 | -592 | -1.4% |
| Net income attributable to owners | 32,089 | 32,526 | 437 | +1.4% |
| Operating cash flow | 33,423 | 32,833 | -590 | -1.8% |
| Free cash flow | 32,533 | 32,440 | -93 | -0.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,203 | 35,379 | 78.3% | 24,430 | 29,778 | 29,368 | S100LLIW |
| FY ending Mar 2021 | 47,834 | 38,233 | 79.9% | 27,002 | 30,211 | 29,999 | S100OAUW |
| FY ending Mar 2022 | 48,842 | 39,470 | 80.8% | 27,835 | 29,282 | 28,944 | S100OAUW |
| FY ending Mar 2023 | 50,272 | 39,884 | 79.3% | 28,584 | 28,700 | 27,565 | S100TMZV |
| FY ending Mar 2024 | 51,638 | 39,102 | 75.7% | 28,796 | 31,304 | 29,321 | S100VXAU |
| FY ending Mar 2025 | 56,972 | 41,974 | 73.7% | 32,089 | 33,423 | 32,533 | S100YAIZ |
| FY ending Mar 2026 | 58,739 | 41,382 | 70.5% | 32,526 | 32,833 | 32,440 | S100YAIZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥155.4M |
| Operating income per employee (consolidated) | ¥109.5M |
| Net income per employee (consolidated) | ¥86M |

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) | 271 | 317 | 331 | 369 | 378 |
| Average salary (parent company) | ¥7.3M | ¥7.6M | ¥7.9M | ¥8.1M | ¥8.5M |
| Average age (parent company) | 37.6 years | 38.1 years | 38.5 years | 38.5 years | 38.7 years |
| Average tenure (parent company) | 10.2 years | 10.7 years | 10.8 years | 10.8 years | 11.0 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) +3.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 32,833 | 55.9% | S100YAIZ |
| Capital expenditure | 393 | 0.7% | S100YAIZ |
| Free cash flow | 32,440 | 55.2% | 算出 |
| Investing cash flow | -42,356 | -72.1% | S100YAIZ |
| Financing cash flow | -27,337 | -46.5% | S100YAIZ |
| Dividends paid | 20,332 | 34.6% | S100YAIZ |
| Share buyback | 7,000 | 11.9% | S100YAIZ |
| Change in cash | -36,860 | -62.8% | S100YAIZ |
| Cash and equivalents | 55,524 | 94.5% | S100YAIZ |

## 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 | 118,924 | 112,659 | 77,647 | 92,384 | 55,524 | S100OAUW, S100VXAU, S100YAIZ |
| Total assets | 415,814 | 442,945 | 466,618 | 492,398 | 500,831 | S100OAUW, S100TMZV, S100VXAU, S100YAIZ |
| Net assets | 184,827 | 205,619 | 225,082 | 238,678 | 245,148 | S100OAUW, S100VXAU, S100YAIZ |
| Share capital | 10,703 | 10,703 | 10,703 | 10,703 | 10,703 | S100OAUW, S100TMZV, S100VXAU, S100YAIZ |
| Property, plant and equipment | 262 | 564 | 788 | 656 | 496 | S100OAUW, S100TMZV, S100VXAU, S100YAIZ |
| Intangible assets excluding goodwill | 606 | 1,236 | 2,640 | 2,757 | 2,446 | S100OAUW, S100TMZV, S100VXAU, S100YAIZ |
| Investment securities | 197,322 | 227,200 | 275,679 | 285,124 | 309,145 | S100OAUW, S100TMZV, S100VXAU, S100YAIZ |
| Current assets | 185,798 | 183,180 | 149,559 | 160,396 | 130,927 | S100OAUW, S100TMZV, S100VXAU, S100YAIZ |
| Current liabilities | 30,775 | 32,194 | 34,879 | 39,498 | 41,042 | S100OAUW, S100TMZV, S100VXAU, S100YAIZ |
| Long-term borrowings | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | S100OAUW, S100TMZV, S100VXAU, S100YAIZ |
| Total liabilities | 230,987 | 237,326 | 241,535 | 253,719 | 255,682 | S100OAUW, S100TMZV, S100VXAU, S100YAIZ |
| Equity attributable to owners of parent | 184,770 | 205,701 | 224,200 | 237,613 | 242,823 | S100OAUW, S100TMZV, S100VXAU, S100YAIZ |
| Retained earnings | 174,070 | 194,979 | 213,582 | 233,963 | 246,155 | S100OAUW, S100TMZV, S100VXAU, S100YAIZ |
| Treasury stock | -640 | -619 | -722 | -7,691 | -14,673 | S100OAUW, S100TMZV, S100VXAU, S100YAIZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YAIZ |
| Property, plant and equipment | 0% | S100YAIZ |
| Intangibles and goodwill | 0% | S100YAIZ |
| Investment securities | 62% | S100YAIZ |
| Other assets | 27% | S100YAIZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100YAIZ |
| Equity | 49% | S100YAIZ |
| Other liabilities | 0% | S100YAIZ |

### 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 | 415,814 | 442,945 | 466,618 | 492,398 | 500,831 |
| Equity | 184,827 | 205,619 | 225,082 | 238,678 | 245,148 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 118,924 | 112,659 | 77,647 | 92,384 | 55,524 |

## 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) | 0.8% | S100YAIZ |
| Fixed assets ÷ total assets | 0.1% | S100YAIZ |
| Goodwill ÷ parent equity | — | —, S100YAIZ |

### 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) | 11.1% |
| Cash ÷ revenue | 94.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.3% |
| Cash vs. profit gap | 307 JPY mn (of net income 0.9%) |
| Shareholder returns / net income | 84.0% |
| Shareholder returns / FCF | 84.3% |
| Shareholder payments — dividends / net income | 62.5% |
| Shareholder payments — dividends / FCF | 62.7% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 129.0% |

## 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 | 57.0% | 0.12× | 6.7% | 2.25× | 15.1% | S100OAUW |
| 2023 | 56.9% | 0.11× | 6.5% | 2.15× | 13.9% | S100TMZV |
| 2024 | 55.8% | 0.11× | 6.3% | 2.12× | 13.4% | S100VXAU |
| 2025 | 56.3% | 0.12× | 6.7% | 2.08× | 13.9% | S100YAIZ |
| 2026 | 55.4% | 0.12× | 6.5% | 2.07× | 13.5% | S100YAIZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.7% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 9.3% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 9.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.4% | 2026-03-31 |
| 太陽生命保険株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.9% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.2% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YAIZ | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAIZ,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100VXAU | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXAU,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TMZV | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMZV,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100QZJA | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZJA,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100OAUW | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAUW,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LLIW | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLIW,, |

## 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).