# ZENRIN 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66期(2025/04/01－2026/03/31) (S100YD65)
> Page: https://vizora.meequs.com/en/company/zenrin
> Retrieved: 2026-09-30T18:55:17.788Z

## Company

Zenrin, founded in 1974, is a company in Publishing & Bookstores listed on TSE Prime. It has 3,574 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZENRIN CO., LTD. |
| Ticker | 9474 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9474.T) |
| Listing | TSE Prime |
| Head office | 福岡県北九州市小倉北区室町一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 竹川道郎 |
| Founded | Mar 1974 |
| Share capital | ¥6.56B |
| Employees (consolidated) | 3,574 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.zenrin.co.jp (https://www.zenrin.co.jp/) |
| Corporate number | 5290801002046 |
| EDINET | E00717 |
| Industries (Vizora) | Publishing & Bookstores |

> Profile source: annual securities report (S100YD65, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.8 | 17 |
| Profitability | 50 | 19 |
| Cash conversion | 84.4 | 16 |
| Efficiency | 44.7 | 19 |

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)

- Zenrin brought in ¥64.3B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit -10.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥64277000000 → ¥2720000000
- Net income → operating cash flow: ¥2720000000 → ¥7112000000（difference ¥4392000000）
- Main uses of operating cash flow: CapEx ¥5275000000 / dividends ¥2199000000 / buybacks —
- Change in cash: ¥-2369000000
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 | ¥64.3B |  |
| Operating income | ¥3.5B | Margin 5.4% |
| Net income | ¥2.74B | Margin 4.3% |
| Free cash flow | ¥1.84B |  |
| Employees (consolidated) | 3,574 |  |
| EPS | ¥52.63 |  |
| Book value per share | ¥805.9 |  |
| Equity ratio | 67.9% |  |
| Shares outstanding | 57,301,000 |  |
| Treasury shares | 3,624,000 |  |
| Shareholders | 28,481 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 16.0% | Cash ÷ revenue 17.9% |
| Vs. industry median margin | 0 pp | Publishing & Bookstores |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥57225000000 | ¥64277000000 | +12.3% |
| Operating income | ¥1436000000 | ¥3502000000 | +143.9% |
| Operating margin | 2.5% | 5.4% | +2.9 pp |
| Employees | 3,692 people | 3,574 people | -3.2% |
| Cash and equivalents | ¥16529000000 | ¥11536000000 | -30.2% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 地図データベース関連事業 → 事業再編・廃止 | 85.2% |
| 一般印刷関連事業 → 事業再編・廃止 | 3.9% |
| その他 → 事業再編・廃止 | 10.9% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,277 | 100.0% | S100YD65 |
| Cost of revenue | 37,613 | 58.5% | S100YD65 |
| Gross profit | 26,663 | 41.5% | S100YD65 |
| SG&A | 23,161 | 36.0% | S100YD65 |
| Operating income | 3,502 | 5.4% | S100YD65 |
| Ordinary income | 3,866 | 6.0% | S100YD65 |
| Pretax income | 4,081 | 6.3% | S100YD65 |
| Income tax | 1,361 | 2.1% | S100YD65 |
| Net income | 2,720 | 4.2% | S100YD65 |
| Net income attributable to owners | 2,738 | 4.3% | S100YD65 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 36 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 41.5% → Operating margin 5.4% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.1%; Core profit growth: -10.7%
Operating leverage (core profit growth ÷ revenue growth): 80.32×
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 | 64,363 | 64,277 | -86 | -0.1% |
| Gross profit | 27,095 | 26,663 | -432 | -1.6% |
| Operating income | 3,923 | 3,502 | -421 | -10.7% |
| Net income attributable to owners | 2,606 | 2,738 | 132 | +5.1% |
| Operating cash flow | 9,640 | 7,112 | -2,528 | -26.2% |
| Free cash flow | 4,781 | 1,837 | -2,944 | -61.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 59,771 | 3,300 | 5.5% | 2,633 | 7,995 | 2,484 | S100LKH1 |
| FY ending Mar 2021 | 57,225 | 1,436 | 2.5% | 1,248 | 6,351 | 1,322 | S100O9JG |
| FY ending Mar 2022 | 59,053 | 2,670 | 4.5% | 3,658 | 8,201 | 2,593 | S100QYH4 |
| FY ending Mar 2023 | 58,933 | 1,799 | 3.1% | 2,770 | 6,541 | 1,287 | S100TP35 |
| FY ending Mar 2024 | 61,335 | 1,981 | 3.2% | 2,078 | 6,318 | 1,546 | S100W0L6 |
| FY ending Mar 2025 | 64,363 | 3,923 | 6.1% | 2,606 | 9,640 | 4,781 | S100YD65 |
| FY ending Mar 2026 | 64,277 | 3,502 | 5.4% | 2,738 | 7,112 | 1,837 | S100YD65 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18M |
| Operating income per employee (consolidated) | ¥979.9K |
| Net income per employee (consolidated) | ¥766.1K |

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) | 3,693 | 3,601 | 3,605 | 3,574 | 3,574 |
| Average salary (parent company) | ¥5M | ¥5.2M | ¥5.3M | ¥5.6M | ¥6M |
| Average age (parent company) | 46.4 years | 46.6 years | 47.0 years | 46.9 years | 47.1 years |
| Average tenure (parent company) | 16.5 years | 17.1 years | 17.7 years | 18.0 years | 18.4 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -0.1%

## 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 | 7,112 | 11.1% | S100YD65 |
| Capital expenditure | 5,275 | 8.2% | S100YD65 |
| Free cash flow | 1,837 | 2.9% | 算出 |
| Investing cash flow | -6,588 | -10.2% | S100YD65 |
| Financing cash flow | -2,902 | -4.5% | S100YD65 |
| Dividends paid | 2,199 | 3.4% | S100YD65 |
| Change in cash | -2,369 | -3.7% | S100YD65 |
| Cash and equivalents | 11,536 | 17.9% | S100YD65 |

## 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 | 16,455 | 13,965 | 13,213 | 13,906 | 11,536 | S100TP35, S100W0L6, S100YD65 |
| Total assets | 79,164 | 70,130 | 75,402 | 73,973 | 72,014 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Net assets | 48,746 | 45,962 | 49,321 | 49,847 | 48,903 | S100TP35, S100W0L6, S100YD65 |
| Share capital | 6,557 | 6,557 | 6,557 | 6,557 | 6,557 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Property, plant and equipment | 13,194 | 13,026 | 12,638 | 12,163 | 12,070 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Intangible assets excluding goodwill | 14,108 | 14,135 | 14,130 | 13,815 | 15,171 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Goodwill | 278 | 252 | 124 | 397 | 994 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Investment securities | 12,339 | 8,592 | 12,925 | 12,404 | 10,975 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Current assets | 32,267 | 28,553 | 29,403 | 29,092 | 26,911 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Current liabilities | 28,337 | 21,476 | 22,395 | 21,456 | 21,427 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Short-term borrowings | 2,066 | 4,476 | 3,460 | 1,557 | 1,549 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Long-term borrowings | 18 | 1,576 | 1,166 | 790 | 390 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Total liabilities | 30,417 | 24,167 | 26,081 | 24,125 | 23,111 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Non-controlling interests | 246 | 90 | 99 | 14 | 5 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Equity attributable to owners of parent | 41,064 | 41,592 | 42,217 | 43,338 | 44,324 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Retained earnings | 26,084 | 27,389 | 28,018 | 29,014 | 29,989 | S100QYH4, S100TP35, S100W0L6, S100YD65 |
| Treasury stock | -4,062 | -4,805 | -4,806 | -4,801 | -4,789 | S100QYH4, S100TP35, S100W0L6, S100YD65 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YD65 |
| Property, plant and equipment | 17% | S100YD65 |
| Intangibles and goodwill | 22% | S100YD65 |
| Investment securities | 15% | S100YD65 |
| Other assets | 30% | S100YD65 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YD65 |
| Equity | 68% | S100YD65 |

### 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 | 79,164 | 70,130 | 75,402 | 73,973 | 72,014 |
| Equity | 48,746 | 45,962 | 49,321 | 49,847 | 48,903 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,455 | 13,965 | 13,213 | 13,906 | 11,536 |

## 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) | 18.8% | S100YD65 |
| Fixed assets ÷ total assets | 16.8% | S100YD65 |
| Goodwill ÷ parent equity | 2.2% | S100YD65 |

Goodwill over 4 years: 278 → 994 JPY; total investing cash flow: -22,139 JPY. This does not imply causation.

### 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) | 16.0% |
| Cash ÷ revenue | 17.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 203.1% |
| Cash vs. profit gap | 4,374 JPY mn (of net income 159.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 80.3% |
| Shareholder payments — dividends / FCF | 119.7% |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 92.6% |

## 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 | 6.2% | 0.75× | 4.6% | 1.93× | 8.9% | S100QYH4 |
| 2023 | 4.7% | 0.79× | 3.7% | 1.81× | 6.7% | S100TP35 |
| 2024 | 3.4% | 0.84× | 2.9% | 1.74× | 5.0% | S100W0L6 |
| 2025 | 4.0% | 0.86× | 3.5% | 1.75× | 6.1% | S100YD65 |
| 2026 | 4.3% | 0.88× | 3.8% | 1.67× | 6.2% | S100YD65 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社サンワ | Major shareholder | 9.8% | 2026-03-31 |
| トヨタ自動車株式会社 | Major shareholder | 8.0% | 2026-03-31 |
| ＮＴＴ株式会社 | Major shareholder | 7.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 7.8% | 2026-03-31 |
| ゼンリン従業員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 大迫 基弘 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 大迫ホールディングス株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 大迫 キミ子 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YD65 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD65,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100W0L6 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0L6,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TP35 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP35,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100QYH4 | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYH4,, |
| 有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100O9JG | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9JG,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LKH1 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKH1,, |

## 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).