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Zensho HoldingsZENSHO HOLDINGS CO.,LTD.7550東証プライム小売業FY ending Mar 2026, consolidated, J-GAAP

Zensho Holdings revenue and profit

Out of every ¥100 of sales, about ¥6 is left as operating profit. Revenue changed +11.2% from the prior year, operating profit +8.4%.

Five-year trend

Revenue¥1.26T
FY ending Mar 2022: ¥658.5B¥658.5BFY ending Mar 2023: ¥780B¥780BFY ending Mar 2024: ¥965.8B¥965.8BFY ending Mar 2025: ¥1.14T¥1.14TFY ending Mar 2026: ¥1.26T¥1.26TFY22FY23FY24FY25FY26
Operating income¥81.4B
FY ending Mar 2022: ¥9.23B¥9.23BFY ending Mar 2023: ¥21.7B¥21.7BFY ending Mar 2024: ¥53.7B¥53.7BFY ending Mar 2025: ¥75.1B¥75.1BFY ending Mar 2026: ¥81.4B¥81.4BFY22FY23FY24FY25FY26
Operating margin6.4%
FY ending Mar 2022: 1.4%1.4%FY ending Mar 2023: 2.8%2.8%FY ending Mar 2024: 5.6%5.6%FY ending Mar 2025: 6.6%6.6%FY ending Mar 2026: 6.4%6.4%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin3.6%
Asset turnover1.43×
ROA5.2%
ROA5.2%
Financial leverage3.39×
ROE17.5%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin3.6%
2022: 2.1%2.1%2023: 1.7%1.7%2024: 3.2%3.2%2025: 3.5%3.5%2026: 3.6%3.6%2223242526
Asset turnover1.43×
2022: 1.54×1.54×2023: 1.74×1.74×2024: 1.59×1.59×2025: 1.46×1.46×2026: 1.43×1.43×2223242526
ROA5.2%
2022: 3.2%3.2%2023: 3.0%3.0%2024: 5.0%5.0%2025: 5.0%5.0%2026: 5.2%5.2%2223242526
Financial leverage3.39×
2022: 4.40×4.40×2023: 4.45×4.45×2024: 4.09×4.09×2025: 3.77×3.77×2026: 3.39×3.39×2223242526
ROE17.5%
2022: 14.3%14.3%2023: 13.2%13.2%2024: 20.6%20.6%2025: 19.0%19.0%2026: 17.5%17.5%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20222.1%1.54×3.2%4.40×14.3%
20231.7%1.74×3.0%4.45×13.2%
20243.2%1.59×5.0%4.09×20.6%
20253.5%1.46×5.0%3.77×19.0%
20263.6%1.43×5.2%3.39×17.5%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue27.1%
2021: 27.4%27.4%2022: 25.6%25.6%2023: 23.3%23.3%2024: 24.0%24.0%2025: 24.1%24.1%2026: 27.1%27.1%212223242526
PPE ÷ total assets35.6%
2021: 41.2%41.2%2022: 39.5%39.5%2023: 38.7%38.7%2024: 31.0%31.0%2025: 33.7%33.7%2026: 35.6%35.6%212223242526
Goodwill ÷ parent equity3.3%
2021: 17.4%17.4%2022: 13.5%13.5%2023: 11.2%11.2%2024: 7.0%7.0%2025: 5.1%5.1%2026: 3.3%3.3%212223242526
Goodwill balance¥10.1B
2021: ¥15.2B¥15.2B2022: ¥13.1B¥13.1B2023: ¥11.7B¥11.7B2024: ¥13.6B¥13.6B2025: ¥11.2B¥11.2B2026: ¥10.1B¥10.1B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days—
2021: 14d14d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue658,503779,964965,7781,136,6841,264,053
Cost of revenue310,879365,093441,727514,475577,617
Gross profit347,624414,871524,050622,208686,436
SG&A338,391393,137470,342547,080604,996
Operating income9,23221,73453,70775,12881,440
Pretax income26,28023,48847,52663,50267,979
Income tax12,38710,20916,81624,19822,197
Net income attributable to owners13,86913,26530,69339,29045,812
Operating margin1.4%2.8%5.6%6.6%6.4%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 13%
Property, plant and equipment 36%
Intangibles and goodwill 25%
0%
Other assets 26%

Funding

Interest-bearing debt 29%
Other liabilities 35%
Equity 36%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥42.4B¥64.7B¥82.2B¥79.7B¥128.1B
Total assets¥427.2B¥469.6B¥748.1B¥813.1B¥960.4B
Net assets¥104.5B¥115.8B¥214.7B¥240.4B¥341.4B
Share capital¥27B¥27B¥47.5B¥47.5B¥47.5B
Property, plant and equipment¥168.7B¥181.8B¥232B¥274.4B¥342.1B
Intangible assets excluding goodwill¥62.9B¥65.4B¥220.3B¥215.7B¥229.3B
Goodwill¥13.1B¥11.7B¥13.6B¥11.2B¥10.1B
Investment securities¥1.88B¥2.17B¥2.16B¥1.53B¥1.2B
Current assets¥132.4B¥158B¥224.5B¥252B¥319.6B
Current liabilities¥109.7B¥110.8B¥180.7B¥191.1B¥201.1B
Short-term borrowings¥459M¥7.6B¥7.54B¥6.86B¥3.94B
Long-term borrowings¥151.7B¥168.4B¥224.4B¥227.9B¥228.5B
Bonds¥15B¥25B¥15B¥35B¥50B
Interest-bearing debt¥167.1Bderived¥201Bderived¥246.9Bderived¥269.8Bderived¥282.5Bderived
Total liabilities¥322.7B¥353.7B¥533.4B¥572.7B¥618.9B
Non-controlling interests¥1.17B¥203M¥267M¥309M¥486M
Equity attributable to owners of parent¥97.1B¥104.5B¥193.4B¥221B¥301.5B
Retained earnings¥51.1B¥60.6B¥85.5B¥113.1B¥147.1B
Treasury stock-¥5.84B-¥6.92B-¥13.7B-¥13.7B-¥15.6B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第44期(2025/04/01－2026/03/31)

    ID S100YKA92026-06-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第43期(2024/04/01－2025/03/31)

    ID S100W4UE2025-06-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第42期(2023/04/01－2024/03/31)

    ID S100TUZ52024-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第41期(2022/04/01－2023/03/31)

    ID S100R2MZ2023-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第40期(令和3年4月1日－令和4年3月31日)

    ID S100OFPL2022-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第39期(令和2年4月1日－令和3年3月31日)

    ID S100LRVI2021-06-28Open

Extracted from XBRL: 53 / Derived from other figures: 2

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