# ZERO CO.,LTD.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2024/07/01－2025/06/30) (S100WRNH)
> Page: https://vizora.meequs.com/en/company/zero
> Retrieved: 2026-09-30T20:22:50.672Z

## Company

Zero, founded in 1961, is a company in HR & Staffing listed on TSE Standard. It has 2,703 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZERO CO.,LTD. |
| Ticker | 9028 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9028.T) |
| Listing | TSE Standard |
| Head office | 神奈川県川崎市幸区堀川町580番地ソリッドスクエア西館6階 |
| Representative (per filing) | 代表取締役社長 髙橋 俊博 |
| Founded | Oct 1961 |
| Share capital | ¥3.39B |
| Employees (consolidated) | 2,703 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | June |
| Website | www.zero-group.co.jp (https://www.zero-group.co.jp/) |
| Corporate number | 4020001079978 |
| EDINET | E04230 |
| Industries (Vizora) | HR & Staffing, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100WRNH, filed 2025-09-29). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 21 |
| Profitability | 75 | 22 |
| Cash conversion | 20.5 | 22 |
| Efficiency | 93.2 | 22 |

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)

- About 47% of Zero's sales come from Domestic automobile related businesses, with Foreign related businesses and Human resource businesses making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +64.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥147.8B |  |
| Operating income | ¥10.2B | Margin 6.9% |
| Net income | ¥7.18B | Margin 4.9% |
| Free cash flow | — |  |
| Largest business | Domestic automobile related businesses | of segment revenue 47.0% |
| Employees (consolidated) | 2,703 |  |
| EPS | ¥423.91 |  |
| Book value per share | ¥1866.17 |  |
| Equity ratio | 58.0% | Derived from disclosed figures |
| Shares outstanding | 17,560,000 |  |
| Treasury shares | 451,000 |  |
| Shareholders | 3,306 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 22.5% | Cash ÷ revenue 11.3% |
| Vs. industry median margin | +2.1 pp | Trucking & Parcel Delivery |
| ROE | 17.9% | Derived from disclosed figures |
| ROA | 9.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 71% of positive segment profit
- FY2025, segment profit share differs by -26 points

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥89501000000 | ¥147843000000 | +65.2% |
| Operating income | ¥3675000000 | ¥10228000000 | +178.3% |
| Operating margin | 4.1% | 6.9% | +2.8 pp |
| Employees | 2,475 people | 2,703 people | +9.2% |
| Cash and equivalents | ¥4779000000 | ¥16643000000 | +248.3% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 自動車関連事業 → 事業再編・廃止 | 72.3% |
| ヒューマンリソース事業 → ヒューマンリソース事業 | 15.6% |
| ヒューマンリソース事業 → 事業再編・廃止 | 5.2% |
| 一般貨物事業 → 一般貨物事業 | 4.4% |
| 一般貨物事業 → 事業再編・廃止 | 2.6% |
| 新設・再編 → 国内自動車関連事業 | 47.0% |
| 新設・再編 → 海外関連事業 | 33.0% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic automobile related businesses | 4 years | +6.0% | ¥69519000000 | 13.0% | 2 |
| Foreign related businesses | 3 years | +17.8% | ¥48760000000 | 1.8% | 2 |
| Human resource businesses | 5 years | +4.4% | ¥23059000000 | 3.5% | 2 |
| General cargo businesses | 5 years | +0.9% | ¥6503000000 | 30.2% | 2 |

## Income statement（FY ending Jun 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 147,843 | 100.0% | S100WRNH |
| Cost of revenue | 126,090 | 85.3% | S100WRNH |
| Gross profit | 21,753 | 14.7% | S100WRNH |
| SG&A | 11,666 | 7.9% | S100WRNH |
| Operating income | 10,228 | 6.9% | S100WRNH |
| Pretax income | 10,213 | 6.9% | S100WRNH |
| Income tax | 3,014 | 2.0% | S100WRNH |
| Net income | 7,199 | 4.9% | S100WRNH |
| Net income attributable to owners | 7,179 | 4.9% | S100WRNH |

## Per ¥100 of revenue（FY ending Jun 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 8 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 14.7% → Operating margin 6.9% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +64.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 12.78×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2024 → FY ending Jun 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 140,751 | 147,843 | 7,092 | +5.0% |
| Gross profit | 17,668 | 21,753 | 4,085 | +23.1% |
| Operating income | 6,222 | 10,228 | 4,006 | +64.4% |
| Net income attributable to owners | 4,150 | 7,179 | 3,029 | +73.0% |
| Operating cash flow | 11,233 | 12,857 | 1,624 | +14.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2016 | 77,829 | — | — | 3,455 | 5,050 | — | S100JRT1 |
| FY ending Jun 2017 | 79,134 | — | — | 3,455 | 3,391 | — | S100MHP3 |
| FY ending Jun 2018 | 81,376 | — | — | 2,129 | 3,015 | — | S100P8UP |
| FY ending Jun 2019 | 90,228 | 3,305 | 3.7% | 1,658 | 1,033 | — | S100JRT1 |
| FY ending Jun 2020 | 89,501 | 3,675 | 4.1% | 2,374 | 6,538 | — | S100MHP3 |
| FY ending Jun 2021 | 92,171 | 5,332 | 5.8% | 3,626 | 8,594 | — | S100P8UP |
| FY ending Jun 2022 | 107,045 | 3,912 | 3.7% | 2,535 | 3,954 | — | S100RWTE |
| FY ending Jun 2023 | 132,861 | 5,074 | 3.8% | 3,437 | 8,778 | — | S100UF9N |
| FY ending Jun 2024 | 140,751 | 6,222 | 4.4% | 4,150 | 11,233 | — | S100WRNH |
| FY ending Jun 2025 | 147,843 | 10,228 | 6.9% | 7,179 | 12,857 | — | S100WRNH |

## People and productivity（FY ending Jun 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.7M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.7M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,478 | 2,593 | 2,585 | 2,647 | 2,703 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.5M | ¥5.7M | ¥5.9M |
| Average age (parent company) | 45.0 years | 45.5 years | 45.9 years | 45.4 years | 45.8 years |
| Average tenure (parent company) | 12.5 years | 12.8 years | 13.4 years | 13.3 years | 13.7 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +5.0%

## Segments（FY ending Jun 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic automobile related businesses | 69,519 | 47.0% | 9,047 | 13.0% |
| Human resource businesses | 23,059 | 15.6% | 804 | 3.5% |
| General cargo businesses | 6,503 | 4.4% | 1,961 | 30.2% |
| Foreign related businesses | 48,760 | 33.0% | 892 | 1.8% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic automobile related businesses | 47.0% | 71.2% | 24.2 | 13.0% |
| Human resource businesses | 15.6% | 6.3% | -9.3 | 3.5% |
| General cargo businesses | 4.4% | 15.4% | 11.0 | 30.2% |
| Foreign related businesses | 33.0% | 7.0% | -26.0 | 1.8% |

Segment → industry: Human resource businesses → HR & Staffing / Foreign related businesses → Trucking & Parcel Delivery / General cargo businesses → Trucking & Parcel Delivery / Domestic automobile related businesses → Trucking & Parcel Delivery / General cargo businesses → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12,857 | 8.7% | S100WRNH |
| Investing cash flow | -2,836 | -1.9% | S100WRNH |
| Financing cash flow | -4,606 | -3.1% | S100WRNH |
| Dividends paid | 1,493 | 1.0% | S100WRNH |
| Share buyback | 0 | 0.0% | S100WRNH |
| Change in cash | 5,326 | 3.6% | S100WRNH |
| Cash and equivalents | 16,643 | 11.3% | S100WRNH |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,904 | 5,180 | 5,475 | 11,316 | 16,643 | S100RWTE, S100UF9N, S100WRNH |
| Total assets | 50,935 | 55,189 | 56,558 | 70,733 | 73,948 | S100P8UP, S100RWTE, S100UF9N, S100WRNH |
| Net assets | 28,298 | 30,614 | 33,836 | 37,873 | 43,530 | S100RWTE, S100UF9N, S100WRNH |
| Share capital | 3,390 | 3,390 | 3,390 | 3,390 | 3,390 | S100P8UP, S100RWTE, S100UF9N, S100WRNH |
| Property, plant and equipment | 21,895 | 21,199 | 20,743 | 24,845 | 22,468 | S100P8UP, S100RWTE, S100UF9N, S100WRNH |
| Goodwill | 1,884 | 2,088 | 2,088 | 2,679 | 2,207 | S100P8UP, S100RWTE, S100UF9N, S100WRNH |
| Current assets | 20,060 | 24,605 | 26,032 | 32,994 | 38,249 | S100P8UP, S100RWTE, S100UF9N, S100WRNH |
| Total liabilities | 22,636 | 24,574 | 22,722 | 32,860 | 30,417 | S100P8UP, S100RWTE, S100UF9N, S100WRNH |
| Equity attributable to owners of parent | 28,280 | 30,067 | 33,285 | 37,209 | 42,901 | S100P8UP, S100RWTE, S100UF9N, S100WRNH |
| Retained earnings | 21,809 | 23,440 | 26,426 | 30,106 | 35,894 | S100P8UP, S100RWTE, S100UF9N, S100WRNH |
| Treasury stock | -681 | -667 | -638 | -614 | -528 | S100P8UP, S100RWTE, S100UF9N, S100WRNH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100WRNH |
| Property, plant and equipment | 30% | S100WRNH |
| Intangibles and goodwill | 3% | — |
| Other assets | 44% | S100WRNH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100WRNH |
| Equity | 59% | S100WRNH |
| Other liabilities | 0% | S100WRNH |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 50,935 | 55,189 | 56,558 | 70,733 | 73,948 |
| Equity | 28,298 | 30,614 | 33,836 | 37,873 | 43,530 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,904 | 5,180 | 5,475 | 11,316 | 16,643 |

## 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) | 15.2% | S100WRNH |
| Fixed assets ÷ total assets | 30.4% | S100WRNH |
| Goodwill ÷ parent equity | 5.1% | S100WRNH |

Goodwill over 4 years: 1,884 → 2,207 JPY; total investing cash flow: -16,036 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) | 22.5% |
| Cash ÷ revenue | 11.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.7% |
| Cash vs. profit gap | 5,678 JPY mn (of net income 79.1%) |
| Shareholder returns / net income | 20.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 22.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.9% | 1.81× | 7.1% | 1.80× | 12.8% | S100P8UP |
| 2022 | 2.4% | 2.02× | 4.8% | 1.82× | 8.7% | S100RWTE |
| 2023 | 2.6% | 2.38× | 6.2% | 1.76× | 10.9% | S100UF9N |
| 2024 | 2.9% | 2.21× | 6.5% | 1.81× | 11.8% | S100WRNH |
| 2025 | 4.9% | 2.04× | 9.9% | 1.81× | 17.9% | S100WRNH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ZENITH LOGISTICS LIMITED(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 48.0% | 2025-06-30 |
| SBSホールディングス株式会社 | Major shareholder | 20.9% | 2025-06-30 |
| 株式会社フジトランスコーポレーション | Major shareholder | 5.1% | 2025-06-30 |
| ZENITH LOGISTICS PTE. LTD.(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.4% | 2025-06-30 |
| 株式会社日本カストディ銀行(信託E口) | Major shareholder | 2.0% | 2025-06-30 |
| 栗林運輸株式会社 | Major shareholder | 1.5% | 2025-06-30 |
| ゼロ従業員持株会 | Major shareholder | 1.1% | 2025-06-30 |
| 株式会社オークネット | Major shareholder | 1.1% | 2025-06-30 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.9% | 2025-06-30 |
| 株式会社ENEOSウイング | Major shareholder | 0.8% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2024/07/01－2025/06/30) | S100WRNH | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRNH,, |
| 有価証券報告書－第78期(2023/07/01－2024/06/30) | S100UF9N | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UF9N,, |
| 有価証券報告書－第77期(2022/07/01－2023/06/30) | S100RWTE | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWTE,, |
| 有価証券報告書－第76期(令和3年7月1日－令和4年6月30日) | S100P8UP | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8UP,, |
| 有価証券報告書－第75期(令和2年7月1日－令和3年6月30日) | S100MHP3 | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHP3,, |
| 有価証券報告書－第74期(令和1年7月1日－令和2年6月30日) | S100JRT1 | 2020-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JRT1,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 日産 | Alliance | 車両輸送業務の継続と戦略的パートナーシップ覚書 | S100WRNH |

## 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).