# zig-zag,Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/06/01－2026/05/31) (S100YYUS)
> Page: https://vizora.meequs.com/en/company/zig-zag
> Retrieved: 2026-09-30T19:48:23.474Z

## Company

zig-zag, founded in 2015, is a company in E-commerce listed on TSE Growth. It has 60 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | zig-zag,Inc. |
| Ticker | 340A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/340A.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区桜丘町14番1号 |
| Representative (per filing) | 代表取締役 仲里 一義 |
| Founded | Jun 2015 |
| Share capital | ¥415M |
| Employees (consolidated) | 60 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | May |
| Website | www.zig-zag.co.jp (https://www.zig-zag.co.jp/) |
| Corporate number | 7011001106134 |
| EDINET | E40189 |
| Industries (Vizora) | E-commerce |

> Profile source: annual securities report (S100YYUS, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 89.7 | 34 |
| Cash conversion | 68.5 | 27 |
| Efficiency | 19.1 | 34 |

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)

- zig-zag brought in ¥1.5B in revenue.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +6.2% from the prior year, operating profit -10.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1500339000 → ¥227643000
- Net income → operating cash flow: ¥227643000 → ¥448050000（difference ¥220407000）
- Main uses of operating cash flow: CapEx ¥27699000 / dividends — / buybacks —
- Change in cash: ¥235172000
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 | ¥1.5B |  |
| Operating income | ¥289.3M | Margin 19.3% |
| Net income | ¥227.6M | Margin 15.2% |
| Free cash flow | ¥420.4M |  |
| Employees (consolidated) | 60 |  |
| EPS | ¥30.31 |  |
| Diluted EPS | ¥28.51 |  |
| Book value per share | ¥177.28 |  |
| Equity ratio | 53.0% |  |
| Shares outstanding | 7,755,435 |  |
| Shareholders | 2,321 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 65.5% | Cash ÷ revenue 113.2% |
| Vs. industry median margin | +14.3 pp | E-commerce |
| ROE | 16.6% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 66% of total assets

## What changed in 2 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending May 2024 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1106229000 | ¥1500339000 | — |
| Operating income | ¥221195000 | ¥289277000 | — |
| Operating margin | 20.0% | 19.3% | -0.7 pp |
| Employees | 47 people | 60 people | — |
| Cash and equivalents | ¥685128000 | ¥1698468000 | — |

### Change in segment revenue mix

Span: FY ending May 2024 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,500 | 100.0% | S100YYUS |
| Cost of revenue | 464 | 31.0% | S100YYUS |
| Gross profit | 1,036 | 69.0% | S100YYUS |
| SG&A | 747 | 49.8% | S100YYUS |
| Operating income | 289 | 19.3% | S100YYUS |
| Ordinary income | 307 | 20.5% | S100YYUS |
| Pretax income | 307 | 20.5% | S100YYUS |
| Income tax | 79 | 5.3% | S100YYUS |
| Net income | 228 | 15.2% | S100YYUS |
| Net income attributable to owners | 228 | 15.2% | S100YYUS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 50 |
| Operating income | 19 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 69.0% → Operating margin 19.3% → Net margin 15.2%
Derived from reported figures (DERIVED).

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,412 | 1,500 | 88 | +6.2% |
| Gross profit | 958 | 1,036 | 78 | +8.1% |
| Operating income | 323 | 289 | -34 | -10.4% |
| Operating cash flow | 189 | 448 | 259 | +137.3% |
| Free cash flow | 187 | 420 | 233 | +124.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2024 | 1,106 | 221 | 20.0% | 163 | 457 | 455 | S100WLLK |
| FY ending May 2025 | 1,412 | 323 | 22.9% | 246 | 189 | 187 | S100WLLK |
| FY ending May 2026 | 1,500 | 289 | 19.3% | 228 | 448 | 420 | S100YYUS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.8M |

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

| History | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 47 | 53 | 60 |
| Average salary (parent company) | — | ¥5.8M | ¥6M |
| Average age (parent company) | — | 37.9 years | 38.8 years |
| Average tenure (parent company) | — | 3.2 years | 3.7 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 448 | 29.9% | S100YYUS |
| Capital expenditure | 28 | 1.8% | S100YYUS |
| Free cash flow | 420 | 28.0% | 算出 |
| Investing cash flow | -233 | -15.5% | S100YYUS |
| Financing cash flow | 20 | 1.3% | S100YYUS |
| Change in cash | 235 | 15.7% | S100YYUS |
| Cash and equivalents | 1,698 | 113.2% | S100YYUS |

## 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 May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 685 | 1,463 | 1,698 | S100WLLK, S100YYUS |
| Total assets | 1,237 | 2,128 | 2,592 | S100WLLK, S100YYUS |
| Net assets | 252 | 1,114 | 1,375 | S100WLLK, S100YYUS |
| Share capital | 90 | 398 | 415 | S100WLLK, S100YYUS |
| Property, plant and equipment | 1 | 4 | 9 | S100WLLK, S100YYUS |
| Intangible assets excluding goodwill | — | — | 16 | S100YYUS |
| Current assets | 1,117 | 1,971 | 2,506 | S100WLLK, S100YYUS |
| Current liabilities | 961 | 1,000 | 1,213 | S100WLLK, S100YYUS |
| Long-term borrowings | 25 | 13 | 4 | S100WLLK, S100YYUS |
| Total liabilities | 986 | 1,013 | 1,217 | S100WLLK, S100YYUS |
| Equity attributable to owners of parent | 252 | 1,114 | 1,375 | S100WLLK, S100YYUS |
| Retained earnings | -69 | 177 | 405 | S100WLLK, S100YYUS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 66% | S100YYUS |
| Property, plant and equipment | 0% | S100YYUS |
| Intangibles and goodwill | 1% | S100YYUS |
| Other assets | 33% | S100YYUS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YYUS |
| Equity | 53% | S100YYUS |
| Other liabilities | 0% | S100YYUS |

### Balance sheet history

| Metric | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 1,237 | 2,128 | 2,592 |
| Equity | 252 | 1,114 | 1,375 |
| Interest-bearing debt | — | — | — |
| Cash | 685 | 1,463 | 1,698 |

## 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) | 0.6% | S100YYUS |
| Fixed assets ÷ total assets | 0.4% | S100YYUS |
| Goodwill ÷ parent equity | — | —, S100YYUS |

### 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) | 65.5% |
| Cash ÷ revenue | 113.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 154.9% |
| Cash vs. profit gap | 220 JPY mn (of net income 96.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 51.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 14.8% | 0.89× | 13.2% | 4.92× | 64.9% | S100WLLK |
| 2025 | 17.4% | 0.84× | 14.6% | 2.46× | 36.0% | S100WLLK |
| 2026 | 15.2% | 0.58× | 8.8% | 1.89× | 16.6% | S100YYUS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 仲里 一義 | Major shareholder | 18.4% | 2026-05-31 |
| 仲里 亜美 | Major shareholder | 9.9% | 2026-05-31 |
| 株式会社Ｚカンパニー | Major shareholder | 9.3% | 2026-05-31 |
| 八木 正好 | Major shareholder | 5.1% | 2026-05-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.5% | 2026-05-31 |
| 札本 真介 | Major shareholder | 2.6% | 2026-05-31 |
| ＭＩＣイノベーション４号投資事業有限責任組合 | Major shareholder | 2.3% | 2026-05-31 |
| BBH LUX/BROWN BROTHERS HARRIMAN（LUXEMBOURG）SCA CUSTODIAN FOR SMD-AM FUNDS - DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE （常任代理人 株式会社三井住友銀行） | Major shareholder | 1.8% | 2026-05-31 |
| 松本 浩介 | Major shareholder | 1.7% | 2026-05-31 |
| 木村 寿人 | Major shareholder | 1.7% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/06/01－2026/05/31) | S100YYUS | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYUS,, |
| 有価証券報告書－第10期(2024/06/01－2025/05/31) | S100WLLK | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLLK,, |

## 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).