# ZIGExN Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/04/01－2026/03/31) (S100YERG)
> Page: https://vizora.meequs.com/en/company/zigexn
> Retrieved: 2026-09-30T19:48:34.241Z

## Company

ZIGExN, founded in 2006, is a company in Internet Services & Apps listed on TSE Prime. It has 1,350 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZIGExN Co., Ltd. |
| Ticker | 3679 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3679.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門三丁目4番8号 |
| Representative (per filing) | 代表取締役 社長執行役員 CEO 平尾 丈 |
| Founded | Jun 2006 |
| Share capital | ¥125M |
| Employees (consolidated) | 1,350 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | zigexn.co.jp (https://zigexn.co.jp/) |
| Corporate number | 2010401098688 |
| EDINET | E30047 |
| Industries (Vizora) | Internet Services & Apps, HR & Staffing |

> Profile source: annual securities report (S100YERG, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 84.7 | 88 |
| Cash conversion | 24.4 | 80 |
| Efficiency | 10.8 | 88 |

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 98% of ZIGExN's sales come from Life Service Platform, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +14.8% from the prior year, operating profit +4.5%.

## Company structure

- Segment revenue mix: Life Service Platform 97.7%、Other 2.3%
- Revenue → net income: ¥29221000000 → ¥4130000000
- Net income → operating cash flow: ¥4130000000 → ¥4250000000（difference ¥120000000）
- Main uses of operating cash flow: CapEx ¥1258000000 / dividends ¥1054000000 / buybacks ¥688000000
- Change in cash: ¥-1573000000
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 | ¥29.2B |  |
| Operating income | ¥5.91B | Margin 20.2% |
| Net income | ¥4.16B | Margin 14.2% |
| Free cash flow | ¥2.99B |  |
| Largest business | Life Service Platform | of segment revenue 97.7% |
| Employees (consolidated) | 1,350 |  |
| EPS | ¥41.66 |  |
| Diluted EPS | ¥41.64 |  |
| Book value per share | ¥105.87 |  |
| Equity ratio | 55.5% | Derived from disclosed figures |
| Shares outstanding | 110,000,000 |  |
| Treasury shares | 10,830,600 |  |
| Shareholders | 14,387 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 31.4% | Cash ÷ revenue 43.5% |
| Vs. industry median margin | +12.6 pp | Internet Services & Apps |
| ROE | 19.6% | Derived from disclosed figures |
| ROA | 10.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, cash is 31% of total assets

## What changed in 6 years

| Metric | FY ending Mar 2020 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13199000000 | ¥29221000000 | +121.4% |
| Operating income | ¥3806000000 | ¥5913000000 | +55.4% |
| Operating margin | 28.8% | 20.2% | -8.6 pp |
| Cash and equivalents | ¥6631000000 | ¥12722000000 | +91.9% |

### Change in segment revenue mix

Span: FY ending Mar 2020 → 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 |
| --- | ---: |
| ライフメディアプラットフォーム事業 → 事業再編・廃止 | 96.1% |
| その他 → その他 | 2.3% |
| その他 → 事業再編・廃止 | 1.6% |
| 新設・再編 → ライフサービスプラットフォーム事業 | 97.7% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,221 | 100.0% | S100YERG |
| Cost of revenue | 5,687 | 19.5% | S100YERG |
| Gross profit | 23,535 | 80.5% | S100YERG |
| SG&A | 17,642 | 60.4% | S100YERG |
| Operating income | 5,913 | 20.2% | S100YERG |
| Pretax income | 5,946 | 20.3% | S100YERG |
| Income tax | 1,817 | 6.2% | S100YERG |
| Net income | 4,130 | 14.1% | S100YERG |
| Net income attributable to owners | 4,157 | 14.2% | S100YERG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 20 |
| SG&A | 60 |
| Operating income | 20 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 80.5% → Operating margin 20.2% → Net margin 14.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.8%; Core profit growth: +4.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.31×
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 | 25,450 | 29,221 | 3,771 | +14.8% |
| Gross profit | 20,905 | 23,535 | 2,630 | +12.6% |
| Operating income | 5,657 | 5,913 | 256 | +4.5% |
| Net income attributable to owners | 3,872 | 4,157 | 285 | +7.4% |
| Operating cash flow | 7,331 | 4,250 | -3,081 | -42.0% |
| Free cash flow | 6,024 | 2,992 | -3,032 | -50.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 7,534 | — | — | 1,473 | 2,036 | — | S100LRWB |
| FY ending Mar 2018 | 10,267 | — | — | 2,170 | 2,866 | — | S100OFZ2 |
| FY ending Mar 2019 | 12,854 | — | — | 2,811 | 3,139 | — | S100R069 |
| FY ending Mar 2020 | 13,199 | 3,806 | 28.8% | 2,669 | 2,144 | 1,625 | S100LRWB |
| FY ending Mar 2022 | 15,272 | 3,314 | 21.7% | 2,262 | 3,847 | 2,994 | S100R069 |
| FY ending Mar 2023 | 18,709 | 4,180 | 22.3% | 2,930 | 5,706 | 4,683 | S100TOJD |
| FY ending Mar 2024 | 23,249 | 5,394 | 23.2% | 3,800 | 6,841 | 5,975 | S100W2XM |
| FY ending Mar 2025 | 25,450 | 5,657 | 22.2% | 3,872 | 7,331 | 6,024 | S100YERG |
| FY ending Mar 2026 | 29,221 | 5,913 | 20.2% | 4,157 | 4,250 | 2,992 | S100YERG |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.6M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 704 | 857 | 927 | 964 | 1,350 |
| Average salary (parent company) | ¥4.8M | ¥5.2M | ¥5.3M | ¥5.5M | ¥5.5M |
| Average age (parent company) | 32.6 years | 32.9 years | 32.9 years | 33.1 years | 33.2 years |
| Average tenure (parent company) | 2.5 years | 2.9 years | 3.2 years | 3.7 years | 4.0 years |

Year over year: Employees (consolidated) +40.0% · Revenue (consolidated) +14.8%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Life Service Platform | 28,549 | 97.7% | 5,764 | 20.2% |
| Other | 672 | 2.3% | 142 | 21.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Life Service Platform | 97.7% | 97.6% | -0.1 | 20.2% |
| Other | 2.3% | 2.4% | 0.1 | 21.1% |

Segment → industry: Life Service Platform → Internet Services & Apps / Life Service Platform → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,250 | 14.5% | S100YERG |
| Capital expenditure | 1,258 | 4.3% | S100YERG |
| Free cash flow | 2,992 | 10.2% | 算出 |
| Investing cash flow | -3,825 | -13.1% | S100YERG |
| Financing cash flow | -2,018 | -6.9% | S100YERG |
| Dividends paid | 1,054 | 3.6% | S100YERG |
| Share buyback | 688 | 2.4% | S100YERG |
| Change in cash | -1,573 | -5.4% | S100YERG |
| Cash and equivalents | 12,722 | 43.5% | S100YERG |

## 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 | 8,588 | 9,953 | 13,241 | 14,295 | 12,722 | S100TOJD, S100W2XM, S100YERG |
| Total assets | 21,604 | 30,393 | 34,535 | 37,573 | 40,556 | S100R069, S100TOJD, S100W2XM, S100YERG |
| Net assets | 14,929 | 16,073 | 19,449 | 19,951 | 22,453 | S100TOJD, S100W2XM, S100YERG |
| Share capital | 2,552 | 125 | 125 | 125 | 125 | S100R069, S100TOJD, S100W2XM, S100YERG |
| Property, plant and equipment | 86 | 142 | 154 | 233 | 254 | S100R069, S100TOJD, S100W2XM, S100YERG |
| Goodwill | 6,934 | 9,911 | 10,001 | 10,872 | 13,483 | S100R069, S100TOJD, S100W2XM, S100YERG |
| Current assets | 10,897 | 14,308 | 18,879 | 19,952 | 19,727 | S100R069, S100TOJD, S100W2XM, S100YERG |
| Total liabilities | 6,675 | 14,320 | 15,086 | 17,622 | 18,103 | S100R069, S100TOJD, S100W2XM, S100YERG |
| Equity attributable to owners of parent | 14,929 | 16,073 | 19,449 | 19,980 | 22,510 | S100R069, S100TOJD, S100W2XM, S100YERG |
| Retained earnings | 11,224 | 13,776 | 17,159 | 20,355 | 23,458 | S100R069, S100TOJD, S100W2XM, S100YERG |
| Treasury stock | -1,399 | -2,801 | -2,801 | -5,033 | -4,852 | S100R069, S100TOJD, S100W2XM, S100YERG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YERG |
| Property, plant and equipment | 1% | S100YERG |
| Intangibles and goodwill | 33% | — |
| Other assets | 35% | S100YERG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100YERG |
| Equity | 55% | S100YERG |

### 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 | 21,604 | 30,393 | 34,535 | 37,573 | 40,556 |
| Equity | 14,929 | 16,073 | 19,449 | 19,951 | 22,453 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,588 | 9,953 | 13,241 | 14,295 | 12,722 |

## 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) | 0.9% | S100YERG |
| Fixed assets ÷ total assets | 0.6% | S100YERG |
| Goodwill ÷ parent equity | 59.9% | S100YERG |

Goodwill over 4 years: 6,934 → 13,483 JPY; total investing cash flow: -13,119 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) | 31.4% |
| Cash ÷ revenue | 43.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.9% |
| Cash vs. profit gap | 93 JPY mn (of net income 2.2%) |
| Shareholder returns / net income | 41.9% |
| Shareholder returns / FCF | 58.2% |
| Shareholder payments — dividends / net income | 25.4% |
| Shareholder payments — dividends / FCF | 35.2% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 90.0% |

## 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 | 14.8% | 0.71× | 10.5% | 1.45× | 15.2% | S100R069 |
| 2023 | 15.7% | 0.72× | 11.3% | 1.68× | 18.9% | S100TOJD |
| 2024 | 16.3% | 0.72× | 11.7% | 1.83× | 21.4% | S100W2XM |
| 2025 | 15.2% | 0.71× | 10.7% | 1.83× | 19.6% | S100YERG |
| 2026 | 14.2% | 0.75× | 10.6% | 1.84× | 19.6% | S100YERG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社じょうげん | Major shareholder | 49.3% | 2026-03-31 |
| 平尾 丈 | Major shareholder | 5.3% | 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 | 4.9% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.2% | 2026-03-31 |
| CLEARSTREAM BANKING S.A.（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505044(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2026-03-31 |
| INTERACTIVE BROKERS LLC(常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 1.1% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YERG | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YERG,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W2XM | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2XM,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TOJD | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOJD,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100R069 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R069,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100OFZ2 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFZ2,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LRWB | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRWB,, |

## 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).