# ZOA CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2025/04/01－2026/03/31) (S100YKCU)
> Page: https://vizora.meequs.com/en/company/zoa
> Retrieved: 2026-09-30T18:07:26.832Z

## Company

ZOA, founded in 1982, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 71 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZOA CORPORATION |
| Ticker | 3375 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3375.T) |
| Listing | TSE Standard |
| Head office | 静岡県沼津市大諏訪719番地 |
| Representative (per filing) | 代表取締役社長執行役員 伊井 一史 |
| Founded | Sep 1982 |
| Share capital | ¥332M |
| Employees (consolidated) | 71 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.zoa.co.jp (https://www.zoa.co.jp/) |
| Corporate number | 6080101003228 |
| EDINET | E03460 |
| Industries (Vizora) | Real Estate Development & Leasing, Electronics Retailers |

> Profile source: annual securities report (S100YKCU, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electronics Retailers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 13 |
| Profitability | 67.9 | 14 |
| Cash conversion | 32.1 | 14 |
| Efficiency | 53.6 | 14 |

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 94% of ZOA's sales come from retail business, with real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit +13.6%.

## Company structure

- Segment revenue mix: retail business 94.4%、real estate business 5.6%
- Revenue → net income: ¥9523533000 → ¥327450000
- Net income → operating cash flow: ¥327450000 → ¥427006000（difference ¥99556000）
- Main uses of operating cash flow: CapEx ¥130834000 / dividends ¥87969000 / buybacks —
- Change in cash: ¥-171436000
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 | ¥9.52B |  |
| Operating income | ¥486.5M | Margin 5.1% |
| Net income | ¥327.4M | Margin 3.4% |
| Free cash flow | ¥296.2M |  |
| Largest business | retail business | of segment revenue 94.4% |
| Employees (consolidated) | 71 |  |
| EPS | ¥260.37 |  |
| Book value per share | ¥2532.17 |  |
| Equity ratio | 60.4% |  |
| Shares outstanding | 1,454,000 |  |
| Treasury shares | 195,500 |  |
| Shareholders | 678 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 20.4% | Cash ÷ revenue 11.3% |
| Vs. industry median margin | +1.7 pp | Electronics Retailers |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9518893000 | ¥9523533000 | +0.0% |
| Operating income | ¥485403000 | ¥486471000 | +0.2% |
| Operating margin | 5.1% | 5.1% | 0 pp |
| Employees | 80 people | 71 people | -11.3% |
| Cash and equivalents | ¥1628560000 | ¥1075297000 | -34.0% |

### 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 |
| --- | ---: |
| 新設・再編 → 小売事業 | 94.4% |
| 新設・再編 → 不動産事業 | 5.6% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,524 | 100.0% | S100YKCU |
| Cost of revenue | 6,971 | 73.2% | S100YKCU |
| Gross profit | 2,553 | 26.8% | S100YKCU |
| SG&A | 2,066 | 21.7% | S100YKCU |
| Operating income | 486 | 5.1% | S100YKCU |
| Ordinary income | 493 | 5.2% | S100YKCU |
| Pretax income | 484 | 5.1% | S100YKCU |
| Income tax | 157 | 1.6% | S100YKCU |
| Net income | 327 | 3.4% | S100YKCU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 22 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 26.8% → Operating margin 5.1% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.7%; Core profit growth: +13.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.04×
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 | 9,274 | 9,524 | 249 | +2.7% |
| Gross profit | 2,414 | 2,553 | 139 | +5.8% |
| Operating income | 428 | 486 | 58 | +13.6% |
| Operating cash flow | 729 | 427 | -302 | -41.4% |
| Free cash flow | 721 | 296 | -425 | -58.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,452 | 222 | 2.6% | 149 | 236 | 93 | S100LP55 |
| FY ending Mar 2021 | 9,519 | 485 | 5.1% | 329 | 928 | 914 | S100OFWD |
| FY ending Mar 2022 | 9,615 | 505 | 5.3% | 346 | -65 | -127 | S100R2E2 |
| FY ending Mar 2023 | 9,727 | 538 | 5.5% | 373 | -44 | -166 | S100TOY8 |
| FY ending Mar 2024 | 8,599 | 419 | 4.9% | 293 | 338 | 206 | S100WJ0N |
| FY ending Mar 2025 | 9,274 | 428 | 4.6% | 297 | 729 | 721 | S100YKCU |
| FY ending Mar 2026 | 9,524 | 486 | 5.1% | 327 | 427 | 296 | S100YKCU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥134.1M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥4.6M |

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) | 77 | 76 | 74 | 70 | 71 |
| Average salary (parent company) | ¥4.9M | ¥5M | ¥4.7M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 40.0 years | 42.0 years | 42.0 years | 43.0 years | 44.0 years |
| Average tenure (parent company) | 12.0 years | 13.0 years | 13.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +2.7%

## Segments（FY ending Mar 2026, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| retail business | 8,992 | 94.4% | 428 | 4.8% |
| real estate business | 532 | 5.6% | 58 | 11.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| retail business | 94.4% | 88.0% | -6.4 | 4.8% |
| real estate business | 5.6% | 12.0% | 6.4 | 11.0% |

Segment → industry: real estate business → Real Estate Development & Leasing / retail business → Electronics Retailers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 427 | 4.5% | S100YKCU |
| Capital expenditure | 131 | 1.4% | S100YKCU |
| Free cash flow | 296 | 3.1% | 算出 |
| Investing cash flow | -204 | -2.1% | S100YKCU |
| Financing cash flow | -395 | -4.1% | S100YKCU |
| Dividends paid | 88 | 0.9% | S100YKCU |
| Change in cash | -171 | -1.8% | S100YKCU |
| Cash and equivalents | 1,075 | 11.3% | S100YKCU |

## 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 | 1,174 | 659 | 760 | 1,247 | 1,075 | S100TOY8, S100WJ0N, S100YKCU |
| Total assets | 5,374 | 5,152 | 5,404 | 5,423 | 5,280 | S100R2E2, S100TOY8, S100WJ0N, S100YKCU |
| Net assets | 2,430 | 2,474 | 2,707 | 2,934 | 3,187 | S100TOY8, S100WJ0N, S100YKCU |
| Share capital | 332 | 332 | 332 | 332 | 332 | S100R2E2, S100TOY8, S100WJ0N, S100YKCU |
| Property, plant and equipment | 1,059 | 1,180 | 1,079 | 920 | 979 | S100R2E2, S100TOY8, S100WJ0N, S100YKCU |
| Intangible assets excluding goodwill | 17 | 19 | 16 | 10 | 8 | S100R2E2, S100TOY8, S100WJ0N, S100YKCU |
| Investment securities | 49 | 65 | 77 | 145 | 238 | S100R2E2, S100TOY8, S100WJ0N, S100YKCU |
| Current assets | 3,693 | 3,386 | 3,751 | 3,888 | 3,612 | S100R2E2, S100TOY8, S100WJ0N, S100YKCU |
| Current liabilities | 2,054 | 1,725 | 1,806 | 1,604 | 1,476 | S100R2E2, S100TOY8, S100WJ0N, S100YKCU |
| Long-term borrowings | 786 | 846 | 780 | 772 | 500 | S100R2E2, S100TOY8, S100WJ0N, S100YKCU |
| Total liabilities | 2,944 | 2,678 | 2,698 | 2,490 | 2,093 | S100R2E2, S100TOY8, S100WJ0N, S100YKCU |
| Equity attributable to owners of parent | 2,430 | 2,463 | 2,688 | 2,916 | 3,160 | S100R2E2, S100TOY8, S100WJ0N, S100YKCU |
| Retained earnings | 1,774 | 2,074 | 2,295 | 2,519 | 2,759 | S100R2E2, S100TOY8, S100WJ0N, S100YKCU |
| Treasury stock | — | -267 | -263 | -259 | -256 | S100TOY8, S100WJ0N, S100YKCU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YKCU |
| Property, plant and equipment | 19% | S100YKCU |
| Intangibles and goodwill | 0% | S100YKCU |
| Investment securities | 5% | S100YKCU |
| Other assets | 56% | S100YKCU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YKCU |
| Equity | 60% | S100YKCU |
| Other liabilities | 0% | S100YKCU |

### 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 | 5,374 | 5,152 | 5,404 | 5,423 | 5,280 |
| Equity | 2,430 | 2,474 | 2,707 | 2,934 | 3,187 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,174 | 659 | 760 | 1,247 | 1,075 |

## 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) | 10.3% | S100YKCU |
| Fixed assets ÷ total assets | 18.5% | S100YKCU |
| Goodwill ÷ parent equity | — | —, S100YKCU |

### 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) | 20.4% |
| Cash ÷ revenue | 11.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.8% |
| Cash vs. profit gap | 100 JPY mn (of net income 30.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.9% |
| Shareholder payments — dividends / FCF | 29.7% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 47.7% |

## 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 | 3.6% | 1.79× | 6.4% | 2.21× | 14.2% | S100R2E2 |
| 2023 | 3.8% | 1.85× | 7.1% | 2.15× | 15.2% | S100TOY8 |
| 2024 | 3.4% | 1.63× | 5.6% | 2.05× | 11.4% | S100WJ0N |
| 2025 | 3.2% | 1.71× | 5.5% | 1.93× | 10.6% | S100YKCU |
| 2026 | 3.4% | 1.78× | 6.1% | 1.76× | 10.8% | S100YKCU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊井 一史 | Major shareholder | 17.3% | 2026-03-31 |
| ダイワボウ情報システム株式会社 | Major shareholder | 11.6% | 2026-03-31 |
| 長嶋 しのぶ | Major shareholder | 11.6% | 2026-03-31 |
| 池田 昌子 | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社アイティーシー | Major shareholder | 5.6% | 2026-03-31 |
| 安井 明宏 | Major shareholder | 5.3% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.2% | 2026-03-31 |
| 浜本 憲至 | Major shareholder | 3.5% | 2026-03-31 |
| 西股 縁 | Major shareholder | 3.4% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 3.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YKCU | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKCU,, |
| 訂正有価証券報告書－第43期(2024/04/01－2025/03/31) | S100WJ0N | 2025-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WJ0N,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TOY8 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOY8,, |
| 有価証券報告書－第41期(2022/04/01－2023/03/31) | S100R2E2 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2E2,, |
| 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) | S100OFWD | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFWD,, |
| 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) | S100LP55 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP55,, |

## 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).