# ZOJIRUSHI CORPORATION: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第81期(2024/11/21－2025/11/20) (S100XL0K)
> Page: https://vizora.meequs.com/en/company/zojirushi
> Retrieved: 2026-09-30T21:02:43.801Z

## Company

Zojirushi, founded in 1948, is a company in Home Appliances listed on TSE Prime. It has 1,515 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Zojirushi Corporation |
| Ticker | 7965 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7965.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区天満1丁目20番5号 |
| Representative (per filing) | 代表取締役 社長執行役員 市川典男 |
| Founded | Dec 1948 |
| Share capital | ¥4.02B |
| Employees (consolidated) | 1,515 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | November |
| Website | www.zojirushi.co.jp (https://www.zojirushi.co.jp/) |
| Corporate number | 5120001059655 |
| EDINET | E02395 |
| Industries (Vizora) | Home Appliances |

> Profile source: annual securities report (S100XL0K, filed 2026-02-18). As of filing

## Five-axis industry profile

Primary industry: Home Appliances (2025-11-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.3 | 7 |
| Profitability | 65 | 10 |
| Cash conversion | 78.6 | 7 |
| Efficiency | 55 | 10 |

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)

- Zojirushi brought in ¥91.2B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +4.5% from the prior year, operating profit +24.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥91151000000 → ¥6098000000
- Net income → operating cash flow: ¥6098000000 → ¥9930000000（difference ¥3832000000）
- Main uses of operating cash flow: CapEx ¥1597000000 / dividends ¥3474000000 / buybacks ¥3400000000
- Change in cash: ¥-1035000000
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 | ¥91.2B |  |
| Operating income | ¥7.44B | Margin 8.2% |
| Net income | ¥5.98B | Margin 6.6% |
| Free cash flow | ¥8.33B |  |
| Employees (consolidated) | 1,515 |  |
| EPS | ¥68.67 |  |
| Book value per share | ¥1034.31 |  |
| Equity ratio | 75.0% |  |
| Shares outstanding | 72,600,000 |  |
| Treasury shares | 9,389,600 |  |
| Shareholders | 10,719 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 25.0% | Cash ÷ revenue 32.4% |
| Vs. industry median margin | +2.5 pp | Home Appliances |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥74947000000 | ¥91151000000 | +21.6% |
| Operating income | ¥5440000000 | ¥7436000000 | +36.7% |
| Operating margin | 7.3% | 8.2% | +0.9 pp |
| Employees | 1,322 people | 1,515 people | +14.6% |
| Cash and equivalents | ¥32582000000 | ¥29568000000 | -9.3% |

### Change in segment revenue mix

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

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 91,151 | 100.0% | S100XL0K |
| Cost of revenue | 60,743 | 66.6% | S100XL0K |
| Gross profit | 30,407 | 33.4% | S100XL0K |
| SG&A | 22,971 | 25.2% | S100XL0K |
| Operating income | 7,436 | 8.2% | S100XL0K |
| Ordinary income | 8,300 | 9.1% | S100XL0K |
| Pretax income | 8,565 | 9.4% | S100XL0K |
| Income tax | 2,467 | 2.7% | S100XL0K |
| Net income | 6,098 | 6.7% | S100XL0K |
| Net income attributable to owners | 5,980 | 6.6% | S100XL0K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 25 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 33.4% → Operating margin 8.2% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.5%; Core profit growth: +24.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.52×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 87,221 | 91,151 | 3,930 | +4.5% |
| Gross profit | 28,301 | 30,407 | 2,106 | +7.4% |
| Operating income | 5,955 | 7,436 | 1,481 | +24.9% |
| Net income attributable to owners | 6,462 | 5,980 | -482 | -7.5% |
| Operating cash flow | 5,510 | 9,930 | 4,420 | +80.2% |
| Free cash flow | 3,253 | 8,333 | 5,080 | +156.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 79,110 | 5,444 | 6.9% | 4,082 | 6,739 | 5,331 | S100KKWK |
| FY ending Nov 2020 | 74,947 | 5,440 | 7.3% | 3,943 | 7,366 | 6,113 | S100NI82 |
| FY ending Nov 2021 | 77,673 | 6,399 | 8.2% | 4,509 | 5,150 | 4,068 | S100Q8X5 |
| FY ending Nov 2022 | 82,534 | 4,664 | 5.7% | 3,658 | -279 | -1,991 | S100SVA5 |
| FY ending Nov 2023 | 83,494 | 5,000 | 6.0% | 4,441 | 4,939 | 2,965 | S100V8SL |
| FY ending Nov 2024 | 87,221 | 5,955 | 6.8% | 6,462 | 5,510 | 3,253 | S100XL0K |
| FY ending Nov 2025 | 91,151 | 7,436 | 8.2% | 5,980 | 9,930 | 8,333 | S100XL0K |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.2M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3.9M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,304 | 1,308 | 1,314 | 1,322 | 1,515 |
| Average salary (parent company) | ¥8M | ¥8.2M | ¥8.4M | ¥8M | ¥8.3M |
| Average age (parent company) | 42.3 years | 41.9 years | 41.1 years | 40.3 years | 39.8 years |
| Average tenure (parent company) | 16.1 years | 15.9 years | 15.0 years | 14.4 years | 14.2 years |

Year over year: Employees (consolidated) +14.6% · Revenue (consolidated) +4.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,930 | 10.9% | S100XL0K |
| Capital expenditure | 1,597 | 1.8% | S100XL0K |
| Free cash flow | 8,333 | 9.1% | 算出 |
| Investing cash flow | -2,140 | -2.3% | S100XL0K |
| Financing cash flow | -9,089 | -10.0% | S100XL0K |
| Dividends paid | 3,474 | 3.8% | S100XL0K |
| Share buyback | 3,400 | 3.7% | S100XL0K |
| Change in cash | -1,035 | -1.1% | S100XL0K |
| Cash and equivalents | 29,568 | 32.4% | S100XL0K |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 35,209 | 31,077 | 31,211 | 30,603 | 29,568 | S100SVA5, S100V8SL, S100XL0K |
| Total assets | 101,913 | 111,184 | 112,418 | 114,769 | 118,332 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |
| Net assets | 76,837 | 81,278 | 85,299 | 87,305 | 89,589 | S100SVA5, S100V8SL, S100XL0K |
| Share capital | 4,022 | 4,022 | 4,022 | 4,022 | 4,022 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |
| Trade receivables | 13,159 | — | — | — | — | S100Q8X5 |
| Property, plant and equipment | 13,418 | 14,409 | 14,576 | 14,130 | 13,797 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |
| Intangible assets excluding goodwill | 616 | 629 | 717 | 684 | 679 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |
| Investment securities | 6,239 | 6,942 | 7,806 | 9,272 | 11,332 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |
| Current assets | 77,450 | 84,955 | 83,640 | 84,644 | 85,366 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |
| Current liabilities | 19,598 | 22,630 | 19,117 | 21,331 | 21,515 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |
| Trade payables | 7,945 | 10,057 | 7,157 | 7,093 | 8,010 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |
| Long-term borrowings | — | 1,500 | 1,500 | — | — | S100SVA5, S100V8SL |
| Total liabilities | 25,076 | 29,906 | 27,118 | 27,464 | 28,742 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |
| Non-controlling interests | 612 | 818 | 818 | 839 | 876 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |
| Equity attributable to owners of parent | 73,395 | 74,592 | 76,759 | 77,685 | 76,832 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |
| Retained earnings | 66,090 | 67,253 | 69,394 | 73,555 | 76,058 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |
| Treasury stock | -961 | -956 | -953 | -4,220 | -7,603 | S100Q8X5, S100SVA5, S100V8SL, S100XL0K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100XL0K |
| Property, plant and equipment | 12% | S100XL0K |
| Intangibles and goodwill | 0% | S100XL0K |
| Investment securities | 10% | S100XL0K |
| Other assets | 53% | S100XL0K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100XL0K |
| Other liabilities | 17% | S100XL0K |
| Equity | 76% | S100XL0K |
| Other liabilities | 0% | S100XL0K |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 101,913 | 111,184 | 112,418 | 114,769 | 118,332 |
| Equity | 76,837 | 81,278 | 85,299 | 87,305 | 89,589 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 35,209 | 31,077 | 31,211 | 30,603 | 29,568 |

## 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) | 15.1% | S100XL0K |
| Fixed assets ÷ total assets | 11.7% | S100XL0K |
| Goodwill ÷ parent equity | — | —, S100XL0K |

### 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) | 25.0% |
| Cash ÷ revenue | 32.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.5% |
| Cash vs. profit gap | 3,950 JPY mn (of net income 66.1%) |
| Shareholder returns / net income | 114.9% |
| Shareholder returns / FCF | 82.5% |
| Shareholder payments — dividends / net income | 58.1% |
| Shareholder payments — dividends / FCF | 41.7% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 21.6% |

## 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 | 5.8% | 0.76× | 4.4% | 1.39× | 6.1% | S100Q8X5 |
| 2022 | 4.4% | 0.77× | 3.4% | 1.44× | 4.9% | S100SVA5 |
| 2023 | 5.3% | 0.75× | 4.0% | 1.48× | 5.9% | S100V8SL |
| 2024 | 7.4% | 0.77× | 5.7% | 1.47× | 8.4% | S100XL0K |
| 2025 | 6.6% | 0.78× | 5.1% | 1.51× | 7.7% | S100XL0K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| CLEARSTREAM BANKING S.A（常任代理人 香港上海銀行東京支店） | Major shareholder | 16.0% | 2025-11-20 |
| 市 川 典 男 | Major shareholder | 8.5% | 2025-11-20 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.2% | 2025-11-20 |
| 和幸株式会社 | Major shareholder | 6.6% | 2025-11-20 |
| 市 川 昌 宏 | Major shareholder | 4.8% | 2025-11-20 |
| 象印共栄持株会 | Major shareholder | 3.9% | 2025-11-20 |
| 市 川 泰 宏 | Major shareholder | 3.3% | 2025-11-20 |
| 公益財団法人市川国際奨学財団 | Major shareholder | 2.6% | 2025-11-20 |
| 三菱UFJ信託銀行株式会社(常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.4% | 2025-11-20 |
| 市 川 尚 孝 | Major shareholder | 1.9% | 2025-11-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2024/11/21－2025/11/20) | S100XL0K | 2026-02-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XL0K,, |
| 有価証券報告書－第80期(2023/11/21－2024/11/20) | S100V8SL | 2025-02-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V8SL,, |
| 有価証券報告書－第79期(2022/11/21－2023/11/20) | S100SVA5 | 2024-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SVA5,, |
| 有価証券報告書－第78期(2021/11/21－2022/11/20) | S100Q8X5 | 2023-02-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q8X5,, |
| 有価証券報告書－第77期(令和2年11月21日－令和3年11月20日) | S100NI82 | 2022-02-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NI82,, |
| 有価証券報告書－第76期(令和1年11月21日－令和2年11月20日) | S100KKWK | 2021-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KKWK,, |

## 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).