# ZOOM CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第43期(2025/01/01－2025/12/31) (S100XTUG)
> Page: https://vizora.meequs.com/en/company/zoom
> Retrieved: 2026-09-30T19:05:57.230Z

## Company

Zoom, founded in 1990, is a company in TVs, Audio & Musical Instruments listed on TSE Standard. It has 187 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZOOM CORPORATION |
| Ticker | 6694 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6694.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田駿河台四丁目4番地3 |
| Representative (per filing) | 代表取締役 CEO 工藤 俊介 |
| Founded | Feb 1990 |
| Share capital | ¥212.3M |
| Employees (consolidated) | 187 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | December |
| Website | www.zoom.co.jp (https://www.zoom.co.jp/) |
| Corporate number | 9010001089577 |
| EDINET | E33025 |
| Industries (Vizora) | TVs, Audio & Musical Instruments |

> Profile source: annual securities report (S100XTUG, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: TVs, Audio & Musical Instruments (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.5 | 11 |
| Profitability | 20.8 | 12 |
| Efficiency | 45.8 | 12 |

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)

- Zoom brought in ¥17.4B in revenue.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -3.5% from the prior year, operating profit -110.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥17.4B |  |
| Operating income | -¥57M | Margin -0.3% |
| Net income | -¥1.73B | Margin -9.9% |
| Free cash flow | ¥158.2M |  |
| Employees (consolidated) | 187 |  |
| EPS | ¥-71.77 |  |
| Book value per share | ¥1088.82 |  |
| Equity ratio | 30.1% |  |
| Shares outstanding | 4,594,824 |  |
| Treasury shares | 269,400 |  |
| Shareholders | 2,574 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 16.2% | Cash ÷ revenue 17.4% |
| Vs. industry median margin | -5.3 pp | TVs, Audio & Musical Instruments |
| ROA | -8.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10419513000 | ¥17437011000 | +67.3% |
| Operating income | ¥755250000 | ¥-56959000 | -107.5% |
| Operating margin | 7.2% | -0.3% | -7.6 pp |
| Employees | 143 people | 187 people | +30.8% |
| Cash and equivalents | ¥2697194000 | ¥3034649000 | +12.5% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,437 | 100.0% | S100XTUG |
| Cost of revenue | 10,966 | 62.9% | S100XTUG |
| Gross profit | 6,471 | 37.1% | S100XTUG |
| SG&A | 6,528 | 37.4% | S100XTUG |
| Operating income | -57 | -0.3% | S100XTUG |
| Ordinary income | -231 | -1.3% | S100XTUG |
| Pretax income | -1,221 | -7.0% | S100XTUG |
| Income tax | 367 | 2.1% | S100XTUG |
| Net income | -1,589 | -9.1% | S100XTUG |
| Net income attributable to owners | -1,728 | -9.9% | S100XTUG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 37 |
| Operating income | 0 |
| (Ref.) Net income | -10 |

### Margin funnel

Gross margin 37.1% → Operating margin -0.3% → Net margin -9.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,072 | 17,437 | -635 | -3.5% |
| Gross profit | 6,929 | 6,471 | -458 | -6.6% |
| Operating income | 532 | -57 | -588 | -110.7% |
| Net income attributable to owners | 41 | -1,728 | -1,769 | -4327.5% |
| Operating cash flow | 585 | 602 | 17 | +3.0% |
| Free cash flow | 346 | 158 | -188 | -54.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 8,608 | 291 | 3.4% | 251 | -54 | -370 | S100L1MQ |
| FY ending Dec 2020 | 10,420 | 755 | 7.2% | 503 | 990 | 796 | S100NS2S |
| FY ending Dec 2021 | 13,418 | 1,258 | 9.4% | 854 | 637 | 408 | S100QG1J |
| FY ending Dec 2022 | 13,236 | 664 | 5.0% | 378 | -587 | -854 | S100T51Q |
| FY ending Dec 2023 | 17,901 | 574 | 3.2% | 89 | 817 | 588 | S100VHFI |
| FY ending Dec 2024 | 18,072 | 532 | 2.9% | 41 | 585 | 346 | S100XTUG |
| FY ending Dec 2025 | 17,437 | -57 | -0.3% | -1,728 | 602 | 158 | S100XTUG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥93.2M |
| Operating income per employee (consolidated) | -¥304.6K |
| Net income per employee (consolidated) | -¥9.2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 171 | 165 | 191 | 200 | 187 |
| Average salary (parent company) | ¥7.6M | ¥7.7M | ¥7.8M | ¥7.5M | ¥7.8M |
| Average age (parent company) | 41.2 years | 41.3 years | 40.7 years | 41.2 years | 39.7 years |
| Average tenure (parent company) | 9.8 years | 10.3 years | 10.0 years | 10.2 years | 9.8 years |

Year over year: Employees (consolidated) -6.5% · Revenue (consolidated) -3.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 602 | 3.5% | S100XTUG |
| Capital expenditure | 444 | 2.5% | S100XTUG |
| Free cash flow | 158 | 0.9% | 算出 |
| Investing cash flow | -690 | -4.0% | S100XTUG |
| Financing cash flow | -113 | -0.6% | S100XTUG |
| Dividends paid | 135 | 0.8% | S100XTUG |
| Share buyback | 36 | 0.2% | S100XTUG |
| Change in cash | -253 | -1.5% | S100XTUG |
| Cash and equivalents | 3,035 | 17.4% | S100XTUG |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,032 | 2,156 | 2,826 | 3,288 | 3,035 | S100T51Q, S100VHFI, S100XTUG |
| Total assets | 10,830 | 13,650 | 19,260 | 20,088 | 18,744 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Net assets | 5,912 | 6,590 | 7,924 | 8,622 | 7,420 | S100T51Q, S100VHFI, S100XTUG |
| Share capital | 212 | 212 | 212 | 212 | 212 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Trade receivables | — | 2,109 | 2,268 | 2,538 | 2,247 | S100T51Q, S100VHFI, S100XTUG |
| Property, plant and equipment | 548 | 647 | 1,491 | 1,451 | 1,501 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Intangible assets excluding goodwill | 1,477 | 1,438 | 3,287 | 3,055 | 1,958 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Goodwill | 1,398 | 1,375 | 3,241 | 2,992 | 1,892 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Investment securities | 23 | 27 | 1 | 1 | 218 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Current assets | 8,035 | 10,842 | 13,722 | 14,965 | 14,656 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Current liabilities | 3,675 | 5,908 | 7,144 | 7,761 | 8,115 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Short-term borrowings | 1,347 | 2,513 | 3,411 | 4,130 | 4,853 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Long-term borrowings | 1,041 | 897 | 2,966 | 2,509 | 2,042 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Total liabilities | 4,918 | 7,060 | 11,337 | 11,466 | 11,323 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Non-controlling interests | 76 | 100 | 1,261 | 1,455 | 1,779 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Equity attributable to owners of parent | 5,626 | 5,761 | 5,460 | 5,402 | 3,525 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Retained earnings | 5,526 | 5,653 | 5,302 | 5,208 | 3,334 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |
| Treasury stock | -374 | -366 | -316 | -281 | -283 | S100QG1J, S100T51Q, S100VHFI, S100XTUG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XTUG |
| Receivables | 12% | S100XTUG |
| Property, plant and equipment | 8% | S100XTUG |
| Intangibles and goodwill | 21% | S100XTUG |
| Investment securities | 1% | S100XTUG |
| Other assets | 42% | S100XTUG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100XTUG |
| Equity | 40% | S100XTUG |
| Other liabilities | 0% | S100XTUG |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,830 | 13,650 | 19,260 | 20,088 | 18,744 |
| Equity | 5,912 | 6,590 | 7,924 | 8,622 | 7,420 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,032 | 2,156 | 2,826 | 3,288 | 3,035 |

## 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) | 8.6% | S100XTUG |
| Fixed assets ÷ total assets | 8.0% | S100XTUG |
| Goodwill ÷ parent equity | 53.7% | S100XTUG |

Goodwill over 4 years: 1,398 → 1,892 JPY; total investing cash flow: -4,029 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) | 16.2% |
| Cash ÷ revenue | 17.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 2,330 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 107.9% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 85.4% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 114.6% |

## 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 | 6.4% | 1.24× | 7.9% | 1.93× | 15.2% | S100QG1J |
| 2022 | 2.9% | 1.08× | 3.1% | 2.15× | 6.6% | S100T51Q |
| 2023 | 0.5% | 1.09× | 0.5% | 2.93× | 1.6% | S100VHFI |
| 2024 | 0.2% | 0.92× | 0.2% | 3.62× | 0.8% | S100XTUG |
| 2025 | — | —× | -8.9% | —× | — | S100XTUG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 飯島 雅宏 | Major shareholder | 8.3% | 2025-12-31 |
| 株式会社サウンドハウス | Major shareholder | 8.2% | 2025-12-31 |
| 公益財団法人ズームグループ学術振興財団 | Major shareholder | 8.1% | 2025-12-31 |
| 莅戸 道人 | Major shareholder | 7.4% | 2025-12-31 |
| DEUTSCHE BANK AG, FRANKFURT（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 7.1% | 2025-12-31 |
| 松尾 泉 | Major shareholder | 4.9% | 2025-12-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDON SPECIAL ACCOUNT NO.1（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.0% | 2025-12-31 |
| ズーム社員持株会 | Major shareholder | 3.0% | 2025-12-31 |
| 河野 達哉 | Major shareholder | 1.4% | 2025-12-31 |
| 山田 達三 | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/01/01－2025/12/31) | S100XTUG | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTUG,, |
| 有価証券報告書－第42期(2024/01/01－2024/12/31) | S100VHFI | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHFI,, |
| 有価証券報告書－第41期(2023/01/01－2023/12/31) | S100T51Q | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T51Q,, |
| 有価証券報告書－第40期(2022/01/01－2022/12/31) | S100QG1J | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG1J,, |
| 訂正有価証券報告書－第39期(令和3年1月1日－令和3年12月31日) | S100NS2S | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS2S,, |
| 有価証券報告書－第38期(令和2年1月1日－令和2年12月31日) | S100L1MQ | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1MQ,, |

## 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).