# ZOZO, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/04/01－2026/03/31) (S100Y951)
> Page: https://vizora.meequs.com/en/company/zozo
> Retrieved: 2026-09-30T22:08:15.928Z

## Company

ZOZO, founded in 1998, is a company in E-commerce listed on TSE Prime. It has 1,894 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZOZO, Inc. |
| Ticker | 3092 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3092.T) |
| Listing | TSE Prime |
| Head office | 千葉県千葉市稲毛区緑町一丁目15番地16 |
| Representative (per filing) | 代表取締役社長兼CEO 澤田 宏太郎 |
| Founded | May 1998 |
| Share capital | ¥1.36B |
| Employees (consolidated) | 1,894 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | corp.zozo.com (https://corp.zozo.com/) |
| Corporate number | 4040001010503 |
| EDINET | E05725 |
| Industries (Vizora) | E-commerce |

> Profile source: annual securities report (S100Y951, filed 2026-06-08). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62 | 25 |
| Profitability | 95.6 | 34 |
| Cash conversion | 38.9 | 27 |
| Efficiency | 42.6 | 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)

- ZOZO brought in ¥228.4B in revenue.
- Out of every ¥100 of sales, about ¥30 is left as operating profit.
- Revenue changed +7.2% from the prior year, operating profit +7.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥228373000000 → ¥47926000000
- Net income → operating cash flow: ¥47926000000 → ¥52531000000（difference ¥4605000000）
- Main uses of operating cash flow: CapEx ¥7049000000 / dividends ¥32834000000 / buybacks ¥10001000000
- Change in cash: ¥-22064000000
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 | ¥228.4B |  |
| Operating income | ¥69.4B | Margin 30.4% |
| Net income | ¥47.9B | Margin 21.0% |
| Free cash flow | ¥45.5B |  |
| Employees (consolidated) | 1,894 |  |
| EPS | ¥58.83 |  |
| Book value per share | ¥121.42 |  |
| Equity ratio | 53.9% |  |
| Shares outstanding | 892,032,372 |  |
| Treasury shares | 7,707,300 |  |
| Shareholders | 20,152 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 35.0% | Cash ÷ revenue 30.4% |
| Vs. industry median margin | +25.4 pp | E-commerce |
| ROE | 47.7% | Derived from disclosed figures |
| ROA | 24.8% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +49% over five years
- FY2026, operating income keeps 30 per ¥100 of revenue
- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥147402000000 | ¥228373000000 | +54.9% |
| Operating income | ¥44144000000 | ¥69366000000 | +57.1% |
| Operating margin | 29.9% | 30.4% | +0.4 pp |
| Employees | 1,297 people | 1,894 people | +46.0% |
| Cash and equivalents | ¥61648000000 | ¥69422000000 | +12.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 228,373 | 100.0% | S100Y951 |
| Cost of revenue | 15,372 | 6.7% | S100Y951 |
| Gross profit | 213,000 | 93.3% | S100Y951 |
| SG&A | 143,634 | 62.9% | S100Y951 |
| Operating income | 69,366 | 30.4% | S100Y951 |
| Ordinary income | 69,261 | 30.3% | S100Y951 |
| Pretax income | 68,477 | 30.0% | S100Y951 |
| Income tax | 20,550 | 9.0% | S100Y951 |
| Net income | 47,926 | 21.0% | S100Y951 |
| Net income attributable to owners | 47,926 | 21.0% | S100Y951 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 7 |
| SG&A | 63 |
| Operating income | 30 |
| (Ref.) Net income | 21 |

### Margin funnel

Gross margin 93.3% → Operating margin 30.4% → Net margin 21.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.2%; Core profit growth: +7.1%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.00×
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 | 213,131 | 228,373 | 15,242 | +7.2% |
| Gross profit | 198,312 | 213,000 | 14,688 | +7.4% |
| Operating income | 64,756 | 69,366 | 4,610 | +7.1% |
| Net income attributable to owners | 45,346 | 47,926 | 2,580 | +5.7% |
| Operating cash flow | 60,114 | 52,531 | -7,583 | -12.6% |
| Free cash flow | 53,829 | 45,482 | -8,347 | -15.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 125,517 | 27,888 | 22.2% | 18,804 | 24,789 | 19,619 | S100M0CA |
| FY ending Mar 2021 | 147,402 | 44,144 | 29.9% | 30,932 | 44,790 | 41,438 | S100O8T2 |
| FY ending Mar 2022 | 166,199 | 49,656 | 29.9% | 34,492 | 39,895 | 38,559 | S100QX95 |
| FY ending Mar 2023 | 183,423 | 56,421 | 30.8% | 39,526 | 36,671 | 27,401 | S100TLK2 |
| FY ending Mar 2024 | 197,016 | 60,079 | 30.5% | 44,341 | 42,589 | 33,226 | S100VXJF |
| FY ending Mar 2025 | 213,131 | 64,756 | 30.4% | 45,346 | 60,114 | 53,829 | S100Y951 |
| FY ending Mar 2026 | 228,373 | 69,366 | 30.4% | 47,926 | 52,531 | 45,482 | S100Y951 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥120.6M |
| Operating income per employee (consolidated) | ¥36.6M |
| Net income per employee (consolidated) | ¥25.3M |

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) | 1,435 | 1,555 | 1,693 | 1,761 | 1,894 |
| Average salary (parent company) | ¥5.7M | ¥6.5M | ¥6.9M | ¥6.6M | ¥8.6M |
| Average age (parent company) | 33.3 years | 33.6 years | 33.9 years | 34.3 years | 34.7 years |
| Average tenure (parent company) | 6.3 years | 6.2 years | 6.2 years | 6.8 years | 7.5 years |

Year over year: Employees (consolidated) +7.6% · Revenue (consolidated) +7.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 52,531 | 23.0% | S100Y951 |
| Capital expenditure | 7,049 | 3.1% | S100Y951 |
| Free cash flow | 45,482 | 19.9% | 算出 |
| Investing cash flow | -28,897 | -12.7% | S100Y951 |
| Financing cash flow | -45,830 | -20.1% | S100Y951 |
| Dividends paid | 32,834 | 14.4% | S100Y951 |
| Share buyback | 10,001 | 4.4% | S100Y951 |
| Change in cash | -22,064 | -9.7% | S100Y951 |
| Cash and equivalents | 69,422 | 30.4% | S100Y951 |

## 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 | 65,520 | 74,145 | 69,748 | 91,486 | 69,422 | S100TLK2, S100VXJF, S100Y951 |
| Total assets | 127,276 | 155,742 | 161,862 | 187,810 | 198,260 | S100QX95, S100TLK2, S100VXJF, S100Y951 |
| Net assets | 55,099 | 76,693 | 84,744 | 98,719 | 106,789 | S100TLK2, S100VXJF, S100Y951 |
| Share capital | 1,359 | 1,359 | 1,359 | 1,359 | 1,359 | S100QX95, S100TLK2, S100VXJF, S100Y951 |
| Property, plant and equipment | 11,284 | 18,796 | 24,660 | 25,447 | 26,930 | S100QX95, S100TLK2, S100VXJF, S100Y951 |
| Intangible assets excluding goodwill | 2,621 | 2,381 | 2,611 | 3,437 | 28,589 | S100QX95, S100TLK2, S100VXJF, S100Y951 |
| Goodwill | 1,796 | 1,700 | 920 | 668 | 21,812 | S100QX95, S100TLK2, S100VXJF, S100Y951 |
| Investment securities | 1,025 | 1,051 | 1,132 | 931 | 1,010 | S100QX95, S100TLK2, S100VXJF, S100Y951 |
| Current assets | 102,305 | 123,493 | 123,137 | 147,394 | 130,314 | S100QX95, S100TLK2, S100VXJF, S100Y951 |
| Current liabilities | 66,172 | 72,204 | 68,261 | 79,828 | 80,672 | S100QX95, S100TLK2, S100VXJF, S100Y951 |
| Short-term borrowings | 20,200 | 20,400 | 20,000 | 20,000 | 20,000 | S100QX95, S100TLK2, S100VXJF, S100Y951 |
| Total liabilities | 72,177 | 79,048 | 77,117 | 89,090 | 91,470 | S100QX95, S100TLK2, S100VXJF, S100Y951 |
| Non-controlling interests | 144 | 117 | — | — | — | S100QX95, S100TLK2 |
| Equity attributable to owners of parent | 55,100 | 76,771 | 84,572 | 98,087 | 103,042 | S100QX95, S100TLK2, S100VXJF, S100Y951 |
| Retained earnings | 97,067 | 118,620 | 93,512 | 106,787 | 111,393 | S100QX95, S100TLK2, S100VXJF, S100Y951 |
| Treasury stock | -44,784 | -44,558 | -11,627 | -11,581 | -11,039 | S100QX95, S100TLK2, S100VXJF, S100Y951 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100Y951 |
| Property, plant and equipment | 14% | S100Y951 |
| Intangibles and goodwill | 25% | S100Y951 |
| Investment securities | 1% | S100Y951 |
| Other assets | 25% | S100Y951 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100Y951 |
| Equity | 54% | S100Y951 |
| Other liabilities | 0% | S100Y951 |

### 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 | 127,276 | 155,742 | 161,862 | 187,810 | 198,260 |
| Equity | 55,099 | 76,693 | 84,744 | 98,719 | 106,789 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 65,520 | 74,145 | 69,748 | 91,486 | 69,422 |

## 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) | 11.8% | S100Y951 |
| Fixed assets ÷ total assets | 13.6% | S100Y951 |
| Goodwill ÷ parent equity | 21.2% | S100Y951 |

Goodwill over 4 years: 1,796 → 21,812 JPY; total investing cash flow: -56,932 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) | 35.0% |
| Cash ÷ revenue | 30.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.7% |
| Cash vs. profit gap | 4,605 JPY mn (of net income 9.6%) |
| Shareholder returns / net income | 89.4% |
| Shareholder returns / FCF | 94.2% |
| Shareholder payments — dividends / net income | 68.5% |
| Shareholder payments — dividends / FCF | 72.2% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 55.0% |

## 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 | 20.8% | 1.31× | 27.1% | 2.31× | 62.6% | S100QX95 |
| 2023 | 21.5% | 1.30× | 27.9% | 2.15× | 59.9% | S100TLK2 |
| 2024 | 22.5% | 1.24× | 27.9% | 1.97× | 55.0% | S100VXJF |
| 2025 | 21.3% | 1.22× | 25.9% | 1.91× | 49.7% | S100Y951 |
| 2026 | 21.0% | 1.18× | 24.8% | 1.92× | 47.7% | S100Y951 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Ｚホールディングス中間株式会社 | Major shareholder | 51.9% | 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 | 12.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.7% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ５０５００１ （常任代理人）株式会社みずほ銀行決済営業部 | Major shareholder | 1.8% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ （常任代理人）株式会社みずほ銀行決済営業部 | Major shareholder | 1.4% | 2026-03-31 |
| 前澤 友作 | Major shareholder | 1.4% | 2026-03-31 |
| ＴＨＥ ＣＨＡＳＥ ＭＡＮＨＡＴＴＡＮ ＢＡＮＫ ，Ｎ．Ａ． ＬＯＮＤＯＮＳＥＣＳ ＬＥＮＤＩＮＧ ＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ （常任代理人）株式会社みずほ銀行決済営業部 | Major shareholder | 0.9% | 2026-03-31 |
| ＢＮＹＭ ＳＡ／ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹＭ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＴＳ Ｍ ＩＬＭ ＦＥ （常任代理人）株式会社三菱ＵＦＪ銀行 | Major shareholder | 0.8% | 2026-03-31 |
| ＲＢＣ ＩＳＴ １５ ＰＣＴ ＮＯＮ ＬＥＮＤＩＮＧ ＡＣＣＯＵＮＴ － ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ （常任代理人）シティバンク、エヌ・エイ東京支店 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/04/01－2026/03/31) | S100Y951 | 2026-06-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y951,, |
| 有価証券報告書－第27期(2024/04/01－2025/03/31) | S100VXJF | 2025-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXJF,, |
| 有価証券報告書－第26期(2023/04/01－2024/03/31) | S100TLK2 | 2024-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLK2,, |
| 有価証券報告書－第25期(2022/04/01－2023/03/31) | S100QX95 | 2023-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QX95,, |
| 有価証券報告書－第24期(令和3年4月1日－令和4年3月31日) | S100O8T2 | 2022-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8T2,, |
| 訂正有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100M0CA | 2021-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M0CA,, |

## 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).