# ZUU Co.,Ltd.: 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13期(2025/04/01－2026/03/31) (S100YKM3)
> Page: https://vizora.meequs.com/en/company/zuu
> Retrieved: 2026-09-30T20:24:29.440Z

## Company

ZUU, founded in 2013, is a company in Internet Services & Apps listed on TSE Growth. It has 96 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZUU Co., Ltd. |
| Ticker | 4387 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4387.T) |
| Listing | TSE Growth |
| Head office | 東京都港区麻布台一丁目3番1号 |
| Representative (per filing) | 代表取締役 冨田 和成 |
| Founded | Apr 2013 |
| Share capital | ¥879.6M |
| Employees (consolidated) | 96 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | zuu.co.jp (https://zuu.co.jp/) |
| Corporate number | 4011001094365 |
| EDINET | E34094 |
| Industries (Vizora) | Internet Services & Apps, Securities & Asset Management |

> Profile source: annual securities report (S100YKM3, filed 2026-06-25). As of filing

## Key points (generated from figures)

- About 77% of ZUU's sales come from Fintech Transaction, with Fintech platform making up much of the rest.
- It lost about ¥13 for every ¥100 of sales at the operating level.
- Revenue changed -12.4% from the prior year, operating profit -2486.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.62B |  |
| Operating income | -¥345.2M | Margin -13.2% |
| Net income | -¥398.1M | Margin -15.2% |
| Free cash flow | -¥213.6M |  |
| Largest business | Fintech Transaction | of segment revenue 77.3% |
| Employees (consolidated) | 96 |  |
| EPS | ¥-55.71 |  |
| Book value per share | ¥170.04 |  |
| Equity ratio | 5.9% |  |
| Shares outstanding | 4,749,860 |  |
| Treasury shares | 200 |  |
| Shareholders | 996 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 11.2% | Cash ÷ revenue 74.7% |
| Vs. industry median margin | -33.9 pp | Securities & Asset Management |
| ROA | -2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 13 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2789774000 | ¥2622074000 | -6.0% |
| Operating income | ¥14390000 | ¥-345188000 | -2498.8% |
| Operating margin | 0.5% | -13.2% | -13.7 pp |
| Employees | 110 people | 96 people | -12.7% |
| Cash and equivalents | ¥1253624000 | ¥1959441000 | +56.3% |

### 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 |
| --- | ---: |
| フィンテック・プラットフォーム → フィンテック・プラットフォーム | 22.7% |
| フィンテック・プラットフォーム → 事業再編・廃止 | 73.4% |
| クラウド・ファンディング → 事業再編・廃止 | 3.9% |
| 新設・再編 → フィンテック・トランザクション | 77.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,622 | 100.0% | S100YKM3 |
| Cost of revenue | 923 | 35.2% | S100YKM3 |
| Gross profit | 1,699 | 64.8% | S100YKM3 |
| SG&A | 2,044 | 78.0% | S100YKM3 |
| Operating income | -345 | -13.2% | S100YKM3 |
| Ordinary income | -67 | -2.6% | S100YKM3 |
| Pretax income | -77 | -3.0% | S100YKM3 |
| Income tax | 63 | 2.4% | S100YKM3 |
| Net income | -141 | -5.4% | S100YKM3 |
| Net income attributable to owners | -398 | -15.2% | S100YKM3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 78 |
| Operating income | -13 |
| (Ref.) Net income | -15 |

### Margin funnel

Gross margin 64.8% → Operating margin -13.2% → Net margin -15.2%
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 Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,994 | 2,622 | -372 | -12.4% |
| Gross profit | 1,960 | 1,699 | -261 | -13.3% |
| Operating income | 14 | -345 | -360 | -2486.2% |
| Net income attributable to owners | 120 | -398 | -518 | -431.5% |
| Operating cash flow | -738 | -213 | 524 | — |
| Free cash flow | -774 | -214 | 560 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,847 | -107 | -5.8% | -93 | -284 | -293 | S100LSOG |
| FY ending Mar 2021 | 2,790 | 14 | 0.5% | -300 | 231 | 211 | S100OH5D |
| FY ending Mar 2022 | 3,377 | -245 | -7.3% | -231 | -186 | -194 | S100R8M9 |
| FY ending Mar 2023 | 3,400 | 211 | 6.2% | 90 | 410 | 400 | S100U4O8 |
| FY ending Mar 2024 | 2,900 | 115 | 4.0% | -45 | 121 | 88 | S100W8BO |
| FY ending Mar 2025 | 2,994 | 14 | 0.5% | 120 | -738 | -774 | S100YKM3 |
| FY ending Mar 2026 | 2,622 | -345 | -13.2% | -398 | -213 | -214 | S100YKM3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.3M |
| Operating income per employee (consolidated) | -¥3.6M |
| Net income per employee (consolidated) | -¥4.1M |

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) | 126 | 140 | 149 | 121 | 96 |
| Average salary (parent company) | ¥6.2M | ¥6M | ¥5.4M | ¥6.5M | ¥7.2M |
| Average age (parent company) | 33.7 years | 32.7 years | 33.2 years | 34.3 years | 35.8 years |
| Average tenure (parent company) | 1.8 years | 2.0 years | 2.5 years | 3.1 years | 3.9 years |

Year over year: Employees (consolidated) -20.7% · Revenue (consolidated) -12.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fintech platform | 595 | 22.7% | -10 | -1.6% |
| Fintech Transaction | 2,027 | 77.3% | -335 | -16.6% |

### 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 | Margin |
| --- | ---: | ---: |
| Fintech platform | 22.7% | -1.6% |
| Fintech Transaction | 77.3% | -16.6% |

Loss-making segment (excluded from profit shares): Fintech platform -10 JPY mn

Loss-making segment (excluded from profit shares): Fintech Transaction -335 JPY mn

Segment → industry: Fintech platform → Internet Services & Apps / Fintech Transaction → Securities & Asset Management

## 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 | -213 | -8.1% | S100YKM3 |
| Capital expenditure | 0 | 0.0% | S100YKM3 |
| Free cash flow | -214 | -8.1% | 算出 |
| Investing cash flow | -5,058 | -192.9% | S100YKM3 |
| Financing cash flow | 4,614 | 176.0% | S100YKM3 |
| Change in cash | -694 | -26.5% | S100YKM3 |
| Cash and equivalents | 1,959 | 74.7% | S100YKM3 |

## 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 | 1,035 | 1,493 | 1,838 | 2,653 | 1,959 | S100U4O8, S100W8BO, S100YKM3 |
| Total assets | 2,007 | 3,066 | 9,330 | 9,646 | 17,455 | S100R8M9, S100U4O8, S100W8BO, S100YKM3 |
| Net assets | 1,196 | 1,356 | 4,921 | 6,297 | 11,876 | S100U4O8, S100W8BO, S100YKM3 |
| Share capital | 880 | 880 | 880 | 880 | 880 | S100R8M9, S100U4O8, S100W8BO, S100YKM3 |
| Property, plant and equipment | 27 | 26 | 43 | 0 | 0 | S100R8M9, S100U4O8, S100W8BO, S100YKM3 |
| Intangible assets excluding goodwill | 0 | 108 | 85 | 178 | 231 | S100R8M9, S100U4O8, S100W8BO, S100YKM3 |
| Goodwill | — | 108 | 85 | 177 | 231 | S100U4O8, S100W8BO, S100YKM3 |
| Investment securities | 86 | 55 | 3,582 | 3,975 | 11,009 | S100R8M9, S100U4O8, S100W8BO, S100YKM3 |
| Current assets | 1,786 | 2,726 | 5,496 | 5,380 | 6,108 | S100R8M9, S100U4O8, S100W8BO, S100YKM3 |
| Current liabilities | 796 | 1,596 | 4,211 | 3,128 | 4,963 | S100R8M9, S100U4O8, S100W8BO, S100YKM3 |
| Short-term borrowings | 19 | — | — | — | 400 | S100R8M9, S100YKM3 |
| Long-term borrowings | — | 100 | 167 | 175 | 329 | S100U4O8, S100W8BO, S100YKM3 |
| Total liabilities | 811 | 1,710 | 4,408 | 3,348 | 5,579 | S100R8M9, S100U4O8, S100W8BO, S100YKM3 |
| Non-controlling interests | 5 | 11 | 3,626 | 4,902 | 10,789 | S100R8M9, S100U4O8, S100W8BO, S100YKM3 |
| Equity attributable to owners of parent | 1,105 | 1,262 | 1,217 | 1,330 | 932 | S100R8M9, S100U4O8, S100W8BO, S100YKM3 |
| Retained earnings | -594 | -504 | -549 | -429 | -827 | S100R8M9, S100U4O8, S100W8BO, S100YKM3 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R8M9, S100U4O8, S100W8BO, S100YKM3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YKM3 |
| Property, plant and equipment | 0% | S100YKM3 |
| Intangibles and goodwill | 3% | S100YKM3 |
| Investment securities | 63% | S100YKM3 |
| Other assets | 23% | S100YKM3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YKM3 |
| Equity | 68% | S100YKM3 |
| Other liabilities | 0% | S100YKM3 |

### 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 | 2,007 | 3,066 | 9,330 | 9,646 | 17,455 |
| Equity | 1,196 | 1,356 | 4,921 | 6,297 | 11,876 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,035 | 1,493 | 1,838 | 2,653 | 1,959 |

## 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) | 0.0% | S100YKM3 |
| Fixed assets ÷ total assets | 0.0% | S100YKM3 |
| Goodwill ÷ parent equity | 24.8% | S100YKM3 |

### 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) | 11.2% |
| Cash ÷ revenue | 74.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 185 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -11.5% | —× | — | S100R8M9 |
| 2023 | 2.6% | 1.34× | 3.5% | 2.14× | 7.6% | S100U4O8 |
| 2024 | — | —× | -0.7% | —× | — | S100W8BO |
| 2025 | 4.0% | 0.32× | 1.3% | 7.45× | 9.4% | S100YKM3 |
| 2026 | — | —× | -2.9% | —× | — | S100YKM3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 冨田 和成 | Major shareholder | 50.6% | 2026-03-31 |
| 株式会社ＡＣＮホールディングス | Major shareholder | 9.0% | 2026-03-31 |
| 吉岡 裕之 | Major shareholder | 7.4% | 2026-03-31 |
| 内藤 真一郎 | Major shareholder | 2.8% | 2026-03-31 |
| 赤羽 雄二 | Major shareholder | 2.7% | 2026-03-31 |
| トミーアセットマネジメント株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 合同会社高木企画 | Major shareholder | 1.9% | 2026-03-31 |
| 森 大地 | Major shareholder | 1.3% | 2026-03-31 |
| ＢＮＹＭ ＡＳ ＡＧＴ／ＣＬＴＳ ＮＯＮ ＴＲＥＡＴＹ ＪＡＳＤＥＣ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社Ｗｉｚ | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YKM3 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKM3,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100W8BO | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8BO,, |
| 訂正有価証券報告書－第11期(2023/04/01－2024/03/31) | S100U4O8 | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4O8,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100R8M9 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8M9,, |
| 有価証券報告書－第9期(令和3年4月1日－令和4年3月31日) | S100OH5D | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH5D,, |
| 有価証券報告書－第8期(令和2年4月1日－令和3年3月31日) | S100LSOG | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSOG,, |

## 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).