# Zozo (3092.JP)

Canonical: https://gigainvestors.com/s/3092.JP

Analysis as of: 2026-10-15T07:09:44.313Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 1,194.50 per share; close as of 2026-10-15.

Estimated value: low JPY 734.98 per share, central JPY 905.73 per share, high JPY 1,045.00 per share. Buy at or below the central value JPY 905.73 per share. Valuation as of 2026-10-15T07:09:44.313Z; scenarios are not confidence intervals.

Expected annual return: 8.2% at the stated quote. About 8.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.34×

- FY2018: 0.33×

- FY2019: 0.22×

- FY2020: 0.22×

- FY2021: 0.30×

- FY2022: 0.30×

- FY2023: 0.31×

- FY2024: 0.30×

- FY2025: 0.30×

- FY2026: 0.30×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 96.6%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 93.0%

- Recent gross margin (lower of latest and 3-year median): 93.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: >100%

- FY2019: 88.1%

- FY2020: 96.6%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

- FY2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 201B

- Net income, five-year total: JPY 212B

- Return on incremental invested capital: 129.1%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -1.9 pp

- Working capital / revenue, final three-year average: 0.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.02×

- FY2023: 0.85×

- FY2024: 0.90×

- FY2025: 1.00×

- FY2026: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 172.0% vs 136.5%

- Per-share earnings: 54.66 to 50.90 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.7%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: JPY 723B

- Cumulative retained earnings: JPY 73B

- Diluted shares, 10-year annual growth: 10.7%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -0.9%

- Per-share value change: JPY -3.76

- Per-share value, starting three-year median: JPY 54.66

- Per-share value, ending three-year median: JPY 50.90

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 4.2%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 28B

- Cumulative net income, 10 years: JPY 315B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 54.66

- FY2018: JPY 64.68

- FY2019: JPY 52.20

- FY2020: JPY 61.60

- FY2021: JPY 33.77

- FY2022: JPY 38.34

- FY2023: JPY 43.94

- FY2024: JPY 49.40

- FY2025: JPY 50.90

- FY2026: JPY 54.11

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -0.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.10×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.27×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.3%

- FY2018: 0.4%

- FY2019: 1.5%

- FY2020: -6.4%

- FY2021: -11.0%

- FY2022: -4.2%

- FY2023: 1.8%

- FY2024: 1.1%

- FY2025: -7.9%

- FY2026: -2.3%

## Holders

## Price story

Down 31% since Sep 2024 · sales +7.2%

Story as of 2026-10-16T10:00:14.004Z; price observation 2026-10-15.

Price needs cash profits to grow 7.1% a year for ten years

### Sales · FY2025–2026

sales +7.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y951.pdf; observed 2026-06-08.

- FY2017: JPY 76B 

- FY2018: JPY 98B 

- FY2019: JPY 118B 

- FY2020: JPY 126B 

- FY2021: JPY 147B 

- FY2022: JPY 166B 

- FY2023: JPY 183B 

- FY2024: JPY 197B 

- FY2025: JPY 213B 

- FY2026: JPY 228B 

### Gross margin · FY2026

gross margin 93.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y951.pdf; observed 2026-06-08.

- FY2017: 90.6% 

- FY2018: 91.9% 

- FY2019: 88.6% 

- FY2020: 90.6% 

- FY2021: 95.0% 

- FY2022: 94.0% 

- FY2023: 93.4% 

- FY2024: 93.0% 

- FY2025: 93.0% 

- FY2026: 93.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are JPY 228.4 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y951.pdf (filed 2026-06-08); FY2026: revenue 228373000000; grossProfit 213000000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 93% to 93.3% during 2024–26; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); FY2024: grossProfit / revenue = 93%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); FY2025: grossProfit / revenue = 93%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y951.pdf (filed 2026-06-08); FY2026: grossProfit / revenue = 93.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); 10-year return on capital observations [[2017,2.677142842673364],[2018,1.7200795052680469],[2019,0.8806442029866991],[2020,0.9663305309461766],[2021,2.6975180399769054],[2022,4.455097092739923],[2023,1.8619429096860896],[2024,1.2959162603515062],[2025,1.708233974899029],[2026,1.365237491100286]]; median 1.714156740083538. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 94% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y951.pdf (filed 2026-06-08); Gross margin observations: [[2021,0.9502177718077095],[2022,0.9396687104013863],[2023,0.9341303980416851]]; range within 2 percentage points.

### Where the cash goes

Spends 3.4% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); FY2017: growth capex 264000000; upkeep 843000000; owner earnings 17035000000. Growth capex / owner earnings = 0.01549750513648371.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); FY2018: growth capex 1172680325.4518814; upkeep 3391319674.5481186; owner earnings 17753680325.45188. Growth capex / owner earnings = 0.06605280167012545.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); FY2019: growth capex 1063498385.0521755; upkeep 2570501614.9478245; owner earnings 14948498385.052176. Growth capex / owner earnings = 0.07114416161797402.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); FY2020: growth capex 421863140.42799854; upkeep 4748136859.572001; owner earnings 16100863140.427998. Growth capex / owner earnings = 0.02620127484772748.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); FY2021: growth capex 1301000000; upkeep 2051000000; owner earnings 30932000000. Growth capex / owner earnings = 0.042060002586318375.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); FY2022: growth capex 0; upkeep 1336000000; owner earnings 35133000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); FY2023: growth capex 1339560157.813448; upkeep 7930439842.186552; owner earnings 33645560157.813446. Growth capex / owner earnings = 0.039813875932820944.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); FY2024: growth capex 1252384767.009365; upkeep 8110615232.990635; owner earnings 39721384767.00937. Growth capex / owner earnings = 0.031529232285213135.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); FY2025: growth capex 1600124426.5039682; upkeep 4684875573.496032; owner earnings 45152124426.50397. Growth capex / owner earnings = 0.03543851915779863.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y951.pdf (filed 2026-06-08); FY2026: growth capex 1624348173.882761; upkeep 5424651826.117239; owner earnings 47794348173.88276. Growth capex / owner earnings = 0.03398619786534481.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); Incremental return on capital 1.290628512478614, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); Dividend observations: [[2017,4984000000],[2018,8723000000],[2019,9566000000],[2020,6711000000],[2021,10073000000],[2022,14531000000],[2023,17986000000],[2024,26992000000],[2025,32069000000],[2026,32834000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y951.pdf (filed 2026-06-08); FY2026: cash repurchases 10001000000 JPY.

### What the price says

The price assumes cash profits grow 7.1% yearly over ten years; actual growth was 3.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-08); Ten-year compound average after fade. Initial solved rate 0.08894520360394853. Price 1194.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 37.46 → FY2026 53.961360841480534. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 585.67 per share

- 2016-12: JPY 673.00 per share

- 2017-01: JPY 707.67 per share

- 2017-02: JPY 782.67 per share

- 2017-03: JPY 821.00 per share

- 2017-04: JPY 793.33 per share

- 2017-05: JPY 921.33 per share

- 2017-06: JPY 921.67 per share

- 2017-07: JPY 1,038.33 per share

- 2017-08: JPY 1,140.00 per share

- 2017-09: JPY 1,188.33 per share

- 2017-10: JPY 1,030.00 per share

- 2017-11: JPY 1,141.67 per share

- 2017-12: JPY 1,141.67 per share

- 2018-01: JPY 1,068.33 per share

- 2018-02: JPY 928.00 per share

- 2018-03: JPY 947.33 per share

- 2018-04: JPY 1,053.33 per share

- 2018-05: JPY 1,261.67 per share

- 2018-06: JPY 1,338.33 per share

- 2018-07: JPY 1,495.00 per share

- 2018-08: JPY 1,276.67 per share

- 2018-09: JPY 1,146.67 per share

- 2018-10: JPY 906.33 per share

- 2018-11: JPY 841.67 per share

- 2018-12: JPY 670.00 per share

- 2019-01: JPY 731.00 per share

- 2019-02: JPY 698.67 per share

- 2019-03: JPY 695.33 per share

- 2019-04: JPY 655.00 per share

- 2019-05: JPY 622.67 per share

- 2019-06: JPY 673.00 per share

- 2019-07: JPY 687.67 per share

- 2019-08: JPY 707.33 per share

- 2019-09: JPY 830.67 per share

- 2019-10: JPY 843.67 per share

- 2019-11: JPY 726.33 per share

- 2019-12: JPY 695.67 per share

- 2020-01: JPY 607.67 per share

- 2020-02: JPY 504.67 per share

- 2020-03: JPY 483.67 per share

- 2020-04: JPY 580.00 per share

- 2020-05: JPY 661.33 per share

- 2020-06: JPY 798.67 per share

- 2020-07: JPY 953.33 per share

- 2020-08: JPY 994.67 per share

- 2020-09: JPY 976.00 per share

- 2020-10: JPY 883.67 per share

- 2020-11: JPY 868.00 per share

- 2020-12: JPY 849.67 per share

- 2021-01: JPY 977.67 per share

- 2021-02: JPY 1,110.00 per share

- 2021-03: JPY 1,090.00 per share

- 2021-04: JPY 1,230.00 per share

- 2021-05: JPY 1,235.00 per share

- 2021-06: JPY 1,258.33 per share

- 2021-07: JPY 1,241.67 per share

- 2021-08: JPY 1,398.33 per share

- 2021-09: JPY 1,398.33 per share

- 2021-10: JPY 1,215.00 per share

- 2021-11: JPY 1,205.00 per share

- 2021-12: JPY 1,196.67 per share

- 2022-01: JPY 1,010.00 per share

- 2022-02: JPY 1,083.33 per share

- 2022-03: JPY 1,095.00 per share

- 2022-04: JPY 920.00 per share

- 2022-05: JPY 915.00 per share

- 2022-06: JPY 815.00 per share

- 2022-07: JPY 954.33 per share

- 2022-08: JPY 1,036.67 per share

- 2022-09: JPY 964.67 per share

- 2022-10: JPY 1,055.00 per share

- 2022-11: JPY 1,141.67 per share

- 2022-12: JPY 1,086.67 per share

- 2023-01: JPY 1,116.67 per share

- 2023-02: JPY 1,008.33 per share

- 2023-03: JPY 1,005.00 per share

- 2023-04: JPY 952.00 per share

- 2023-05: JPY 948.00 per share

- 2023-06: JPY 990.33 per share

- 2023-07: JPY 924.00 per share

- 2023-08: JPY 969.83 per share

- 2023-09: JPY 914.17 per share

- 2023-10: JPY 952.17 per share

- 2023-11: JPY 1,041.67 per share

- 2023-12: JPY 1,058.33 per share

- 2024-01: JPY 1,084.33 per share

- 2024-02: JPY 1,131.33 per share

- 2024-03: JPY 1,269.67 per share

- 2024-04: JPY 1,135.00 per share

- 2024-05: JPY 1,226.00 per share

- 2024-06: JPY 1,342.67 per share

- 2024-07: JPY 1,462.00 per share

- 2024-08: JPY 1,547.67 per share

- 2024-09: JPY 1,738.00 per share

- 2024-10: JPY 1,657.00 per share

- 2024-11: JPY 1,571.00 per share

- 2024-12: JPY 1,632.33 per share

- 2025-01: JPY 1,702.00 per share

- 2025-02: JPY 1,561.67 per share

- 2025-03: JPY 1,433.00 per share

- 2025-04: JPY 1,454.00 per share

- 2025-05: JPY 1,564.00 per share

- 2025-06: JPY 1,557.00 per share

- 2025-07: JPY 1,495.00 per share

- 2025-08: JPY 1,373.50 per share

- 2025-09: JPY 1,360.00 per share

- 2025-10: JPY 1,333.50 per share

- 2025-11: JPY 1,346.00 per share

- 2025-12: JPY 1,291.00 per share

- 2026-01: JPY 1,276.00 per share

- 2026-02: JPY 1,139.00 per share

- 2026-03: JPY 1,105.00 per share

- 2026-04: JPY 1,054.00 per share

- 2026-05: JPY 990.20 per share

- 2026-06: JPY 1,149.00 per share

- 2026-07: JPY 1,143.00 per share

- 2026-08: JPY 1,149.50 per share

- 2026-09: JPY 1,076.50 per share

- 2026-10: JPY 1,169.50 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 912.47 per share, central JPY 1,024.24 per share, high JPY 1,173.02 per share

- FY2021: low JPY 381.34 per share, central JPY 425.08 per share, high JPY 483.31 per share

- FY2022: low JPY 433.34 per share, central JPY 483.55 per share, high JPY 550.40 per share

- FY2023: low JPY 567.19 per share, central JPY 748.90 per share, high JPY 864.56 per share

- FY2024: low JPY 646.44 per share, central JPY 852.08 per share, high JPY 985.99 per share

- FY2025: low JPY 752.58 per share, central JPY 993.83 per share, high JPY 1,148.24 per share

- FY2026: low JPY 722.42 per share, central JPY 890.25 per share, high JPY 1,027.13 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T07:09:44.313Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y951.pdf); period 2026-03-31, filed 2026-06-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.