ZOZO Inc (JP:3092)
:3092
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ZOZO
(3092)
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Rating:69Neutral
Price Target:
¥1,123.00
▲(2.93% Upside)
Action:ReiteratedDate:05/02/26
The score is driven primarily by strong fundamentals (high, consistent profitability and an improving, conservatively levered balance sheet). This is tempered by clearly bearish technicals (price below key moving averages with negative MACD) and only moderate valuation despite a supportive ~3.8% dividend yield.
Positive Factors
High and stable net margins
ZOZO's persistent net margins around 21–23% indicate durable profitability and pricing/operational advantages in online fashion retail. High margins support reinvestment, sustained dividend capacity and resilience to competitive pressure, underpinning long-term cash returns.
Negative Factors
Slowing revenue growth
Revenue growth deceleration into FY2025–FY2026 denotes fading top-line momentum. Over a multi-quarter horizon this can constrain operating leverage, limit margin expansion opportunities and increase reliance on cost cuts or new product/services to restore growth.
Read all positive and negative factors
Positive Factors
Negative Factors
High and stable net margins
ZOZO's persistent net margins around 21–23% indicate durable profitability and pricing/operational advantages in online fashion retail. High margins support reinvestment, sustained dividend capacity and resilience to competitive pressure, underpinning long-term cash returns.
Read all positive factors
ZOZO (3092) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥910.72B
Dividend Yield2.82%
Average Volume (3M)2.73M
Price to Earnings (P/E)22.3
Beta (1Y)0.30
Revenue Growth7.15%
EPS Growth6.34%
CountryJP
Employees1,740
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)51.22
Shares Outstanding892,032,350
10 Day Avg. Volume3,362,440
30 Day Avg. Volume2,732,720
Financial Highlights & Ratios
PEG Ratio3.24
Price to Book (P/B)9.16
Price to Sales (P/S)4.29
P/FCF Ratio20.51
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥1,164.29Price Target Upside6.72% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)58.47
Revenue Forecast (FY)¥241.35B
ZOZO Business Overview & Revenue Model
Company Description
ZOZO, Inc. operates online shopping Websites in Japan and internationally. It operates ZOZOTOWN a fashion online shopping website; WEAR, a fashion app; Multi-Size platform to purchases and sells fashion merchandise of various brands; ZOZOUSED, a W...
How the Company Makes Money
ZOZO primarily generates revenue through its online fashion e-commerce business centered on ZOZOTOWN. A major revenue stream comes from the sale of merchandise to consumers, including both (1) products sold directly by ZOZO (i.e., ZOZO taking inve...
ZOZO Earnings Call Summary
Earnings Call Date:Jan 31, 2025
(Q3-2024)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with strong GMV and profit growth but facing challenges from weather impacts and increased costs. Successful promotions and growth in active members are positive, but the decline in operating margins and logistics challenges present concerns.Positive Updates
Gross Merchandise Value (GMV) Growth
GMV rose by 5.1% year-on-year to JPY 427.1 billion, with GMV excluding other GMV increasing by 7.4% year-on-year to JPY 399.4 billion.
Negative Updates
Operating Profit Margin Decline
Operating profit margin decreased by 0.6 points year-on-year to 11.4%.
Read all updates
Q3-2024 Updates
Positive
Negative
Gross Merchandise Value (GMV) Growth
GMV rose by 5.1% year-on-year to JPY 427.1 billion, with GMV excluding other GMV increasing by 7.4% year-on-year to JPY 399.4 billion.
Read all positive updates
Company Guidance
During the third quarter earnings call for ZOZO, detailed financial guidance highlighted several key metrics. The company's gross merchandise value (GMV) increased by 5.1% year-on-year to JPY 427.1 billion, while GMV excluding other GMV rose by 7.4% to JPY 399.4 billion. Operating profit saw a modest rise of 2.4%, reaching JPY 45.6 billion, with an operating profit margin (OPM) of 11.4%, which represented a decrease of 0.6 points from the previous year. The achievement rates against company plans were 74.6% for GMV, excluding other GMV, and 76.2% for operating profits. Despite challenges from abnormal weather, including a warm winter, and rising costs such as logistics space expenses, the company managed effective promotions to maintain GMV growth. The company acknowledged a 0.6-point increase in the SG&A to GMV ratio, driven by factors such as inventory supply challenges and increased expenses related to logistics and cloud services. The average retail price decreased by 1.7% year-on-year, while the average order value increased by 1.8%, illustrating a complex interplay of market dynamics and strategic adjustments.ZOZO Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 216.77B | 228.37B | 213.13B | 197.02B | 183.42B | 166.20B |
| Gross Profit | 199.68B | 205.41B | 198.31B | 183.15B | 171.34B | 156.17B |
| EBITDA | 70.38B | 76.95B | 69.58B | 64.34B | 59.10B | 51.74B |
| Net Income | 45.61B | 47.93B | 45.35B | 44.34B | 39.53B | 34.49B |
Balance Sheet | ||||||
| Total Assets | 167.58B | 198.26B | 187.81B | 162.83B | 155.74B | 127.28B |
| Cash, Cash Equivalents and Short-Term Investments | 36.27B | 69.42B | 91.49B | 69.75B | 74.13B | 65.52B |
| Total Debt | 20.16B | 20.00B | 20.00B | 20.00B | 20.40B | 20.20B |
| Total Liabilities | 79.25B | 91.47B | 89.09B | 78.08B | 79.05B | 72.18B |
| Stockholders Equity | 88.32B | 106.79B | 98.72B | 84.74B | 76.57B | 54.95B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 47.71B | 55.31B | 34.59B | 27.71B | 38.67B |
| Operating Cash Flow | 0.00 | 52.53B | 60.11B | 42.59B | 36.67B | 39.90B |
| Investing Cash Flow | 0.00 | -28.90B | -6.29B | -9.88B | -10.59B | -1.28B |
| Financing Cash Flow | 0.00 | -45.83B | -32.08B | -37.14B | -17.74B | -34.82B |
ZOZO Technical Analysis
Negative
1091.00
Price Trends
1112.20
Negative
1189.41
Negative
1288.38
Negative
Market Momentum
-6.76
Positive
43.99
Neutral
21.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3092, the sentiment is Negative. The current price of 1091 is below the 20-day moving average (MA) of 1108.19, below the 50-day MA of 1112.20, and below the 200-day MA of 1288.38, indicating a bearish trend. The MACD of -6.76 indicates Positive momentum. The RSI at 43.99 is Neutral, neither overbought nor oversold. The STOCH value of 21.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3092.
ZOZO Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ¥80.73B | 5.42 | 6.96% | 2.98% | 2.80% | 83.52% | |
69 Neutral | ¥910.72B | 22.31 | 49.14% | 2.82% | 7.15% | 6.34% | |
63 Neutral | ¥636.24B | 23.34 | 31.11% | ― | 8.22% | 79.02% | |
63 Neutral | ¥73.71B | 10.29 | ― | 2.11% | 5.55% | 3.47% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | ¥1.46B | 8.19 | ― | ― | 1.12% | -73.31% | |
41 Neutral | ¥1.65T | -20.52 | -21.14% | ― | 9.54% | -8.83% |
* Consumer Cyclical Sector Average
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ZOZO Corporate Events
ZOZO Delivers Higher Sales and Profits While Maintaining High Payout and Solid Balance Sheet
Apr 30, 2026
ZOZO reported consolidated net sales of ¥228.4 billion for the fiscal year ended March 31, 2026, up 7.2% year on year, with operating profit rising 7.1% to ¥69.4 billion and profit attributable to owners of parent increasing 5.7% to ...
ZOZO Secures ¥12.5 Billion Commitment Line to Support Future M&A and Funding Needs
Mar 2, 2026
ZOZO, Inc. has approved a syndicated commitment line agreement to secure flexible and stable financing in anticipation of future funding needs, including potential MA activity. The unsecured facility provides up to 12.5 billion yen from a banking ...
ZOZO Posts Higher Q3 Sales and Profit as Accountants Finalize Review Without Changes
Feb 12, 2026
ZOZO reported consolidated net sales of ¥171.8 billion for the nine months ended December 31, 2025, a 6.7% year-on-year rise, with operating profit up 6.1% to ¥54.9 billion and EBITDA up 9.5%. Profit attributable to owners of parent grew...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.