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Operates Japan's largest fashion e-commerce marketplace, ZOZOTOWN, for apparel brands and shoppers.
Operates Japan's largest fashion e-commerce marketplace, ZOZOTOWN, for apparel brands and shoppers.
Takes a commission on each sale of brands' clothes, with the stock held in ZOZO's own warehouses and shipped by it, so brands pay for fulfilment as part of the fee. Founder Yusaku Maezawa sold control to Yahoo Japan, now part of LY Corp, in 2019.
In one line: Japan's ASOS/Revolve marketplace.
Moat: narrow (network effects, brand, installed base). Largest fashion marketplace brand in Japan, aggregating many apparel labels shoppers already trust.
Headquarters: Chiba, Japan · Founded: 1998 · Employees: 1,894
Size Zozo (3092.T) is a Japan Consumer Discretionary company (Internet Retail) with a market value of $6.41B, the 196th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,137 on 6 Nov 2026.
Performance Over six months the shares gained 7.9%, against +27.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 13 in its peer set.
Growth Revenue grew 6.5% over the last twelve months (peer median +14.7%); the operating margin is 30.4% (peer median 7.6%).
Valuation It trades at 19.6× forward earnings against a peer median of 21.0× (4th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 57.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥234B | ¥228B | ¥213B | ¥197B | ¥183B |
| Revenue growth | — | +7% | +8% | +7% | — |
| Gross profit | ¥209B | ¥205B | ¥194B | ¥179B | ¥169B |
| EBITDA | ¥79.9B | ¥77.0B | ¥69.5B | ¥64.0B | ¥59.1B |
| Net income | ¥48.7B | ¥47.9B | ¥45.3B | ¥44.3B | ¥39.5B |
| Free cash flow | n/a | ¥47.7B | ¥55.3B | ¥34.6B | ¥27.7B |
| Capital expenditure | n/a | ¥7.05B | ¥6.29B | ¥9.36B | ¥9.27B |
| Total debt | ¥20.0B | ¥20.0B | ¥20.0B | ¥20.0B | ¥20.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zozo 3092.T | $6.41B | +8% | +6% | 30% | 19.6× | -5.0% |
| Rakuten 4755.T | $8.59B | -18% | +11% | 6% | n/a | -2.0% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
| Mercari 4385.T | $3.76B | -5% | +19% | 19% | 15.6× | n/a |
| Fast Retailing 9983.T | $155B | +6% | +17% | 18% | 41.2× | 23.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3092.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.5% | +8.0% | 5th lowest of 13 |
| 6-month return | +7.9% | +27.8% | 6th lowest of 13 |
| Distance from 52-week high | -15.7% | -20.2% | 7th highest of 13 |
| Revenue growth (TTM) | +6.5% | +14.7% | 4th lowest of 13 |
| Operating margin | 30.4% | 7.6% | 2nd highest of 13 |
| Forward P/E | 19.6× | 21.0× | 4th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -5.0% | 4.4% | 2nd least demanding of 9 |
| Growth delivered (Del g) | +9.2% | +10.0% | 5th highest of 9 |
| Hurdle (Req g minus delivered) | -14.2 pp | -7.1 pp | 3rd least demanding of 9 |
| ROIC minus cost of capital | +57.6 pp | +9.3 pp | highest of 11 |
| EV / EBITDA | 12.5× | 13.9× | 4th cheapest of 9 |
| Net debt / EBITDA | -0.2× | 0.9× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zozo 3092.T | Japan | $6.41B | +8% | +6% | 30% | 19.6× | -5.0% | +9.2% |
| Vipshop Holdings Ltd Sponsored ADR VIPS | United States | $6.55B | -4% | +2% | 7% | 5.4× | -20.3% | 0.0% |
| Global-e Online GLBE | United States | $7.22B | +44% | +31% | 14% | 30.9× | 23.4% | +47.8% |
| Zalando ZAL.DE | Germany | $7.64B | +42% | +18% | 4% | 19.6× | 7.6% | +9.1% |
| USS 4732.T | Japan | $5.34B | +8% | +11% | 52% | 18.7× | -0.8% | +8.7% |
| Etsy ETSY | United States | $7.75B | +40% | +1% | 18% | 19.7× | 12.8% | +10.8% |
| Rakuten 4755.T | Japan | $8.59B | -18% | +11% | 6% | n/a | -2.0% | +11.4% |
| Chewy CHWY | United States | $9.07B | -2% | +6% | 3% | 24.1× | 16.8% | +12.0% |
| FSN E-Commerce Ventures NYKAA.NS | India | $10.7B | +31% | +28% | 5% | 209.2× | n/a | n/a |
| Mercari 4385.T | Japan | $3.76B | -5% | +19% | 19% | 15.6× | n/a | n/a |
| Xingyun Technology 300209.SZ | China | $3.15B | +30% | +978% | 23% | n/a | n/a | n/a |
| Global Industrial GIC | United States | $1.77B | +59% | +10% | 8% | 22.4× | 1.3% | +6.0% |
| RealReal REAL | United States | $1.61B | +25% | +18% | 0% | 47.8× | n/a | n/a |