Loading…
Employees: 2,881
Size Zero (9028.T) is a Japan Industrials company (Trucking) with a market value of $311M, the 1338th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,966 on 6 Nov 2026.
Performance Over six months the shares fell 10.8%, against -11.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 1.8% over the last twelve months (peer median +3.5%); the operating margin is 6.7% (peer median 5.1%).
Valuation It trades at 6.7× forward earnings against a peer median of 14.8× (cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -19% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -30 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥151B | ¥151B | ¥148B | ¥141B | ¥133B |
| Revenue growth | — | +2% | +5% | +6% | — |
| Gross profit | ¥21.8B | ¥21.8B | ¥21.8B | ¥17.7B | ¥15.2B |
| EBITDA | ¥15.5B | ¥15.5B | ¥15.2B | ¥11.5B | ¥9.75B |
| Net income | ¥7.21B | ¥7.21B | ¥7.18B | ¥4.15B | ¥3.44B |
| Free cash flow | ¥5.44B | ¥5.44B | ¥10.7B | ¥8.99B | ¥6.87B |
| Capital expenditure | ¥3.25B | ¥3.25B | ¥2.92B | ¥2.79B | ¥2.19B |
| Total debt | ¥11.1B | ¥11.1B | ¥11.3B | ¥14.2B | ¥7.29B |
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.
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 | 9028.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.4% | -5.3% | 11th highest of 21 |
| 6-month return | -10.8% | -11.3% | 11th highest of 21 |
| Distance from 52-week high | -29.1% | -31.9% | 10th highest of 21 |
| Revenue growth (TTM) | +1.8% | +3.5% | 8th lowest of 21 |
| Operating margin | 6.7% | 5.1% | 8th highest of 21 |
| Forward P/E | 6.7× | 14.8× | cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -19.2% | 5.6% | least demanding of 14 |
| Growth delivered (Del g) | +10.3% | +4.5% | 5th highest of 14 |
| Hurdle (Req g minus delivered) | -29.5 pp | +2.7 pp | least demanding of 14 |
| ROIC minus cost of capital | +11.3 pp | -0.3 pp | highest of 21 |
| EV / EBITDA | 2.8× | 9.1× | cheapest of 13 |
| Net debt / EBITDA | -0.4× | 1.7× | 3rd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zero 9028.T | Japan | $311M | -11% | +2% | 7% | 6.7× | -19.2% | +10.3% |
| Jushen Logistics 001202.SZ | China | $315M | -26% | +16% | 6% | n/a | n/a | n/a |
| Midac 6564.T | Japan | $326M | -12% | +14% | 40% | 14.8× | n/a | n/a |
| Kerry TJ Logistics 2608.TW | Taiwan | $391M | -8% | -1% | 12% | n/a | -5.0% | +0.8% |
| Hangzhou Dadi Haiyang Environmental Protection 301068.SZ | China | $409M | -45% | +25% | 3% | 15.7× | 16.2% | +23.5% |
| K.R.S.Corporation 9369.T | Japan | $441M | -9% | +4% | 3% | 32.4× | n/a | n/a |
| Yongtaiyun Chemical Logistics 001228.SZ | China | $481M | +7% | +31% | 5% | n/a | n/a | n/a |
| Forward Air FWRD | United States | $562M | +69% | 0% | 3% | 153.6× | 17.1% | +14.5% |
| San Yang Ma (Chongqing) Logistics 001317.SZ | China | $606M | -11% | -51% | 4% | n/a | 35.8% | +7.1% |
| VRL Logistics VRLLOG.NS | India | $624M | +27% | +11% | 14% | 16.1× | 6.2% | +12.8% |
| Shengyuan Environmental Protection 300867.SZ | China | $638M | -24% | +3% | 28% | 11.8× | -4.1% | +8.5% |
| Transport Corporation of India TCI.NS | India | $700M | -12% | +12% | 8% | 14.2× | 14.9% | +11.9% |
| Shanghai Jin Jiang Online Network Service 600650.SS | China | $705M | -14% | -19% | -2% | n/a | 5.6% | -10.8% |
| Universal Logistics ULH | United States | $715M | +108% | -7% | 4% | 13.9× | n/a | n/a |
| Shibusawa Logistics 9304.T | Japan | $723M | +48% | +2% | 5% | n/a | 16.9% | +4.1% |
| Fulongma 603686.SS | China | $743M | -37% | +6% | 6% | 27.8× | 2.4% | -2.0% |
| Heartland Express HTLD | United States | $780M | -24% | -17% | -6% | 28.2× | n/a | n/a |
| Sakai Moving Service 9039.T | Japan | $785M | +2% | +4% | 10% | 13.7× | -11.2% | +4.5% |
| Covenant Logistics CVLG | United States | $801M | -5% | +12% | 1% | 12.3× | n/a | n/a |
| Shanghai Juss Sports and Entertainment 600676.SS | China | $802M | -36% | -14% | -15% | n/a | 5.1% | -11.0% |
| Maruzen Showa Unyu 9068.T | Japan | $922M | -15% | +3% | 10% | 10.5× | -7.4% | +4.2% |