Zozo - Public Comps and Valuation Multiples

Zozo Overview

About Zozo

Zozo was established in 1998 by Yusaku Maezawa (founder and former CEO), and its main business is Zozotown, the largest fashion e-commerce platform in Japan. Zozotown’s business consists mainly of consignment sales, where each brand’s products are stocked in Zozotown’s logistics bases, and brands open their shops on Zozotown as tenants. As of 2022, Zozotown sold clothing from over 9,000 brands and boasted about 11.7 million annual active users. In 2019, Zozo was acquired by Z Holdings. Since then, Zozo also sells through the Yahoo-owned general e-commerce site Yahoo Shopping.

Founded

1998

HQ

Employees

7.7K+

Website

corp.zozo.com

Sectors

Consumer E-commerce
Vertical E-commerce
FashionTech

Financials

LTM Revenue $1.5B

LTM EBITDA $483M

EV

$7.8B

Valuation Multiples

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Zozo Financials

As of September 2025, Zozo reported last 12-month revenue of $1.5B and EBITDA of $483M.

In the same period, Zozo generated $1.4B in LTM gross profit and $312M in net income.

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Zozo P&L

In the most recent fiscal year, Zozo reported revenue of $1.4B and EBITDA of $458M.

Zozo expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.5B	XXX	$1.4B	XXX	XXX	XXX
Gross Profit	$1.4B	XXX	$1.3B	XXX	XXX	XXX
Gross Margin	93%	XXX	93%	XXX	XXX	XXX
EBITDA	$483M	XXX	$458M	XXX	XXX	XXX
EBITDA Margin	33%	XXX	33%	XXX	XXX	XXX
EBIT	$445M	XXX	$426M	XXX	XXX	XXX
EBIT Margin	30%	XXX	30%	XXX	XXX	XXX
Net Profit	$312M	XXX	$298M	XXX	XXX	XXX
Net Margin	21%	XXX	21%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Zozo including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.5B. EBITDA for the last twelve months was $483M. In the most recent fiscal year, Zozo achieved $1.4B in revenue and $458M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.5B	Analyst estimates available to subscribers	$1.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.4B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	93.1% gross margin	Analyst estimates available to subscribers	93.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$483M	Analyst estimates available to subscribers	$458M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	32.8% EBITDA margin	Analyst estimates available to subscribers	32.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$445M	Analyst estimates available to subscribers	$426M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	30.3% EBIT margin	Analyst estimates available to subscribers	30.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$312M	Analyst estimates available to subscribers	$298M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	21.2% net profit margin	Analyst estimates available to subscribers	21.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Zozo

This financial data table provides comprehensive performance metrics for Zozo, a company based in Japan. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Zozo generated $1.5B in revenue over the last twelve months.
The company achieved $483M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.4B.
Net income over the last twelve months reached $312M.

Fiscal Year Performance

In the most recent fiscal year, Zozo reported $1.4B in total revenue.
Fiscal year EBITDA was $458M.
The company maintained a gross profit margin of 93.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 32.6%.
Net profit margin reached 21.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Zozo. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Zozo Stock Performance

Zozo has current market cap of JPY 1.20T (or $7.9B), and EV of JPY 1.19T (or $7.8B).

Market Cap Evolution

Zozo Stock Data

As of October 15, 2025, Zozo's stock price is JPY 1360 (or $9).

See Zozo trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$7.8B	$7.9B	XXX	XXX	XXX	XXX	$0.35

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Zozo Valuation Multiples

Zozo's trades at 5.7x EV/Revenue multiple, and 17.4x EV/EBITDA.

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Zozo Financial Valuation Multiples

As of October 15, 2025, Zozo has market cap of $7.9B and EV of $7.8B.

Equity research analysts estimate Zozo's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Zozo has a P/E ratio of 25.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$7.9B	XXX	$7.9B	XXX	XXX	XXX
EV (current)	$7.8B	XXX	$7.8B	XXX	XXX	XXX
EV/Revenue	5.3x	XXX	5.7x	XXX	XXX	XXX
EV/EBITDA	16.2x	XXX	17.4x	XXX	XXX	XXX
EV/EBIT	17.5x	XXX	18.7x	XXX	XXX	XXX
EV/Gross Profit	5.7x	XXX	n/a	XXX	XXX	XXX
P/E	25.3x	XXX	26.7x	XXX	XXX	XXX
EV/FCF	26.3x	XXX	24.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Zozo Margins & Growth Rates

Zozo's last 12 month revenue growth is 7%

Zozo's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Zozo's rule of 40 is 40% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Zozo's rule of X is 51% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Zozo Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	7%	XXX	8%	XXX	XXX	XXX
EBITDA Margin	33%	XXX	33%	XXX	XXX	XXX
EBITDA Growth	8%	XXX	9%	XXX	XXX	XXX
Rule of 40	40%	XXX	40%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	51%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	6%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	63%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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