ZOA CORPORATION
3375・Standard Market・Retail Trade
Business
ZOA Corporation is a specialty retailer of personal computers, peripherals, and motorcycle accessories, operating a total of 22 stores centered in Shizuoka Prefecture: 12 "OA Nagashima" stores, 4 "Computer Plaza ZOA" stores, and 6 "Pasokon no Kan" stores. In addition to physical stores, the company operates the Internet Mail-Order Business (e-zoa.com) website, selling motorcycle accessories, PC parts, home appliances, and other products nationwide. In April 2022, the company obtained a real estate broker's license and began a Real Estate Sales business. Its main customers range from general consumers to corporations, with a particular focus on customers who value after-sales support for PCs. The company listed on JASDAQ in 2005 and is currently listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
In the Retail Business, gross profit is built up through sales of ZOA Original PCs (which offer higher profitability than general PC units) and support services attached to over 60% of PC unit sales. Through EC (e-zoa.com), the company sells motorcycle accessories, PC parts, and home appliances, generating approximately 42% of net sales via EC. The Real Estate Business provides complementary earnings through the sale and leasing of land and buildings.
Company Strengths
ZOA Original PCs offer higher profitability than general PC units, and PC unit-related product sales in FY2026 (ending March 2026) increased 19.1% year on year to ¥1,899,234 million (in thousand-yen units). Furthermore, over 60% of PC purchasing customers also purchase support add-ons, and Service & Support sales reached ¥581,694 thousand, up 8.4% year on year, contributing to profit expansion.
Even in phases when market inventories of memory, SSDs, graphics boards, and other components became depleted, the company deployed its in-house assembled BTO model and secured inventory through its own procurement capabilities. Productizing in-house has also improved profitability, and this has directly translated into a track record of sales growth during phases of expanding gaming PC demand.
Sales in the Internet Mail-Order Business reached ¥4,019,220 thousand (up 9.3% year on year), accounting for approximately 45% of Retail Business sales of ¥8,991,872 thousand. Motorcycle-related products account for about half of mail-order sales and remain strong, while efforts to strengthen the handling of home appliances and other products are also advancing item diversification.
ENVALITH's Perspective
Performance Trend
Revenue bottomed out at ¥8,599 million in FY2024 (ended March 2024) and recovered for two consecutive periods, reaching ¥9,524 million in FY2026 (ending March 2026), up 2.7% year on year. Operating income was ¥486 million (up 13.6%), ordinary income ¥493 million (up 13.4%), and net income attributable to owners of parent ¥327 million (up 10.2%), reflecting a notable improvement in profitability. As an external tailwind, rising PC replacement demand following the end of Windows 10 support provided support, while the high-margin sales model for ZOA Original PCs and higher attachment rates for support services drove the improvement in profit margins. The operating margin improved from 4.6% in FY2025 (ended March 2025) to 5.1% in FY2026. The Real Estate Business saw a substantial decline in profit due to a decrease in the number of properties sold, but expanded profit in the Retail Business more than offset this. Looking at the trend over the past five fiscal years (FY2022: ¥505 million → FY2023: ¥538 million → FY2024: ¥419 million → FY2025: ¥428 million → FY2026: ¥486 million), the company is on a recovery trajectory following the FY2024 downturn, but has not yet returned to the peak levels seen in FY2022–FY2023.
Growth Strategy
Pursuing sustainable growth through four pillars: ZOA Original PC, enhanced support services, expansion of mail-order sales, and utilization of real estate inventory
Amid an expected decline in unit sales due to the reaction to special demand created by Windows 10, the company has shifted its focus toward profit rather than unit volume, centering on sales of the highly profitable ZOA Original PC. In FY2026 (ending March 2026), segment profit in the Retail Business increased significantly by 62.4% year on year, demonstrating the effectiveness of this profit model.
Anticipating increased demand for after-sales support against the backdrop of higher PC sales driven by special demand for Windows 10, the company has strengthened its service guidance and reviewed its support menu and pricing. It aims to expand earnings by further raising the current high attachment rate, whereby support is already attached to over 60% of PC unit sales.
The renewal of the proprietary website has been completed, with operations commencing from the end of April 2026. By strengthening sales through the proprietary site, the company aims to reduce dependence on online marketplaces and improve profitability. It is also working to increase site users by focusing on web advertising. The Internet Mail-Order Business (e-zoa.com) maintained strong performance in FY2026 (ending March 2026), up 9.3% year on year, and the foundation for further growth is in place.
FY2026 (ending March 2026) was positioned as a "preparation period," during which real estate inventory held for sale was increased from ¥15 million to ¥240 million. In FY2027 (ending March 2027), the company plans to actively pursue enhanced sales utilizing this inventory, while also expanding the business through new hires and increased staffing. Recovering the number of transactions, which declined from 9 in the previous period to 4 in the current period, remains a challenge.
Last updated: July 19, 2026