Zojirushi Corporation
7965・Prime Market・Electric Appliances
Business
Zojirushi Corporation is a household products manufacturer founded in 1918 (incorporated in 1948), centered on three business segments: Cooking Appliances (rice cookers, microwave ovens, etc.), Living Products (stainless steel mugs, thermos bottles, etc.), and Household Appliances (humidifiers, air purifiers, etc.). The company has manufacturing and sales subsidiaries both domestically and overseas, operating globally across Japan, Asia, and North, Central, and South America. Net sales for FY2025 (ending November 2025) were ¥91,151 million, comprising 67.4% domestic and 32.6% overseas. Under its management policy "BRAND INNOVATION," the company aims to evolve from a traditional household products manufacturer into a solution brand that solves challenges related to "food" and "living." Listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
Products manufactured at domestic and overseas manufacturing subsidiaries (Zojirushi Factory Japan, Zojirushi (Guangzhou) Manufacturing Co., Ltd., etc.) are supplied to consumers and distribution channels through domestic and overseas sales subsidiaries. Gross profit margin has been improved through a focus on high-priced products such as the pressure IH rice cooker "Extreme Cook (Enbu-Taki)" and price optimization. Proprietary technologies (thermal retention, cold retention, heating, and insulation), backed by ¥994 million in R&D expenses, serve as the source of high value-added products.
Company Strengths
In the final year of the medium-term management plan 'SHIFT' (2022-2025), the company achieved net sales of ¥91,151 million against a target of ¥90,000 million, and operating profit of ¥7,436 million (margin of 8.2%) against a target of ¥7,200 million. Strong sales of high-priced products and the promotion of price pass-through were successful, resulting in the plan being exceeded.
For the top-of-the-line pressure IH rice cooker 'Enbu-taki' (Flame Dance Cooking), the company developed the new NX-AA model, achieving the highest heating power in Zojirushi's history at 1,400W. The microwave oven 'EVERINO' also introduced a model equipped with an industry-first 'Twin Engine Structure.' As a result, sales of Cooking Appliances reached ¥64,384 million (up 5.2% year on year), driving overall performance.
As of the end of November 2025, the equity ratio remained at a high level of 75.0%. The company held cash and cash equivalents of ¥29,568 million and generated operating cash flow of ¥9,930 million. With a financial structure that is nearly debt-free, the company simultaneously implemented shareholder returns of ¥3,474 million in dividends and ¥3,400 million in share buybacks.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years has maintained a growth trend, moving from ¥77,673 million → ¥82,534 million → ¥83,494 million → ¥87,221 million → ¥91,151 million. For the interim period of FY2026 (ending November 2026), revenue was ¥51,210 million (up 2.2% YoY) and operating profit was ¥5,212 million (up 7.0% YoY), showing solid performance in the first half. However, the full-year forecast calls for operating profit of ¥6,600 million (down 11.2% YoY) and ordinary profit of ¥7,100 million (down 14.5% YoY), pointing to a decline in profit. External factors such as the yen's depreciation (the assumed rate has been revised to ¥155 to the dollar) driving up import costs, and surging naphtha and raw material prices due to the situation in the Middle East, are expected to weigh on profits in the second half. This is expected to be partially offset by strong domestic sales of high-value-added products and progress in passing on cost increases through pricing.
Growth Strategy
Aiming for net sales of ¥100,000 million and operating income of ¥9,000 million in FY2028 (ending November 2028) under 'BEYOND'
Strengthening sales of high-value-added products, centered on top-tier models such as the pressure IH rice cooker 'Enbu Taki'. Also expanded product lineup, including the addition of a 30L size for the 'EVERINO' microwave oven. Advanced price pass-through in response to rising import costs due to yen depreciation, contributing to improved gross profit margin (33.9%) in the interim period.
On September 30, 2025, Lin & Partners Distributors Limited was made a subsidiary, establishing a direct sales structure in Hong Kong. Also expanded handling of products other than the company's own brands, contributing to a 69.7% year-on-year increase in net sales of the Other segment to ¥2,204 million. Provisional accounting treatment was finalized in the current interim period.
In addition to strengthening sales by capturing expanding demand for humidifiers, launched a 2-way circulator that can be used as either a circulator or a fan in a new market. Interim net sales of Household Appliances achieved high growth of ¥3,913 million (up 12.9% year on year). Growth in humidifier sales in South Korea also contributed.
Opened the third Zojirushi Shokudo location, the 'Umeda store,' in February 2026. Launched 'Zo no Mai,' an upcycled beer using rice from rice-cooking tests conducted during rice cooker product development as part of its raw materials, in March, promoting food loss reduction and circular economy initiatives. Contributed to the increase in Other net sales.
The U.S. subsidiary is currently filing an application for tariff refunds with U.S. authorities. Since the eligibility, amount, and timing of any refund will be determined following review by the authorities, this remains uncertain at present and has not been reflected in the full-year earnings forecast. U.S. authorities plan to gradually expand the scope of eligible applications, and additional applications are also being considered as a policy matter.
Last updated: July 17, 2026