Zojirushi Corporation
7965・Prime Market・Electric Appliances
Zojirushi Corporation (Single Segment)
A single-segment company manufacturing and selling household goods as a solutions brand for "food" and "living"
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales (Cumulative First Half) | ¥51,210 million | ¥50,132 million | ↑ |
| Operating Profit (Cumulative First Half) | ¥5,212 million | ¥4,870 million | ↑ |
| Operating Margin (First Half) | 10.2% | 9.7% | ↑ |
| Ordinary Profit (Cumulative First Half) | ¥5,493 million | ¥5,063 million | ↑ |
| Net Income Attributable to Owners of Parent (First Half) | ¥3,534 million | ¥3,402 million | ↑ |
| Total Assets | ¥119,460 million | ¥118,332 million | ↑ |
| Equity Ratio | 76.3% | 75.0% | ↑ |
| Domestic Net Sales (First Half) | ¥33,652 million | ¥32,218 million (calculated from 4.5% year-on-year increase) | ↑ |
| Overseas Net Sales (First Half) | ¥17,557 million | ¥17,914 million (calculated from 2.1% year-on-year decrease) | ↓ |
| Full-Year Net Sales Forecast | ¥92,500 million | ¥91,151 million | ↑ |
| Full-Year Operating Profit Forecast | ¥6,600 million | ¥7,436 million | ↓ |
| Depreciation and Amortization (First Half) | ¥1,241 million | ¥1,104 million | ↑ |
| Operating Cash Flow (First Half) | ¥7,058 million | ¥11,892 million | ↓ |
| Net Income per Share (First Half) | ¥55.66 | ¥51.86 | ↑ |
| Interim Dividend | ¥23.00 | ¥30.00 | ↓ |
Business Details
Zojirushi Corporation manufactures and sells cooking appliances such as rice cookers and microwave ovens, living products such as stainless steel mugs, and household appliances such as humidifiers. Domestically, the company operates through direct sales and sales subsidiaries, while overseas it operates through local subsidiaries and agent networks in Asia, North America, and other regions. In the first half of FY2026 (ending November 2026), net sales were ¥51,210 million, comprising 65.7% domestic and 34.3% overseas. Cooking Appliances is the core category, accounting for 71.4% of net sales. Under the new three-year medium-term plan "BEYOND," the company is also working to expand its food and beverage business and promote a circular economy.
Recent Overview
First half results showed increased revenue and profit, but the full-year forecast remains unchanged, maintaining a projected decline in profit
In the first half of FY2026 (ending November 2026) (November 21, 2025 to May 20, 2026), net sales were ¥51,210 million (up 2.2% year on year) and operating profit was ¥5,212 million (up 7.0% year on year), representing increased revenue and profit. Domestically, strong sales of high-value-added products and progress in price pass-through contributed to a 4.5% increase in net sales. Overseas, despite the effect of the Hong Kong subsidiary consolidation, overall sales declined by 2.1%. Foreign exchange losses shrank significantly from ¥313 million in the prior-year period to ¥28 million, also improving ordinary profit. Although current performance is exceeding expectations, the full-year forecast was left unchanged (net sales of ¥92,500 million, operating profit of ¥6,600 million) due to cautious consideration of rising naphtha and other raw material costs from Middle East tensions and increased costs from yen depreciation. The assumed exchange rate was changed from ¥145 to ¥155 per dollar. The US subsidiary is applying for a tariff refund, but this has not been reflected in the earnings forecast.
Key Products
Growth Drivers
- Strong sales of domestic high-value-added products (pressure IH rice cooker "Enbu Taki," microwave oven "EVERINO") and improved profitability through price optimization
- Improved gross profit margin through progress in passing on rising import costs due to yen depreciation to prices
- High growth in household appliances (humidifiers, 2-way circulators, etc.) driven by growing demand (up 12.9% year on year in the first half)
- Strengthened direct management of the overseas sales network and expanded product handling through the consolidation of Hong Kong sales agent Lin & Partners Distributors Limited as a subsidiary
- Expansion of the food and beverage business (opening of the third Zojirushi Shokudo location, "Umeda"), and new business development such as upcycled beer using rice used in rice cooker testing
- Setting of targets under the new medium-term management plan "BEYOND" (FY2026-FY2028, ending November) for net sales of ¥100,000 million and operating profit of ¥9,000 million in the fiscal year ending November 2028
Risks
- Continued weak sales of rice cookers in the Chinese and North American markets (overseas net sales in the first half declined 2.1% year on year)
- Risk of rising import costs due to yen depreciation (the assumed exchange rate for the full-year earnings forecast was raised to ¥155 per dollar)
- Risk of trade friction due to US tariff policy developments (the US subsidiary is applying for a tariff refund, but the feasibility, amount, and timing of the refund are uncertain)
- Risk of soaring naphtha and other raw material prices due to the impact of Middle East tensions
- Intensifying competition in Living Products (the flagship stainless steel mug struggled both domestically and overseas, down 7.4% year on year in the first half)
- Long-term contraction of the domestic market due to Japan's declining population, declining number of households, and low birth rate/aging population
- The full-year operating profit forecast projects an 11.2% decline from the prior-year actual of ¥7,436 million to ¥6,600 million, indicating significant profit pressure in the second half
Last updated: February 18, 2026