ZENRIN CO., LTD.
9474・Prime Market・Information & Communication
Business
ZENRIN CO., LTD., founded in 1974, is a map information company that manufactures and sells a wide variety of map content, including residential maps, car navigation data, 3D map data, and internet map data. Under a group structure comprising 20 consolidated subsidiaries and 2 equity-method affiliates, the company offers location information services to local governments, corporations, and individuals. It covers a broad range of areas, including the Public Solutions Business (supporting DX for local governments), the Mobility Solutions Business (autonomous driving and car navigation), and the Marketing Solutions Business (data utilization for corporations), and is also expanding into digital twin, MaaS, and smart city fields. The company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
Using its proprietary, high-precision and highly current spatio-temporal database as intellectual capital, the company provides offerings to customers across three categories: Package (general-purpose services), Selection (solutions for individual issues), and Solution (customization). Through continuous updating and provision of map data, the company secures stable stock-type revenue while maintaining multiple revenue channels including contract development, license sales, and data distribution. Capital expenditure is concentrated on building the Advanced Spatio-Temporal Database and the service provision infrastructure, with capital expenditure for FY2026 (ending March 2026) amounting to ¥6,219 million.
Company Strengths
Since its founding in 1974, the company has continuously collected and updated residential maps, road maps, and 3D map data nationwide, accumulating intellectual capital that is difficult for competitors to replicate in a short period. It continues R&D on AI-powered automatic map generation technology and 3D information survey technology, investing ¥1,298 million in R&D expenses in FY2026 (ending March 2026).
In FY2026 (ending March 2026) sales results, there was no major client accounting for 10% or more of total sales, with customers dispersed across public sector, corporate, mobility, and individual segments. The company has built up a track record in the public solutions field, including local government DX contract projects and provision of residential map data, resulting in a revenue structure with low risk of excessive dependence on specific customers.
In addition to operating investment funds through its CVC subsidiary ZENRIN Future Partners, the company has actively pursued M&A in recent years, including Locus Blue (April 2024), Urban X Technologies (July 2025), and Will Smart (June 2026). It has continuously expanded the group's business domains by incorporating new areas such as AI infrastructure management and transportation solutions.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) came in at ¥64,277 million (down 0.1% year on year), remaining at roughly the same level as the previous period. The Public Solutions Business (+18.6%) provided support, but this was offset by a sharp decline in the Mobility Solutions Business (-10.3%). Operating profit deteriorated to ¥3,502 million (-10.7%) due to higher personnel expenses and cost of sales. Ordinary profit fell less sharply than operating profit, coming in at ¥3,866 million (-1.8%), helped by an improvement in equity in earnings of affiliates (from a loss of ¥123 million in the previous period to a gain of ¥36 million in the current period) and a narrower foreign exchange loss (from ¥208 million in the previous period to ¥35 million in the current period). Profit attributable to owners of parent increased to ¥2,738 million (+5.1%), supported by the recognition of a ¥430 million gain on sales of investment securities. Comprehensive income declined sharply to ¥799 million (-61.7%), reflecting a decrease in the fair value of investment securities (-¥2,068 million). Operating cash flow decreased to ¥7,112 million (from ¥9,640 million in the previous period), and cash outflow for investing activities also expanded due to increased acquisitions of fixed assets and investment securities.
Growth Strategy
Under ZGP2030, the company aims to achieve net sales of ¥78,000 million and operating profit of ¥8,000 million in FY2030 (ending March 2030) through the Advanced Spatio-Temporal Database, a shift toward stock-type services, and co-creation activities
Centered on supporting the digitalization of government ministry and municipal operations, the company is expanding residential map data provision and contracted projects. In FY2026 (ending March 2026), sales achieved strong growth of ¥9,851 million, up 18.6% year on year, and this continues to function as a key growth driver.
The company aims to achieve revenue growth by further expanding stock-type services, including package products, and strengthening solutions sales and introducing new products, while offsetting the contraction of the Mobility Solutions Business. Advance payments received balance of ¥8,573 million functions as a leading indicator.
The company continues growth investment toward building the Advanced Spatio-Temporal Database utilizing AI technology. In FY2027 (ending March 2027) as well, continued investment is expected to be a factor increasing operating expenses, but the company aims to establish a competitive advantage in the autonomous driving, digital twin, and MaaS domains.
In FY2026 (ending March 2026), Urban X Technologies, Inc. and ZFP Corporate Co-creation Investment Limited Partnership were newly consolidated. Through corporate co-creation and regional co-creation activities based on ZGP2030, the company expands the application domains of location information services.
The company aims to achieve a cumulative total payout ratio of 100% over the five years of the ZGP2030 period by combining stable dividends based on a consolidated dividend on equity (DOE) of 5% or more with agile share buybacks. In FY2026 (ending March 2026), an annual dividend of ¥42 was implemented (payout ratio of 81.9%, DOE of 4.5%).
Last updated: July 19, 2026