ZOZO operates Japan's largest online fashion marketplace, ZOZOTOWN, which aggregates apparel from hundreds of brands, alongside its own private-label and PayPay-linked payments and retail services. The moat rests on its 93.2% gross margin, which reflects a commission-based marketplace model with little inventory risk, and a 31.9% operating margin that sits well above typical e-commerce peers. Revenue growth has slowed to 3.9%, so the case depends on margin durability and capital returns rather than top-line acceleration. At a 22.6 trailing P/E against a 7.2 forward P/E, the market is pricing a sharp earnings step-up or a shift in the forward estimates that warrants checking before anything else. A 51.8% return on equity, with no index membership to force passive buying, makes this a name worth a deeper look at the earnings bridge and the sustainability of that gap.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:52 CEST | ACCE price target | ¥1305 | first publication | ¥1229 |
Answered from ZOZO, Inc. fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| 3092.T ZOZO, Inc. | ¥1260.50 | - | - | 23.4x | 51.8% | 100 | 70 |
| GLBE Global-E Online Ltd. Ordinary Shares | $41.36 | $19 | 121% above | 47.0x | 17.0% | 75 | 74 |
| 3064.T MonotaRO Co., Ltd. | ¥2245.00 | - | - | 31.9x | 29.9% | 78 | 69 |
| ZAL.DE Zalando | €26.82 | €26 | 4% above | 72.5x | 3.5% | 43 | 60 |
| ETSY Etsy Inc. Common Stock | $86.93 | $81 | 8% above | 25.4x | -1224.5% | 50 | 59 |
| VIPS Vipshop Holdings Limited American Depositary Shares each representing two ordinary shares | $12.54 | $20 | 39% below | 4.2x | 23.5% | 65 | 56 |
| 4755.T Rakuten Group, Inc. | ¥634.50 | - | - | - | 0.3% | 28 | 36 |
Where 3092.T ranks against its sector peers on each metric.