# AEON Fantasy Co.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2025/03/01－2026/02/28) (S100Y4UK)
> Page: https://vizora.meequs.com/en/company/aeon-fantasy
> Retrieved: 2026-09-30T19:08:20.322Z

## Company

AEON Fantasy, founded in 1997, is a company in Amusement Centers & Karaoke listed on TSE Prime. It has 3,955 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AEON Fantasy Co.,LTD. |
| Ticker | 4343 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4343.T) |
| Listing | TSE Prime |
| Head office | 千葉県千葉市美浜区中瀬一丁目5番地1 |
| Representative (per filing) | 代表取締役社長 藤原 徳也 |
| Founded | Feb 1997 |
| Share capital | ¥1.83B |
| Employees (consolidated) | 3,955 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | February |
| Website | www.fantasy.co.jp (https://www.fantasy.co.jp/) |
| Corporate number | 6040001000485 |
| EDINET | E05264 |
| Industries (Vizora) | Amusement Centers & Karaoke |

> Profile source: annual securities report (S100Y4UK, filed 2026-05-19). As of filing

## Five-axis industry profile

Primary industry: Amusement Centers & Karaoke (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 5 |
| Profitability | 35.7 | 7 |
| Cash conversion | 50 | 7 |
| Efficiency | 78.6 | 7 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 81% of AEON Fantasy's sales come from Domestic business, with Asean and China making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +6.9% from the prior year, operating profit +40.7%.

## Company structure

- Segment revenue mix: Domestic business 80.6%、Asean 16.3%、China 3.1%
- Revenue → net income: ¥93290048000 → ¥2710112000
- Net income → operating cash flow: ¥2710112000 → ¥11598281000（difference ¥8888169000）
- Main uses of operating cash flow: CapEx ¥14285525000 / dividends — / buybacks —
- Change in cash: ¥1651688000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥93.3B |  |
| Operating income | ¥6.11B | Margin 6.6% |
| Net income | ¥2.79B | Margin 3.0% |
| Free cash flow | -¥2.69B |  |
| Largest business | Domestic business | of segment revenue 80.6% |
| Employees (consolidated) | 3,955 |  |
| EPS | ¥44.57 |  |
| Diluted EPS | ¥44.54 |  |
| Book value per share | ¥302.07 |  |
| Equity ratio | 12.2% |  |
| Shares outstanding | 19,784,125 |  |
| Treasury shares | 2,300 |  |
| Shareholders | 31,011 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 8.4% |
| Vs. industry median margin | -1.9 pp | Amusement Centers & Karaoke |
| ROE | 30.9% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.2× net income
- FY2026, one segment accounts for 94% of positive segment profit
- FY2026, employees -14% while operating income rose 41%

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥46116449000 | ¥93290048000 | +102.3% |
| Operating income | ¥-7429080000 | ¥6114924000 | — |
| Operating margin | -16.1% | 6.6% | +22.7 pp |
| Employees | 4,695 people | 3,955 people | -15.8% |
| Cash and equivalents | ¥5718115000 | ¥7792858000 | +36.3% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内 → 国内 | 80.6% |
| 国内 → 事業再編・廃止 | 2.0% |
| アセアン → アセアン | 2.4% |
| 中国 → 中国 | 3.1% |
| 中国 → 事業再編・廃止 | 11.9% |
| 新設・再編 → アセアン | 13.9% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic business | 5 years | +14.6% | ¥75217877000 | 9.3% | 2 |
| Asean | 5 years | +68.3% | ¥15222103000 | 3.1% | 2 |
| China | 5 years | -16.2% | ¥2850068000 | -48.0% | 2 |

## Income statement（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 93,290 | 100.0% | S100Y4UK |
| Cost of revenue | 80,118 | 85.9% | S100Y4UK |
| Gross profit | 13,172 | 14.1% | S100Y4UK |
| SG&A | 7,057 | 7.6% | S100Y4UK |
| Operating income | 6,115 | 6.6% | S100Y4UK |
| Ordinary income | 7,359 | 7.9% | S100Y4UK |
| Pretax income | 5,106 | 5.5% | S100Y4UK |
| Income tax | 2,396 | 2.6% | S100Y4UK |
| Net income | 2,710 | 2.9% | S100Y4UK |
| Net income attributable to owners | 2,791 | 3.0% | S100Y4UK |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 8 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 14.1% → Operating margin 6.6% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.9%; Core profit growth: +40.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.88×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 87,241 | 93,290 | 6,049 | +6.9% |
| Gross profit | 11,668 | 13,172 | 1,504 | +12.9% |
| Operating income | 4,345 | 6,115 | 1,770 | +40.7% |
| Net income attributable to owners | -1,817 | 2,791 | 4,607 | — |
| Operating cash flow | 12,353 | 11,598 | -755 | -6.1% |
| Free cash flow | 2,133 | -2,687 | -4,820 | -226.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 73,493 | 3,212 | 4.4% | -325 | 10,271 | -44 | S100LDA8 |
| FY ending Feb 2021 | 46,116 | -7,429 | -16.1% | -9,277 | 184 | -6,618 | S100O31X |
| FY ending Feb 2022 | 60,171 | -3,408 | -5.7% | -4,508 | 6,177 | -816 | S100QSKC |
| FY ending Feb 2023 | 72,691 | 849 | 1.2% | -3,377 | 9,058 | 4,562 | S100TH6B |
| FY ending Feb 2024 | 81,759 | 3,586 | 4.4% | 1,315 | 12,057 | 1,893 | S100VSQY |
| FY ending Feb 2025 | 87,241 | 4,345 | 5.0% | -1,817 | 12,353 | 2,133 | S100Y4UK |
| FY ending Feb 2026 | 93,290 | 6,115 | 6.6% | 2,791 | 11,598 | -2,687 | S100Y4UK |

## People and productivity（FY ending Feb 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.6M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥705.6K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,140 | 4,361 | 4,539 | 4,620 | 3,955 |
| Average salary (parent company) | ¥4.2M | ¥4.3M | ¥4.4M | ¥4.8M | ¥5M |
| Average age (parent company) | 44.0 years | 44.0 years | 44.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 14.0 years | 15.0 years | 15.0 years | 15.0 years | 15.0 years |

Year over year: Employees (consolidated) -14.4% · Revenue (consolidated) +6.9%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 75,218 | 80.6% | 7,019 | 9.3% |
| Asean | 15,222 | 16.3% | 466 | 3.1% |
| China | 2,850 | 3.1% | -1,369 | -48.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 80.6% | 93.8% | 13.1 | 9.3% |
| Asean | 16.3% | 6.2% | -10.1 | 3.1% |
| China | 3.1% | — | — | -48.0% |

Loss-making segment (excluded from profit shares): China -1,369 JPY mn

Segment → industry: China → Amusement Centers & Karaoke / Asean → Amusement Centers & Karaoke / Domestic business → Amusement Centers & Karaoke

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 11,598 | 12.4% | S100Y4UK |
| Capital expenditure | 14,286 | 15.3% | S100Y4UK |
| Free cash flow | -2,687 | -2.9% | 算出 |
| Investing cash flow | -14,857 | -15.9% | S100Y4UK |
| Financing cash flow | 4,725 | 5.1% | S100Y4UK |
| Change in cash | 1,652 | 1.8% | S100Y4UK |
| Cash and equivalents | 7,793 | 8.4% | S100Y4UK |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,987 | 6,059 | 7,491 | 6,141 | 7,793 | S100TH6B, S100VSQY, S100Y4UK |
| Total assets | 51,235 | 46,917 | 52,303 | 53,673 | 64,229 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Net assets | 11,842 | 8,138 | 8,541 | 6,842 | 8,014 | S100TH6B, S100VSQY, S100Y4UK |
| Share capital | 1,807 | 1,807 | 1,811 | 1,824 | 1,830 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Property, plant and equipment | 30,227 | 26,595 | 30,298 | 32,873 | 37,368 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Intangible assets excluding goodwill | 1,478 | 1,439 | 1,381 | 1,160 | 1,115 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Goodwill | 147 | 135 | 113 | 80 | 50 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Investment securities | 5 | 5 | 5 | 5 | 0 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Current assets | 10,920 | 10,843 | 12,924 | 12,185 | 17,599 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Current liabilities | 31,509 | 32,355 | 37,653 | 30,758 | 39,011 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Short-term borrowings | 20,201 | 19,542 | 24,200 | 12,105 | 17,503 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Long-term borrowings | 1,779 | 1,026 | 268 | 10,541 | 12,160 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Total liabilities | 39,394 | 38,779 | 43,762 | 46,831 | 56,215 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Non-controlling interests | 118 | 161 | 206 | 237 | 168 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Equity attributable to owners of parent | 12,106 | 8,531 | 9,656 | 7,641 | 10,441 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Retained earnings | 5,477 | 1,903 | 3,020 | 1,005 | 5,374 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |
| Treasury stock | -4 | -4 | -5 | -5 | -5 | S100QSKC, S100TH6B, S100VSQY, S100Y4UK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100Y4UK |
| Property, plant and equipment | 58% | S100Y4UK |
| Intangibles and goodwill | 2% | S100Y4UK |
| Other assets | 28% | S100Y4UK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 88% | S100Y4UK |
| Equity | 12% | S100Y4UK |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 51,235 | 46,917 | 52,303 | 53,673 | 64,229 |
| Equity | 11,842 | 8,138 | 8,541 | 6,842 | 8,014 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,987 | 6,059 | 7,491 | 6,141 | 7,793 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 40.1% | S100Y4UK |
| Fixed assets ÷ total assets | 58.2% | S100Y4UK |
| Goodwill ÷ parent equity | 0.5% | S100Y4UK |

Goodwill over 4 years: 147 → 50 JPY; total investing cash flow: -48,377 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 12.1% |
| Cash ÷ revenue | 8.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 189.7% |
| Cash vs. profit gap | 8,808 JPY mn (of net income 315.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.3% |
| Investing CF relative to operating CF | 128.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -8.8% | —× | — | S100QSKC |
| 2023 | — | —× | -6.9% | —× | — | S100TH6B |
| 2024 | 1.6% | 1.65× | 2.6% | 5.46× | 14.5% | S100VSQY |
| 2025 | — | —× | -3.4% | —× | — | S100Y4UK |
| 2026 | 3.0% | 1.58× | 4.7% | 6.52× | 30.9% | S100Y4UK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イオン株式会社 | Major shareholder | 60.5% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 3.6% | 2026-02-28 |
| CACEIS BANK, LUXEM BOURG BRANCH/UCITS-FULL TAX(常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.0% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY ５０５０１９(常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.0% | 2026-02-28 |
| 株式会社フジ | Major shareholder | 0.6% | 2026-02-28 |
| イオンフィナンシャルサービス株式会社 | Major shareholder | 0.6% | 2026-02-28 |
| イオンモール株式会社 | Major shareholder | 0.6% | 2026-02-28 |
| BNP PARIBAS NEW YORK BRANCH-PRIME BROKERAGE CLEARANCE ACCOUNT(常任代理人 香港上海銀行東京支店） | Major shareholder | 0.5% | 2026-02-28 |
| USBK NA JP I&W TS(常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/03/01－2026/02/28) | S100Y4UK | 2026-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4UK,, |
| 有価証券報告書－第29期(2024/03/01－2025/02/28) | S100VSQY | 2025-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSQY,, |
| 有価証券報告書－第28期(2023/03/01－2024/02/29) | S100TH6B | 2024-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH6B,, |
| 有価証券報告書－第27期(2022/03/01－2023/02/28) | S100QSKC | 2023-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSKC,, |
| 有価証券報告書－第26期(令和3年3月1日－令和4年2月28日) | S100O31X | 2022-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O31X,, |
| 有価証券報告書－第25期(令和2年3月1日－令和3年2月28日) | S100LDA8 | 2021-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDA8,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).