# AEON Financial Service 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45期(2025/03/01－2026/02/28) (S100Y53G)
> Page: https://vizora.meequs.com/en/company/aeon-financial-service
> Retrieved: 2026-09-30T21:09:47.034Z

## Company

AEON Financial Service, founded in 1990, is a company in Credit Cards & Consumer Credit listed on TSE Prime. It has 14,942 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AEON Financial Service Co., Ltd. |
| Ticker | 8570 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8570.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田錦町一丁目1番地 (上記は登記上の本店所在地であり、実際の本店業務は下記の連絡場所で行っております。) |
| Representative (per filing) | 代表取締役社長 深山 友晴 |
| Founded | Jan 1990 |
| Share capital | ¥45.7B |
| Employees (consolidated) | 14,942 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | February |
| Website | www.aeonfinancial.co.jp (https://www.aeonfinancial.co.jp/) |
| Corporate number | 2010001010887 |
| EDINET | E04912 |
| Industries (Vizora) | Credit Cards & Consumer Credit, Online & Retail-Affiliated Banks, Consumer Finance |

> Profile source: annual securities report (S100Y53G, filed 2026-05-19). As of filing

## Key points (generated from figures)

- About 41% of AEON Financial Service's sales come from Retail, with Mekong Area and Malay Area making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +6.8% from the prior year, operating profit -1.3%.

## Company structure

- Segment revenue mix: Retail 41.5%、Mekong Area 18.1%、Malay Area 17.9%、Solutions 16.3%、China Area 6.3%
- Revenue → net income: ¥569370000000 → ¥36740000000
- Net income → operating cash flow: ¥36740000000 → ¥303665000000（difference ¥266925000000）
- Main uses of operating cash flow: CapEx ¥36896000000 / dividends ¥11441000000 / buybacks ¥0
- Change in cash: ¥-132276000000
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 | ¥569.4B |  |
| Operating income | ¥60.7B | Margin 10.7% |
| Net income | ¥21.1B | Margin 3.7% |
| Free cash flow | ¥266.8B |  |
| Largest business | Retail | of segment revenue 41.5% |
| Employees (consolidated) | 14,942 |  |
| EPS | ¥29.4 |  |
| Diluted EPS | ¥29.4 |  |
| Book value per share | ¥1032.52 |  |
| Equity ratio | 5.7% |  |
| Shares outstanding | 216,010,128 |  |
| Treasury shares | 125,900 |  |
| Shareholders | 53,906 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 8.0% | Net cash -¥392.7B · Cash ÷ revenue 116.4% |
| Vs. industry median margin | -7.5 pp | Credit Cards & Consumer Credit |
| ROE | 4.6% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 14.4× net income
- FY2026, segment profit share differs by -33 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥487309000000 | ¥569370000000 | +16.8% |
| Operating income | ¥40651000000 | ¥60655000000 | +49.2% |
| Operating margin | 8.3% | 10.7% | +2.3 pp |
| Employees | 17,611 people | 14,942 people | -15.2% |
| Cash and equivalents | ¥666738000000 | ¥662791000000 | -0.6% |

### 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 |
| --- | ---: |
| リテール → リテール | 41.5% |
| リテール → 事業再編・廃止 | 5.1% |
| ソリューション → ソリューション | 16.3% |
| ソリューション → 事業再編・廃止 | 9.1% |
| 中華圏 → 中華圏 | 3.2% |
| メコン圏 → メコン圏 | 15.1% |
| マレー圏 → マレー圏 | 9.8% |
| 新設・再編 → 中華圏 | 3.1% |
| 新設・再編 → メコン圏 | 2.9% |
| 新設・再編 → マレー圏 | 8.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail | 5 years | +0.8% | ¥236131000000 | 2.2% | 2 |
| Mekong Area | 5 years | +6.8% | ¥102813000000 | 15.6% | 2 |
| Malay Area | 5 years | +16.4% | ¥101709000000 | 14.7% | 2 |
| Solutions | 5 years | -5.6% | ¥92760000000 | 14.6% | 2 |
| China Area | 5 years | +18.2% | ¥35917000000 | 30.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 569,370 | 100.0% | S100Y53G |
| SG&A | 427,258 | 75.0% | S100Y53G |
| Operating income | 60,655 | 10.7% | S100Y53G |
| Ordinary income | 60,693 | 10.7% | S100Y53G |
| Pretax income | 48,763 | 8.6% | S100Y53G |
| Income tax | 12,023 | 2.1% | S100Y53G |
| Net income | 36,740 | 6.5% | S100Y53G |
| Net income attributable to owners | 21,092 | 3.7% | S100Y53G |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 89 |
| Operating income | 11 |
| (Ref.) Net income | 4 |

### Margin funnel

Operating margin 10.7% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.8%; Core profit growth: -1.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.20×
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 | 533,262 | 569,370 | 36,108 | +6.8% |
| Operating income | 61,485 | 60,655 | -830 | -1.3% |
| Net income attributable to owners | 15,644 | 21,092 | 5,448 | +34.8% |
| Operating cash flow | 347,337 | 303,665 | -43,672 | -12.6% |
| Free cash flow | 307,751 | 266,769 | -40,982 | -13.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 375,166 | — | — | 39,454 | 35,909 | — | S100LDUK |
| FY ending Mar 2018 | 407,970 | — | — | 38,677 | 198,941 | — | S100O3Y7 |
| FY ending Feb 2020 | 457,280 | 65,070 | 14.2% | 34,149 | 352,217 | 320,450 | S100LDUK |
| FY ending Feb 2021 | 487,309 | 40,651 | 8.3% | 17,693 | 62,282 | 26,378 | S100O3Y7 |
| FY ending Feb 2022 | 470,657 | 58,852 | 12.5% | 30,212 | 76,287 | 47,225 | S100QTUM |
| FY ending Feb 2023 | 451,767 | 58,859 | 13.0% | 30,677 | 105,138 | 71,267 | S100TI2A |
| FY ending Feb 2024 | 485,608 | 50,088 | 10.3% | 20,896 | -50,776 | -95,838 | S100X516 |
| FY ending Feb 2025 | 533,262 | 61,485 | 11.5% | 15,644 | 347,337 | 307,751 | S100Y53G |
| FY ending Feb 2026 | 569,370 | 60,655 | 10.7% | 21,092 | 303,665 | 266,769 | S100Y53G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.1M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 16,089 | 16,259 | 15,968 | 15,547 | 14,942 |
| Average salary (parent company) | ¥8M | ¥7.3M | ¥6.1M | ¥6.3M | ¥7.1M |
| Average age (parent company) | 42.5 years | 42.6 years | 39.6 years | 40.1 years | 40.7 years |
| Average tenure (parent company) | 2.0 years | 2.0 years | 11.3 years | 11.0 years | 11.6 years |

Year over year: Employees (consolidated) -3.9% · Revenue (consolidated) +6.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail | 236,131 | 41.5% | 5,118 | 2.2% |
| Solutions | 92,760 | 16.3% | 13,502 | 14.6% |
| China Area | 35,917 | 6.3% | 10,825 | 30.1% |
| Mekong Area | 102,813 | 18.1% | 16,085 | 15.6% |
| Malay Area | 101,709 | 17.9% | 14,956 | 14.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Retail | 41.5% | 8.5% | -33.0 | 2.2% |
| Solutions | 16.3% | 22.3% | 6.0 | 14.6% |
| China Area | 6.3% | 17.9% | 11.6 | 30.1% |
| Mekong Area | 18.1% | 26.6% | 8.5 | 15.6% |
| Malay Area | 17.9% | 24.7% | 6.9 | 14.7% |

Segment → industry: Retail → Credit Cards & Consumer Credit / Retail → Online & Retail-Affiliated Banks / Solutions → Credit Cards & Consumer Credit / China Area → Credit Cards & Consumer Credit / China Area → Consumer Finance / Mekong Area → Credit Cards & Consumer Credit / Mekong Area → Consumer Finance / Malay Area → Credit Cards & Consumer Credit / Malay Area → Consumer Finance

## 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 | 303,665 | 53.3% | S100Y53G |
| Capital expenditure | 36,896 | 6.5% | S100Y53G |
| Free cash flow | 266,769 | 46.9% | 算出 |
| Investing cash flow | -423,829 | -74.4% | S100Y53G |
| Financing cash flow | -18,628 | -3.3% | S100Y53G |
| Dividends paid | 11,441 | 2.0% | S100Y53G |
| Share buyback | 0 | 0.0% | S100Y53G |
| Change in cash | -132,276 | -23.2% | S100Y53G |
| Cash and equivalents | 662,791 | 116.4% | S100Y53G |

## 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 | 697,628 | 804,693 | 625,482 | 795,068 | 662,791 | S100TI2A, S100X516, S100Y53G |
| Total assets | 6,278,586 | 6,659,468 | 6,945,571 | 7,756,492 | 8,313,956 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Net assets | 509,055 | 541,133 | 574,316 | 585,766 | 625,209 | S100TI2A, S100X516, S100Y53G |
| Share capital | 45,698 | 45,698 | 45,698 | 45,698 | 45,698 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Property, plant and equipment | 34,320 | 31,925 | 32,146 | 34,512 | 40,867 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Intangible assets excluding goodwill | 127,001 | 131,040 | 140,379 | 187,541 | 192,539 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Goodwill | 14,924 | 13,191 | 11,684 | 40,202 | 36,156 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Investment securities | 12,989 | 17,959 | 14,649 | 14,926 | 24,772 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Current assets | 5,979,170 | 6,338,823 | 6,617,447 | 7,423,813 | 7,954,031 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Current liabilities | 5,052,244 | 5,344,510 | 5,593,712 | 6,298,229 | 6,729,287 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Short-term borrowings | 204,074 | 221,934 | 249,422 | 169,081 | 160,808 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Long-term borrowings | 335,933 | 417,238 | 451,111 | 586,476 | 619,634 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Bonds | 277,250 | 264,826 | 240,604 | 203,976 | 275,069 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Interest-bearing debt | 817,257 | 903,998 | 941,137 | 959,533 | 1,055,511 | 算出 |
| Total liabilities | 5,769,530 | 6,118,335 | 6,371,254 | 7,170,726 | 7,688,746 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Non-controlling interests | 84,799 | 106,319 | 115,916 | 124,626 | 148,365 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Equity attributable to owners of parent | 423,771 | 443,750 | 450,508 | 454,306 | 463,916 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Retained earnings | 258,525 | 278,172 | 286,022 | 290,209 | 299,951 | S100QTUM, S100TI2A, S100X516, S100Y53G |
| Treasury stock | -442 | -390 | -357 | -330 | -321 | S100QTUM, S100TI2A, S100X516, S100Y53G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Y53G |
| Property, plant and equipment | 1% | S100Y53G |
| Intangibles and goodwill | 3% | S100Y53G |
| Investment securities | 0% | S100Y53G |
| Other assets | 88% | S100Y53G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 13% | 算出 |
| Other liabilities | 80% | S100Y53G |
| Equity | 7% | S100Y53G |
| Other liabilities | 0% | S100Y53G |

### 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 | 6,278,586 | 6,659,468 | 6,945,571 | 7,756,492 | 8,313,956 |
| Equity | 509,055 | 541,133 | 574,316 | 585,766 | 625,209 |
| Interest-bearing debt | 817,257 | 903,998 | 941,137 | 959,533 | 1,055,511 |
| Cash | 697,628 | 804,693 | 625,482 | 795,068 | 662,791 |

## 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) | 7.2% | S100Y53G |
| Fixed assets ÷ total assets | 0.5% | S100Y53G |
| Goodwill ÷ parent equity | 7.8% | S100Y53G |

Goodwill over 4 years: 14,924 → 36,156 JPY; total investing cash flow: -717,771 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) | 8.0% |
| Cash ÷ revenue | 116.4% |
| Net cash (cash − interest-bearing debt) | -¥392.7B |
| Net debt ÷ operating cash flow | 1.29× |
| Cash conversion (operating CF ÷ operating income) | 500.6% |
| Cash vs. profit gap | 282,573 JPY mn (of net income 1339.7%) |
| Shareholder returns / net income | 54.2% |
| Shareholder returns / FCF | 4.3% |
| Shareholder payments — dividends / net income | 54.2% |
| Shareholder payments — dividends / FCF | 4.3% |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 139.6% |

## 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 | 6.4% | 0.07× | 0.5% | 14.82× | 7.1% | S100QTUM |
| 2023 | 6.8% | 0.07× | 0.5% | 14.91× | 7.1% | S100TI2A |
| 2024 | 4.3% | 0.07× | 0.3% | 15.21× | 4.7% | S100X516 |
| 2025 | 2.9% | 0.07× | 0.2% | 16.25× | 3.5% | S100Y53G |
| 2026 | 3.7% | 0.07× | 0.3% | 17.50× | 4.6% | S100Y53G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イオン株式会社 | Major shareholder | 48.2% | 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 | 6.9% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-02-28 |
| CGML PB CLIENT ACCOUNT/COLLATERAL （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.1% | 2026-02-28 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５２２３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-02-28 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.4% | 2026-02-28 |
| 野村證券株式会社 | Major shareholder | 1.3% | 2026-02-28 |
| 株式会社フジ | Major shareholder | 1.2% | 2026-02-28 |
| エムエルアイ フォークライアントジェネラル オムニノンコラテラルノントリーティーピービー （常任代理人 ＢＯＦＡ証券株式会社） | Major shareholder | 1.2% | 2026-02-28 |
| ブラウン ブラザーズ ハリマン ルクセンブルグ エスシーエー カストデイアン アーカス フアンド シカブ アーカス ジヤパン フアンド （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.1% | 2026-02-28 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Feb 2026 was ¥569.4B, up +6.8% from ¥533.3B.
- Operating income dipped -1.3% to ¥60.7B from ¥61.5B.
- Net income attributable to owners rose +34.8% to ¥21.1B from ¥15.6B.
- Operating cash flow fell -12.6% to ¥303.7B, and free cash flow fell -13.3% to ¥266.8B.

### Drivers

- In domestic Retail, larger revolving and installment balances plus higher interest rates lifted loan interest and investment income, but deposit interest and other funding costs rose too, so operating income fell
- Domestic Solutions earned more fee income, helped by taking over the WAON e-money issuing business from AEON Retail
- The Malay Area grew sales and profit on stronger motorcycle, used-car and card volumes; in the Mekong Area, goodwill amortization from buying a Vietnamese lender kept operating income flat

### Risks

- A sharp economic downturn could push loan losses above what the company expects
- Phishing, card fraud and cyberattacks could bring compensation costs and hurt customer trust
- AEON Bank is working through a business improvement order from the Financial Services Agency over its anti-money-laundering controls

Cited: Annual securities report (FY ending Feb 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending Feb 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/03/01－2026/02/28) | S100Y53G | 2026-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y53G,, |
| 訂正有価証券報告書－第44期(2024/03/01－2025/02/28) | S100X516 | 2025-11-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X516,, |
| 有価証券報告書－第43期(2023/03/01－2024/02/29) | S100TI2A | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TI2A,, |
| 有価証券報告書－第42期(2022/03/01－2023/02/28) | S100QTUM | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTUM,, |
| 有価証券報告書－第41期(令和3年3月1日－令和4年2月28日) | S100O3Y7 | 2022-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3Y7,, |
| 有価証券報告書－第40期(令和2年3月1日－令和3年2月28日) | S100LDUK | 2021-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDUK,, |

## 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).