# Aeon Hokkaido Corporation: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第48期(2025/03/01－2026/02/28) (S100Y36L)
> Page: https://vizora.meequs.com/en/company/aeon-hokkaido
> Retrieved: 2026-09-30T21:18:32.968Z

## Company

Aeon Hokkaido, founded in 1978, is a company in Supermarkets listed on TSE Standard. It has 3,095 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Aeon Hokkaido Corporation |
| Ticker | 7512 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7512.T) |
| Listing | TSE Standard |
| Head office | 札幌市白石区本通21丁目南1番10号 |
| Representative (per filing) | 代表取締役社長 青栁 英樹 |
| Founded | Apr 1978 |
| Share capital | ¥6.1B |
| Employees (consolidated) | 3,095 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | February |
| Website | www.aeon-hokkaido.jp (https://www.aeon-hokkaido.jp/) |
| Corporate number | 4430001015958 |
| EDINET | E03268 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y36L, filed 2026-05-15). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.2 | 45 |
| Profitability | 33.7 | 49 |
| Cash conversion | 77.7 | 47 |
| Efficiency | 48 | 49 |

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)

- Aeon Hokkaido brought in ¥380.1B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +7.4% from the prior year, operating profit +5.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥380063000000 → ¥3732000000
- Net income → operating cash flow: ¥3732000000 → ¥22687000000（difference ¥18955000000）
- Main uses of operating cash flow: CapEx ¥19115000000 / dividends ¥2227000000 / buybacks —
- Change in cash: ¥1187000000
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 | ¥380.1B |  |
| Operating income | ¥8.33B | Margin 2.2% |
| Net income | ¥3.73B | Margin 1.0% |
| Free cash flow | ¥3.57B |  |
| Employees (consolidated) | 3,095 |  |
| EPS | ¥26.79 |  |
| Diluted EPS | ¥26.77 |  |
| Book value per share | ¥534.09 |  |
| Equity ratio | 38.4% |  |
| Shares outstanding | 139,420,000 |  |
| Treasury shares | 293,800 |  |
| Shareholders | 97,342 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 2.9% | Cash ÷ revenue 1.5% |
| Vs. industry median margin | -0.6 pp | Supermarkets |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.1× net income
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥319900000000 | ¥380063000000 | +18.8% |
| Operating income | ¥9365000000 | ¥8332000000 | -11.0% |
| Operating margin | 2.9% | 2.2% | -0.7 pp |
| Employees | 2,933 people | 3,095 people | +5.5% |
| Cash and equivalents | ¥6302000000 | ¥5558000000 | -11.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 380,063 | 100.0% | S100Y36L |
| Cost of revenue | 284,937 | 75.0% | 算出 |
| Gross profit | 95,126 | 25.0% | S100Y36L |
| SG&A | 111,091 | 29.2% | S100Y36L |
| Operating income | 8,332 | 2.2% | S100Y36L |
| Ordinary income | 8,028 | 2.1% | S100Y36L |
| Pretax income | 4,997 | 1.3% | S100Y36L |
| Income tax | 1,264 | 0.3% | S100Y36L |
| Net income | 3,732 | 1.0% | S100Y36L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 29 |
| Other operating | -6 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 25.0% → Operating margin 2.2% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.4%; Core profit growth: +5.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.76×
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 | 354,018 | 380,063 | 26,045 | +7.4% |
| Gross profit | 89,426 | 95,126 | 5,700 | +6.4% |
| Operating income | 7,892 | 8,332 | 440 | +5.6% |
| Operating cash flow | 12,866 | 22,687 | 9,821 | +76.3% |
| Free cash flow | -5,185 | 3,572 | 8,757 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 185,921 | 8,106 | 4.4% | 3,873 | 11,012 | 1,967 | S100LCPV |
| FY ending Feb 2021 | 319,900 | 9,365 | 2.9% | 5,852 | 13,678 | 6,901 | S100O3FW |
| FY ending Feb 2022 | 321,604 | 6,661 | 2.1% | 3,827 | 868 | -12,793 | S100QT6F |
| FY ending Feb 2023 | 317,274 | 8,347 | 2.6% | 4,705 | 14,884 | 6,190 | S100TGWE |
| FY ending Feb 2024 | 333,160 | 10,366 | 3.1% | 6,193 | 12,226 | 4,041 | S100VS6W |
| FY ending Feb 2025 | 354,018 | 7,892 | 2.2% | 3,606 | 12,866 | -5,185 | S100Y36L |
| FY ending Feb 2026 | 380,063 | 8,332 | 2.2% | 3,732 | 22,687 | 3,572 | S100Y36L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥122.8M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 2,992 | 2,970 | 2,986 | 3,071 | 3,095 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥4.9M | ¥5.1M | ¥5.1M |
| Average age (parent company) | 43.1 years | 43.1 years | 43.2 years | 43.5 years | 43.5 years |
| Average tenure (parent company) | 9.8 years | 10.2 years | 10.6 years | 10.6 years | 10.9 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +7.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 22,687 | 6.0% | S100Y36L |
| Capital expenditure | 19,115 | 5.0% | S100Y36L |
| Free cash flow | 3,572 | 0.9% | 算出 |
| Investing cash flow | -17,743 | -4.7% | S100Y36L |
| Financing cash flow | -3,756 | -1.0% | S100Y36L |
| Dividends paid | 2,227 | 0.6% | S100Y36L |
| Change in cash | 1,187 | 0.3% | S100Y36L |
| Cash and equivalents | 5,558 | 1.5% | S100Y36L |

## 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 | 3,771 | 3,904 | 3,838 | 4,370 | 5,558 | S100TGWE, S100VS6W, S100Y36L |
| Total assets | 152,094 | 152,966 | 156,268 | 187,262 | 193,483 | S100QT6F, S100TGWE, S100VS6W, S100Y36L |
| Net assets | 64,076 | 67,161 | 71,665 | 73,063 | 74,357 | S100TGWE, S100VS6W, S100Y36L |
| Share capital | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | S100QT6F, S100TGWE, S100VS6W, S100Y36L |
| Property, plant and equipment | 96,033 | 96,251 | 99,001 | 120,123 | 124,836 | S100QT6F, S100TGWE, S100VS6W, S100Y36L |
| Intangible assets excluding goodwill | 3,661 | 3,378 | 3,112 | 7,519 | 7,186 | S100QT6F, S100TGWE, S100VS6W, S100Y36L |
| Goodwill | 99 | 71 | — | 3,723 | 3,511 | S100QT6F, S100TGWE, S100Y36L |
| Investment securities | 343 | 394 | 50 | 40 | — | S100QT6F, S100TGWE, S100VS6W, S100Y36L |
| Current assets | 32,637 | 33,184 | 33,840 | 37,446 | 40,349 | S100QT6F, S100TGWE, S100VS6W, S100Y36L |
| Current liabilities | 66,933 | 63,369 | 66,287 | 79,858 | 80,516 | S100QT6F, S100TGWE, S100VS6W, S100Y36L |
| Short-term borrowings | 15,600 | 9,300 | 10,900 | 16,000 | 7,900 | S100QT6F, S100TGWE, S100VS6W, S100Y36L |
| Long-term borrowings | 9,749 | 11,395 | 7,200 | 22,600 | 26,200 | S100QT6F, S100TGWE, S100VS6W, S100Y36L |
| Total liabilities | 88,018 | 85,804 | 84,602 | 114,199 | 119,125 | S100QT6F, S100TGWE, S100VS6W, S100Y36L |
| Equity attributable to owners of parent | 63,898 | 66,981 | 71,548 | 72,974 | 74,305 | S100QT6F, S100TGWE, S100VS6W, S100Y36L |
| Retained earnings | 34,305 | 37,342 | 41,865 | 43,244 | 44,748 | S100QT6F, S100TGWE, S100VS6W, S100Y36L |
| Treasury stock | -190 | -151 | -102 | -67 | -245 | S100QT6F, S100TGWE, S100VS6W, S100Y36L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100Y36L |
| Property, plant and equipment | 64% | S100Y36L |
| Intangibles and goodwill | 6% | S100Y36L |
| Other assets | 27% | S100Y36L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100Y36L |
| Equity | 38% | S100Y36L |
| Other liabilities | 0% | S100Y36L |

### 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 | 152,094 | 152,966 | 156,268 | 187,262 | 193,483 |
| Equity | 64,076 | 67,161 | 71,665 | 73,063 | 74,357 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,771 | 3,904 | 3,838 | 4,370 | 5,558 |

## 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) | 32.8% | S100Y36L |
| Fixed assets ÷ total assets | 64.5% | S100Y36L |
| Goodwill ÷ parent equity | 4.7% | S100Y36L |

Goodwill over 4 years: 99 → 3,511 JPY; total investing cash flow: -81,948 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) | 2.9% |
| Cash ÷ revenue | 1.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 272.3% |
| Cash vs. profit gap | 18,955 JPY mn (of net income 507.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 59.7% |
| Shareholder payments — dividends / FCF | 62.3% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 78.2% |

## 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 | 1.2% | 2.11× | 2.5% | 2.38× | 6.0% | S100QT6F |
| 2023 | 1.5% | 2.08× | 3.1% | 2.33× | 7.2% | S100TGWE |
| 2024 | 1.9% | 2.15× | 4.0% | 2.23× | 8.9% | S100VS6W |
| 2025 | 1.0% | 2.06× | 2.1% | 2.38× | 5.0% | S100Y36L |
| 2026 | 1.0% | 2.00× | 2.0% | 2.59× | 5.1% | S100Y36L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イオン株式会社 | Major shareholder | 65.6% | 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 |
| イオンフィナンシャルサービス株式会社 | Major shareholder | 0.9% | 2026-02-28 |
| 加藤産業株式会社 | Major shareholder | 0.7% | 2026-02-28 |
| イオン北海道従業員持株会 | Major shareholder | 0.7% | 2026-02-28 |
| 株式会社フジ | Major shareholder | 0.4% | 2026-02-28 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.3% | 2026-02-28 |
| 総合商研株式会社 | Major shareholder | 0.3% | 2026-02-28 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 0.3% | 2026-02-28 |
| 東洋水産株式会社 | Major shareholder | 0.3% | 2026-02-28 |

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

- Revenue for the FY ending Feb 2026 was ¥380.1B, up +7.4% from ¥354B.
- Gross profit grew +6.4% to ¥95.1B and operating income grew +5.6% to ¥8.33B, so profit kept pace with sales.
- Operating cash flow jumped +76.3% to ¥22.7B, and free cash flow turned positive at ¥3.57B after -¥5.18B the year before.

### Drivers

- Stores taken over from Seiyu widened its share in the Sapporo area
- Discount stores did well amid rising prices, and the low-price Topvalu Best Price line grew
- SG&A rose with investment in staff, but higher sales and tenant income lifted gross operating profit enough to cover it

### Risks

- Results depend on consumer spending, the weather and competition across store formats
- Rising construction costs could delay or cancel planned store openings
- Labor shortages and higher wage and utility costs could squeeze profits

Cited: Annual securities report (fiscal period Mar 2025 – 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 (fiscal period Mar 2025 – Feb 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/03/01－2026/02/28) | S100Y36L | 2026-05-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y36L,, |
| 有価証券報告書－第47期(2024/03/01－2025/02/28) | S100VS6W | 2025-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VS6W,, |
| 有価証券報告書－第46期(2023/03/01－2024/02/29) | S100TGWE | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGWE,, |
| 有価証券報告書－第45期(2022/03/01－2023/02/28) | S100QT6F | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QT6F,, |
| 有価証券報告書－第44期(令和3年3月1日－令和4年2月28日) | S100O3FW | 2022-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3FW,, |
| 有価証券報告書－第43期(令和2年3月1日－令和3年2月28日) | S100LCPV | 2021-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LCPV,, |

## 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).