# AEON KYUSHU 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54期(2025/03/01－2026/02/28) (S100Y4YP)
> Page: https://vizora.meequs.com/en/company/aeon-kyushu
> Retrieved: 2026-09-30T21:18:27.270Z

## Company

Aeon Kyushu, founded in 1972, is a company in Supermarkets listed on TSE Standard. It has 5,431 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AEON KYUSHU CO.,LTD. |
| Ticker | 2653 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2653.T) |
| Listing | TSE Standard |
| Head office | 福岡市東区香椎浜二丁目8番30号 |
| Representative (per filing) | 代表取締役社長 中川 伊正 |
| Founded | Jun 1972 |
| Share capital | ¥4.92B |
| Employees (consolidated) | 5,431 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | February |
| Website | www.aeon-kyushu.info (https://www.aeon-kyushu.info/) |
| Corporate number | 6290001017604 |
| EDINET | E03349 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y4YP, filed 2026-05-19). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 29.6 | 49 |
| Cash conversion | 73.4 | 47 |
| Efficiency | 88.8 | 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 Kyushu brought in ¥520.6B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +2.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥520588000000 → ¥5462000000
- Net income → operating cash flow: ¥5462000000 → ¥23700000000（difference ¥18238000000）
- Main uses of operating cash flow: CapEx ¥27450000000 / dividends ¥1564000000 / buybacks ¥2000000
- Change in cash: ¥4920000000
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 | ¥520.6B |  |
| Operating income | ¥10.7B | Margin 2.1% |
| Net income | ¥5.97B | Margin 1.1% |
| Free cash flow | -¥3.75B |  |
| Employees (consolidated) | 5,431 |  |
| EPS | ¥190.24 |  |
| Diluted EPS | ¥189.95 |  |
| Book value per share | ¥1767.59 |  |
| Equity ratio | 29.2% |  |
| Shares outstanding | 34,833,558 |  |
| Treasury shares | 79,800 |  |
| Shareholders | 36,670 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 6.1% | Cash ÷ revenue 2.4% |
| Vs. industry median margin | -0.8 pp | Supermarkets |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.0× net income

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥330095000000 | ¥520588000000 | — |
| Operating income | ¥3139000000 | ¥10748000000 | — |
| Operating margin | 1.0% | 2.1% | +1.1 pp |
| Employees | 5,235 people | 5,431 people | — |
| Cash and equivalents | ¥10511000000 | ¥12558000000 | — |

### 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 |
| --- | ---: |
| ＧＭＳ事業 → 事業再編・廃止 | 31.6% |
| ＳＭ・ＤＳ、ＧＭＳ → 事業再編・廃止 | 48.1% |
| ＨＣ → 事業再編・廃止 | 3.1% |
| SM・DS事業 → 事業再編・廃止 | 16.5% |
| その他 → 事業再編・廃止 | 0.7% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 520,588 | 100.0% | S100Y4YP |
| Cost of revenue | 387,268 | 74.4% | S100Y4YP |
| Gross profit | 133,320 | 25.6% | S100Y4YP |
| SG&A | 149,128 | 28.6% | S100Y4YP |
| Operating income | 10,748 | 2.1% | S100Y4YP |
| Ordinary income | 11,506 | 2.2% | S100Y4YP |
| Pretax income | 8,699 | 1.7% | S100Y4YP |
| Income tax | 3,237 | 0.6% | S100Y4YP |
| Net income | 5,462 | 1.0% | S100Y4YP |
| Net income attributable to owners | 5,971 | 1.1% | S100Y4YP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 29 |
| Other operating | -5 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 25.6% → Operating margin 2.1% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +2.0%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.67×
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 | 505,530 | 520,588 | 15,058 | +3.0% |
| Gross profit | 130,313 | 133,320 | 3,007 | +2.3% |
| Operating income | 10,537 | 10,748 | 211 | +2.0% |
| Net income attributable to owners | 6,035 | 5,971 | -64 | -1.1% |
| Operating cash flow | 14,426 | 23,700 | 9,274 | +64.3% |
| Free cash flow | -2,816 | -3,750 | -934 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 205,477 | 625 | 0.3% | 296 | 9,056 | 5,342 | S100LD71 |
| FY ending Feb 2021 | 330,095 | 3,139 | 1.0% | 1,986 | 8,973 | -6,485 | S100O2JL |
| FY ending Feb 2022 | 460,925 | 5,663 | 1.2% | 2,770 | -777 | -7,115 | S100QSTF |
| FY ending Feb 2023 | 459,422 | 8,330 | 1.8% | 4,672 | 14,529 | 7,335 | S100QSTF |
| FY ending Feb 2024 | 484,742 | 10,382 | 2.1% | 7,025 | 14,616 | 2,062 | S100VSPD |
| FY ending Feb 2025 | 505,530 | 10,537 | 2.1% | 6,035 | 14,426 | -2,816 | S100Y4YP |
| FY ending Feb 2026 | 520,588 | 10,748 | 2.1% | 5,971 | 23,700 | -3,750 | S100Y4YP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥95.9M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 5,269 | 5,286 | 5,295 | 5,317 | 5,431 |
| Average salary (parent company) | ¥4.6M | ¥4.5M | ¥4.7M | ¥4.8M | ¥4.8M |
| Average age (parent company) | 46.0 years | 47.0 years | 47.0 years | 47.0 years | 47.0 years |
| Average tenure (parent company) | 10.0 years | 10.0 years | 11.0 years | 11.0 years | 11.0 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +3.0%

## 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 | 23,700 | 4.6% | S100Y4YP |
| Capital expenditure | 27,450 | 5.3% | S100Y4YP |
| Free cash flow | -3,750 | -0.7% | 算出 |
| Investing cash flow | -28,763 | -5.5% | S100Y4YP |
| Financing cash flow | 9,983 | 1.9% | S100Y4YP |
| Dividends paid | 1,564 | 0.3% | S100Y4YP |
| Share buyback | 2 | 0.0% | S100Y4YP |
| Change in cash | 4,920 | 0.9% | S100Y4YP |
| Cash and equivalents | 12,558 | 2.4% | S100Y4YP |

## 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 | 5,866 | 5,502 | 5,500 | 7,638 | 12,558 | S100QSTF, S100Y4YP |
| Total assets | 157,896 | 158,189 | 171,514 | 180,254 | 206,432 | S100QSTF, S100VSPD, S100Y4YP |
| Net assets | 42,043 | 46,291 | 50,288 | 55,247 | 60,568 | S100QSTF, S100Y4YP |
| Share capital | 4,815 | 4,915 | 4,915 | 4,915 | 4,915 | S100QSTF, S100VSPD, S100Y4YP |
| Property, plant and equipment | 85,833 | 84,663 | 94,360 | 100,897 | 118,329 | S100QSTF, S100VSPD, S100Y4YP |
| Intangible assets excluding goodwill | 342 | 258 | 187 | 130 | 217 | S100QSTF, S100VSPD, S100Y4YP |
| Investment securities | 237 | 317 | 368 | 399 | 587 | S100QSTF, S100VSPD, S100Y4YP |
| Current assets | 46,221 | 47,806 | 49,752 | 53,212 | 61,824 | S100QSTF, S100VSPD, S100Y4YP |
| Current liabilities | 81,832 | 78,385 | 84,345 | 87,489 | 94,806 | S100QSTF, S100VSPD, S100Y4YP |
| Trade payables | — | — | 37,018 | 38,582 | 45,075 | S100VSPD, S100Y4YP |
| Short-term borrowings | 8,600 | 2,886 | 2,200 | 400 | 200 | S100QSTF, S100VSPD, S100Y4YP |
| Long-term borrowings | 19,298 | 19,053 | 19,823 | 22,074 | 36,782 | S100QSTF, S100VSPD, S100Y4YP |
| Total liabilities | 115,853 | 111,897 | 121,226 | 125,006 | 145,863 | S100QSTF, S100VSPD, S100Y4YP |
| Non-controlling interests | — | — | 111 | 56 | 135 | S100VSPD, S100Y4YP |
| Equity attributable to owners of parent | 41,971 | 46,196 | 49,791 | 54,158 | 58,828 | S100QSTF, S100VSPD, S100Y4YP |
| Retained earnings | 26,465 | 30,446 | 35,970 | 40,058 | 44,466 | S100QSTF, S100VSPD, S100Y4YP |
| Treasury stock | -42 | -32 | -1,965 | -1,689 | -1,426 | S100QSTF, S100VSPD, S100Y4YP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Y4YP |
| Property, plant and equipment | 58% | S100Y4YP |
| Intangibles and goodwill | 0% | S100Y4YP |
| Investment securities | 0% | S100Y4YP |
| Other assets | 36% | S100Y4YP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 22% | S100Y4YP |
| Other liabilities | 49% | S100Y4YP |
| Equity | 29% | S100Y4YP |
| Other liabilities | 0% | S100Y4YP |

### 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 | 157,896 | 158,189 | 171,514 | 180,254 | 206,432 |
| Equity | 42,043 | 46,291 | 50,288 | 55,247 | 60,568 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,866 | 5,502 | 5,500 | 7,638 | 12,558 |

## 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) | 22.7% | S100Y4YP |
| Fixed assets ÷ total assets | 57.3% | S100Y4YP |
| Goodwill ÷ parent equity | — | —, S100Y4YP |

### 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) | 6.1% |
| Cash ÷ revenue | 2.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 220.5% |
| Cash vs. profit gap | 17,729 JPY mn (of net income 296.9%) |
| Shareholder returns / net income | 26.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 121.4% |

## 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 | 0.6% | 2.92× | 1.8% | 3.76× | 6.6% | S100QSTF |
| 2023 | 1.0% | 2.91× | 3.0% | 3.59× | 10.6% | S100QSTF |
| 2024 | 1.4% | 2.83× | 4.1% | 3.44× | 14.1% | S100VSPD |
| 2025 | 1.2% | 2.87× | 3.4% | 3.38× | 11.6% | S100Y4YP |
| 2026 | 1.1% | 2.69× | 3.1% | 3.42× | 10.6% | S100Y4YP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イオン株式会社 | Major shareholder | 69.9% | 2026-02-28 |
| イオン九州社員持株会 | Major shareholder | 2.5% | 2026-02-28 |
| イオン九州共栄会 | Major shareholder | 2.2% | 2026-02-28 |
| 野村信託銀行株式会社 イオン九州社員持株会専用信託口 | Major shareholder | 1.6% | 2026-02-28 |
| 公益財団法人横萬育英財団 | Major shareholder | 0.4% | 2026-02-28 |
| 株式会社横萬金物店 | Major shareholder | 0.2% | 2026-02-28 |
| 横尾 由佳 | Major shareholder | 0.2% | 2026-02-28 |
| 株式会社エーブル | Major shareholder | 0.1% | 2026-02-28 |
| UBS AG LONDON ASIA EQUITIES (常任代理人 シティバンク エヌ・エイ東京支店) | Major shareholder | 0.1% | 2026-02-28 |
| 横萬ビル株式会社 | Major shareholder | 0.1% | 2026-02-28 |

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

- Revenue grew +3.0% to ¥520.6B in the FY ending Feb 2026, up from ¥505.5B.
- Gross profit rose +2.3% and operating income +2.0% to ¥10.7B, but net income dipped -1.1% to ¥5.97B.
- Operating cash flow jumped +64.3% to ¥23.7B. Even so, heavy spending on new and refurbished stores kept free cash flow negative at -¥3.75B.

### Drivers

- Food, its largest category, sold well as the company added low-priced private-label and discounted items and pushed app coupons and big sales events
- Gross margin slipped because of price-cutting for thrifty shoppers and a larger share of lower-margin food in the mix
- Self-checkouts, electronic shelf labels and AI-based scheduling cut labor hours, keeping SG&A growth in check despite new stores and wage hikes

### Risks

- A shrinking population, weaker consumer spending and competition across retail formats in Kyushu could hurt results
- Swings in exchange rates and oil prices could raise purchasing and utility costs
- Failing to hire enough staff, especially pharmacists and other licensed workers, could slow store openings

Cited: Annual securities report, FY54 (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, FY54 (Mar 2025–Feb 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/03/01－2026/02/28) | S100Y4YP | 2026-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4YP,, |
| 有価証券報告書－第53期(2024/03/01－2025/02/28) | S100VSPD | 2025-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSPD,, |
| 有価証券報告書－第52期(2023/03/01－2024/02/29) | S100THV6 | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THV6,, |
| 有価証券報告書－第51期(2022/03/01－2023/02/28) | S100QSTF | 2023-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSTF,, |
| 有価証券報告書－第50期(令和3年3月1日－令和4年2月28日) | S100O2JL | 2022-05-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O2JL,, |
| 有価証券報告書－第49期(令和2年3月1日－令和3年2月28日) | S100LD71 | 2021-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LD71,, |

## 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).