# AIGAN CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第66期(2025/04/01－2026/03/31) (S100YJUD)
> Page: https://vizora.meequs.com/en/company/aigan
> Retrieved: 2026-09-30T18:13:18.549Z

## Company

Aigan, founded in 1961, is a company in Watches, Jewelry & Eyewear listed on TSE Standard. It has 666 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AIGAN CO.,LTD. |
| Ticker | 9854 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9854.T) |
| Listing | TSE Standard |
| Head office | 大阪市天王寺区大道四丁目9番12号 |
| Representative (per filing) | 代表取締役社長 佐々 昌俊 |
| Founded | Jan 1961 |
| Share capital | ¥5.48B |
| Employees (consolidated) | 666 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | March |
| Website | www.aigan.co.jp (https://www.aigan.co.jp/) |
| Corporate number | 7120001022594 |
| EDINET | E03148 |
| Industries (Vizora) | Watches, Jewelry & Eyewear, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YJUD, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.5 | 20 |
| Profitability | 12.5 | 20 |
| Cash conversion | 81.6 | 19 |
| Efficiency | 54.8 | 21 |

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 98% of Aigan's sales come from retail sales of glasses001, with Eyewear wholesale business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.8% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: retail sales of glasses001 97.7%、Eyewear wholesale business 2.3%
- Revenue → net income: ¥15283000000 → ¥155000000
- Net income → operating cash flow: ¥155000000 → ¥333000000（difference ¥178000000）
- Main uses of operating cash flow: CapEx ¥237000000 / dividends — / buybacks ¥0
- Change in cash: ¥293000000
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 | ¥15.3B |  |
| Operating income | ¥225M | Margin 1.5% |
| Net income | ¥155M | Margin 1.0% |
| Free cash flow | ¥96M |  |
| Largest business | retail sales of glasses001 | of segment revenue 97.7% |
| Employees (consolidated) | 666 |  |
| EPS | ¥8.16 |  |
| Book value per share | ¥630.12 |  |
| Equity ratio | 85.9% |  |
| Shares outstanding | 21,076,000 |  |
| Treasury shares | 1,669,400 |  |
| Shareholders | 24,448 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 14.6% | Cash ÷ revenue 13.6% |
| Vs. industry median margin | -5.2 pp | Watches, Jewelry & Eyewear |
| ROE | 1.1% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13562000000 | ¥15283000000 | +12.7% |
| Operating income | ¥-522000000 | ¥225000000 | — |
| Operating margin | -3.8% | 1.5% | +5.3 pp |
| Employees | 759 people | 666 people | -12.3% |
| Cash and equivalents | ¥2303000000 | ¥2086000000 | -9.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 眼鏡小売 → 眼鏡小売 | 95.6% |
| 眼鏡卸売 → 眼鏡卸売 | 2.3% |
| 眼鏡卸売 → 事業再編・廃止 | 0.6% |
| 写真館 → 事業再編・廃止 | 0.8% |
| 海外眼鏡販売 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 眼鏡小売 | 2.1% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,283 | 100.0% | S100YJUD |
| Cost of revenue | 4,723 | 30.9% | S100YJUD |
| Gross profit | 10,560 | 69.1% | S100YJUD |
| SG&A | 10,334 | 67.6% | S100YJUD |
| Operating income | 225 | 1.5% | S100YJUD |
| Ordinary income | 300 | 2.0% | S100YJUD |
| Pretax income | 278 | 1.8% | S100YJUD |
| Income tax | 123 | 0.8% | S100YJUD |
| Net income | 155 | 1.0% | S100YJUD |
| Net income attributable to owners | 155 | 1.0% | S100YJUD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 68 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 69.1% → Operating margin 1.5% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,863 | 15,283 | 420 | +2.8% |
| Gross profit | 10,090 | 10,560 | 470 | +4.7% |
| Operating income | -128 | 225 | 353 | — |
| Net income attributable to owners | 3 | 155 | 152 | +5066.7% |
| Operating cash flow | -155 | 333 | 488 | — |
| Free cash flow | -379 | 96 | 475 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,429 | 52 | 0.3% | -12 | 153 | -217 | S100LVHD |
| FY ending Mar 2021 | 13,562 | -522 | -3.8% | -557 | -229 | -435 | S100OLCK |
| FY ending Mar 2022 | 13,804 | -584 | -4.2% | -690 | -358 | -652 | S100R9TZ |
| FY ending Mar 2023 | 14,198 | -475 | -3.3% | -803 | -97 | -341 | S100TW6C |
| FY ending Mar 2024 | 14,658 | -123 | -0.8% | -181 | -87 | -332 | S100W8TX |
| FY ending Mar 2025 | 14,863 | -128 | -0.9% | 3 | -155 | -379 | S100YJUD |
| FY ending Mar 2026 | 15,283 | 225 | 1.5% | 155 | 333 | 96 | S100YJUD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.9M |
| Operating income per employee (consolidated) | ¥337.8K |
| Net income per employee (consolidated) | ¥232.7K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 750 | 714 | 702 | 683 | 666 |
| Average salary (parent company) | ¥3.7M | ¥3.9M | ¥4M | ¥4.2M | ¥4.2M |
| Average age (parent company) | 45.0 years | 46.0 years | 46.0 years | 46.0 years | 46.0 years |
| Average tenure (parent company) | 21.0 years | 21.0 years | 21.0 years | 21.0 years | 21.0 years |

Year over year: Employees (consolidated) -2.5% · Revenue (consolidated) +2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| retail sales of glasses001 | 14,930 | 97.7% | 228 | 1.5% |
| Eyewear wholesale business | 352 | 2.3% | -4 | -1.1% |

### 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 sales of glasses001 | 97.7% | 100.0% | 2.3 | 1.5% |
| Eyewear wholesale business | 2.3% | — | — | -1.1% |

Loss-making segment (excluded from profit shares): Eyewear wholesale business -4 JPY mn

Segment → industry: Eyewear wholesale business → Watches, Jewelry & Eyewear / retail sales of glasses001 → Watches, Jewelry & Eyewear / Eyewear wholesale business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 333 | 2.2% | S100YJUD |
| Capital expenditure | 237 | 1.6% | S100YJUD |
| Free cash flow | 96 | 0.6% | 算出 |
| Investing cash flow | -40 | -0.3% | S100YJUD |
| Financing cash flow | 0 | 0.0% | S100YJUD |
| Share buyback | 0 | 0.0% | S100YJUD |
| Change in cash | 293 | 1.9% | S100YJUD |
| Cash and equivalents | 2,086 | 13.6% | S100YJUD |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,219 | 2,103 | 1,854 | 1,793 | 2,086 | S100TW6C, S100W8TX, S100YJUD |
| Total assets | 14,631 | 13,991 | 14,079 | 13,854 | 14,286 | S100R9TZ, S100TW6C, S100W8TX, S100YJUD |
| Net assets | 12,920 | 12,144 | 12,103 | 12,011 | 12,276 | S100TW6C, S100W8TX, S100YJUD |
| Share capital | 5,478 | 5,478 | 5,478 | 5,478 | 5,478 | S100R9TZ, S100TW6C, S100W8TX, S100YJUD |
| Property, plant and equipment | 3,053 | 2,974 | 3,017 | 3,049 | 3,053 | S100R9TZ, S100TW6C, S100W8TX, S100YJUD |
| Intangible assets excluding goodwill | 90 | 29 | 18 | 15 | 15 | S100R9TZ, S100TW6C, S100W8TX, S100YJUD |
| Investment securities | 378 | 522 | 714 | 604 | 757 | S100R9TZ, S100TW6C, S100W8TX, S100YJUD |
| Current assets | 7,848 | 7,424 | 7,390 | 7,393 | 7,833 | S100R9TZ, S100TW6C, S100W8TX, S100YJUD |
| Current liabilities | 1,191 | 1,318 | 1,468 | 1,336 | 1,486 | S100R9TZ, S100TW6C, S100W8TX, S100YJUD |
| Trade payables | 345 | 366 | 406 | 356 | 346 | S100R9TZ, S100TW6C, S100W8TX, S100YJUD |
| Total liabilities | 1,711 | 1,846 | 1,976 | 1,843 | 2,009 | S100R9TZ, S100TW6C, S100W8TX, S100YJUD |
| Equity attributable to owners of parent | 15,265 | 14,462 | 14,280 | 14,283 | 14,443 | S100R9TZ, S100TW6C, S100W8TX, S100YJUD |
| Retained earnings | 3,876 | 3,072 | 2,891 | 2,894 | 3,054 | S100R9TZ, S100TW6C, S100W8TX, S100YJUD |
| Treasury stock | -1,051 | -1,051 | -1,051 | -1,051 | -1,051 | S100R9TZ, S100TW6C, S100W8TX, S100YJUD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YJUD |
| Property, plant and equipment | 21% | S100YJUD |
| Intangibles and goodwill | 0% | S100YJUD |
| Investment securities | 5% | S100YJUD |
| Other assets | 59% | S100YJUD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YJUD |
| Other liabilities | 12% | S100YJUD |
| Equity | 86% | S100YJUD |
| Other liabilities | 0% | S100YJUD |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,631 | 13,991 | 14,079 | 13,854 | 14,286 |
| Equity | 12,920 | 12,144 | 12,103 | 12,011 | 12,276 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,219 | 2,103 | 1,854 | 1,793 | 2,086 |

## 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) | 20.0% | S100YJUD |
| Fixed assets ÷ total assets | 21.4% | S100YJUD |
| Goodwill ÷ parent equity | — | —, S100YJUD |

### 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) | 14.6% |
| Cash ÷ revenue | 13.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 148.0% |
| Cash vs. profit gap | 178 JPY mn (of net income 114.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 12.0% |

## 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 | — | —× | -4.7% | —× | — | S100R9TZ |
| 2023 | — | —× | -5.6% | —× | — | S100TW6C |
| 2024 | — | —× | -1.3% | —× | — | S100W8TX |
| 2025 | 0.0% | 1.06× | 0.0% | 0.98× | 0.0% | S100YJUD |
| 2026 | 1.0% | 1.09× | 1.1% | 0.98× | 1.1% | S100YJUD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社佐々興産 | Major shareholder | 11.0% | 2026-03-31 |
| 愛眼従業員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 愛眼共栄会 | Major shareholder | 4.3% | 2026-03-31 |
| ベストメディカルサービス株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| ＴＨＥ ＣＨＡＳＥ ＭＡＮＨＡＴＴＡＮ ＢＡＮＫ， Ｎ．Ａ． ＬＯＮＤＯＮ ＳＰＥＣＩＡＬ ＡＣＣＯＵＮＴ ＮＯ．１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.5% | 2026-03-31 |
| 下條 三千夫 | Major shareholder | 2.8% | 2026-03-31 |
| 佐々 栄治 | Major shareholder | 2.5% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.1% | 2026-03-31 |
| 佐々 善二郎 | Major shareholder | 1.9% | 2026-03-31 |
| 佐々 千惠子 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YJUD | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJUD,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100W8TX | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8TX,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TW6C | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW6C,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R9TZ | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9TZ,, |
| 有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100OLCK | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLCK,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LVHD | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVHD,, |

## 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).