AEON Co.,Ltd.

イオン株式会社

Retail Trade

Aeon Co., Ltd. operates in the retail industry in Japan, China, ASEAN countries, and internationally. The company operates general and small supermarkets, other supermarkets, convenience stores, discount stores, drugstores, and dispensing pharmacies, as well as specialty stores selling casual fashion, shoes, etc.; and develops and leases shopping centers, as well as home improvement stores. It also involved in uniform price general merchandise sales; mobile marketing and digital businesses; and credit card, fee business, banking, and insurance businesses. Aeon Co., Ltd. was founded in 1758 and is headquartered in Chiba, Japan.

← Companies

Price

¥1,392

Market Cap

¥3.8T

Ent. Value

¥6.3T

Net Debt

−¥2.4T

Shares Out.

2.8B

P / E

51.8×

EV / EBIT

23.3×

P / Book

3.16×

P / NCAV

N/M

Div. Yield

0.98%

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥9,355.4B	¥8,829.6B	¥8,337.3B	¥7,961.7B	¥7,657.4B
Cost of Sales	¥6,706.3B	¥6,314.0B	¥5,953.9B	¥5,725.3B	¥5,539.0B
Gross Profit	¥2,649.2B	¥2,515.6B	¥2,383.4B	¥2,236.4B	¥2,118.4B
SG&A	¥3,639.9B	¥3,517.0B	¥3,295.0B	¥3,128.1B	¥2,939.9B
Operating Income	¥270.5B	¥237.7B	¥250.8B	¥209.8B	¥174.3B
Non-Operating Income	¥37.6B	¥39.6B	¥34.4B	¥36.1B	¥38.3B
Dividend Income	¥3.5B	¥5.9B	¥4.5B	¥3.7B	¥2.7B
Interest Income	¥5.5B	¥5.8B	¥5.6B	¥4.7B	¥3.7B
Non-Operating Expenses	¥65.0B	¥53.2B	¥47.8B	¥42.2B	¥45.5B
Interest Expense	¥51.4B	¥43.1B	¥39.1B	¥35.8B	¥34.6B
Ordinary Income	¥243.0B	¥224.2B	¥237.5B	¥203.7B	¥167.1B
Pre-tax Income	¥207.5B	¥163.7B	¥181.5B	¥168.3B	¥122.8B
Income Taxes	¥82.9B	¥92.4B	¥76.6B	¥84.0B	¥64.8B
Current Tax	¥101.4B	¥102.2B	¥87.2B	¥79.0B	¥71.0B
Deferred Tax	¥-18.5B	¥-9.8B	¥-10.6B	¥5.0B	¥-6.2B
Net Income (owners)	¥72.7B	¥28.8B	¥44.7B	¥21.4B	¥6.5B
Minority Interest	¥51.9B	¥42.6B	¥60.2B	¥63.0B	¥51.5B
Comprehensive Income	¥177.3B	¥77.4B	¥188.3B	¥126.5B	¥92.6B
EBITDA	¥653.0B	¥599.8B	¥595.8B	¥547.1B	¥495.3B
Goodwill Amort. (J-GAAP)	¥19.6B	¥16.8B	¥16.5B	¥16.2B	¥13.8B
EPS	¥26.87	¥33.58	¥52.25	¥25.11	¥7.69
Shares Outstanding	2.77B	861.1M	856.9M	856.9M	849.9M
Shares Issued (total)	2.78B	871.9M	871.9M	871.9M	871.9M
Treasury Shares	17.8M	10.8M	15.0M	15.0M	22.0M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥15,369.7B	¥13,833.3B	¥12,940.9B	¥12,341.5B	¥11,633.1B
Current Assets	¥9,677.7B	¥8,693.5B	¥8,044.9B	¥7,681.8B	¥7,185.7B
Cash & Deposits	¥1,350.0B	¥1,258.4B	¥1,165.5B	¥1,309.7B	¥1,172.3B
Inventories	¥815.3B	¥635.4B	¥612.2B	¥585.6B	¥544.5B
Non-Current Assets	¥5,692.0B	¥5,139.8B	¥4,896.0B	¥4,659.8B	¥4,447.4B
PP&E	¥3,941.6B	¥3,599.6B	¥3,415.0B	¥3,301.4B	¥3,130.9B
Goodwill	¥270.8B	¥154.4B	¥139.8B	¥145.2B	¥130.2B
Intangible Assets	¥596.3B	¥416.1B	¥375.3B	¥356.0B	¥326.4B
Investment Securities	¥263.6B	¥326.2B	¥302.9B	¥263.9B	¥261.5B
Deferred Tax Assets	¥174.5B	¥164.4B	¥157.8B	¥145.4B	¥156.4B
Total Liabilities	¥13,165.4B	¥11,712.1B	¥10,853.7B	¥10,371.3B	¥9,820.7B
Current Liabilities	¥9,285.5B	¥8,443.7B	¥7,772.9B	¥7,477.9B	¥7,048.0B
Accounts Payable	¥1,476.0B	¥1,082.6B	¥1,073.2B	¥1,039.9B	¥975.5B
ST Debt	¥840.7B	¥823.2B	¥813.7B	¥800.2B	¥684.9B
Taxes Payable	¥71.7B	¥62.8B	¥52.0B	¥48.3B	¥40.0B
Non-Current Liabilities	¥3,879.8B	¥3,268.4B	¥3,080.8B	¥2,893.4B	¥2,772.7B
Total LT Borrowings	¥2,950.5B	¥2,417.2B	¥2,217.2B	¥2,063.4B	¥1,917.4B
Pension Obligations	¥19.3B	¥17.3B	¥15.5B	¥18.7B	¥20.5B
Deferred Tax Liab.	¥27.2B	¥23.6B	¥47.9B	¥31.7B	¥34.3B
Total Equity	¥2,204.3B	¥2,121.2B	¥2,087.2B	¥1,970.2B	¥1,812.4B
Capital Stock	¥220.0B	¥220.0B	¥220.0B	¥220.0B	¥220.0B
Capital Surplus	¥338.3B	¥298.4B	¥288.3B	¥299.7B	¥296.3B
Retained Earnings	¥474.0B	¥422.7B	¥425.6B	¥411.8B	¥415.5B
Treasury Stock	¥-6.6B	¥-13.3B	¥-20.5B	¥-22.9B	¥-34.0B
AOCI	¥192.7B	¥121.5B	¥140.7B	¥84.1B	¥59.7B
Equity (owners)	¥1,025.7B	¥927.7B	¥913.4B	¥908.5B	¥897.8B
Minority Interests	¥984.1B	¥1,070.7B	¥1,031.9B	¥976.5B	¥853.7B

Total Interest-Bearing Debt ⓘ	¥3,791.1B	¥3,240.4B	¥3,030.9B	¥2,863.6B	¥2,602.3B
Net Cash ⓘ	¥-2,441.1B	¥-1,982.0B	¥-1,865.4B	¥-1,553.9B	¥-1,430.0B
NCAV ⓘ	¥-3,487.7B	¥-3,018.6B	¥-2,808.8B	¥-2,689.5B	¥-2,635.0B
NCAV/Share	¥-1,261	¥-3,505	¥-3,278	¥-3,139	¥-3,100
BV/Share	¥371	¥1,077	¥1,066	¥1,060	¥1,056

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥1,126.6B	¥566.2B	¥368.5B	¥433.7B	¥204.5B
Interest Paid	¥-48.3B	¥-42.5B	¥-38.8B	¥-35.4B	¥-34.4B
Interest Received	¥13.6B	¥15.3B	¥13.1B	¥10.8B	¥8.9B
D&A	¥362.9B	¥345.3B	¥328.4B	¥321.1B	¥307.2B
Goodwill Amort.	¥19.6B	¥16.8B	¥16.5B	¥16.2B	¥13.8B
Investing CF	¥-1,088.7B	¥-478.8B	¥-508.9B	¥-335.1B	¥-343.9B
Purchase Investments	¥-5.0B	¥-119.8B	¥-18.2B	¥-6.8B	¥-3.5B
Proceeds from Invest.	¥14.1B	¥42.2B	¥11.9B	¥6.0B	¥1.8B
Financing CF	¥40.1B	¥881M	¥-15.9B	¥1.9B	¥-2.2B
Dividends Paid	¥-35.7B	¥-32.6B	¥-30.9B	¥-30.7B	¥-30.6B
Share Buybacks	¥-117M	¥-13M	¥-14M	¥-17M	¥-31M
LT Debt Repaid	¥-458.1B	¥-356.4B	¥-365.8B	¥-354.7B	¥-289.0B
Free Cash Flow	¥1,126.6B	¥566.2B	¥368.5B	¥433.7B	¥204.5B
Net Change in Cash	¥91.0B	¥108.0B	¥-150.4B	¥111.5B	¥-126.1B

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	6.4%	2.7%	4.4%	2.2%	0.7%
ROA	0.5%	0.2%	0.4%	0.2%	0.1%
EPS	¥26.87	¥33.58	¥52.25	¥25.11	¥7.69
DPS	¥13.70	¥40.00	¥36.00	¥36.00	¥36.00
BPS	¥440.40	¥1,218.63	¥1,231.59	¥1,161.12	¥1,130.76
FCF/Share	¥407	¥658	¥430	¥506	¥241
NCAV/Share	¥-1,261	¥-3,505	¥-3,278	¥-3,139	¥-3,100
Payout Ratio	51.0%	119.1%	68.9%	143.4%	468.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 12

Date	Activist	Stake	Event	Flag	Demands
2026-04-06	Sumitomo Mitsui Trust Bank,Limited	4.78% -0.46%	change	Passive	—
2025-09-19	Sumitomo Mitsui Trust Bank,Limited	5.24% -0.01%	change	Passive	—
2025-08-22	Nomura Securities Co.,Ltd.	4.4% -0.61%	change	Passive	—
2025-07-22	Sumitomo Mitsui Trust Bank,Limited	5.25% +0.17%	change	Passive	—
2025-07-07	Nomura Securities Co.,Ltd.	5.01% +0.5%	initial_5pct	Passive	—
2025-07-03	BlackRock Japan Co., Ltd.	6.11%	change	Passive	—
2025-04-22	Nomura Securities Co.,Ltd.	4.51% -0.56%	change	Passive	—
2025-04-07	Nomura Securities Co.,Ltd.	5.07%	initial_5pct	Passive	—
2024-11-07	Sumitomo Mitsui Trust Bank,Limited	5.08% +0.14%	initial_5pct	Passive	—
2024-06-06	Sumitomo Mitsui Trust Bank,Limited	4.94% -0.09%	change	Passive	—
2024-04-04	Sumitomo Mitsui Trust Bank,Limited	5.03% -0.03%	change	Passive	—
2023-10-05	Sumitomo Mitsui Trust Bank,Limited	5.06%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	Japan Master Trust Bank 日本マスタートラスト信託銀行株式会社（信託口)	353,095	12.75%
2	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	108,353	3.91%
3	Mizuho Bank 株式会社みずほ銀行	102,023	3.68%
4	公益財団法人岡田文化財団	66,210	2.39%
5	公益財団法人イオン環境財団	65,454	2.36%
6	Norinchukin Bank 農林中央金庫	56,545	2.04%
7	JPMorgan Chase Bank, N.A. JP MORGAN CHASE BANK 385781（常任代理人株式会社みずほ銀行決済営業部）	36,495	1.32%
8	公益財団法人イオンワンパーセントクラブ	34,899	1.26%
9	State Street Bank and Trust Company STATE STREET BANK AND TRUSTCOMPANY 505001（常任代理人株式会社みずほ銀行決済営業部）	33,514	1.21%
10	イオン共済会（野村証券口）	33,465	1.21%

as of 2026-02-28 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

16.7%

-1.6% vs 2025

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

2.5%

+0.9% vs 2025

Sub-custodians for foreign asset managers

Direct / Strategic

12.9%

-2.1% vs 2025

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025	2026
Japan Master Trust Bank 日本マスタートラスト信託銀行		13.57%	13.27%	13.82%	12.75% -1.07%
Japan Custody Bank 日本カストディ銀行		4.36%	4.45%	4.44%	3.91% -0.53%
Mizuho Bank みずほ銀行		3.88%	3.88%	3.87%	3.68% -0.19%
公益財団法人岡田文化財団		2.50%	2.57%	2.56%	2.39% -0.17%
公益財団法人イオン環境財団		2.54%	2.54%	2.53%	2.36% -0.17%
Norinchukin Bank 農林中央金庫		2.12%	2.12%	2.11%	2.04% -0.07%
JP Morgan NEW ENTRY	—	—	—	—	1.32% NEW
公益財団法人イオンワンパーセントクラブ NEW ENTRY	—	—	—	—	1.26% NEW
State Street		1.33%	1.41%	1.58%	1.21% -0.37%
イオン共済会（野村証券口） NEW ENTRY	—	—	—	—	1.21% NEW
Employee Stock Ownership Plan イオン社員持株会 last seen 2025	Exited Top 10	1.41%	1.40%	1.40%	—
イオン共栄会（野村證券口） last seen 2025	Exited Top 10	1.41%	1.38%	1.35%	—
Tokio Marine & Nichido Fire Insurance Co., Ltd. 東京海上日動火災保険 last seen 2025	Exited Top 10	1.17%	1.17%	1.17%	—
Concentration (HHI) ⓘ		243	236	251	213

4 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥208,342M +44% since 2023

Holdings 57 +5 new 7 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥208,342M total		FY2023 ¥144,459M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
TSURUHA HOLDINGS INC. ㈱ツルハホールディングス	121,170	+99.9% ↑ 13,205,200	63,343	6,605,200	M
KUSURI NO AOKI HOLDINGS CO., LTD. ㈱クスリのアオキホールディングス	29,484	+200.0% ↑ 9,444,000	22,004	3,148,000
DCM Holdings Co.,Ltd. ＤＣＭホールディングス㈱	14,738	+83.3% ↑ 10,773,396	6,740	5,876,396	M
Keisei Electric Railway Co. 京成電鉄㈱	13,226	NEW New 9,226,600	—		M
HALOWS CO.,LTD. ㈱ハローズ	7,227	1,822,900	5,897	1,822,900
Japan Airlines Co., Ltd. 日本航空㈱	4,681	NEW New 1,813,600	—		M
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	4,221	1,010,710	2,145	1,010,710	M
WACOAL HOLDINGS CORP. ㈱ワコールホールディングス	3,184	628,500	1,539	628,500	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	2,894	1,521,110	1,468	1,521,110	M
The Chiba Bank, Ltd. ㈱千葉銀行	1,694	1,252,272	1,248	1,252,272	M
Taka-Q Co.,Ltd. ㈱タカキュー	1,012	NEW New 8,098,000	—		M
ITOHAM YONEKYU HOLDINGS INC. 伊藤ハム米久ホールディングス㈱	799	-80.0% ↓ 214,524	765	1,072,620	M
㈱八十二銀行	695	721,245	444	721,245	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	616	+200.0% ↑ 162,678	323	54,226	M
DAIWA HOUSE INDUSTRY CO., LTD. 大和ハウス工業㈱	493	100,000	314	100,000	M
The Hyakugo Bank, Ltd. ㈱百五銀行	355	505,910	211	505,910	M
Shizuoka Financial Group, Inc. ㈱しずおかフィナンシャルグループ	253	166,485	181	166,485	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	233	NEW New 61,072	—		M
Resona Holdings, Inc. ㈱りそなホールディングス	216	185,700	139	185,700	M
San ju San Financial Group,Inc ㈱三十三フィナンシャルグループ	113	50,996	88	50,996	M
Katakura Industries Co.,Ltd. 片倉工業㈱	102	48,000	84	48,000	M
The Chiba Kogyo Bank, Ltd. ㈱千葉興業銀行	95	67,592	37	67,592	M
The 77Bank,Ltd. ㈱七十七銀行	85	19,159	46	19,159	M
Takihyo Co., Ltd. タキヒヨー㈱	67	47,520	45	47,520	M
The Nanto Bank,Ltd. ㈱南都銀行	65	18,795	50	18,795	M
OKASAN SECURITIES GROUP INC. ㈱岡三証券グループ	63	100,000	43	100,000	M
Daishi Hokuetsu Financial Group,Inc. ㈱第四北越フィナンシャルグループ	61	+100.0% ↑ 22,622	36	11,311	M
Chugin Financial Group, Inc. ㈱ちゅうぎんフィナンシャルグループ	57	36,000	34	36,000	M
㈱北國フィナンシャルホールディングス	52	10,000	41	10,000
CROSS PLUS INC. クロスプラス㈱	47	50,000	38	50,000	M
The Yamagata Bank, Ltd. ㈱山形銀行	46	33,815	41	33,815	M
Kyoto Financial Group, Inc. ㈱京都フィナンシャルグループ	43	NEW New 19,908	—		M
The Ogaki Kyoritsu Bank, Ltd. ㈱大垣共立銀行	41	18,815	37	18,815
譬ｪ蠑丈ｼ夂､ｾ繧√�ｶ縺阪ヵ繧｣繝翫Φ繧ｷ繝｣繝ｫ繧ｰ繝ｫ繝ｼ繝� ㈱めぶきフィナンシャルグループ	37	59,014	21	59,014	M
The San-in Godo Bank,Ltd. ㈱山陰合同銀行	35	28,350	24	28,350	M
The Hyakujushi Bank,Ltd. ㈱百十四銀行	27	8,442	16	8,442	M
Juroku Financial Group, Inc. ㈱十六フィナンシャルグループ	24	5,394	17	5,394	M
THE SHIGA BANK,LTD. ㈱滋賀銀行	22	4,800	13	4,800	M
TSUKAMOTO CORPORATION CO., LTD. ㈱ツカモトコーポレーション	20	17,453	24	17,453	M
The Awa Bank,Ltd. ㈱阿波銀行	15	5,400	12	5,400	M
Aichi Financial Group Co., Ltd. ㈱あいちフィナンシャルグループ	12	4,657	11	4,657	M
The Keiyo Bank, Ltd. ㈱京葉銀行	6	8,406	5	8,406	M
ヤマトインターナショナル㈱	4	13,891	3	13,891	M
FAST RETAILING CO., LTD. ㈱ファーストリテイリング	4	100	8	100
Shiseido Company, Limited ㈱資生堂	3	1,241	7	1,241	M
The Toho Bank, Ltd. ㈱東邦銀行	2	8,000	1	8,000	M
Sharp Corporation シャープ㈱	1	2,000	1	2,000
Nitori Holdings Co., Ltd. ㈱ニトリホールディングス	1	100	1	100
COSMOS Pharmaceutical Corporation ㈱コスモス薬品	1	200	2	200
YAOKO CO., LTD. ㈱ヤオコー	—		—
izumico.,ltd ㈱イズミ	—		—
ARCS COMPANY,LIMITED ㈱アークス	—		—
VALOR HOLDINGS CO.,LTD. ㈱バローホールディングス	—		—
㈱セブンアイ・ホールディングス	—		—
アクシアルリテイリング㈱	—		—
Rakuten Group,Inc. 楽天グループ㈱	—		—
Lawson,Inc. ㈱ローソン	—		—
SHIMAMURA Co.,Ltd. ㈱しまむら	—	−100% Exit —	1	100
Marubeni Corporation 丸紅㈱	—	−100% Exit —	24,354	13,997,000	M
SIGNA Sports United N.V.	—	−100% Exit —	9,094	14,607,505
Keiyo Co.,Ltd ㈱ケーヨー	—	−100% Exit —	2,976	3,551,600	M
Boxed,Inc.	—	−100% Exit —	301	3,629,583
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	154	30,536	M
The Bank of Kyoto ㈱京都銀行	—	−100% Exit —	32	4,977	M
Portfolio total	208,342		144,459

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding