# Aeon (8267.JP)

Canonical: https://gigainvestors.com/s/8267.JP

Analysis as of: 2026-10-15T07:11:43.584Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 1,126.50 per share; close as of 2026-10-15.

Estimated value: low JPY 543.84 per share, central JPY 546.69 per share, high JPY 550.48 per share. Buy at or below the central value JPY 546.69 per share. Valuation as of 2026-10-15T07:11:43.584Z; scenarios are not confidence intervals.

Expected annual return: 3.3% at the stated quote. About 3.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.03×

- FY2019: 0.02×

- FY2020: 0.03×

- FY2021: 0.02×

- FY2022: 0.02×

- FY2023: 0.02×

- FY2024: 0.03×

- FY2025: 0.02×

- FY2026: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.3%

- ROIC, second-lowest year: 5.8%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 24.5%

- Recent gross margin (lower of latest and 3-year median): 24.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.7%

- ROIC including acquisitions, ten-year median: -0.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 5.6%

- FY2018: 6.3%

- FY2019: 6.6%

- FY2020: 7.5%

- FY2021: 5.8%

- FY2022: 5.8%

- FY2023: 6.4%

- FY2024: 6.8%

- FY2025: 5.9%

- FY2026: 6.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.23×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 40B

- Net income, five-year total: JPY 172B

- Return on incremental invested capital: 3.4%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.8 pp

- Working capital / revenue, final three-year average: 13.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: -0.20×

- FY2023: 0.20×

- FY2024: 0.30×

- FY2025: -0.04×

- FY2026: 0.34×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.3% vs 6.4%

- Per-share earnings: 13.44 to 17.42 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 12.5%

- Ordinary dilution, 5-year annual growth: 26.2%

- Market cap gain: JPY 5.55T

- Cumulative retained earnings: JPY -101B

- Diluted shares, 10-year annual growth: 12.5%

- Diluted shares, 5-year annual growth: 26.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 3.3%

- Per-share value change: JPY 3.98

- Per-share value, starting three-year median: JPY 13.44

- Per-share value, ending three-year median: JPY 17.42

- Buybacks concentrated in cheaper years (correlation): 0.42

- Average buyback yield: 0.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 301B

- Cumulative net income, 10 years: JPY 188B

- ROIC, first three-year median: 6.3%

- ROIC, last three-year median: 6.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 13.44

- FY2018: JPY 29.23

- FY2019: JPY 28.11

- FY2020: JPY 31.88

- FY2021: JPY -84.06

- FY2022: JPY 2.56

- FY2023: JPY 8.37

- FY2024: JPY 17.42

- FY2025: JPY 10.57

- FY2026: JPY 26.87

### accounting: pass

- Sloan accruals: -6.9%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 15.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.49×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.2%

- FY2018: -4.6%

- FY2019: -4.4%

- FY2020: -5.4%

- FY2021: -4.1%

- FY2022: -1.7%

- FY2023: -3.3%

- FY2024: -2.5%

- FY2025: -3.9%

- FY2026: -6.9%

## Holders

## Price story

Down 60% since Nov 2025 · sales +5.7%

Story as of 2026-10-16T10:00:14.733Z; price observation 2026-10-15.

Price needs cash profits to grow 44.7% a year for ten years

### Sales · FY2025–2026

sales +5.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5VH.pdf; observed 2026-05-25.

- FY2017: JPY 8.21T 

- FY2018: JPY 8.39T 

- FY2019: JPY 8.52T 

- FY2020: JPY 8.60T 

- FY2021: JPY 8.60T 

- FY2022: JPY 8.72T 

- FY2023: JPY 9.12T 

- FY2024: JPY 9.55T 

- FY2025: JPY 10.13T 

- FY2026: JPY 10.72T 

### Gross margin · FY2026

gross margin 24.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5VH.pdf; observed 2026-05-25.

- FY2017: 24.5% 

- FY2018: 24.5% 

- FY2019: 24.2% 

- FY2020: 24.1% 

- FY2021: 24.1% 

- FY2022: 24.3% 

- FY2023: 24.5% 

- FY2024: 24.9% 

- FY2025: 24.8% 

- FY2026: 24.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are JPY 10.7 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5VH.pdf (filed 2026-05-25); FY2026: revenue 10715342000000; grossProfit 2649178000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 24.7% to 24.9% during 2024–26; it earns 6.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2024: grossProfit / revenue = 24.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2025: grossProfit / revenue = 24.8%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5VH.pdf (filed 2026-05-25); FY2026: grossProfit / revenue = 24.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); 10-year return on capital observations [[2017,0.05581695272306728],[2018,0.06313471947761835],[2019,0.06612805509329202],[2020,0.07503823029231779],[2021,0.057803180444893784],[2022,0.05842841252430804],[2023,0.06383735394096637],[2024,0.06801992272392934],[2025,0.059237393387637755],[2026,0.06374850146100752]]; median 0.06344161046931293. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 24% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5VH.pdf (filed 2026-05-25); Gross margin observations: [[2021,0.24062385589807425],[2022,0.24304789479801242],[2023,0.24530749363018237]]; range within 2 percentage points.

### Where the cash goes

Earns 3.4% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2023: growth capex 49764000000; upkeep 321084000000; owner earnings 4348626423.771202. Growth capex / owner earnings = 11.443613488611382.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2024: growth capex 67801000000; upkeep 328435000000; owner earnings 13594741863.192928. Growth capex / owner earnings = 4.98729587382367.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5VH.pdf (filed 2026-05-25); FY2026: growth capex 165591000000; upkeep 362945000000; owner earnings 24369811484.22946. Growth capex / owner earnings = 6.794923305301709.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); Incremental return on capital 0.03417479605065199, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); Dividend observations: [[2017,24407000000],[2018,25249000000],[2019,26935000000],[2020,29462000000],[2021,30555000000],[2022,30601000000],[2023,30728000000],[2024,30854000000],[2025,32570000000],[2026,35683000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5VH.pdf (filed 2026-05-25); FY2026: cash repurchases 117000000 JPY.

### What the price says

The price assumes cash profits grow 44.7% yearly over ten years; actual growth was 2.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); Ten-year compound average after fade. Initial solved rate 0.6520327505650407. Price 1126.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 7.19 → FY2026 9.00995961007259. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 525.33 per share

- 2016-12: JPY 552.00 per share

- 2017-01: JPY 543.67 per share

- 2017-02: JPY 558.33 per share

- 2017-03: JPY 541.67 per share

- 2017-04: JPY 551.17 per share

- 2017-05: JPY 557.67 per share

- 2017-06: JPY 569.00 per share

- 2017-07: JPY 554.17 per share

- 2017-08: JPY 540.67 per share

- 2017-09: JPY 554.17 per share

- 2017-10: JPY 583.50 per share

- 2017-11: JPY 608.00 per share

- 2017-12: JPY 634.17 per share

- 2018-01: JPY 619.17 per share

- 2018-02: JPY 602.17 per share

- 2018-03: JPY 633.17 per share

- 2018-04: JPY 729.17 per share

- 2018-05: JPY 719.67 per share

- 2018-06: JPY 790.00 per share

- 2018-07: JPY 755.50 per share

- 2018-08: JPY 802.17 per share

- 2018-09: JPY 912.50 per share

- 2018-10: JPY 863.33 per share

- 2018-11: JPY 907.00 per share

- 2018-12: JPY 716.50 per share

- 2019-01: JPY 736.17 per share

- 2019-02: JPY 782.00 per share

- 2019-03: JPY 772.17 per share

- 2019-04: JPY 684.83 per share

- 2019-05: JPY 625.83 per share

- 2019-06: JPY 617.00 per share

- 2019-07: JPY 630.67 per share

- 2019-08: JPY 628.00 per share

- 2019-09: JPY 660.17 per share

- 2019-10: JPY 728.33 per share

- 2019-11: JPY 744.33 per share

- 2019-12: JPY 751.83 per share

- 2020-01: JPY 751.17 per share

- 2020-02: JPY 671.50 per share

- 2020-03: JPY 799.67 per share

- 2020-04: JPY 723.83 per share

- 2020-05: JPY 794.50 per share

- 2020-06: JPY 835.00 per share

- 2020-07: JPY 830.00 per share

- 2020-08: JPY 876.33 per share

- 2020-09: JPY 942.00 per share

- 2020-10: JPY 887.83 per share

- 2020-11: JPY 1,035.00 per share

- 2020-12: JPY 1,128.33 per share

- 2021-01: JPY 1,092.00 per share

- 2021-02: JPY 1,067.67 per share

- 2021-03: JPY 1,099.67 per share

- 2021-04: JPY 994.17 per share

- 2021-05: JPY 977.33 per share

- 2021-06: JPY 995.00 per share

- 2021-07: JPY 995.67 per share

- 2021-08: JPY 973.17 per share

- 2021-09: JPY 980.00 per share

- 2021-10: JPY 872.67 per share

- 2021-11: JPY 881.50 per share

- 2021-12: JPY 903.00 per share

- 2022-01: JPY 868.83 per share

- 2022-02: JPY 865.83 per share

- 2022-03: JPY 869.83 per share

- 2022-04: JPY 822.83 per share

- 2022-05: JPY 785.83 per share

- 2022-06: JPY 784.67 per share

- 2022-07: JPY 893.00 per share

- 2022-08: JPY 907.50 per share

- 2022-09: JPY 901.17 per share

- 2022-10: JPY 925.50 per share

- 2022-11: JPY 941.00 per share

- 2022-12: JPY 927.67 per share

- 2023-01: JPY 885.83 per share

- 2023-02: JPY 846.67 per share

- 2023-03: JPY 855.33 per share

- 2023-04: JPY 922.50 per share

- 2023-05: JPY 920.00 per share

- 2023-06: JPY 980.67 per share

- 2023-07: JPY 1,026.00 per share

- 2023-08: JPY 1,006.33 per share

- 2023-09: JPY 987.50 per share

- 2023-10: JPY 1,055.67 per share

- 2023-11: JPY 1,020.33 per share

- 2023-12: JPY 1,050.33 per share

- 2024-01: JPY 1,177.67 per share

- 2024-02: JPY 1,191.67 per share

- 2024-03: JPY 1,199.33 per share

- 2024-04: JPY 1,100.67 per share

- 2024-05: JPY 1,129.00 per share

- 2024-06: JPY 1,146.33 per share

- 2024-07: JPY 1,145.00 per share

- 2024-08: JPY 1,216.33 per share

- 2024-09: JPY 1,299.67 per share

- 2024-10: JPY 1,246.67 per share

- 2024-11: JPY 1,198.00 per share

- 2024-12: JPY 1,231.67 per share

- 2025-01: JPY 1,255.00 per share

- 2025-02: JPY 1,228.00 per share

- 2025-03: JPY 1,250.00 per share

- 2025-04: JPY 1,409.00 per share

- 2025-05: JPY 1,478.33 per share

- 2025-06: JPY 1,473.33 per share

- 2025-07: JPY 1,611.00 per share

- 2025-08: JPY 1,787.00 per share

- 2025-09: JPY 1,795.00 per share

- 2025-10: JPY 2,439.50 per share

- 2025-11: JPY 2,827.50 per share

- 2025-12: JPY 2,477.00 per share

- 2026-01: JPY 2,115.00 per share

- 2026-02: JPY 2,226.50 per share

- 2026-03: JPY 1,884.50 per share

- 2026-04: JPY 1,510.00 per share

- 2026-05: JPY 1,391.50 per share

- 2026-06: JPY 1,341.00 per share

- 2026-07: JPY 1,364.00 per share

- 2026-08: JPY 1,356.50 per share

- 2026-09: JPY 1,289.00 per share

- 2026-10: JPY 1,119.00 per share

## Annual estimated value (JPY per share)

- FY2026: low JPY 543.84 per share, central JPY 546.69 per share, high JPY 550.48 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5VH.pdf); period 2026-02-28, filed 2026-05-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Aeon

8267 · JP

Nikkei 225 · TOPIX Large70

Not a wonderful business

3 quality tests fail. A lower price would not fix the business.

Share price: JPY 1,126.50
Buy up to: JPY 546.69
Expected / yr: 3.3% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 11.1% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

10y median: 2.4%
Worst year: 1.8%
Latest · 2026: 2.5%

Capital return excluding acquisitions: median 6.3% (minimum 15%), and the second-worst year 5.8% (minimum 10%).

ROIC excluding acquisitions

10y median: 6.3%
Worst year: 5.6%
Latest · 2026: 6.4%

Each $1 of profit left $0.23 for owners over five years (minimum $0.80), and new investment earned 3.4% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.23×
Annual median: 0.20×
Latest · 2026: 0.34×

Share growth was 12.5% over ten years and 26.2% over five (either must be at most 1% a year).

Earnings per share

10y median: JPY 15.43
Worst year: JPY -84.06
Latest · 2026: JPY 26.87

Profits were backed by cash: accruals were -6.9% of assets (limit 10%).

Sloan accruals

10y median: -4.0%
Worst year: -1.7%
Latest · 2026: -6.9%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 2.3%, three-year average owner earnings per share 4.62 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 525.33; 2016-12 · Price JPY 552.00; 2017-01 · Price JPY 543.67; 2017-02 · Price JPY 558.33; 2017-03 · Price JPY 541.67; 2017-04 · Price JPY 551.17; 2017-05 · Price JPY 557.67; 2017-06 · Price JPY 569.00; 2017-07 · Price JPY 554.17; 2017-08 · Price JPY 540.67; 2017-09 · Price JPY 554.17; 2017-10 · Price JPY 583.50; 2017-11 · Price JPY 608.00; 2017-12 · Price JPY 634.17; 2018-01 · Price JPY 619.17; 2018-02 · Price JPY 602.17; 2018-03 · Price JPY 633.17; 2018-04 · Price JPY 729.17; 2018-05 · Price JPY 719.67; 2018-06 · Price JPY 790.00; 2018-07 · Price JPY 755.50; 2018-08 · Price JPY 802.17; 2018-09 · Price JPY 912.50; 2018-10 · Price JPY 863.33; 2018-11 · Price JPY 907.00; 2018-12 · Price JPY 716.50; 2019-01 · Price JPY 736.17; 2019-02 · Price JPY 782.00; 2019-03 · Price JPY 772.17; 2019-04 · Price JPY 684.83; 2019-05 · Price JPY 625.83; 2019-06 · Price JPY 617.00; 2019-07 · Price JPY 630.67; 2019-08 · Price JPY 628.00; 2019-09 · Price JPY 660.17; 2019-10 · Price JPY 728.33; 2019-11 · Price JPY 744.33; 2019-12 · Price JPY 751.83; 2020-01 · Price JPY 751.17; 2020-02 · Price JPY 671.50; 2020-03 · Price JPY 799.67; 2020-04 · Price JPY 723.83; 2020-05 · Price JPY 794.50; 2020-06 · Price JPY 835.00; 2020-07 · Price JPY 830.00; 2020-08 · Price JPY 876.33; 2020-09 · Price JPY 942.00; 2020-10 · Price JPY 887.83; 2020-11 · Price JPY 1035.00; 2020-12 · Price JPY 1128.33; 2021-01 · Price JPY 1092.00; 2021-02 · Price JPY 1067.67; 2021-03 · Price JPY 1099.67; 2021-04 · Price JPY 994.17; 2021-05 · Price JPY 977.33; 2021-06 · Price JPY 995.00; 2021-07 · Price JPY 995.67; 2021-08 · Price JPY 973.17; 2021-09 · Price JPY 980.00; 2021-10 · Price JPY 872.67; 2021-11 · Price JPY 881.50; 2021-12 · Price JPY 903.00; 2022-01 · Price JPY 868.83; 2022-02 · Price JPY 865.83; 2022-03 · Price JPY 869.83; 2022-04 · Price JPY 822.83; 2022-05 · Price JPY 785.83; 2022-06 · Price JPY 784.67; 2022-07 · Price JPY 893.00; 2022-08 · Price JPY 907.50; 2022-09 · Price JPY 901.17; 2022-10 · Price JPY 925.50; 2022-11 · Price JPY 941.00; 2022-12 · Price JPY 927.67; 2023-01 · Price JPY 885.83; 2023-02 · Price JPY 846.67; 2023-03 · Price JPY 855.33; 2023-04 · Price JPY 922.50; 2023-05 · Price JPY 920.00; 2023-06 · Price JPY 980.67; 2023-07 · Price JPY 1026.00; 2023-08 · Price JPY 1006.33; 2023-09 · Price JPY 987.50; 2023-10 · Price JPY 1055.67; 2023-11 · Price JPY 1020.33; 2023-12 · Price JPY 1050.33; 2024-01 · Price JPY 1177.67; 2024-02 · Price JPY 1191.67; 2024-03 · Price JPY 1199.33; 2024-04 · Price JPY 1100.67; 2024-05 · Price JPY 1129.00; 2024-06 · Price JPY 1146.33; 2024-07 · Price JPY 1145.00; 2024-08 · Price JPY 1216.33; 2024-09 · Price JPY 1299.67; 2024-10 · Price JPY 1246.67; 2024-11 · Price JPY 1198.00; 2024-12 · Price JPY 1231.67; 2025-01 · Price JPY 1255.00; 2025-02 · Price JPY 1228.00; 2025-03 · Price JPY 1250.00; 2025-04 · Price JPY 1409.00; 2025-05 · Price JPY 1478.33; 2025-06 · Price JPY 1473.33; 2025-07 · Price JPY 1611.00; 2025-08 · Price JPY 1787.00; 2025-09 · Price JPY 1795.00; 2025-10 · Price JPY 2439.50; 2025-11 · Price JPY 2827.50; 2025-12 · Price JPY 2477.00; 2026-01 · Price JPY 2115.00 · Value 546.69 · Buy at or below 546.69; 2026-02 · Price JPY 2226.50 · Value 546.69 · Buy at or below 546.69; 2026-03 · Price JPY 1884.50 · Value 546.69 · Buy at or below 546.69; 2026-04 · Price JPY 1510.00 · Value 546.69 · Buy at or below 546.69; 2026-05 · Price JPY 1391.50 · Value 546.69 · Buy at or below 546.69; 2026-06 · Price JPY 1341.00 · Value 546.69 · Buy at or below 546.69; 2026-07 · Price JPY 1364.00 · Value 546.69 · Buy at or below 546.69; 2026-08 · Price JPY 1356.50 · Value 546.69 · Buy at or below 546.69; 2026-09 · Price JPY 1289.00 · Value 546.69 · Buy at or below 546.69; 2026-10 · Price JPY 1119.00 · Value 546.69 · Buy at or below 546.69; 2026-10 · Price JPY 1126.50 · Value 546.69 · Buy at or below 546.69

JPY per share · annual estimates

Price & return math
Value range	JPY 543.84 – JPY 550.48
Buy at or below	Central value JPY 546.69
Discount to value	1 − 1126.50 / 546.69 = -106.1%
Return / year	About 3.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 1.89/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 523.18/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 10.72T

Revenue

Owner earningsJPY 24B

Owner earnings

Operating margin2.5%

Operating margin

Net cash / debtJPY -1.42T

Net cash / debt

Diluted shares2.7B

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·