AEON Fantasy Co., Ltd. (4343) AI Stock Analysis

• Market Cap: ¥49.00B
• Dividend Yield: N/A
• Average Volume (3M): 59.16K
• Price to Earnings (P/E): 49.4
• Beta (1Y): 0.31
• Revenue Growth: 6.00%
• EPS Growth: -184.09%
• Country: JP
• Employees: 4,539
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 14.65
• Shares Outstanding: 19,784,124
• 10 Day Avg. Volume: 100,960
• 30 Day Avg. Volume: 59,163
• PEG Ratio: 0.13
• Price to Book (P/B): 8.32
• Price to Sales (P/S): 0.63
• P/FCF Ratio: 21.75
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 179.45
• Revenue Forecast (FY): ¥95.90B

• Rating: 52 Neutral
• Price Target: ¥2,466.00 ▼(-18.34% Downside)
• Action: Reiterated Date: 11/13/25
• Date: Action: Reiterated 11/13/25

AEON Fantasy Co., Ltd. is on a recovery path with improving financial performance, but persistent net losses and high leverage are significant risks. The technical indicators suggest a bearish trend, and the valuation metrics indicate overvaluation concerns. These factors collectively result in a moderate overall stock score.

Positive Factors

Strong cash generation recovery

The recovery in operating cash flow and a substantial rebound in free cash flow by 2025 indicate the business is generating real cash from operations. Sustained cash generation supports reinvestment in facilities, deleveraging, and resilience through leisure-sector cycles over the next several quarters.

Revenue recovery and margin improvement

Recovering revenue coupled with materially better EBIT and EBITDA margins suggests operational improvements and cost discipline. If sustained, these margin gains translate into higher operating leverage, allowing incremental revenues to contribute more to profitability over a multi-quarter horizon.

Positive ROE and rising equity

A positive return on equity and growing shareholder equity show the company is incrementally rebuilding capital and delivering returns to holders. Over months, increasing equity can improve balance-sheet flexibility and supports strategic investments or gradual deleveraging when cash generation continues.

Negative Factors

Persistent net losses

Ongoing net losses indicate the company has not yet converted operational recovery into sustained profitability. Persisting losses limit retained earnings, constrain ability to reduce leverage, and mean improvements in cash flow must continue for several quarters to fully restore net income to consistently positive levels.

High leverage and low equity ratio

A high debt-to-equity structure increases interest and refinancing risk, especially for a leisure operator with cyclical demand. If income recovery stalls, servicing debt could pressure liquidity. Leverage reduces strategic flexibility and makes multi-quarter recovery plans more sensitive to cash flow volatility.

No dividend / limited investor income return

The lack of a dividend removes a steady investor return component, important for capital allocation in cyclical leisure businesses. Over a multi-month view, absence of shareholder distributions combined with ongoing losses and leverage narrows the pool of investors seeking stable income or defensive cash returns.

AEON Fantasy Co., Ltd. Business Overview & Revenue Model

Company Description

Aeon Fantasy Co., Ltd. creates, manages, and promotes indoor theme parks with entertainment and amusement facilities in Japan. It provides various facilities, including merry-go-rounds, interactive games, medal games, card games, and other amusement items. The company also develops and sells original play equipment and prizes. Its theme parks serve children less than 12 years of age, and their families. The company operates approximately 873 outlets. Aeon Fantasy Co., Ltd. was formerly known as Jusco Co., Ltd. The company was founded in 1997 and is headquartered in Chiba, Japan. Aeon Fantasy Co., Ltd. is a subsidiary of Aeon Co., Ltd.

How the Company Makes Money

AEON Fantasy generates revenue primarily through ticket sales for its amusement parks and attractions, which includes entry fees and payment for rides and experiences. In addition to direct consumer spending, the company earns significant income from partnerships with popular character franchises, allowing it to incorporate beloved characters into its attractions, thus attracting more visitors. Furthermore, AEON Fantasy also benefits from merchandise sales, food and beverage services within its parks, and seasonal events or promotions that drive additional foot traffic and spending. The company's strategic collaborations with character licensing partners enhance its brand appeal and help ensure a steady flow of visitors, contributing to its financial success.

AEON Fantasy Co., Ltd. Financial Statement Overview

Summary

AEON Fantasy Co., Ltd. shows signs of recovery with improved revenue and cash flow metrics. Despite better operational efficiency, persistent net losses and high leverage are concerns that need addressing for long-term stability.

Income Statement

AEON Fantasy Co., Ltd. has shown a commendable recovery in revenue from 2021 to 2025, with a strong growth rate evident over the period. Despite the negative net income in recent years, the company has improved its EBIT and EBITDA margins significantly by 2025, indicating better operational efficiency. However, the persistent net losses remain a concern, affecting the net profit margin adversely.

Balance Sheet

The company's debt-to-equity ratio is high, raising concerns about leverage and financial stability. Although there is a positive ROE and an increase in stockholders' equity over time, the equity ratio remains relatively low, suggesting a reliance on debt financing. This leverage poses potential risks if income does not improve.

Cash Flow

AEON Fantasy has demonstrated strong operating cash flow growth, with a substantial recovery in free cash flow by 2025. The operating cash flow to net income ratio is robust, indicating good cash generation relative to income. However, the company needs to maintain this trend to ensure sustainable free cash flow growth.

Breakdown	TTM	Feb 2025	Feb 2024	Feb 2023	Feb 2022	Feb 2021
Income Statement
Total Revenue	88.75B	87.24B	81.76B	72.69B	60.17B	46.12B
Gross Profit	12.42B	11.67B	10.25B	6.90B	1.69B	-2.66B
EBITDA	12.11B	11.86B	13.93B	8.65B	6.37B	-321.87M
Net Income	-1.72B	-1.82B	1.31B	-3.38B	-4.51B	-9.28B
Balance Sheet
Total Assets	60.48B	53.67B	52.30B	46.92B	51.24B	53.96B
Cash, Cash Equivalents and Short-Term Investments	7.85B	6.17B	7.52B	6.08B	6.01B	5.72B
Total Debt	41.46B	34.85B	32.53B	27.88B	28.95B	29.08B
Total Liabilities	53.06B	46.83B	43.76B	38.78B	39.39B	37.04B
Stockholders Equity	7.20B	6.61B	8.34B	7.98B	11.72B	16.74B
Cash Flow
Free Cash Flow	0.00	2.53B	1.89B	4.56B	-815.75M	-6.62B
Operating Cash Flow	0.00	12.35B	12.06B	9.06B	6.18B	183.58M
Investing Cash Flow	0.00	-10.86B	-10.73B	-4.85B	-7.09B	-6.96B
Financing Cash Flow	0.00	-2.84B	-97.36M	-4.38B	1.40B	8.45B

AEON Fantasy Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3020.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4343, the sentiment is Negative. The current price of 3020 is above the 20-day moving average (MA) of 2685.55, above the 50-day MA of 2833.62, and below the 200-day MA of 3058.74, indicating a bearish trend. The MACD of -87.00 indicates Positive momentum. The RSI at 22.36 is Positive, neither overbought nor oversold. The STOCH value of 4.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4343.

AEON Fantasy Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4680	67 Neutral	¥281.06B	29.55	―	1.51%	11.92%	33.70%
9166	67 Neutral	¥116.60B	20.09	―	―	62.69%	-37.72%
6238	64 Neutral	¥33.05B	9.47	―	3.63%	2.20%	2.39%
7867	63 Neutral	¥247.44B	43.09	―	2.18%	10.50%	27.82%
7832	62 Neutral	$2.64T	18.69	15.67%	1.94%	9.86%	-1.06%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
4343	52 Neutral	¥49.00B	49.41	―	―	6.00%	-184.09%

AEON Fantasy Co., Ltd. Corporate Events

AEON Fantasy’s January Sales Rise 11% on Solid Domestic Amusement Demand

AEON Fantasy Co., Ltd. operates family-oriented amusement facilities, mainly providing amusement machine games and product sales in Japan and overseas, including China and ASEAN markets. Its business model blends entertainment with retail-style offerings, giving it exposure to consumer spending trends in the broader leisure and shopping mall ecosystem.

The company reported January 2026 domestic net sales of JPY 7,537 million, up 11.3% year on year, with existing-store sales also rising and no impact from calendar effects. Amusement machine sales and product sales both showed solid growth, and cumulative figures from March to January indicate steady mid-single to low double-digit domestic growth, while overseas subsidiaries continue to lag with sales below year-earlier levels in several Asian markets.

Domestic existing outlets posted January sales growth of 7.7% after working-day adjustment, maintaining a consistent upward trend seen since March 2025. This suggests resilient demand at home and underpins the company’s core earnings base, even as overseas operations in China and ASEAN remain more volatile and generally weaker, highlighting a continued reliance on Japan for overall performance.

The most recent analyst rating on (JP:4343) stock is a Hold with a Yen2851.00 price target. To see the full list of analyst forecasts on AEON Fantasy Co., Ltd. stock, see the JP:4343 Stock Forecast page.

AEON Fantasy Swings Back to Profit with Strong Nine-Month Earnings and Confirms Full-Year Outlook

AEON Fantasy Co., Ltd. reported consolidated net sales of ¥68.17 billion for the nine months ended November 30, 2025, up 6.6% year on year, with operating profit jumping 50.7% to ¥3.95 billion and ordinary profit surging 143.6% to ¥4.82 billion. Profit attributable to owners of the parent swung to a ¥2.05 billion surplus from a ¥1.15 billion loss a year earlier, lifting basic earnings per share to ¥103.83 and improving comprehensive income to ¥893 million. The company’s financial position showed total assets rising to ¥63.43 billion and equity increasing to ¥7.49 billion, though the equity ratio edged down to 11.8%. For the full fiscal year ending February 28, 2026, AEON Fantasy maintained its forecast of ¥92.2 billion in net sales, with operating profit of ¥7.3 billion and profit attributable to owners of the parent of ¥2.5 billion, implying further earnings growth and EPS of ¥126.42; it also plans a year-end dividend of ¥15.00 per share after paying no interim dividend, signaling confidence in the earnings recovery despite still-modest capital strength.

The most recent analyst rating on (JP:4343) stock is a Hold with a Yen2851.00 price target. To see the full list of analyst forecasts on AEON Fantasy Co., Ltd. stock, see the JP:4343 Stock Forecast page.

AEON Fantasy Corrects Calendar-Factor Note in December Sales Disclosure

AEON Fantasy has issued a correction to its previously disclosed December 2025 sales report for the fiscal year ending February 28, 2026, clarifying an error in the explanatory note on calendar factors affecting domestic existing-store sales. The company now states that year-on-year performance was impacted by an increase in weekdays and one fewer Sunday compared with the prior year, rather than the opposite, though the quantified impact—a 1.0% decrease at existing stores—remains unchanged, suggesting the correction is primarily about disclosure accuracy rather than a change in reported sales figures.

The most recent analyst rating on (JP:4343) stock is a Hold with a Yen2851.00 price target. To see the full list of analyst forecasts on AEON Fantasy Co., Ltd. stock, see the JP:4343 Stock Forecast page.

AEON Fantasy Posts Double-Digit Domestic Sales Growth in December Amid Mixed Overseas Trends

AEON Fantasy Co., Ltd. reported that net sales in Japan for December 2025 reached JPY 6,856 million, representing a 10.8% year-on-year increase, with total domestic sales (including amusement machine and product sales) up around 8–11% at both all and existing outlets after working-day adjustments. The strong performance was driven particularly by product sales, which rose more than amusement machine sales, while cumulative domestic sales from March to December grew by roughly 6–9% year on year, underscoring solid demand at existing stores despite minor negative calendar effects; overseas subsidiaries, however, continued to show mixed trends, with China and ASEAN markets generally below the prior-year levels, highlighting a divergence between robust domestic growth and still-recovering overseas operations.

The most recent analyst rating on (JP:4343) stock is a Hold with a Yen2851.00 price target. To see the full list of analyst forecasts on AEON Fantasy Co., Ltd. stock, see the JP:4343 Stock Forecast page.

AEON Fantasy Books FX Gains but Flags Overseas Weakness with Impairment and Subsidiary Losses

AEON Fantasy Co., Ltd. reported that currency movements generated ¥1.32 billion in consolidated foreign exchange gains for the nine months ended November 30, 2025, with contributions from its domestic, ASEAN and China businesses, boosting non-operating income. At the same time, the company booked consolidated impairment losses of ¥773 million tied to unprofitable stores and closures, mainly in China, and recognized substantial extraordinary losses in its non-consolidated accounts for allowances and valuation losses related to its struggling Chinese and Thai subsidiaries; however, these latter provisions are eliminated at the consolidated level and therefore do not affect consolidated earnings, underscoring ongoing operational challenges in key overseas markets while limiting their impact on group-level financial results.

The most recent analyst rating on (JP:4343) stock is a Hold with a Yen2953.00 price target. To see the full list of analyst forecasts on AEON Fantasy Co., Ltd. stock, see the JP:4343 Stock Forecast page.

AEON Fantasy Swings to Profit on Higher Sales and Plans Higher Year-End Dividend

AEON Fantasy reported consolidated net sales of ¥68.17 billion for the nine months ended November 30, 2025, up 6.6% year on year, with operating profit surging 50.7% to ¥3.95 billion and ordinary profit jumping 143.6% to ¥4.82 billion. Profit attributable to owners of parent swung to a ¥2.05 billion gain from a loss a year earlier, lifting basic earnings per share to ¥103.83 and improving comprehensive income to ¥893 million. Total assets expanded to ¥63.43 billion while equity rose to ¥7.49 billion, though the equity ratio edged down to 11.8%, indicating a still-leveraged balance sheet. The company maintained its full-year forecast, projecting ¥92.2 billion in net sales, a 68.0% rise in operating profit to ¥7.3 billion, and ¥2.5 billion in profit attributable to owners of parent, while signaling a resumption and increase of shareholder returns with a planned year-end dividend of ¥15 per share for the current fiscal year after paying no interim dividend.

The most recent analyst rating on (JP:4343) stock is a Hold with a Yen2953.00 price target. To see the full list of analyst forecasts on AEON Fantasy Co., Ltd. stock, see the JP:4343 Stock Forecast page.

AEON Fantasy Reports Strong November Sales Growth

AEON Fantasy Co., Ltd. reported a 114.7% year-on-year increase in net sales in Japan for November 2025, driven by a calendar effect that included fewer weekdays and additional holidays. This growth reflects strong performance in both amusement machine and product sales, indicating a positive trend for the company’s domestic operations.

The most recent analyst rating on (JP:4343) stock is a Hold with a Yen2953.00 price target. To see the full list of analyst forecasts on AEON Fantasy Co., Ltd. stock, see the JP:4343 Stock Forecast page.