Overview
Retail Trade

AIGAN CO.,LTD.

Aigan Co., Ltd. operates a nationwide chain of optical retail stores in Japan under the 'Megane no Aigan' brand, selling eyeglasses, sunglasses, hearing aids, and related accessories. The company also conducts wholesale distribution of eyewear products through its consolidated subsidiary, Neoc Co., Ltd. Following the liquidation of its China-based subsidiary in August 2024, the group now focuses primarily on domestic retail and wholesale operations.

Market Cap
¥5.67B
US$36.1M
EV
¥0.42B
US$2.69M
Stock¥292▲+9.77%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
0.7
x
LTM EV/EBIT
1.0
x
LTM PER
16.0
x
LTM PBR
0.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+45.9%pt
10012345
Oct 23, 25 – Oct 23, 26StockTOPIX
1Nov 12, 25Q3 strong earnings recovery
2Dec 1, 25Dividend increase announcement surge
3Feb 12, 26Q3 earnings disappointment decline
4Feb 19, 26Activist investor shareholder proposal
5Jun 23, 26Asset Value Investors Limited filed large shareholding report
MC → EV Bridge
5.67BUS$36.1MMarket Cap0.00BUS$0.00M+ Debt4.53BUS$28.8M− Cash0.72BUS$4.57M− Inv. Sec.0.42BUS$2.69MEV
AI Briefing
Aigan runs the nationwide 'Megane no Aigan' optical retail chain plus wholesale via Neoc, now domestic-only after exiting China in 2024. FY26/3 revenue ¥15.3B with OP turning positive to ¥0.2B (1.5% margin), a modest recovery after three years of thin losses. Market cap ¥5.1B sits below equity of ¥12.3B with net cash exceeding debt (EV ¥-0.1B), reflecting a deep value profile with founder-family and employee-linked shareholders holding over 20% combined.
Performance & Balance
Revenue 5Y (¥B)
13.8US$87.9M'22/314.2US$90.4M'23/314.7US$93.3M'24/314.9US$94.6M'25/315.3US$97.3M'26/3
EBITDA 5Y (¥B)
-0.35-US$2.23M'22/3-0.23-US$1.46M'23/30.06US$0.40M'24/30.05US$0.32M'25/30.40US$2.53M'26/3
Net Income 5Y (¥B)
-0.69-US$4.39M'22/3-0.80-US$5.11M'23/3-0.18-US$1.15M'24/30.00US$0.02M'25/30.16US$0.99M'26/3
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
5.42US$34.5M0.00US$0.02M'22/35.14US$32.8M0.00US$0.02M'23/35.07US$32.3M0.00US$0.03M'24/34.90US$31.2M'25/35.35US$34.1M'26/3
Shareholders
Top 10 hold 38.6%
1
Sasa Kosan Ltd.
11.02%
2
AIGAN CO.,LTD. Employee Stock Ownership Association
4.89%
3
Aigan Kyoei-kai
4.34%
4
Best Medical Service Co., Ltd.
3.82%
5
THE CHASE MANHATTAN BANK, N.A. LONDON SPECIAL ACCOUNT NO.1 (Standing Proxy: Mizuho Bank, Ltd.)
3.48%
6
Michio SHIMOJO
2.81%
7
Eiji SASA
2.49%
8
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
2.14%
9
Zenjiro SASA
1.94%
10
Chieko SASA
1.66%
Management
9 officers
Masatoshi SASA
Representative Director, President
Apr 1994: Joined the Company Apr 2011: General Manager, Aisy Sales Department, the Company Oct 2014: General Manager, Sales Planning Office, the Company Apr 2015: General Manager, Administration Division, the Company Jun 2015: Appointed Director, General Manager, Administration Division, the Company Feb 2020: Appointed Chairman, Beijing Aigan Eyewear Co., Ltd. Mar 2022: Appointed Senior Managing Director, the Company Jun 2023: Appointed Representative Director, President, the Company (current)
1971-08-31
Masahiko SASA
Director, General Manager, Administration Division
Apr 1998: Joined the Company Mar 2004: Store Manager, Sales Department, the Company Oct 2016: Section Manager, General Affairs Section, the Company Mar 2020: General Manager, General Affairs Department, the Company (current) Jun 2023: Appointed Director, General Manager, Administration Division, the Company (current)
1975-04-14
Takayuki MATSUMOTO
Director, General Manager, Sales Division
Apr 1994: Joined the Company Oct 2014: General Manager, Aisy Sales Department, the Company Oct 2016: General Manager, Store Development Department, the Company (current) Oct 2021: Executive Officer, Deputy General Manager, Sales Division, the Company Jun 2023: Executive Officer, General Manager, Sales Division, the Company Jul 2023: Representative Director, President, Neoc Co., Ltd. (current) Jun 2025: Appointed Director, General Manager, Sales Division, the Company (current)
1972-03-21
Yoichi MORISHIGE
Director
Mar 1987: Joined Asahi Shinwa Certified Public Accountants (now Azusa Audit LLC) Oct 1998: Manager, Azusa Audit LLC Appointed Audit & Supervisory Board Member, the Company Appointed Audit & Supervisory Board Member, BCC Co., Ltd. (current) Jun 2015: Opened Morishige & Sekine Certified Public Accountant Office (now Nozomi Joint Accounting Co., Ltd.); Certified Public Accountant (current) Appointed Director, the Company (current)
1963-06-22
Yoshitaka YAMADA
Director
Jul 2007: Director, Toyooka Tax Office Jul 2008: Investigator, Osaka Secondment, Office of the Commissioner, National Tax Agency Jul 2010: Director, Ashiya Tax Office Aug 2012: Managing Director, Tennoji Tax Payers Association (public interest incorporated association) Sep 2012: Registered as Certified Tax Accountant Sep 2012: Representative, Yoshitaka Yamada Tax Accountant Office (current) Jun 2015: Appointed Audit & Supervisory Board Member, the Company Jun 2019: Appointed Director, the Company (current)
1951-05-16
Hitoshi YAMAGISHI
Full-time Audit & Supervisory Board Member
Apr 1986: Joined Sumitomo Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Oct 2008: Joined Shinei Co., Ltd. Jan 2013: General Manager, Internal Audit Department, Shinei Co., Ltd. Jul 2017: General Manager, General Affairs and Examination Department, Shinei Co., Ltd. Apr 2023: Audit & Supervisory Board Member, Shinprogen Co., Ltd. Apr 2025: Joined the Company; assigned to Internal Audit Office Jun 2025: Appointed Full-time Audit & Supervisory Board Member, the Company (current)
1962-08-24
Keiko AKASHI
Audit & Supervisory Board Member
Jul 2008: Investigator, Osaka Secondment, National Tax Agency Jul 2012: Tax Litigation Officer, National Tax Agency Jul 2013: Liquor Industry Coordination Officer Jul 2014: Director, Nada Tax Office Jul 2016: Director, Itami Tax Office Mar 2019: Registered as Certified Tax Accountant (deregistered in 2023 following closure of office) Apr 2019: Representative, Keiko Akashi Tax Accountant Office Jun 2019: Appointed Audit & Supervisory Board Member, the Company (current) Jun 2024: Outside Director, Nintendo Co., Ltd. (current)
1958-01-07
Yuka MIZOUCHI
Audit & Supervisory Board Member
Apr 1997: Registered as Attorney-at-Law (Osaka Bar Association) Jan 2003: Joined CORE Law Office (current) Apr 2020: Vice President, Osaka Bar Association Jun 2025: Appointed Audit & Supervisory Board Member, the Company (current)
1964-01-04
Yoriko MATSUSHIMA
Audit & Supervisory Board Member
Sep 2008: Registered as Attorney-at-Law (Osaka Bar Association) Sep 2008: Joined Umegae Chuo Law Office (Attorney Corporation) (current) Aug 2019: Outside Director, BCC Co., Ltd. (current) Jun 2025: Appointed Audit & Supervisory Board Member, the Company (current)
1979-08-31
Large Shareholding Reports
Asset Value Investors Limited
2026-10-13
6.00%→6.22%
Asset Value Investors Limited
2026-09-04
5.00%→6.00%
Asset Value Investors Limited
2026-06-23
5.00%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-13
Large Shareholding Report
EDINET
2026-09-04
Large Shareholding Report
TDnet
2026-08-10
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-23
Large Shareholding Report
TDnet
2026-02-10
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-30
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-10
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-12
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-28
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-30
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-30
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-06-30
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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