W 
1,963
+3.32%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥56.65bn
FY2017FY2026
Net income
¥8.04bn
FY2017FY2026
Free cash flow
¥3.44bn
FY2017FY2026
Shareholders' equity
¥41.34bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥56.65bn | ¥47.25bn | ¥50.39bn | ¥43.73bn | ¥67.17bn | ¥67.94bn | ¥61.95bn | ¥63.90bn | ¥52.51bn | ¥32.75bn |
| Gross profit | ¥20.44bn | ¥16.14bn | ¥18.52bn | ¥15.36bn | ¥14.44bn | ¥16.66bn | ¥13.69bn | ¥12.49bn | ¥11.86bn | ¥9.09bn |
| Research and development | — | — | ¥6.0m | ¥12.0m | ¥5.0m | ¥15.0m | ¥7.0m | ¥9.0m | — | ¥1.0m |
| Operating income | ¥13.01bn | ¥8.73bn | ¥10.61bn | ¥8.52bn | ¥7.79bn | ¥10.17bn | ¥7.20bn | ¥5.87bn | ¥4.99bn | ¥2.69bn |
| Net income | ¥8.04bn | ¥5.36bn | ¥6.76bn | ¥6.02bn | ¥4.26bn | ¥6.50bn | ¥4.42bn | ¥3.63bn | ¥2.67bn | ¥1.51bn |
| Diluted earnings per share | 202.73 | 135.08 | 170.40 | 147.96 | 104.69 | 159.76 | 108.57 | 87.89 | 62.39 | 35.28 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥163.57bn | ¥148.94bn | ¥126.15bn | ¥124.05bn | ¥101.42bn | ¥97.28bn | ¥82.30bn | ¥82.16bn | ¥74.13bn | ¥64.48bn |
| Cash and short-term investments | ¥37.36bn | ¥35.76bn | ¥27.88bn | ¥46.35bn | ¥27.60bn | ¥35.94bn | ¥31.00bn | ¥33.88bn | ¥36.40bn | ¥27.84bn |
| Total liabilities | ¥121.81bn | ¥112.40bn | ¥92.75bn | ¥92.64bn | ¥73.87bn | ¥71.95bn | ¥61.94bn | ¥64.58bn | ¥58.21bn | ¥50.46bn |
| Debt | ¥98.27bn | ¥94.31bn | ¥75.53bn | ¥78.28bn | ¥59.09bn | ¥53.80bn | ¥48.68bn | ¥50.28bn | ¥42.90bn | ¥38.78bn |
| Shareholders' equity | ¥41.34bn | ¥36.22bn | ¥33.23bn | ¥31.39bn | ¥27.54bn | ¥25.32bn | ¥20.34bn | ¥17.57bn | ¥15.91bn | ¥14.01bn |
| Shares outstanding | 40m | 40m | 40m | 41m | 41m | 41m | 41m | 41m | 43m | 43m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥7.23bn | ¥3.26bn | ¥495.0m | ¥7.34bn | −¥4.86bn | ¥5.13bn | ¥1.33bn | −¥7.44bn | ¥5.22bn | −¥1.45bn |
| Capital spending | −¥3.79bn | −¥3.06bn | −¥7.03bn | −¥3.92bn | −¥5.50bn | −¥3.39bn | −¥792.0m | −¥432.0m | −¥387.0m | −¥2.10bn |
| Free cash flow | ¥3.44bn | ¥207.0m | −¥6.53bn | ¥3.42bn | −¥10.36bn | ¥1.73bn | ¥541.0m | −¥7.87bn | ¥4.84bn | −¥3.55bn |
| Dividends paid | −¥3.96bn | −¥2.58bn | −¥2.23bn | −¥2.24bn | −¥2.03bn | −¥1.41bn | −¥1.10bn | −¥885.0m | −¥760.0m | −¥884.0m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥27.31bn | ¥14.16bn | ¥9.33bn | ¥5.85bn | ¥25.25bn | ¥7.13bn | ¥9.60bn | ¥5.26bn |
| Gross profit | ¥10.70bn | ¥5.06bn | ¥3.09bn | ¥1.67bn | ¥8.82bn | ¥2.47bn | ¥3.24bn | ¥1.76bn |
| Operating income | ¥8.38bn | ¥3.31bn | ¥1.16bn | ¥138.0m | ¥6.63bn | ¥583.0m | ¥1.22bn | ¥222.0m |
| Net income | ¥5.72bn | ¥1.96bn | ¥568.0m | −¥210.0m | ¥4.58bn | ¥229.0m | ¥668.0m | −¥121.0m |
| Diluted earnings per share | 144.33 | 49.37 | 14.32 | -5.30 | 115.51 | 5.77 | 16.84 | -3.05 |
| Cash from operations | — | — | — | — | ¥3.26bn | — | — | — |
| Capital spending | — | — | — | — | −¥3.08bn | — | — | — |
| Free cash flow | — | — | — | — | ¥182.0m | — | — | — |
| Total assets | ¥163.57bn | ¥149.48bn | ¥146.04bn | ¥143.39bn | ¥148.94bn | ¥143.85bn | ¥127.64bn | ¥124.88bn |
| Cash and short-term investments | ¥37.36bn | ¥37.47bn | ¥42.14bn | ¥30.46bn | ¥35.76bn | ¥37.82bn | ¥29.60bn | ¥28.51bn |
| Debt | ¥33.83bn | ¥29.17bn | ¥93.77bn | ¥25.34bn | ¥94.16bn | ¥23.46bn | ¥83.25bn | ¥20.55bn |
| Shareholders' equity | ¥41.34bn | ¥35.06bn | ¥34.37bn | ¥33.57bn | ¥36.22bn | ¥31.47bn | ¥31.23bn | ¥30.52bn |
Financial ratios
Data as of 12 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 34.2% | 36.8% | 35.1% | 21.5% | 24.5% | 22.1% | — |
| Operating margin | 18.5% | 21.0% | 19.5% | 11.6% | 14.6% | 11.6% | — |
| Net margin | 11.3% | 13.4% | 13.8% | 6.3% | 9.6% | 7.1% | — |
| Return on equity | 14.8% | 20.3% | 19.2% | 15.5% | 25.7% | 21.7% | — |
| Return on assets | 3.6% | 5.4% | 4.8% | 4.2% | 6.7% | 5.4% | — |
| Free cash flow yield | 7.2% | 8.5% | 12.5% | 0.7% | 9.4% | 2.4% | — |
| Revenue growth | -6.2% | 15.2% | -34.9% | -1.1% | 9.7% | -3.1% | — |
| Earnings growth | -20.7% | 12.3% | 41.3% | -34.5% | 47.0% | 21.6% | — |
| Current ratio | 2.25x | 2.22x | 2.72x | 2.27x | 2.09x | 2.49x | — |
| Debt to equity | 2.60x | 2.27x | 2.49x | 2.15x | 2.12x | 2.39x | — |
| Equity ratio | 24.3% | 26.3% | 25.3% | 27.2% | 26.0% | 24.7% | — |
| Interest coverage | 8.01x | 14.46x | 13.99x | 17.12x | 23.88x | 15.48x | — |
| R&D as a share of sales | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | 2.5% | 0.0% | -0.0% | 0.1% | 1.6% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.0% | -3.6% | 4.4% |
| Operating income | 15.2% | 5.1% | 10.1% |
| Net income | 10.1% | 4.4% | 11.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 35.2% | 35.6% | 30.5% | 27.6% |
| Operating margin | 20.9% | 20.6% | 17.7% | 14.5% |
| Net margin | 12.9% | 13.2% | 11.1% | 8.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.4 | 11.3 | 10.6 | 20.9 | 41.9 | 35.9 | 33.6 | 12.3 | 11.9 | 12.7 |
| Price to sales | 1.5 | 1.3 | 1.4 | 2.9 | 2.7 | 3.4 | 2.4 | 0.7 | 0.6 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 17 years. Last went ex-dividend on 26 Feb 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 35.00 | 130.00 | 55.00 | 55.00 | 50.00 | 34.615 | 26.627 | 20.71 |
- 1.3-for-1 split · 25 Feb 2021
- 1.3-for-1 split · 27 Feb 2020
- 2-for-1 split · 28 Aug 2013
- 1.5-for-1 split · 29 Aug 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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