T 
202
+1.00%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥31.46bn
FY2016FY2025
Net income
−¥93.3m
FY2016FY2025
Free cash flow
−¥889.1m
FY2016FY2025
Shareholders' equity
¥13.04bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥31.46bn | ¥33.28bn | ¥34.40bn | ¥34.72bn | ¥31.05bn | ¥28.74bn | ¥30.42bn | ¥25.02bn | ¥24.49bn | ¥24.90bn |
| Gross profit | ¥8.13bn | ¥8.70bn | ¥8.85bn | ¥8.85bn | ¥8.53bn | ¥7.45bn | ¥7.97bn | ¥6.93bn | ¥7.39bn | ¥7.47bn |
| Research and development | ¥23.0m | ¥27.0m | ¥24.5m | ¥34.1m | ¥23.0m | ¥29.4m | ¥20.1m | ¥20.4m | ¥17.9m | ¥17.6m |
| Operating income | −¥111.7m | ¥177.4m | ¥404.6m | ¥164.3m | ¥599.0m | −¥651.0m | ¥342.9m | −¥522.9m | ¥57.8m | ¥153.2m |
| Net income | −¥93.3m | ¥758.5m | ¥233.5m | ¥230.4m | ¥477.9m | −¥788.5m | ¥179.8m | −¥466.9m | ¥66.5m | ¥30.7m |
| Diluted earnings per share | -3.62 | 30.34 | 9.34 | 9.22 | 19.12 | -31.54 | 7.19 | -18.67 | 2.66 | 1.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥26.99bn | ¥27.19bn | ¥24.97bn | ¥21.65bn | ¥22.20bn | ¥19.47bn | ¥21.18bn | ¥21.21bn | ¥20.71bn | ¥21.21bn |
| Cash and short-term investments | ¥5.33bn | ¥6.83bn | ¥3.32bn | ¥2.83bn | ¥5.68bn | ¥3.53bn | ¥3.57bn | ¥3.41bn | ¥4.62bn | ¥5.95bn |
| Total liabilities | ¥13.95bn | ¥14.26bn | ¥12.63bn | ¥9.55bn | ¥10.25bn | ¥8.00bn | ¥8.76bn | ¥8.76bn | ¥7.59bn | ¥7.99bn |
| Debt | ¥3.08bn | ¥4.00bn | ¥2.99bn | ¥49.0m | ¥48.9m | ¥58.4m | ¥49.1m | ¥48.1m | ¥252.3m | ¥271.9m |
| Shareholders' equity | ¥13.04bn | ¥12.93bn | ¥12.34bn | ¥12.09bn | ¥11.95bn | ¥11.47bn | ¥12.42bn | ¥12.45bn | ¥13.12bn | ¥13.23bn |
| Shares outstanding | 26m | 25m | 25m | 25m | 25m | 25m | 25m | 25m | 25m | 26m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥1.25bn | ¥3.22bn | −¥1.86bn | −¥2.24bn | ¥2.45bn | ¥176.0m | ¥612.7m | −¥454.8m | −¥971.5m | ¥1.33bn |
| Capital spending | −¥2.14bn | −¥1.70bn | −¥197.6m | −¥477.5m | −¥260.0m | −¥471.9m | −¥277.4m | −¥172.2m | −¥201.1m | −¥315.9m |
| Free cash flow | −¥889.1m | ¥1.53bn | −¥2.06bn | −¥2.72bn | ¥2.19bn | −¥295.9m | ¥335.3m | −¥627.1m | −¥1.17bn | ¥1.02bn |
| Dividends paid | −¥249.3m | −¥149.3m | −¥150.1m | −¥150.5m | −¥25.8m | −¥149.6m | −¥124.2m | −¥125.1m | −¥102.5m | −¥128.2m |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥5.56bn | ¥7.50bn | ¥6.51bn | ¥13.03bn | ¥5.79bn | ¥7.64bn | ¥5.01bn | ¥12.24bn |
| Gross profit | ¥1.61bn | ¥1.56bn | ¥1.26bn | ¥3.26bn | ¥1.66bn | ¥1.79bn | ¥1.41bn | ¥3.63bn |
| Operating income | −¥514.2m | −¥434.3m | −¥752.3m | ¥1.20bn | −¥492.4m | −¥229.4m | −¥587.0m | ¥1.29bn |
| Net income | −¥267.7m | −¥320.4m | −¥575.7m | ¥949.9m | −¥345.4m | −¥233.9m | −¥463.9m | ¥1.61bn |
| Diluted earnings per share | -10.39 | -12.43 | -22.34 | 36.86 | -13.40 | -9.07 | -18.00 | 64.44 |
| Cash from operations | — | — | — | ¥1.25bn | — | — | — | — |
| Capital spending | — | — | — | −¥2.14bn | — | — | — | — |
| Free cash flow | — | — | — | −¥889.0m | — | — | — | — |
| Total assets | ¥29.02bn | ¥25.88bn | ¥28.27bn | ¥26.99bn | ¥30.41bn | ¥26.77bn | ¥26.32bn | ¥27.19bn |
| Cash and short-term investments | ¥3.26bn | ¥3.39bn | ¥4.67bn | ¥5.33bn | ¥3.93bn | ¥3.92bn | ¥3.56bn | ¥6.83bn |
| Debt | ¥4.02bn | ¥5.53bn | ¥4.63bn | ¥3.03bn | ¥4.73bn | ¥5.73bn | ¥2.43bn | ¥929.0m |
| Shareholders' equity | ¥12.04bn | ¥12.14bn | ¥12.40bn | ¥13.04bn | ¥12.04bn | ¥12.26bn | ¥12.32bn | ¥12.93bn |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 25.8% | 26.1% | 25.7% | 25.5% | 27.5% | 25.9% |
| Operating margin | 0.4% | 3.5% | 1.3% | 1.5% | 2.1% | -1.7% |
| Net margin | -0.3% | 2.3% | 0.7% | 0.7% | 1.5% | -2.7% |
| Return on equity | -0.7% | 5.9% | 1.9% | 1.9% | 4.0% | -6.9% |
| Return on assets | -0.3% | 2.8% | 0.9% | 1.1% | 2.2% | -4.0% |
| Free cash flow yield | 50.6% | 75.7% | -25.5% | -27.1% | 41.7% | 10.0% |
| Revenue growth | -5.5% | -3.3% | -0.9% | 11.8% | 8.0% | -5.5% |
| Earnings growth | -112.3% | 224.8% | 1.3% | -51.8% | -160.6% | -538.5% |
| Current ratio | 1.54x | 1.68x | 1.87x | 1.49x | 1.40x | 1.46x |
| Debt to equity | 0.23x | 0.30x | 0.24x | 0.00x | 0.00x | 0.00x |
| Equity ratio | 48.3% | 47.5% | 49.4% | 55.9% | 53.8% | 58.9% |
| Interest coverage | 1.75x | 32.01x | 19.38x | 40.61x | 75.35x | -46.46x |
| R&D as a share of sales | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | -3.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.2% | 1.8% | 2.7% |
| Operating income | — | -29.7% | — |
| Net income | — | -34.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 26.0% | 25.8% | 26.1% | 27.1% |
| Operating margin | 0.1% | 0.5% | 0.3% | 0.2% |
| Net margin | 1.0% | 0.8% | 0.4% | 0.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -60.8 | 7.3 | 25.5 | 20.2 | 9.7 | -6.1 | 31.4 | -7.7 | 79.3 | 160.2 |
| Price to sales | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 16 years. Last went ex-dividend on 30 Oct 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 20.00 | 6.00 | 6.00 | 6.00 | 1.00 | 5.00 | 5.00 | 5.00 |
- 1.1-for-1 split · 28 Oct 1996
- 1.3-for-1 split · 25 Apr 1995
- 1.4-for-1 split · 26 Oct 1994
- 1.4-for-1 split · 26 Oct 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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