F 
495
-0.60%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥23.76bn
FY2017FY2026
Net income
¥317.0m
FY2017FY2026
Free cash flow
−¥1.18bn
FY2017FY2026
Shareholders' equity
¥2.49bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥23.76bn | ¥24.62bn | ¥25.19bn | ¥24.89bn | ¥24.42bn | ¥25.33bn | ¥25.60bn | ¥25.74bn | ¥26.04bn | ¥26.70bn |
| Gross profit | ¥3.49bn | ¥3.58bn | ¥3.83bn | ¥3.90bn | ¥3.81bn | ¥4.43bn | ¥4.23bn | ¥4.55bn | ¥4.86bn | ¥5.11bn |
| Research and development | — | ¥219.0m | ¥197.0m | ¥218.0m | ¥210.0m | ¥219.0m | ¥240.0m | ¥243.0m | ¥229.0m | ¥240.0m |
| Operating income | −¥794.0m | −¥621.0m | −¥419.0m | −¥365.0m | −¥625.0m | −¥243.0m | −¥751.0m | −¥149.0m | ¥262.0m | ¥396.0m |
| Net income | ¥317.0m | −¥640.0m | ¥150.0m | −¥1.19bn | −¥718.0m | −¥240.0m | −¥1.40bn | −¥319.0m | ¥206.0m | ¥303.0m |
| Diluted earnings per share | 95.01 | -191.82 | 44.95 | -357.83 | -215.16 | -71.92 | -420.72 | -95.59 | 61.73 | 90.79 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥12.68bn | ¥12.52bn | ¥13.57bn | ¥13.71bn | ¥14.45bn | ¥15.85bn | ¥15.46bn | ¥18.12bn | ¥18.04bn | ¥17.41bn |
| Cash and short-term investments | ¥2.22bn | ¥1.87bn | ¥2.68bn | ¥2.32bn | ¥2.35bn | ¥2.63bn | ¥2.51bn | ¥2.86bn | ¥3.24bn | ¥3.72bn |
| Total liabilities | ¥10.19bn | ¥10.67bn | ¥11.20bn | ¥11.48bn | ¥11.00bn | ¥11.50bn | ¥11.34bn | ¥12.20bn | ¥11.32bn | ¥11.16bn |
| Debt | ¥6.03bn | ¥5.84bn | ¥5.97bn | ¥6.33bn | ¥6.03bn | ¥6.36bn | ¥6.13bn | ¥6.30bn | ¥5.09bn | ¥5.37bn |
| Shareholders' equity | ¥2.49bn | ¥1.85bn | ¥2.37bn | ¥2.23bn | ¥3.45bn | ¥4.35bn | ¥4.12bn | ¥5.91bn | ¥6.71bn | ¥6.25bn |
| Shares outstanding | 3m | 3m | 3m | 3m | 3m | 3m | 3m | 3m | 3m | 3m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥763.0m | −¥239.0m | −¥178.0m | −¥49.0m | ¥205.0m | ¥349.0m | ¥260.0m | ¥2.0m | ¥379.0m | ¥723.0m |
| Capital spending | −¥412.0m | −¥305.0m | −¥411.0m | −¥345.0m | −¥399.0m | −¥234.0m | −¥651.0m | −¥1.50bn | −¥624.0m | −¥538.0m |
| Free cash flow | −¥1.18bn | −¥544.0m | −¥589.0m | −¥394.0m | −¥194.0m | ¥115.0m | −¥391.0m | −¥1.50bn | −¥245.0m | ¥185.0m |
| Dividends paid | — | — | — | — | — | — | −¥50.0m | −¥50.0m | −¥50.0m | −¥50.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥5.82bn | ¥5.34bn | ¥6.63bn | ¥5.90bn | ¥5.89bn | ¥5.45bn | ¥6.86bn | ¥6.22bn |
| Gross profit | ¥850.0m | ¥725.0m | ¥1.06bn | ¥859.0m | ¥853.0m | ¥724.0m | ¥1.12bn | ¥862.0m |
| Operating income | −¥157.0m | −¥315.0m | −¥74.0m | −¥199.0m | −¥206.0m | −¥293.0m | ¥22.0m | −¥181.0m |
| Net income | −¥150.0m | ¥444.0m | ¥94.0m | −¥321.0m | ¥100.0m | −¥319.0m | ¥23.0m | −¥196.0m |
| Diluted earnings per share | -44.96 | 133.07 | 28.17 | -96.21 | 29.97 | -95.61 | 6.89 | -58.74 |
| Total assets | ¥12.71bn | ¥12.68bn | ¥13.69bn | ¥12.36bn | ¥12.28bn | ¥12.52bn | ¥13.60bn | ¥12.54bn |
| Cash and short-term investments | ¥1.53bn | ¥2.22bn | ¥1.24bn | ¥1.41bn | ¥1.54bn | ¥1.87bn | ¥1.73bn | ¥2.04bn |
| Debt | ¥4.74bn | ¥5.95bn | ¥5.85bn | ¥5.82bn | ¥4.90bn | ¥5.74bn | ¥4.75bn | ¥5.57bn |
| Shareholders' equity | ¥2.46bn | ¥2.49bn | ¥2.03bn | ¥1.84bn | ¥1.94bn | ¥1.85bn | ¥2.11bn | ¥2.06bn |
Financial ratios
Data as of 29 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 14.7% | 14.5% | 15.2% | 15.7% | 15.6% | 17.5% | — |
| Operating margin | -3.3% | -2.5% | -1.7% | -1.5% | -1.5% | -1.0% | — |
| Net margin | 1.3% | -2.6% | 0.6% | -4.8% | -2.9% | -0.9% | — |
| Return on equity | 12.7% | -34.7% | 6.3% | -53.6% | -20.8% | -5.5% | — |
| Return on assets | 2.5% | -5.1% | 1.1% | -8.7% | -5.0% | -1.5% | — |
| Free cash flow yield | -21.0% | 3.9% | 13.9% | 17.7% | 36.1% | 34.9% | — |
| Revenue growth | -3.5% | -2.3% | 1.2% | 1.9% | -3.6% | -1.1% | — |
| Earnings growth | -149.5% | -526.7% | -112.6% | 66.3% | 199.2% | -82.9% | — |
| Current ratio | 0.84x | 0.69x | 0.91x | 0.83x | 0.85x | 0.90x | — |
| Debt to equity | 2.39x | 3.11x | 2.50x | 2.80x | 1.71x | 1.42x | — |
| Equity ratio | 19.6% | 14.8% | 17.5% | 16.2% | 23.9% | 27.4% | — |
| Interest coverage | -9.23x | -8.87x | -6.16x | -5.53x | -5.55x | -3.68x | — |
| R&D as a share of sales | — | 0.9% | 0.8% | 0.9% | 0.9% | 0.9% | 0.9% |
| Buybacks as a share of market value | -0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.5% | -1.3% | -1.7% |
| Operating income | 29.6% | 26.7% | — |
| Net income | — | — | 10.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.6% | 15.0% | 15.5% | 16.8% |
| Operating margin | -2.9% | -2.2% | -2.1% | -1.0% |
| Net margin | -0.7% | -1.4% | -1.6% | -1.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.2 | -3.2 | 20.6 | -4.1 | -6.8 | -25.9 | -4.5 | -21.6 | 38.3 | 26.7 |
| Price to sales | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Mar 2019.
| FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 15.00 | 15.00 | 15.00 | 15.00 | 15.00 | 15.00 | 15.00 | 15.00 |
- 5-to-1 reverse split · 27 Sept 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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