T 
203
+3.05%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥13.17bn
FY2017FY2026
Net income
−¥77.3m
FY2017FY2026
Free cash flow
−¥42.6m
FY2017FY2026
Shareholders' equity
¥4.78bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥13.17bn | ¥13.01bn | ¥13.08bn | ¥11.43bn | ¥12.58bn | ¥11.05bn | ¥11.05bn | ¥8.67bn | ¥3.60bn | ¥2.30bn |
| Gross profit | ¥2.43bn | ¥2.17bn | ¥2.25bn | ¥1.99bn | ¥3.84bn | ¥2.78bn | ¥1.78bn | ¥1.50bn | ¥822.5m | ¥748.9m |
| Research and development | — | ¥83.4m | ¥61.3m | ¥37.8m | ¥40.2m | ¥26.8m | ¥38.3m | ¥51.6m | ¥55.2m | ¥48.0m |
| Operating income | ¥138.0m | −¥640.5m | ¥103.2m | −¥303.7m | ¥1.84bn | ¥895.6m | ¥62.7m | ¥270.1m | ¥60.6m | ¥153.9m |
| Net income | −¥77.3m | −¥1.09bn | ¥4.1m | −¥409.7m | ¥1.88bn | ¥546.3m | −¥440.7m | ¥202.2m | ¥20.9m | ¥80.7m |
| Diluted earnings per share | -4.64 | -65.43 | 0.25 | -24.31 | 111.30 | 32.48 | -25.38 | 11.64 | 1.22 | 5.43 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥9.74bn | ¥9.59bn | ¥9.84bn | ¥10.68bn | ¥10.44bn | ¥8.93bn | ¥7.57bn | ¥6.48bn | ¥5.93bn | ¥3.90bn |
| Cash and short-term investments | ¥2.13bn | ¥2.56bn | ¥2.48bn | ¥3.46bn | ¥4.62bn | ¥3.03bn | ¥1.80bn | ¥1.28bn | ¥1.77bn | ¥1.06bn |
| Total liabilities | ¥4.90bn | ¥4.73bn | ¥3.84bn | ¥4.56bn | ¥3.80bn | ¥3.89bn | ¥3.15bn | ¥1.59bn | ¥1.59bn | ¥729.1m |
| Debt | ¥2.09bn | ¥2.58bn | ¥2.26bn | ¥2.43bn | ¥1.86bn | ¥2.06bn | ¥1.83bn | ¥675.7m | ¥951.9m | ¥245.8m |
| Shareholders' equity | ¥4.78bn | ¥4.76bn | ¥5.89bn | ¥6.02bn | ¥6.53bn | ¥4.92bn | ¥4.42bn | ¥4.89bn | ¥4.34bn | ¥3.17bn |
| Shares outstanding | 17m | 17m | 17m | 17m | 17m | 17m | 17m | 17m | 17m | 15m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥25.9m | ¥94.1m | −¥392.5m | −¥1.43bn | ¥1.79bn | ¥1.22bn | −¥21.0m | ¥147.7m | ¥219.1m | ¥232.8m |
| Capital spending | −¥68.5m | −¥175.4m | −¥265.7m | −¥306.3m | −¥532.0m | −¥145.8m | −¥256.7m | −¥320.5m | −¥74.1m | −¥127.1m |
| Free cash flow | −¥42.6m | −¥81.4m | −¥658.1m | −¥1.74bn | ¥1.26bn | ¥1.08bn | −¥277.7m | −¥172.8m | ¥145.0m | ¥105.7m |
| Dividends paid | −¥177,000 | −¥49.6m | −¥83.8m | −¥100.9m | −¥52.1m | −¥52.0m | −¥52.0m | −¥52.0m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.66bn | ¥3.48bn | ¥3.47bn | ¥3.03bn | ¥3.20bn | ¥3.20bn | ¥3.50bn | ¥3.43bn |
| Gross profit | ¥714.6m | ¥595.5m | ¥614.4m | ¥613.8m | ¥610.0m | ¥459.0m | ¥593.2m | ¥613.2m |
| Operating income | ¥163.5m | ¥33.4m | ¥33.2m | ¥26.1m | ¥45.3m | −¥133.4m | −¥14.9m | −¥5.0m |
| Net income | ¥136.0m | −¥105.3m | −¥1.5m | ¥2.6m | ¥27.0m | −¥798.0m | −¥109.4m | −¥82.8m |
| Diluted earnings per share | 8.17 | -6.32 | -0.09 | 0.16 | 1.62 | -47.92 | -6.57 | -4.97 |
| Total assets | ¥9.73bn | ¥9.74bn | ¥10.34bn | ¥9.64bn | ¥9.72bn | ¥9.59bn | ¥10.45bn | ¥10.58bn |
| Cash and short-term investments | ¥2.26bn | ¥2.13bn | ¥2.24bn | ¥2.21bn | ¥2.30bn | ¥2.56bn | ¥2.25bn | ¥2.27bn |
| Debt | ¥1.76bn | ¥2.09bn | ¥1.84bn | ¥2.86bn | ¥1.60bn | ¥2.58bn | ¥1.43bn | ¥2.68bn |
| Shareholders' equity | ¥4.88bn | ¥4.78bn | ¥4.94bn | ¥4.80bn | ¥4.79bn | ¥4.76bn | ¥5.56bn | ¥5.66bn |
Financial ratios
Data as of 16 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 18.5% | 16.7% | 17.2% | 17.5% | 30.5% | 25.1% | — |
| Operating margin | 1.0% | -2.0% | 0.8% | -0.2% | 14.6% | 8.1% | — |
| Net margin | -0.6% | -8.4% | 0.0% | -3.6% | 14.9% | 4.9% | — |
| Return on equity | -1.6% | -22.9% | 0.1% | -6.8% | 28.7% | 11.1% | — |
| Return on assets | -0.8% | -11.4% | 0.0% | -3.8% | 18.0% | 6.1% | — |
| Free cash flow yield | 2.5% | 7.2% | -3.4% | -29.8% | 61.5% | 36.3% | — |
| Revenue growth | 1.3% | -0.6% | 14.5% | -9.1% | 13.9% | -0.0% | — |
| Earnings growth | -92.9% | -26774.2% | -101.0% | -121.8% | 243.5% | -224.0% | — |
| Current ratio | 1.74x | 2.05x | 2.69x | 2.76x | 2.90x | 2.69x | — |
| Debt to equity | 0.44x | 0.54x | 0.38x | 0.40x | 0.28x | 0.39x | — |
| Equity ratio | 49.1% | 49.7% | 59.9% | 56.3% | 62.6% | 55.1% | — |
| Interest coverage | 3.01x | -6.96x | 2.17x | -0.88x | 81.17x | 31.55x | — |
| R&D as a share of sales | — | 0.6% | 0.5% | 0.3% | 0.3% | 0.2% | 0.3% |
| Buybacks as a share of market value | 0.0% | 0.0% | 1.2% | 0.0% | -0.2% | 3.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.8% | 3.6% | 19.1% |
| Operating income | — | -31.2% | 10.6% |
| Net income | -42.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.6% | 17.4% | 20.8% | 20.5% |
| Operating margin | -1.9% | -1.4% | 2.7% | 2.6% |
| Net margin | -4.5% | -3.1% | 1.1% | 0.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -44.6 | -4.7 | — | -10.7 | 2.9 | 13.8 | -18.1 | 34.5 | 340.9 | 104.8 |
| Price to sales | 0.3 | 0.4 | 0.2 | 0.4 | 0.4 | 0.7 | 0.7 | 0.8 | 2.0 | 3.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 28 Mar 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Paid in the year | 6.00 | 3.00 | 3.00 | 3.00 |
- 100-for-1 split · 27 Mar 2013
- 1000-to-1 reverse split · 2 Oct 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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