T 
508
-0.20%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥10.46bn
FY2017FY2026
Net income
¥431.9m
FY2017FY2026
Free cash flow
−¥171.7m
FY2017FY2026
Shareholders' equity
¥1.09bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥10.46bn | ¥8.04bn | ¥7.07bn | ¥6.59bn | ¥5.88bn | ¥5.24bn | ¥5.53bn | ¥7.17bn | ¥7.35bn | ¥7.83bn |
| Gross profit | ¥1.47bn | ¥1.16bn | ¥987.5m | ¥845.7m | ¥663.4m | ¥748.5m | ¥340.2m | ¥1.36bn | ¥1.26bn | ¥1.32bn |
| Research and development | — | — | — | — | — | — | — | — | — | ¥99.3m |
| Operating income | ¥424.6m | ¥211.2m | ¥69.3m | −¥85.9m | −¥261.7m | −¥145.2m | −¥815.2m | ¥203.3m | ¥122.6m | −¥221.7m |
| Net income | ¥431.9m | ¥335.7m | ¥4.0m | ¥5.6m | ¥32.3m | −¥281.6m | −¥1.58bn | ¥168.2m | −¥193.6m | −¥1.58bn |
| Diluted earnings per share | 31.99 | 25.00 | 0.30 | 0.42 | 2.45 | -21.36 | -120.02 | 21.69 | -24.96 | -255.07 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.51bn | ¥4.55bn | ¥4.37bn | ¥4.39bn | ¥4.50bn | ¥4.94bn | ¥5.79bn | ¥5.47bn | ¥5.54bn | ¥5.80bn |
| Cash and short-term investments | ¥1.43bn | ¥979.2m | ¥738.6m | ¥880.4m | ¥951.4m | ¥1.44bn | ¥1.85bn | ¥1.32bn | ¥1.61bn | ¥1.46bn |
| Total liabilities | ¥4.30bn | ¥3.89bn | ¥4.15bn | ¥4.17bn | ¥4.28bn | ¥4.75bn | ¥5.30bn | ¥4.92bn | ¥5.17bn | ¥5.78bn |
| Debt | ¥2.36bn | ¥2.32bn | ¥2.65bn | ¥2.91bn | ¥3.09bn | ¥3.52bn | ¥4.00bn | ¥3.73bn | ¥4.01bn | ¥4.67bn |
| Shareholders' equity | ¥1.09bn | ¥656.1m | ¥223.5m | ¥220.2m | ¥220.9m | ¥190.2m | ¥484.8m | ¥553.4m | ¥376.8m | ¥17.0m |
| Shares outstanding | 14m | 13m | 13m | 13m | 13m | 13m | 13m | 8m | 8m | 6m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥400.9m | ¥681.7m | ¥425.9m | ¥217.4m | ¥187.0m | −¥165.2m | −¥746.6m | ¥375.9m | ¥327.8m | ¥491.2m |
| Capital spending | −¥572.6m | −¥372.6m | −¥204.2m | −¥128.7m | −¥59.2m | −¥17.2m | −¥285.8m | −¥308.1m | −¥115.9m | −¥118.8m |
| Free cash flow | −¥171.7m | ¥309.1m | ¥221.7m | ¥88.7m | ¥127.8m | −¥182.4m | −¥1.03bn | ¥67.8m | ¥211.9m | ¥372.4m |
| Dividends paid | — | — | — | — | — | — | — | −¥151,000 | −¥406,000 | −¥522,000 |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.72bn | ¥2.84bn | ¥2.78bn | ¥2.13bn | ¥1.97bn | ¥2.02bn | ¥2.23bn | ¥1.82bn |
| Gross profit | ¥241.0m | ¥463.1m | ¥481.1m | ¥283.5m | ¥221.0m | ¥301.5m | ¥460.1m | ¥175.2m |
| Operating income | −¥27.8m | ¥211.6m | ¥230.2m | ¥10.6m | −¥9.1m | ¥82.7m | ¥220.6m | −¥83.0m |
| Net income | ¥20.4m | ¥112.4m | ¥73.1m | ¥226.0m | ¥33.0m | ¥89.6m | ¥269.2m | −¥56.1m |
| Diluted earnings per share | 1.51 | 8.32 | 5.42 | 16.83 | 2.46 | 6.68 | 20.04 | -4.25 |
| Cash from operations | — | — | — | — | ¥681.0m | — | — | — |
| Capital spending | — | — | — | — | −¥372.0m | — | — | — |
| Free cash flow | — | — | — | — | ¥309.0m | — | — | — |
| Total assets | ¥5.51bn | ¥5.64bn | ¥5.78bn | ¥5.46bn | ¥4.55bn | ¥4.44bn | ¥4.60bn | ¥4.41bn |
| Cash and short-term investments | ¥1.43bn | ¥1.54bn | ¥1.86bn | ¥1.53bn | ¥979.2m | ¥943.4m | ¥892.9m | ¥710.6m |
| Debt | ¥1.14bn | ¥964.8m | ¥2.76bn | ¥971.3m | ¥2.32bn | ¥808.8m | ¥2.76bn | ¥1.10bn |
| Shareholders' equity | ¥1.09bn | ¥1.07bn | ¥954.9m | ¥882.1m | ¥656.1m | ¥559.9m | ¥437.0m | ¥163.8m |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 14.4% | 14.0% | 12.8% | 11.3% | 14.3% | 6.1% | — | — | — | — | — | — |
| Operating margin | 2.6% | 1.0% | -1.3% | -4.5% | -2.8% | -14.7% | — | — | — | — | — | — |
| Net margin | 4.2% | 0.1% | 0.1% | 0.6% | -5.4% | -28.6% | — | — | — | — | — | — |
| Return on equity | 51.2% | 1.8% | 2.5% | 14.6% | -148.1% | -326.0% | — | — | — | — | — | — |
| Return on assets | 7.4% | 0.1% | 0.1% | 0.7% | -5.7% | -27.3% | — | — | — | — | — | — |
| Free cash flow yield | 14.8% | 9.0% | 5.0% | 3.5% | -2.1% | -6.6% | — | — | — | — | — | — |
| Revenue growth | 13.8% | 7.2% | 12.1% | 12.2% | -5.3% | -22.8% | — | — | — | — | — | — |
| Earnings growth | 8253.4% | -27.6% | -82.8% | -111.5% | -82.2% | -1039.8% | — | — | — | — | — | — |
| Current ratio | 0.96x | 0.76x | 0.54x | 1.19x | 1.44x | 0.54x | — | — | — | — | — | — |
| Debt to equity | 3.53x | 11.78x | 13.16x | 13.82x | 18.19x | 8.04x | — | — | — | — | — | — |
| Equity ratio | 14.4% | 5.1% | 5.0% | 4.9% | 3.8% | 8.4% | — | — | — | — | — | — |
| Interest coverage | 4.80x | 2.08x | -2.44x | -6.91x | -3.40x | -19.68x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 1.3% | 0.7% | 0.9% | 0.7% | 0.4% | 0.3% |
| Buybacks as a share of market value | -1.8% | -0.0% | -0.0% | -0.0% | -0.1% | -69.8% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 16.6% | 14.8% | 2.7% |
| Operating income | — | — | 14.8% |
| Net income | 326.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.2% | 13.9% | 13.6% | 14.7% |
| Operating margin | 3.4% | 1.9% | 0.5% | -0.5% |
| Net margin | 4.1% | 2.4% | 1.2% | -3.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.5 | 19.6 | — | — | 114.6 | -17.6 | -2.3 | 16.9 | -12.0 | -1.4 |
| Price to sales | 0.7 | 0.8 | 0.8 | 0.7 | 0.6 | 0.9 | 0.7 | 0.4 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 25 Feb 2016.
| FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 10.50 | 10.00 | 7.50 | 16.25 | 12.50 | 6.25 | 5.00 | 6.25 |
- 200-for-1 split · 13 Jun 2013
- 4-for-1 split · 26 Aug 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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