W 
67
+8.06%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.31bn
FY2016FY2025
Net income
¥47.8m
FY2016FY2025
Free cash flow
−¥212.7m
FY2016FY2025
Shareholders' equity
¥3.27bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.31bn | ¥1.97bn | ¥2.02bn | ¥2.98bn | ¥2.41bn | ¥2.80bn | ¥2.63bn | ¥2.72bn | ¥1.38bn | ¥405.2m |
| Gross profit | ¥382.0m | ¥661.3m | ¥644.0m | ¥821.0m | ¥791.1m | ¥932.2m | ¥923.3m | ¥814.3m | ¥422.8m | ¥153.0m |
| Research and development | ¥265,000 | ¥12.4m | ¥5.4m | ¥4.7m | ¥10.1m | — | — | — | — | — |
| Operating income | ¥32.4m | ¥200.6m | −¥121.6m | −¥133.5m | −¥106.4m | −¥94.4m | −¥144.5m | −¥230.2m | −¥34.1m | −¥51.9m |
| Net income | ¥47.8m | ¥431.6m | −¥351.6m | −¥115.2m | −¥158.2m | −¥108.5m | −¥476.7m | −¥315.2m | −¥97.1m | −¥54.4m |
| Diluted earnings per share | 2.20 | 21.77 | -24.58 | -8.06 | -13.30 | -15.28 | -68.21 | -49.09 | -24.81 | -16.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥3.83bn | ¥4.57bn | ¥880.5m | ¥890.8m | ¥1.01bn | ¥1.08bn | ¥755.8m | ¥1.45bn | ¥1.58bn | ¥192.0m |
| Cash and short-term investments | ¥365.5m | ¥1.08bn | ¥224.1m | ¥221.0m | ¥522.7m | ¥500.9m | ¥187.6m | ¥434.7m | ¥395.9m | ¥11.1m |
| Total liabilities | ¥554.2m | ¥1.90bn | ¥953.7m | ¥756.8m | ¥759.9m | ¥1.04bn | ¥1.04bn | ¥1.29bn | ¥1.32bn | ¥151.9m |
| Debt | ¥46.1m | ¥1.29bn | ¥674.5m | ¥565.0m | ¥523.0m | ¥737.1m | ¥806.5m | ¥1.01bn | ¥1.08bn | ¥102.5m |
| Shareholders' equity | ¥3.27bn | ¥2.68bn | −¥73.2m | ¥134.0m | ¥252.9m | ¥45.3m | −¥286.9m | ¥160.2m | ¥254.2m | ¥40.1m |
| Shares outstanding | 22m | 20m | 14m | 14m | 12m | 7m | 7m | 6m | 4m | 3m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥201.5m | ¥36.8m | −¥36.6m | −¥365.1m | −¥266.8m | −¥37.7m | −¥78.6m | −¥63.8m | ¥47.2m | −¥49.7m |
| Capital spending | −¥11.2m | −¥192.0m | −¥507,000 | −¥7.1m | −¥672,000 | −¥5.1m | −¥978,000 | −¥7.9m | −¥10.3m | −¥572,000 |
| Free cash flow | −¥212.7m | −¥155.3m | −¥37.1m | −¥372.2m | −¥267.5m | −¥42.8m | −¥79.6m | −¥71.7m | ¥36.9m | −¥50.2m |
| Dividends paid | −¥39.9m | — | — | — | — | — | — | — | — | −¥3,000 |
Latest quarters
By quarter end
| Nov 2025 | Aug 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥856.1m | ¥448.0m | ¥857.2m | ¥537.2m | ¥423.4m | ¥401.2m | ¥612.7m | ¥483.1m |
| Gross profit | ¥185.5m | ¥91.2m | ¥290.8m | ¥200.4m | ¥108.7m | ¥121.1m | ¥231.1m | ¥151.3m |
| Operating income | ¥4.5m | −¥24.3m | ¥56.7m | ¥134.8m | ¥33.1m | ¥16.6m | ¥16.0m | −¥36.7m |
| Net income | −¥417,000 | ¥9.0m | ¥38.8m | ¥82.9m | ¥23.6m | ¥329.6m | −¥4.5m | −¥250.5m |
| Diluted earnings per share | -0.02 | 0.42 | 1.68 | 3.53 | 1.14 | 17.64 | -0.29 | -17.46 |
| Cash from operations | — | −¥201.0m | — | ¥104.0m | — | −¥67.0m | — | −¥68.0m |
| Capital spending | — | −¥11.0m | — | −¥177.0m | — | −¥14.0m | — | — |
| Free cash flow | — | −¥212.0m | — | −¥73.0m | — | −¥81.0m | — | — |
| Total assets | ¥3.85bn | ¥3.83bn | ¥3.76bn | ¥4.57bn | ¥967.8m | ¥804.6m | ¥1.01bn | ¥880.5m |
| Cash and short-term investments | ¥371.5m | ¥365.5m | ¥328.8m | ¥1.08bn | ¥212.4m | ¥286.4m | ¥349.4m | ¥224.1m |
| Debt | ¥5.3m | ¥42.6m | ¥43.1m | ¥1.08bn | ¥158.5m | ¥160.2m | ¥571.8m | ¥587.4m |
| Shareholders' equity | ¥3.32bn | ¥3.27bn | ¥3.22bn | ¥2.68bn | ¥469.7m | ¥434.4m | ¥115.5m | −¥73.2m |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 33.5% | 32.0% | 27.6% | 32.8% | 33.3% | 35.1% |
| Operating margin | 10.2% | -17.0% | -4.5% | -5.7% | -3.4% | -17.5% |
| Net margin | 21.9% | -17.4% | -3.9% | -6.6% | -3.9% | -18.1% |
| Return on equity | 13.2% | 480.3% | -86.0% | -62.5% | -239.3% | 165.9% |
| Return on assets | 10.5% | -39.9% | -12.9% | -15.6% | -10.0% | -63.0% |
| Free cash flow yield | 1.3% | -1.5% | -18.7% | -13.9% | -2.1% | -8.1% |
| Revenue growth | -2.0% | -32.3% | 23.4% | -13.8% | 6.5% | -3.5% |
| Earnings growth | -222.7% | 205.1% | -27.1% | 45.8% | -77.2% | 51.0% |
| Current ratio | 2.22x | 1.12x | 2.45x | 2.19x | 1.50x | 1.15x |
| Debt to equity | 0.39x | -9.12x | 4.21x | 2.06x | 16.17x | -2.79x |
| Equity ratio | 79.3% | -8.3% | 15.0% | 25.0% | 4.2% | -38.0% |
| Interest coverage | 33.73x | -47.86x | -15.96x | -16.24x | -9.80x | -46.95x |
| R&D as a share of sales | 0.6% | 0.2% | 0.1% | 0.4% | 0.3% | 0.3% |
| Buybacks as a share of market value | -44.1% | -22.8% | 0.0% | -25.0% | -61.8% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -24.0% | -14.1% | 11.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 31.8% | 30.3% | 31.4% | 31.8% |
| Operating margin | 7.1% | -0.3% | -1.7% | -3.6% |
| Net margin | 14.6% | 0.2% | -1.9% | -6.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 198.2 | 34.5 | -6.0 | -17.4 | -9.8 | -6.6 | -2.3 | -4.1 | -6.4 | -9.6 |
| Price to sales | 7.3 | 7.5 | 1.1 | 0.7 | 0.6 | 0.3 | 0.4 | 0.5 | 0.5 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 28 Aug 2025.
| FY2025 | FY2014 | FY2006 | FY2005 | FY2004 | FY2003 | FY2002 | FY2001 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.50 | 1.30 | 13.00 | 15.00 | 15.00 | 15.00 | 15.00 | 15.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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