B 
236
+2.16%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥15.19bn
FY2021FY2026
Net income
¥262.4m
FY2021FY2026
Free cash flow
¥134.1m
FY2021FY2026
Shareholders' equity
¥1.36bn
FY2021FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | ¥15.19bn | ¥15.24bn | ¥14.87bn | ¥9.86bn | ¥5.55bn | ¥1.52bn |
| Gross profit | ¥8.60bn | ¥8.38bn | ¥7.40bn | ¥5.27bn | ¥3.27bn | ¥876.2m |
| Research and development | — | ¥539.8m | ¥558.7m | ¥296.7m | ¥66.2m | ¥49.6m |
| Operating income | ¥217.4m | ¥136.5m | −¥902.9m | −¥971.0m | −¥454.2m | −¥158.9m |
| Net income | ¥262.4m | ¥109.0m | −¥856.0m | −¥1.01bn | −¥463.1m | −¥163.6m |
| Diluted earnings per share | 4.91 | 2.04 | -16.16 | -19.49 | -9.35 | -3.06 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total assets | ¥4.01bn | ¥3.86bn | ¥3.28bn | ¥3.61bn | ¥1.59bn | ¥500.5m |
| Cash and short-term investments | ¥1.89bn | ¥1.98bn | ¥1.43bn | ¥2.30bn | ¥837.0m | ¥289.8m |
| Total liabilities | ¥2.66bn | ¥2.82bn | ¥2.44bn | ¥1.97bn | ¥945.7m | ¥367.2m |
| Debt | ¥641.6m | ¥809.7m | ¥508.3m | ¥530.0m | ¥60.0m | ¥61.1m |
| Shareholders' equity | ¥1.36bn | ¥1.04bn | ¥842.5m | ¥1.64bn | ¥643.0m | ¥133.3m |
| Shares outstanding | 53m | 54m | 53m | 52m | 50m | 53m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash from operations | ¥255.4m | ¥130.4m | −¥665.9m | −¥732.9m | −¥373.1m | −¥102.7m |
| Capital spending | −¥121.3m | −¥78.9m | −¥68.4m | −¥67.1m | −¥11.4m | −¥1.5m |
| Free cash flow | ¥134.1m | ¥51.6m | −¥734.3m | −¥800.0m | −¥384.4m | −¥104.1m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.38bn | ¥3.98bn | ¥3.75bn | ¥3.74bn | ¥3.75bn | ¥3.95bn | ¥3.66bn | ¥4.00bn |
| Gross profit | ¥2.41bn | ¥2.25bn | ¥2.10bn | ¥2.13bn | ¥2.14bn | ¥2.23bn | ¥2.08bn | ¥2.26bn |
| Operating income | −¥13.7m | −¥180.8m | ¥175.4m | ¥95.1m | ¥26.2m | −¥79.3m | ¥380.6m | ¥233.2m |
| Net income | −¥29.0m | −¥226.2m | ¥218.8m | ¥91.7m | ¥51.8m | −¥100.0m | ¥384.7m | ¥230.8m |
| Diluted earnings per share | -0.54 | -4.24 | 4.10 | 1.71 | 0.97 | -1.87 | 7.19 | 4.36 |
| Total assets | ¥4.08bn | ¥4.41bn | ¥4.01bn | ¥3.87bn | ¥3.85bn | ¥4.01bn | ¥3.86bn | ¥3.67bn |
| Cash and short-term investments | ¥1.54bn | ¥1.82bn | ¥1.89bn | ¥1.75bn | ¥1.72bn | ¥2.09bn | ¥1.98bn | ¥1.67bn |
| Debt | ¥554.2m | ¥568.1m | ¥637.5m | ¥568.1m | ¥568.1m | ¥526.0m | ¥568.0m | ¥768.0m |
| Shareholders' equity | ¥1.11bn | ¥1.14bn | ¥1.36bn | ¥1.14bn | ¥1.02bn | ¥954.7m | ¥1.04bn | ¥640.2m |
Financial ratios
Data as of 27 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 56.6% | 55.0% | 49.7% | 53.4% | 59.0% | 57.5% |
| Operating margin | 1.4% | 0.9% | -6.1% | -9.9% | -8.2% | -10.4% |
| Net margin | 1.7% | 0.7% | -5.8% | -10.2% | -8.4% | -10.7% |
| Return on equity | 19.4% | 10.5% | -101.6% | -61.5% | -72.0% | -122.7% |
| Return on assets | 6.5% | 2.8% | -26.1% | -27.9% | -29.1% | -32.7% |
| Free cash flow yield | 2.5% | 1.4% | -4.0% | -4.6% | -2.6% | — |
| Revenue growth | -0.3% | 2.5% | 50.9% | 77.8% | 264.2% | — |
| Earnings growth | 140.8% | -112.7% | -15.1% | 117.8% | 183.1% | — |
| Current ratio | 1.27x | 1.29x | 1.11x | 1.69x | 1.68x | 1.47x |
| Debt to equity | 0.47x | 0.78x | 0.60x | 0.32x | 0.09x | 0.46x |
| Equity ratio | 33.8% | 26.9% | 25.7% | 45.4% | 40.5% | 26.6% |
| Interest coverage | 13.64x | 6.95x | -154.60x | -149.68x | -248.20x | -149.39x |
| R&D as a share of sales | — | 3.5% | 3.8% | 3.0% | 1.2% | 3.3% |
| Buybacks as a share of market value | 0.2% | -1.0% | -2.4% | -4.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.5% | 58.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 55.8% | 53.7% | 54.3% | — |
| Operating margin | 1.2% | -2.8% | -3.4% | — |
| Net margin | 1.2% | -2.7% | -3.4% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Price to earnings | 49.5 | 152.2 | -21.0 | -24.7 | -40.7 |
| Price to sales | 0.8 | 1.1 | 1.2 | 2.5 | 3.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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