S 
2,160
+3.00%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥32.86bn
FY2018FY2026
Net income
¥1.84bn
FY2018FY2026
Free cash flow
−¥8.72bn
FY2018FY2026
Shareholders' equity
¥15.62bn
FY2018FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥32.86bn | ¥26.69bn | ¥24.22bn | ¥18.54bn | ¥13.57bn | ¥7.34bn | ¥3.85bn | ¥2.90bn | ¥2.60bn |
| Research and development | — | — | ¥386.0m | ¥402.0m | ¥295.0m | ¥72.0m | — | — | — |
| Operating income | ¥4.18bn | ¥3.11bn | ¥2.21bn | ¥1.69bn | ¥1.39bn | ¥1.06bn | ¥746.7m | ¥426.2m | ¥197.3m |
| Net income | ¥1.84bn | ¥1.70bn | ¥1.39bn | ¥1.15bn | ¥892.4m | ¥667.0m | ¥473.4m | ¥259.6m | ¥300.3m |
| Diluted earnings per share | 113.63 | 104.87 | 86.26 | 70.22 | 54.53 | 41.77 | 30.53 | 17.14 | 21.88 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥49.21bn | ¥30.47bn | ¥24.02bn | ¥21.96bn | ¥23.02bn | ¥12.34bn | ¥8.05bn | ¥4.12bn | ¥3.57bn |
| Cash and short-term investments | ¥12.05bn | ¥7.67bn | ¥4.66bn | ¥5.23bn | ¥3.65bn | ¥3.47bn | ¥3.95bn | ¥348.9m | ¥105.9m |
| Total liabilities | ¥32.93bn | ¥16.12bn | ¥11.56bn | ¥10.64bn | ¥13.22bn | ¥4.46bn | ¥963.7m | ¥936.3m | ¥649.9m |
| Debt | ¥26.79bn | ¥12.13bn | ¥8.42bn | ¥8.67bn | ¥11.64bn | ¥3.19bn | ¥299,000 | ¥1.2m | ¥964,000 |
| Shareholders' equity | ¥15.62bn | ¥13.78bn | ¥12.27bn | ¥11.09bn | ¥9.80bn | ¥7.88bn | ¥7.09bn | ¥3.18bn | ¥2.92bn |
| Shares outstanding | 16m | 16m | 16m | 16m | 16m | 16m | 16m | 15m | 14m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥8.54bn | ¥435.3m | ¥452.6m | ¥4.36bn | −¥7.31bn | −¥3.57bn | −¥2.35bn | ¥313.8m | ¥328.0m |
| Capital spending | −¥181.4m | −¥250.0m | −¥378.8m | −¥579.2m | −¥850.1m | −¥253.1m | −¥305.1m | −¥184.1m | −¥195.5m |
| Free cash flow | −¥8.72bn | ¥185.3m | ¥73.8m | ¥3.78bn | −¥8.16bn | −¥3.82bn | −¥2.65bn | ¥129.8m | ¥132.5m |
| Dividends paid | −¥241.2m | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥8.49bn | ¥15.28bn | ¥9.48bn | ¥3.86bn | ¥4.24bn | ¥12.28bn | ¥4.26bn | ¥5.08bn |
| Operating income | ¥1.81bn | ¥1.74bn | ¥2.13bn | ¥216.6m | ¥92.4m | ¥1.66bn | ¥154.2m | ¥438.0m |
| Net income | ¥1.11bn | ¥444.7m | ¥1.37bn | ¥45.6m | −¥19.4m | ¥1.06bn | −¥26.4m | ¥165.8m |
| Diluted earnings per share | 68.73 | 27.45 | 84.64 | 2.82 | -1.20 | 65.51 | -1.64 | 10.30 |
| Total assets | ¥51.81bn | ¥49.21bn | ¥52.66bn | ¥35.80bn | ¥32.95bn | ¥30.47bn | ¥33.22bn | ¥30.85bn |
| Cash and short-term investments | ¥9.74bn | ¥12.05bn | ¥8.48bn | ¥8.31bn | ¥7.89bn | ¥7.67bn | ¥6.37bn | ¥5.34bn |
| Debt | ¥15.18bn | ¥26.06bn | ¥6.05bn | ¥18.45bn | ¥5.02bn | ¥12.13bn | ¥3.82bn | ¥14.72bn |
| Shareholders' equity | ¥16.45bn | ¥15.62bn | ¥15.03bn | ¥13.63bn | ¥13.53bn | ¥13.78bn | ¥12.72bn | ¥12.72bn |
Financial ratios
Data as of 18 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | 12.7% | 11.6% | 9.1% | 9.1% | 10.3% | 14.4% |
| Net margin | 5.6% | 6.4% | 5.7% | 6.2% | 6.6% | 9.1% |
| Return on equity | 11.8% | 12.3% | 11.3% | 10.3% | 9.1% | 8.5% |
| Return on assets | 3.7% | 5.6% | 5.8% | 5.2% | 3.9% | 5.4% |
| Free cash flow yield | -21.9% | 1.8% | 2.2% | 12.8% | -16.7% | -8.8% |
| Revenue growth | 23.1% | 10.2% | 30.6% | 36.6% | 84.9% | 90.6% |
| Earnings growth | 8.5% | 22.2% | 20.9% | 28.7% | 33.8% | 40.9% |
| Current ratio | 1.80x | 3.53x | 5.30x | 3.12x | 3.94x | 6.07x |
| Debt to equity | 1.67x | 0.88x | 0.69x | 0.78x | 1.19x | 0.41x |
| Equity ratio | 31.7% | 45.2% | 51.1% | 50.5% | 42.6% | 63.8% |
| Interest coverage | 12.72x | 19.28x | 26.58x | 19.04x | 25.84x | 56.17x |
| R&D as a share of sales | — | — | 1.6% | 2.2% | 2.2% | 1.0% |
| Buybacks as a share of market value | -0.1% | -0.5% | 1.6% | 0.1% | -2.5% | -3.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 21.0% | 35.0% | — |
| Operating income | 35.3% | 31.7% | — |
| Net income | 17.0% | 22.5% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.0 | 31.9 | 35.9 | 39.2 | 60.7 | 173.8 | 135.4 | 152.0 |
| Price to sales | 1.1 | 2.0 | 2.1 | 2.4 | 4.0 | 15.8 | 16.7 | 13.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | |
|---|---|
| Paid in the year | 33.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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