L 
2,028
-0.78%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥23.53bn
FY2018FY2026
Net income
¥1.85bn
FY2018FY2026
Free cash flow
−¥373.9m
FY2018FY2026
Shareholders' equity
¥9.87bn
FY2018FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥23.53bn | ¥20.27bn | ¥17.04bn | ¥15.02bn | ¥11.13bn | ¥8.21bn | ¥8.09bn | ¥6.44bn | ¥5.58bn |
| Gross profit | ¥5.39bn | ¥4.38bn | ¥3.18bn | ¥3.29bn | ¥2.85bn | ¥1.79bn | ¥2.07bn | ¥1.80bn | ¥1.50bn |
| Research and development | — | — | ¥0 | ¥11.0m | ¥31.0m | ¥57.0m | ¥34.0m | — | — |
| Operating income | ¥3.00bn | ¥2.26bn | ¥1.28bn | ¥1.68bn | ¥1.47bn | ¥672.3m | ¥1.04bn | ¥860.6m | ¥696.9m |
| Net income | ¥1.85bn | ¥1.40bn | ¥790.2m | ¥1.05bn | ¥937.2m | ¥429.5m | ¥675.0m | ¥571.6m | ¥436.9m |
| Diluted earnings per share | 323.13 | 245.36 | 138.74 | 185.39 | 164.50 | 75.15 | 119.21 | 106.35 | 76.31 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥25.25bn | ¥21.79bn | ¥15.29bn | ¥13.90bn | ¥12.77bn | ¥9.02bn | ¥8.16bn | ¥6.81bn | ¥6.05bn |
| Cash and short-term investments | ¥7.02bn | ¥6.16bn | ¥5.18bn | ¥5.10bn | ¥4.51bn | ¥3.64bn | ¥3.69bn | ¥2.59bn | ¥2.24bn |
| Total liabilities | ¥15.38bn | ¥13.45bn | ¥8.14bn | ¥7.35bn | ¥7.12bn | ¥4.20bn | ¥3.68bn | ¥3.62bn | ¥3.42bn |
| Debt | ¥13.95bn | ¥12.25bn | ¥7.48bn | ¥6.25bn | ¥6.05bn | ¥3.87bn | ¥3.09bn | ¥3.12bn | ¥3.00bn |
| Shareholders' equity | ¥9.87bn | ¥8.35bn | ¥7.15bn | ¥6.54bn | ¥5.65bn | ¥4.82bn | ¥4.47bn | ¥3.19bn | ¥2.63bn |
| Shares outstanding | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 5m | 6m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥366.5m | −¥3.41bn | −¥776.0m | ¥566.5m | −¥332.1m | −¥699.4m | ¥1.29bn | ¥188.7m | ¥129.1m |
| Capital spending | −¥7.4m | −¥148.2m | −¥304.6m | −¥25.1m | −¥881.8m | −¥56.2m | −¥826.4m | −¥10.6m | −¥3.0m |
| Free cash flow | −¥373.9m | −¥3.56bn | −¥1.08bn | ¥541.4m | −¥1.21bn | −¥755.6m | ¥465.3m | ¥178.1m | ¥126.1m |
| Dividends paid | −¥340.1m | −¥206.8m | −¥192.2m | −¥155.5m | −¥112.9m | −¥138.7m | −¥37.4m | −¥27.9m | −¥37.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥8.13bn | ¥5.61bn | ¥5.03bn | ¥6.21bn | ¥6.68bn | ¥7.04bn | ¥3.74bn | ¥5.73bn |
| Gross profit | ¥2.03bn | ¥978.6m | ¥1.23bn | ¥1.54bn | ¥1.66bn | ¥1.49bn | ¥965.0m | ¥1.29bn |
| Operating income | ¥1.44bn | ¥348.1m | ¥666.5m | ¥947.7m | ¥1.04bn | ¥896.6m | ¥473.0m | ¥768.0m |
| Net income | ¥862.7m | ¥233.0m | ¥401.5m | ¥572.4m | ¥643.1m | ¥582.5m | ¥287.0m | ¥478.0m |
| Diluted earnings per share | 150.69 | 40.70 | 70.12 | 99.98 | 112.34 | 101.74 | 50.39 | 83.92 |
| Total assets | ¥24.92bn | ¥25.25bn | ¥24.06bn | ¥23.44bn | ¥21.54bn | ¥21.79bn | ¥20.03bn | ¥17.83bn |
| Cash and short-term investments | ¥6.47bn | ¥7.02bn | ¥7.49bn | ¥7.70bn | ¥6.92bn | ¥6.16bn | ¥5.09bn | ¥5.33bn |
| Debt | ¥9.14bn | ¥13.95bn | ¥9.23bn | ¥12.50bn | ¥8.77bn | ¥12.25bn | ¥8.41bn | ¥9.18bn |
| Shareholders' equity | ¥10.59bn | ¥9.87bn | ¥9.63bn | ¥9.34bn | ¥8.77bn | ¥8.35bn | ¥7.76bn | ¥7.47bn |
Financial ratios
Data as of 2 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 22.9% | 21.6% | 18.7% | 21.9% | 25.6% | 21.8% | — |
| Operating margin | 12.8% | 11.1% | 7.5% | 11.2% | 13.2% | 8.2% | — |
| Net margin | 7.9% | 6.9% | 4.6% | 7.0% | 8.4% | 5.2% | — |
| Return on equity | 18.7% | 16.8% | 11.1% | 16.1% | 16.6% | 8.9% | — |
| Return on assets | 7.3% | 6.4% | 5.2% | 7.6% | 7.3% | 4.8% | — |
| Free cash flow yield | -2.9% | -26.0% | -3.8% | 4.8% | 4.4% | -5.1% | — |
| Revenue growth | 16.1% | 18.9% | 13.5% | 34.9% | 35.6% | 1.5% | — |
| Earnings growth | 31.7% | 77.8% | -24.8% | 12.1% | 118.2% | -36.4% | — |
| Current ratio | 0.69x | 1.79x | 2.59x | 1.99x | 1.84x | 2.27x | — |
| Debt to equity | 1.41x | 1.47x | 1.05x | 0.95x | 1.07x | 0.80x | — |
| Equity ratio | 39.1% | 38.3% | 46.8% | 47.1% | 44.2% | 53.4% | — |
| Interest coverage | 13.49x | 15.54x | 13.49x | 22.77x | 28.22x | 20.68x | — |
| R&D as a share of sales | — | — | 0.0% | 0.1% | 0.3% | 0.7% | 0.4% |
| Buybacks as a share of market value | -0.0% | -0.5% | -0.5% | 0.6% | 0.3% | -0.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 16.2% | 23.4% | — |
| Operating income | 21.3% | 34.9% | — |
| Net income | 20.8% | 33.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.3% | 21.4% | 21.9% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 6.4 | 10.4 | 9.0 | 6.5 | 7.0 | 19.3 | 6.8 | 13.4 |
| Price to sales | 0.5 | 0.7 | 0.4 | 0.5 | 0.6 | 1.0 | 0.6 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 6 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Paid in the year | 86.00 | 36.50 | 34.00 | 27.50 | 15.00 | 25.00 |
- 2-for-1 split · 27 Jun 2025
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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