M 
1,154
+3.50%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥26.23bn
FY2017FY2026
Net income
−¥76.5m
FY2017FY2026
Free cash flow
−¥108.9m
FY2017FY2026
Shareholders' equity
¥1.30bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥26.23bn | ¥24.77bn | ¥19.01bn | ¥15.26bn | ¥11.99bn | ¥10.88bn | ¥10.90bn | ¥8.47bn | ¥6.33bn | ¥5.63bn |
| Gross profit | ¥8.06bn | ¥8.47bn | ¥6.83bn | ¥5.69bn | ¥4.14bn | ¥3.81bn | ¥4.24bn | ¥3.43bn | ¥2.65bn | ¥2.44bn |
| Operating income | ¥72.6m | ¥625.6m | ¥298.8m | ¥94.6m | −¥335.5m | ¥54.3m | ¥655.8m | ¥452.2m | ¥96.5m | −¥7.4m |
| Net income | −¥76.5m | ¥484.7m | −¥476.3m | ¥290.4m | −¥404.2m | −¥40.1m | ¥291.7m | ¥203.8m | ¥31.9m | −¥19.3m |
| Diluted earnings per share | -14.27 | 90.53 | -88.07 | 54.50 | -75.94 | -7.58 | 53.56 | 36.93 | 6.17 | -3.79 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.88bn | ¥6.24bn | ¥5.75bn | ¥4.85bn | ¥3.53bn | ¥3.46bn | ¥4.07bn | ¥2.63bn | ¥1.84bn | ¥1.54bn |
| Cash and short-term investments | ¥1.48bn | ¥1.71bn | ¥1.49bn | ¥1.64bn | ¥941.7m | ¥1.47bn | ¥1.26bn | ¥1.17bn | ¥938.7m | ¥825.8m |
| Total liabilities | ¥4.16bn | ¥4.32bn | ¥4.44bn | ¥3.15bn | ¥2.24bn | ¥1.81bn | ¥2.44bn | ¥1.39bn | ¥862.2m | ¥619.3m |
| Debt | ¥2.04bn | ¥2.17bn | ¥2.32bn | ¥1.75bn | ¥1.22bn | ¥1.08bn | ¥1.36bn | ¥601.8m | ¥420.2m | ¥360.0m |
| Shareholders' equity | ¥1.30bn | ¥1.36bn | ¥880.5m | ¥1.35bn | ¥1.05bn | ¥1.44bn | ¥1.44bn | ¥1.15bn | ¥947.0m | ¥912.8m |
| Shares outstanding | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 6m | 5m | 5m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥105.8m | ¥482.5m | −¥424.1m | ¥192.9m | −¥394.6m | ¥595.4m | −¥64.5m | ¥224.0m | ¥245.8m | ¥26.8m |
| Capital spending | −¥3.1m | −¥65.0m | −¥46.5m | −¥34.3m | −¥55.7m | −¥20.5m | −¥34.8m | −¥12.1m | −¥54.5m | −¥13.6m |
| Free cash flow | −¥108.9m | ¥417.4m | −¥470.6m | ¥158.6m | −¥450.3m | ¥574.9m | −¥99.3m | ¥211.9m | ¥191.3m | ¥13.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥6.78bn | ¥6.48bn | ¥6.63bn | ¥6.33bn | ¥7.01bn | ¥6.29bn | ¥5.98bn | ¥5.49bn |
| Gross profit | ¥2.02bn | ¥2.01bn | ¥2.03bn | ¥2.00bn | ¥2.36bn | ¥2.18bn | ¥2.00bn | ¥1.97bn |
| Operating income | −¥5.3m | ¥169.9m | −¥12.0m | −¥80.1m | ¥151.4m | ¥224.8m | ¥180.0m | ¥69.3m |
| Net income | −¥4.1m | ¥143.4m | −¥108.4m | −¥107.4m | ¥207.5m | ¥123.6m | ¥202.0m | −¥48.3m |
| Diluted earnings per share | -0.77 | 26.77 | -20.24 | -20.05 | 38.75 | 23.09 | 37.34 | -8.94 |
| Total assets | ¥5.88bn | ¥5.67bn | ¥5.67bn | ¥5.77bn | ¥6.24bn | ¥5.98bn | ¥5.65bn | ¥5.15bn |
| Cash and short-term investments | ¥1.48bn | ¥1.31bn | ¥1.45bn | ¥1.31bn | ¥1.71bn | ¥1.24bn | ¥1.42bn | ¥1.20bn |
| Debt | ¥2.01bn | ¥2.03bn | ¥2.03bn | ¥2.13bn | ¥2.13bn | ¥2.23bn | ¥2.24bn | ¥2.25bn |
| Shareholders' equity | ¥1.30bn | ¥1.30bn | ¥1.16bn | ¥1.26bn | ¥1.36bn | ¥1.16bn | ¥1.03bn | ¥826.1m |
Financial ratios
Data as of 10 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 30.7% | 34.2% | 35.9% | 37.3% | 34.6% | 35.0% |
| Operating margin | 0.3% | 2.5% | 1.6% | 0.6% | -2.7% | 0.5% |
| Net margin | -0.3% | 2.0% | -2.5% | 1.9% | -3.4% | -0.4% |
| Return on equity | -5.9% | 35.6% | -54.1% | 21.5% | -38.5% | -2.8% |
| Return on assets | -1.3% | 7.8% | -8.3% | 6.0% | -11.4% | -1.2% |
| Free cash flow yield | -1.7% | 9.1% | -6.2% | 3.8% | -5.7% | 10.3% |
| Revenue growth | 5.9% | 30.3% | 24.6% | 27.3% | 10.2% | -0.3% |
| Earnings growth | -115.8% | -201.8% | -264.0% | -171.8% | 907.5% | -113.8% |
| Current ratio | 1.15x | 1.18x | 1.09x | 1.13x | 1.23x | 2.19x |
| Debt to equity | 1.55x | 1.56x | 2.57x | 1.24x | 1.15x | 0.73x |
| Equity ratio | 22.1% | 21.8% | 15.3% | 27.9% | 29.8% | 41.6% |
| Interest coverage | 2.03x | 19.11x | 13.99x | 6.37x | -45.96x | 10.57x |
| Buybacks as a share of market value | -0.1% | 1.0% | -1.5% | -0.1% | -0.5% | 2.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 19.8% | 19.3% | 18.4% |
| Operating income | -8.5% | 6.0% | -2.8% |
| Net income | — | 13.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 32.4% | 34.1% | 34.2% | 36.0% |
| Operating margin | 1.4% | 1.3% | 0.7% | 1.5% |
| Net margin | 0.8% | 0.3% | -0.2% | 0.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -81.3 | 16.9 | -16.2 | 18.7 | -12.4 | -94.0 | 34.3 | 79.8 | 89.4 | -221.3 |
| Price to sales | 0.2 | 0.3 | 0.4 | 0.4 | 0.4 | 0.3 | 0.9 | 1.9 | 0.5 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 28 Dec 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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