H 
304
-2.88%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥8.26bn
FY2017FY2026
Net income
−¥406.9m
FY2017FY2026
Free cash flow
−¥398.0m
FY2017FY2026
Shareholders' equity
¥263.8m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥8.26bn | ¥8.84bn | ¥10.78bn | ¥12.74bn | ¥13.28bn | ¥17.98bn | ¥17.28bn | ¥20.42bn | ¥20.02bn | ¥19.14bn |
| Gross profit | ¥3.28bn | ¥3.44bn | ¥3.94bn | ¥4.26bn | ¥4.01bn | ¥3.67bn | ¥3.61bn | ¥4.26bn | ¥4.23bn | ¥4.35bn |
| Operating income | −¥244.4m | −¥404.2m | −¥158.2m | −¥216.8m | ¥190.0m | −¥71.9m | ¥101.5m | ¥544.4m | ¥516.5m | ¥525.3m |
| Net income | −¥406.9m | −¥808.6m | −¥459.1m | −¥668.1m | ¥89.9m | −¥124.4m | −¥189.1m | ¥269.2m | ¥270.6m | ¥212.4m |
| Diluted earnings per share | -132.37 | -315.26 | -180.63 | -262.41 | 35.32 | -48.82 | -74.65 | 108.81 | 109.37 | 85.23 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.64bn | ¥5.65bn | ¥7.12bn | ¥9.09bn | ¥9.32bn | ¥10.20bn | ¥10.46bn | ¥10.72bn | ¥9.96bn | ¥9.66bn |
| Cash and short-term investments | ¥905.0m | ¥689.5m | ¥981.2m | ¥1.94bn | ¥1.82bn | ¥2.38bn | ¥3.28bn | ¥2.58bn | ¥2.38bn | ¥2.90bn |
| Total liabilities | ¥5.37bn | ¥5.45bn | ¥6.11bn | ¥7.59bn | ¥7.11bn | ¥8.02bn | ¥8.11bn | ¥8.14bn | ¥7.62bn | ¥7.56bn |
| Debt | ¥4.00bn | ¥3.77bn | ¥3.98bn | ¥5.44bn | ¥5.19bn | ¥6.28bn | ¥6.41bn | ¥6.02bn | ¥5.70bn | ¥5.19bn |
| Shareholders' equity | ¥263.8m | ¥198.9m | ¥1.02bn | ¥1.50bn | ¥2.21bn | ¥2.17bn | ¥2.34bn | ¥2.58bn | ¥2.34bn | ¥2.11bn |
| Shares outstanding | 3m | 3m | 3m | 3m | 3m | 3m | 3m | 2m | 2m | 2m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥378.7m | ¥170.4m | ¥756.7m | −¥33.7m | ¥897.2m | −¥360.3m | ¥700.4m | ¥178.4m | −¥212.9m | ¥790.2m |
| Capital spending | −¥19.3m | −¥63.4m | −¥106.6m | −¥53.6m | −¥22.5m | −¥70.0m | −¥38.3m | −¥22.9m | −¥98.7m | −¥69.5m |
| Free cash flow | −¥398.0m | ¥107.0m | ¥650.1m | −¥87.3m | ¥874.7m | −¥430.3m | ¥662.1m | ¥155.5m | −¥311.6m | ¥720.7m |
| Dividends paid | −¥341,000 | −¥28.7m | −¥38.0m | −¥37.9m | −¥35.5m | −¥59.3m | −¥64.3m | −¥56.9m | −¥37.3m | −¥38.0m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.93bn | ¥1.94bn | ¥2.57bn | ¥1.82bn | ¥2.13bn | ¥1.98bn | ¥2.77bn | ¥1.96bn |
| Gross profit | ¥730.7m | ¥782.6m | ¥1.05bn | ¥780.9m | ¥824.2m | ¥796.9m | ¥1.05bn | ¥769.1m |
| Operating income | −¥129.7m | −¥119.2m | ¥143.2m | −¥138.7m | −¥157.1m | −¥165.2m | ¥60.7m | −¥142.6m |
| Net income | −¥248.4m | −¥122.4m | ¥117.0m | −¥153.1m | −¥374.4m | −¥228.9m | −¥51.5m | −¥153.8m |
| Diluted earnings per share | -80.80 | -39.83 | 38.06 | -59.68 | -145.98 | -89.25 | -20.08 | -60.50 |
| Cash from operations | — | — | — | — | ¥170.0m | — | — | — |
| Capital spending | — | — | — | — | −¥64.0m | — | — | — |
| Free cash flow | — | — | — | — | ¥106.0m | — | — | — |
| Total assets | ¥5.64bn | ¥5.94bn | ¥5.86bn | ¥6.16bn | ¥5.65bn | ¥6.24bn | ¥6.23bn | ¥6.84bn |
| Cash and short-term investments | ¥905.0m | ¥621.5m | ¥847.8m | ¥936.7m | ¥689.5m | ¥700.1m | ¥957.3m | ¥662.0m |
| Debt | ¥3.47bn | ¥2.96bn | ¥3.75bn | ¥3.31bn | ¥3.76bn | ¥19.3m | ¥3.62bn | ¥2.06bn |
| Shareholders' equity | ¥263.8m | ¥356.1m | ¥495.6m | ¥149.0m | ¥198.9m | ¥567.3m | ¥798.3m | ¥849.5m |
Financial ratios
Data as of 30 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 39.7% | 38.9% | 36.5% | 33.4% | 30.2% | 20.4% |
| Operating margin | -3.0% | -7.7% | -4.1% | -3.3% | 1.5% | -0.5% |
| Net margin | -4.9% | -9.1% | -4.3% | -5.2% | 0.7% | -0.7% |
| Return on equity | -154.2% | -406.5% | -45.2% | -44.4% | 4.1% | -5.7% |
| Return on assets | -7.2% | -14.3% | -6.4% | -7.3% | 1.0% | -1.2% |
| Free cash flow yield | -36.1% | 28.1% | 104.8% | 2.4% | 111.6% | -35.1% |
| Revenue growth | -6.6% | -18.0% | -15.4% | -4.0% | -26.2% | 4.1% |
| Earnings growth | -49.7% | 76.1% | -31.3% | -843.4% | -172.2% | -34.2% |
| Current ratio | 1.09x | 1.12x | 1.75x | 2.17x | 2.11x | 2.34x |
| Debt to equity | 13.17x | 18.92x | 3.91x | 3.61x | 2.21x | 2.74x |
| Equity ratio | 4.7% | 3.5% | 14.3% | 16.5% | 23.8% | 21.3% |
| Interest coverage | -5.01x | -18.95x | -13.48x | -13.75x | 7.72x | -3.74x |
| Buybacks as a share of market value | -19.8% | -0.9% | 0.2% | -0.1% | 0.2% | -0.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.5% | -14.4% | -7.0% |
| Operating income | 4.1% | 27.7% | — |
| Net income | -15.2% | 26.7% | 6.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 39.3% | 36.7% | 31.4% | 25.8% |
| Operating margin | -3.8% | -2.5% | -1.3% | 0.6% |
| Net margin | -7.1% | -5.8% | -3.3% | -1.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.4 | -2.1 | -3.9 | -3.4 | 26.8 | -18.9 | -12.2 | 9.2 | 7.2 | 18.4 |
| Price to sales | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 14 years. Last went ex-dividend on 28 Aug 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 22.50 | 15.00 | 15.00 | 14.00 | 23.50 | 26.00 | 23.00 | 15.00 |
- 2-for-1 split · 28 Aug 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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