S 
172
+2.38%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.21bn
FY2016FY2025
Net income
¥314.9m
FY2016FY2025
Free cash flow
−¥306.2m
FY2016FY2025
Shareholders' equity
¥2.52bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.21bn | ¥6.27bn | ¥6.37bn | ¥6.35bn | ¥6.23bn | ¥5.69bn | ¥5.25bn | ¥2.67bn | ¥5.38bn | ¥5.08bn |
| Gross profit | ¥1.55bn | ¥2.39bn | ¥2.39bn | ¥2.43bn | ¥2.40bn | ¥2.17bn | ¥2.04bn | ¥1.05bn | ¥2.14bn | ¥2.00bn |
| Operating income | −¥131.2m | ¥35.6m | −¥6.5m | ¥57.3m | −¥38.8m | −¥172.3m | −¥46.3m | ¥7.8m | ¥199.6m | ¥202.4m |
| Net income | ¥314.9m | ¥123.1m | −¥120.6m | ¥73.9m | −¥223.1m | −¥287.3m | −¥138.7m | ¥959,000 | ¥127.6m | ¥139.9m |
| Diluted earnings per share | 47.31 | 18.50 | -18.12 | 11.10 | -33.52 | -43.16 | -20.84 | 0.14 | 22.19 | 30.17 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.79bn | ¥5.96bn | ¥6.29bn | ¥6.29bn | ¥6.48bn | ¥7.23bn | ¥3.66bn | ¥3.66bn | ¥3.81bn | ¥3.52bn |
| Cash and short-term investments | ¥643.6m | ¥554.4m | ¥692.3m | ¥692.3m | ¥508.3m | ¥548.7m | ¥203.9m | ¥203.9m | ¥409.2m | ¥292.2m |
| Total liabilities | ¥3.27bn | ¥3.75bn | ¥4.08bn | ¥4.08bn | ¥4.35bn | ¥4.88bn | ¥860.0m | ¥860.0m | ¥975.6m | ¥2.09bn |
| Debt | ¥2.26bn | ¥3.09bn | ¥3.31bn | ¥3.31bn | ¥3.39bn | ¥4.08bn | ¥129.5m | ¥129.5m | ¥151.7m | ¥1.27bn |
| Shareholders' equity | ¥2.52bn | ¥2.21bn | ¥2.20bn | ¥2.20bn | ¥2.14bn | ¥2.36bn | ¥2.80bn | ¥2.80bn | ¥2.84bn | ¥1.43bn |
| Shares outstanding | 7m | 7m | 7m | 7m | 7m | 7m | 7m | 7m | 6m | 5m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥284.8m | ¥326.0m | −¥8.0m | −¥8.0m | ¥741.0m | −¥462.1m | −¥106.9m | −¥106.9m | ¥1.7m | ¥74.9m |
| Capital spending | −¥21.4m | −¥36.8m | −¥9.9m | −¥9.9m | −¥63.1m | −¥1.18bn | −¥29.1m | −¥29.1m | −¥27.8m | −¥12.8m |
| Free cash flow | −¥306.2m | ¥289.2m | −¥17.9m | −¥17.9m | ¥677.9m | −¥1.64bn | −¥136.1m | −¥136.1m | −¥26.0m | ¥62.1m |
| Dividends paid | — | — | — | — | — | — | −¥43.1m | −¥43.1m | −¥43.4m | −¥30.8m |
Latest quarters
By quarter end
| Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | Aug 2024 | May 2024 | Feb 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.51bn | ¥1.43bn | ¥1.27bn | ¥1.81bn | ¥1.64bn | ¥1.52bn | ¥1.31bn | ¥1.64bn |
| Gross profit | ¥557.5m | ¥528.2m | ¥465.3m | ¥680.1m | ¥621.6m | ¥578.3m | ¥509.8m | ¥625.5m |
| Operating income | −¥48.8m | −¥33.0m | −¥49.4m | ¥44.6m | ¥7.4m | ¥12.8m | −¥29.3m | ¥9.6m |
| Net income | −¥50.1m | −¥58.4m | ¥423.5m | ¥157.0m | ¥985,000 | ¥5.9m | −¥40.8m | −¥27.3m |
| Diluted earnings per share | -7.53 | -8.78 | 63.62 | 23.59 | 0.15 | 0.89 | -6.14 | -4.09 |
| Cash from operations | −¥133.0m | −¥151.0m | — | ¥300.0m | — | ¥25.0m | — | ¥21.0m |
| Capital spending | −¥16.0m | −¥4.0m | — | −¥4.0m | — | −¥32.0m | — | −¥44.0m |
| Free cash flow | −¥149.0m | −¥155.0m | — | ¥296.0m | — | −¥7.0m | — | −¥23.0m |
| Total assets | ¥5.79bn | ¥5.39bn | ¥5.41bn | ¥5.96bn | ¥6.33bn | ¥5.85bn | ¥5.94bn | ¥5.76bn |
| Cash and short-term investments | ¥643.6m | ¥601.7m | ¥489.6m | ¥554.4m | ¥344.5m | ¥321.7m | ¥95.8m | ¥193.2m |
| Debt | ¥2.22bn | ¥2.03bn | ¥1.84bn | ¥2.96bn | ¥3.09bn | ¥3.02bn | ¥2.95bn | ¥2.89bn |
| Shareholders' equity | ¥2.52bn | ¥2.57bn | ¥2.63bn | ¥2.21bn | ¥2.05bn | ¥2.05bn | ¥2.04bn | ¥2.08bn |
Financial ratios
Data as of 30 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 33.8% | 35.3% | 34.4% | 34.9% | 34.9% | 35.1% |
| Operating margin | -3.1% | 0.5% | -0.1% | 0.9% | -0.3% | -3.0% |
| Net margin | 7.5% | 2.0% | -1.9% | 1.2% | -3.6% | -5.0% |
| Return on equity | 16.7% | 5.6% | -5.8% | 3.4% | -10.4% | -12.2% |
| Return on assets | 7.3% | 2.1% | -2.1% | 1.2% | -3.4% | -4.0% |
| Free cash flow yield | -21.5% | 25.0% | -11.8% | -0.4% | 60.8% | 50.8% |
| Revenue growth | -10.6% | -1.5% | 0.3% | 2.0% | 9.4% | 8.4% |
| Earnings growth | 241.1% | -202.0% | -263.3% | -133.1% | -22.3% | 107.1% |
| Current ratio | 1.01x | 1.03x | 1.03x | 0.52x | 0.65x | 0.73x |
| Debt to equity | 0.65x | 1.40x | 1.45x | 1.50x | 1.59x | 1.73x |
| Equity ratio | 43.6% | 37.0% | 36.1% | 35.0% | 32.9% | 32.6% |
| Interest coverage | -6.59x | 1.09x | -0.25x | 2.29x | -0.66x | -9.12x |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -12.8% | -5.9% | -0.9% |
| Operating income | — | -5.3% | — |
| Net income | 62.1% | — | 11.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.6% | 37.7% | 37.9% | 38.6% |
| Operating margin | -0.9% | -0.2% | -0.7% | 0.5% |
| Net margin | 4.2% | 1.7% | -0.3% | 0.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.8 | 14.3 | -18.5 | 25.6 | -8.0 | -6.2 | -14.5 | — | 24.3 | 18.7 |
| Price to sales | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.8 | 0.6 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Feb 2019.
| FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|
| Paid in the year | 3.00 | 6.50 | 9.00 | 8.00 | 7.50 | 5.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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