C 
345
+1.17%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥38.45bn
FY2017FY2026
Net income
¥147.6m
FY2017FY2026
Free cash flow
−¥383.4m
FY2017FY2026
Shareholders' equity
¥10.30bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥38.45bn | ¥30.88bn | ¥31.93bn | ¥30.39bn | ¥29.31bn | ¥26.03bn | ¥24.11bn | ¥29.68bn | ¥26.95bn | ¥25.06bn |
| Gross profit | ¥5.96bn | ¥5.76bn | ¥6.10bn | ¥5.18bn | ¥5.06bn | ¥4.53bn | ¥4.60bn | ¥4.73bn | ¥4.47bn | ¥3.98bn |
| Research and development | — | — | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | — | — | — |
| Operating income | ¥898.6m | ¥1.25bn | ¥1.71bn | ¥1.54bn | ¥1.19bn | ¥1.16bn | ¥1.68bn | ¥1.32bn | ¥1.11bn | ¥816.3m |
| Net income | ¥147.6m | ¥497.3m | ¥904.6m | ¥845.5m | ¥630.1m | ¥574.7m | ¥980.0m | ¥735.7m | ¥530.9m | ¥551.1m |
| Diluted earnings per share | 15.35 | 51.73 | 94.32 | 88.46 | 66.11 | 59.41 | 126.61 | 95.05 | 68.60 | 71.25 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥46.10bn | ¥45.42bn | ¥36.59bn | ¥28.96bn | ¥29.24bn | ¥28.12bn | ¥24.81bn | ¥22.23bn | ¥23.99bn | ¥26.78bn |
| Cash and short-term investments | ¥1.09bn | ¥978.3m | ¥1.42bn | ¥2.53bn | ¥2.04bn | ¥1.30bn | ¥1.66bn | ¥2.31bn | ¥1.69bn | ¥1.26bn |
| Total liabilities | ¥35.80bn | ¥35.16bn | ¥26.65bn | ¥19.88bn | ¥20.89bn | ¥20.96bn | ¥18.15bn | ¥16.48bn | ¥18.91bn | ¥22.18bn |
| Debt | ¥31.32bn | ¥30.70bn | ¥22.39bn | ¥15.27bn | ¥16.50bn | ¥17.43bn | ¥14.74bn | ¥13.15bn | ¥15.65bn | ¥18.39bn |
| Shareholders' equity | ¥10.30bn | ¥10.26bn | ¥9.94bn | ¥9.09bn | ¥8.35bn | ¥7.16bn | ¥6.66bn | ¥5.75bn | ¥5.08bn | ¥4.61bn |
| Shares outstanding | 10m | 10m | 10m | 10m | 10m | 10m | 8m | 8m | 8m | 8m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥178.0m | −¥7.61bn | −¥6.85bn | ¥2.66bn | ¥2.36bn | −¥2.35bn | −¥1.75bn | ¥3.22bn | ¥3.21bn | −¥281.0m |
| Capital spending | −¥561.5m | −¥990.7m | −¥1.25bn | −¥789.7m | −¥1.25bn | −¥607.0m | −¥420.0m | −¥52.0m | −¥3.0m | −¥17.0m |
| Free cash flow | −¥383.4m | −¥8.60bn | −¥8.09bn | ¥1.87bn | ¥1.11bn | −¥2.95bn | −¥2.17bn | ¥3.17bn | ¥3.21bn | −¥298.0m |
| Dividends paid | −¥134.3m | −¥172.1m | −¥142.9m | −¥115.0m | −¥92.9m | −¥92.9m | −¥77.6m | −¥46.0m | −¥38.0m | −¥30.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥9.02bn | ¥20.78bn | ¥6.64bn | ¥5.91bn | ¥5.12bn | ¥22.35bn | ¥2.91bn | ¥2.19bn |
| Gross profit | ¥1.78bn | ¥3.46bn | ¥944.1m | ¥678.4m | ¥924.5m | ¥4.34bn | ¥454.0m | ¥342.0m |
| Operating income | ¥488.7m | ¥1.99bn | −¥195.6m | −¥591.3m | −¥303.9m | ¥2.76bn | −¥463.0m | −¥696.0m |
| Net income | ¥189.8m | ¥1.26bn | −¥243.6m | −¥536.7m | −¥335.3m | ¥1.83bn | −¥414.0m | −¥583.0m |
| Diluted earnings per share | 19.75 | 131.40 | -25.34 | -55.83 | -34.87 | 190.32 | -43.17 | -60.79 |
| Total assets | ¥44.72bn | ¥46.10bn | ¥49.24bn | ¥48.89bn | ¥47.04bn | ¥45.42bn | ¥48.15bn | ¥44.00bn |
| Cash and short-term investments | ¥1.43bn | ¥1.09bn | ¥1.29bn | ¥1.22bn | ¥1.05bn | ¥978.3m | ¥1.14bn | ¥1.25bn |
| Debt | ¥17.95bn | ¥31.25bn | ¥20.93bn | ¥35.17bn | ¥13.85bn | ¥30.70bn | ¥16.66bn | ¥31.15bn |
| Shareholders' equity | ¥10.49bn | ¥10.30bn | ¥9.06bn | ¥9.29bn | ¥9.78bn | ¥10.26bn | ¥8.47bn | ¥8.85bn |
Financial ratios
Data as of 19 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 15.5% | 18.7% | 19.1% | 17.1% | 17.3% | 17.4% | — |
| Operating margin | 2.4% | 4.0% | 5.3% | 5.1% | 4.0% | 4.5% | — |
| Net margin | 0.4% | 1.6% | 2.8% | 2.8% | 2.1% | 2.2% | — |
| Return on equity | 1.4% | 4.8% | 9.1% | 9.3% | 7.5% | 8.0% | — |
| Return on assets | 0.3% | 1.1% | 2.5% | 2.9% | 2.2% | 2.0% | — |
| Free cash flow yield | 20.4% | -182.1% | -154.5% | 95.6% | 100.2% | -47.6% | — |
| Revenue growth | 24.5% | -3.3% | 5.0% | 3.7% | 12.6% | 8.0% | — |
| Earnings growth | -70.3% | -45.0% | 7.0% | 34.2% | 9.6% | -41.4% | — |
| Current ratio | 0.07x | 2.11x | 2.85x | 2.09x | 2.39x | 2.11x | — |
| Debt to equity | 3.03x | 2.99x | 2.25x | 1.68x | 1.98x | 2.43x | — |
| Equity ratio | 22.3% | 22.6% | 27.2% | 31.4% | 28.6% | 25.5% | — |
| Interest coverage | 1.48x | 2.47x | 4.85x | 5.69x | 4.29x | 3.94x | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | -0.2% | -0.3% | -0.3% | 1.5% | -25.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.2% | 8.1% | 6.0% |
| Operating income | -16.4% | -5.0% | 1.5% |
| Net income | -44.1% | -23.8% | -10.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.9% | 17.5% | 17.4% | 17.1% |
| Operating margin | 3.1% | 4.1% | 4.1% | 4.3% |
| Net margin | 0.9% | 1.8% | 1.9% | 2.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 23.1 | 8.0 | 5.0 | 5.5 | 7.2 | 5.4 | 2.5 | 4.0 | 3.0 | 3.9 |
| Price to sales | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 13 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 30.00 | 18.00 | 15.00 | 12.00 | 12.00 | 12.00 | 8.00 | 6.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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