N 
88
+12.82%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥91.39bn
FY2017FY2026
Net income
−¥7.68bn
FY2017FY2026
Free cash flow
−¥441.0m
FY2017FY2026
Shareholders' equity
¥34.80bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥91.39bn | ¥99.05bn | ¥135.15bn | ¥174.06bn | ¥124.71bn | ¥87.88bn | ¥107.41bn | ¥121.25bn | ¥110.16bn | ¥89.05bn |
| Gross profit | ¥6.88bn | −¥2.98bn | ¥10.14bn | ¥5.52bn | ¥19.70bn | ¥12.35bn | ¥6.73bn | ¥12.01bn | ¥8.70bn | ¥7.54bn |
| Research and development | — | ¥99.0m | ¥72.0m | ¥116.0m | ¥142.0m | ¥125.0m | ¥104.0m | ¥72.0m | ¥67.0m | ¥87.0m |
| Operating income | ¥603.0m | −¥9.27bn | ¥4.13bn | −¥921.0m | ¥12.02bn | ¥6.70bn | ¥1.13bn | ¥6.44bn | ¥3.74bn | ¥2.20bn |
| Net income | −¥7.68bn | −¥13.91bn | ¥1.90bn | −¥1.07bn | ¥7.38bn | ¥3.97bn | ¥28.0m | ¥3.20bn | ¥4.82bn | ¥1.91bn |
| Diluted earnings per share | -26.38 | -47.79 | 6.52 | -3.69 | 25.36 | 13.63 | 0.10 | 10.99 | 16.30 | 6.32 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥126.54bn | ¥130.79bn | ¥140.84bn | ¥140.20bn | ¥128.80bn | ¥102.15bn | ¥106.30bn | ¥122.24bn | ¥115.70bn | ¥115.76bn |
| Cash and short-term investments | ¥6.39bn | ¥5.11bn | ¥6.16bn | ¥5.62bn | ¥5.02bn | ¥5.71bn | ¥3.87bn | ¥11.42bn | ¥6.17bn | ¥4.52bn |
| Total liabilities | ¥91.74bn | ¥89.19bn | ¥84.48bn | ¥85.93bn | ¥71.46bn | ¥51.05bn | ¥59.12bn | ¥74.02bn | ¥69.30bn | ¥71.99bn |
| Debt | ¥67.28bn | ¥65.84bn | ¥45.95bn | ¥46.36bn | ¥23.22bn | ¥23.11bn | ¥30.62bn | ¥37.07bn | ¥35.09bn | ¥39.92bn |
| Shareholders' equity | ¥34.80bn | ¥41.60bn | ¥56.35bn | ¥54.28bn | ¥57.34bn | ¥51.10bn | ¥47.19bn | ¥48.22bn | ¥46.40bn | ¥43.76bn |
| Shares outstanding | 291m | 291m | 291m | 291m | 291m | 291m | 291m | 291m | 296m | 302m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥8.51bn | −¥3.18bn | ¥10.83bn | −¥12.40bn | ¥4.61bn | ¥15.50bn | ¥6.46bn | ¥10.28bn | ¥10.19bn | ¥5.50bn |
| Capital spending | −¥8.95bn | −¥16.70bn | −¥10.67bn | −¥8.36bn | −¥4.40bn | −¥6.25bn | −¥7.11bn | −¥5.62bn | −¥6.99bn | −¥5.26bn |
| Free cash flow | −¥441.0m | −¥19.88bn | ¥155.0m | −¥20.76bn | ¥210.0m | ¥9.26bn | −¥646.0m | ¥4.66bn | ¥3.20bn | ¥236.0m |
| Dividends paid | — | −¥873.0m | — | −¥2.04bn | −¥1.16bn | −¥291.0m | −¥873.0m | −¥886.0m | −¥603.0m | −¥603.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥20.19bn | ¥19.85bn | ¥21.86bn | ¥25.44bn | ¥24.24bn | ¥21.13bn | ¥30.25bn | ¥21.90bn |
| Gross profit | ¥1.38bn | ¥879.0m | ¥2.40bn | ¥2.98bn | ¥959.0m | −¥2.66bn | −¥590.0m | −¥132.0m |
| Operating income | −¥263.0m | −¥729.0m | ¥820.0m | ¥1.26bn | −¥740.0m | −¥4.20bn | −¥2.25bn | −¥1.75bn |
| Net income | −¥696.0m | −¥2.76bn | −¥4.43bn | ¥672.0m | −¥1.16bn | −¥9.15bn | −¥2.53bn | −¥1.51bn |
| Diluted earnings per share | -2.39 | -9.47 | -15.24 | 2.31 | -3.98 | -31.45 | -8.69 | -5.18 |
| Total assets | ¥128.28bn | ¥126.54bn | ¥131.79bn | ¥129.73bn | ¥131.47bn | ¥130.79bn | ¥145.62bn | ¥141.79bn |
| Cash and short-term investments | ¥5.67bn | ¥6.39bn | ¥5.91bn | ¥6.07bn | ¥5.43bn | ¥5.11bn | ¥4.79bn | ¥4.92bn |
| Debt | ¥38.74bn | ¥67.28bn | ¥31.92bn | ¥59.62bn | ¥27.11bn | ¥65.82bn | ¥19.68bn | ¥57.02bn |
| Shareholders' equity | ¥34.03bn | ¥34.80bn | ¥36.97bn | ¥41.37bn | ¥40.51bn | ¥41.60bn | ¥50.66bn | ¥53.18bn |
Financial ratios
Data as of 21 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 7.5% | -3.0% | 7.5% | 3.2% | 15.8% | 14.1% | — |
| Operating margin | 0.7% | -9.4% | 3.1% | -0.5% | 9.6% | 7.6% | — |
| Net margin | -8.4% | -14.0% | 1.4% | -0.6% | 5.9% | 4.5% | — |
| Return on equity | -22.1% | -33.4% | 3.4% | -2.0% | 12.9% | 7.8% | — |
| Return on assets | -6.1% | -10.6% | 1.3% | -0.8% | 5.7% | 3.9% | — |
| Free cash flow yield | 60.6% | 46.9% | 74.6% | -14.0% | 31.3% | 75.5% | — |
| Revenue growth | -7.7% | -26.7% | -22.4% | 39.6% | 41.9% | -18.2% | — |
| Earnings growth | -44.8% | -832.8% | -276.6% | -114.6% | 86.0% | 14071.4% | — |
| Current ratio | 0.83x | 0.95x | 0.94x | 1.01x | 1.12x | 1.17x | — |
| Debt to equity | 1.93x | 1.58x | 0.82x | 0.85x | 0.40x | 0.45x | — |
| Equity ratio | 27.5% | 31.8% | 40.0% | 38.7% | 44.5% | 50.0% | — |
| Interest coverage | 0.69x | -12.51x | 13.66x | -1.73x | 55.41x | 23.92x | — |
| R&D as a share of sales | — | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| 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 | -19.3% | 0.8% | -0.1% |
| Operating income | — | -38.2% | -11.8% |
| Net income | 92.6% | — | 16.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 2.1% | 3.9% | 7.2% | 7.7% |
| Operating margin | -4.6% | -1.1% | 1.9% | 2.3% |
| Net margin | -11.3% | -4.2% | -1.3% | -0.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.1 | -2.3 | 14.7 | -31.7 | 3.4 | 9.7 | — | 7.4 | 5.6 | 20.4 |
| Price to sales | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.4 | 0.2 | 0.2 | 0.2 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 28 Mar 2024.
| FY2025 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.00 | 7.00 | 4.00 | 1.00 | 3.00 | 3.00 | 2.00 | 2.00 |
- 1-to-1 reverse split · 1 Oct 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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