R 
79
+2.60%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥13.09bn
FY2016FY2025
Net income
¥196.7m
FY2016FY2025
Free cash flow
¥259.3m
FY2016FY2025
Shareholders' equity
¥5.05bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥13.09bn | ¥11.69bn | ¥9.51bn | ¥8.92bn | ¥6.63bn | ¥7.15bn | ¥9.86bn | ¥7.30bn | ¥5.14bn | ¥4.42bn |
| Gross profit | ¥2.95bn | ¥2.70bn | ¥2.29bn | ¥2.46bn | ¥2.31bn | ¥2.00bn | ¥3.16bn | ¥2.41bn | ¥1.58bn | ¥1.20bn |
| Operating income | ¥420.7m | ¥64.5m | ¥197.4m | ¥388.5m | ¥362.9m | ¥21.0m | ¥511.3m | ¥653.1m | ¥292.3m | ¥124.2m |
| Net income | ¥196.7m | ¥83.9m | ¥314.8m | ¥351.5m | −¥316.5m | ¥364.4m | ¥318.0m | ¥304.8m | ¥140.4m | ¥54.2m |
| Diluted earnings per share | 2.44 | 1.03 | 3.88 | 4.33 | -3.88 | 4.46 | 4.49 | 4.55 | 2.34 | 0.94 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥12.70bn | ¥12.65bn | ¥10.84bn | ¥9.24bn | ¥8.25bn | ¥9.64bn | ¥9.78bn | ¥5.93bn | ¥3.16bn | ¥2.60bn |
| Cash and short-term investments | ¥2.68bn | ¥2.98bn | ¥2.63bn | ¥2.71bn | ¥2.99bn | ¥3.36bn | ¥2.22bn | ¥1.64bn | ¥1.41bn | ¥976.5m |
| Total liabilities | ¥7.29bn | ¥7.35bn | ¥5.89bn | ¥4.60bn | ¥4.07bn | ¥5.09bn | ¥5.58bn | ¥2.74bn | ¥1.40bn | ¥1.09bn |
| Debt | ¥4.86bn | ¥4.83bn | ¥3.51bn | ¥2.48bn | ¥2.13bn | ¥2.61bn | ¥3.38bn | ¥1.11bn | ¥354.2m | ¥306.1m |
| Shareholders' equity | ¥5.05bn | ¥4.96bn | ¥4.69bn | ¥4.33bn | ¥3.68bn | ¥4.11bn | ¥3.65bn | ¥2.98bn | ¥1.67bn | ¥1.45bn |
| Shares outstanding | 81m | 81m | 81m | 81m | 82m | 82m | 71m | 67m | 60m | 58m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥472.0m | ¥841.6m | −¥104.8m | ¥266.4m | ¥391.5m | ¥216.1m | −¥113.0m | ¥250.5m | ¥357.9m | ¥241.8m |
| Capital spending | −¥212.7m | −¥54.2m | −¥42.3m | −¥69.3m | −¥18.1m | −¥31.5m | −¥19.7m | −¥61.7m | −¥23.6m | −¥18.2m |
| Free cash flow | ¥259.3m | ¥787.4m | −¥147.1m | ¥197.1m | ¥373.4m | ¥184.5m | −¥132.8m | ¥188.9m | ¥334.3m | ¥223.5m |
| Dividends paid | −¥131.1m | −¥126.7m | −¥82.6m | −¥384,000 | −¥171.5m | −¥200.9m | −¥99.1m | −¥59.2m | −¥56.5m | −¥56.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥5.47bn | ¥4.02bn | ¥2.95bn | ¥3.18bn | ¥3.29bn | ¥3.40bn | ¥3.22bn | ¥3.48bn |
| Gross profit | ¥1.19bn | ¥935.5m | ¥600.2m | ¥748.7m | ¥717.1m | ¥743.3m | ¥669.2m | ¥868.0m |
| Operating income | ¥368.8m | ¥29.6m | −¥77.5m | ¥189.1m | ¥87.4m | ¥135.3m | ¥9.0m | ¥123.0m |
| Net income | ¥202.4m | ¥60.0m | −¥37.4m | ¥1.5m | ¥40.2m | ¥127.4m | ¥27.6m | −¥1.4m |
| Diluted earnings per share | 2.51 | 0.74 | -0.46 | 0.02 | 0.50 | 1.58 | 0.34 | -0.02 |
| Cash from operations | −¥750.0m | −¥364.0m | −¥386.0m | ¥594.0m | ¥16.0m | ¥101.0m | −¥239.0m | ¥195.0m |
| Capital spending | −¥22.0m | −¥34.0m | −¥8.0m | −¥76.0m | −¥123.0m | −¥7.0m | −¥5.0m | — |
| Free cash flow | −¥772.0m | −¥398.0m | −¥394.0m | ¥518.0m | −¥107.0m | ¥94.0m | −¥244.0m | — |
| Total assets | ¥16.94bn | ¥15.30bn | ¥13.56bn | ¥12.70bn | ¥12.65bn | ¥12.49bn | ¥12.83bn | ¥12.65bn |
| Cash and short-term investments | ¥2.67bn | ¥2.43bn | ¥2.78bn | ¥2.68bn | ¥2.59bn | ¥2.44bn | ¥2.93bn | ¥2.98bn |
| Debt | ¥5.44bn | ¥6.03bn | ¥4.11bn | ¥4.49bn | ¥3.52bn | ¥4.55bn | ¥3.32bn | ¥2.87bn |
| Shareholders' equity | ¥5.84bn | ¥5.49bn | ¥5.39bn | ¥5.05bn | ¥4.88bn | ¥4.78bn | ¥5.06bn | ¥4.96bn |
Financial ratios
Data as of 7 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 22.5% | 23.1% | 24.0% | 27.5% | 34.9% | 28.0% | — | — | — | — | — | — |
| Operating margin | 3.2% | 0.6% | 2.1% | 4.4% | 5.5% | 0.3% | — | — | — | — | — | — |
| Net margin | 1.5% | 0.7% | 3.3% | 3.9% | -4.8% | 5.1% | — | — | — | — | — | — |
| Return on equity | 3.9% | 1.7% | 6.7% | 8.1% | -8.6% | 8.9% | — | — | — | — | — | — |
| Return on assets | 1.5% | 0.7% | 2.9% | 3.8% | -3.8% | 3.8% | — | — | — | — | — | — |
| Free cash flow yield | 9.2% | 12.0% | -0.8% | 4.5% | 5.5% | 3.3% | — | — | — | — | — | — |
| Revenue growth | 12.0% | 22.9% | 6.6% | 34.6% | -7.3% | -27.5% | — | — | — | — | — | — |
| Earnings growth | 134.3% | -73.3% | -10.4% | -211.1% | -186.9% | 14.6% | — | — | — | — | — | — |
| Current ratio | 1.52x | 1.67x | 1.85x | 2.00x | 1.97x | 1.94x | — | — | — | — | — | — |
| Debt to equity | 0.89x | 0.91x | 0.72x | 0.54x | 0.53x | 0.56x | — | — | — | — | — | — |
| Equity ratio | 39.8% | 39.3% | 43.3% | 46.8% | 44.6% | 42.6% | — | — | — | — | — | — |
| Interest coverage | 4.97x | 1.25x | 5.10x | 11.82x | 5.66x | 0.49x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.5% | 0.4% | 0.4% | 1.3% | 8.3% | 4.5% |
| Buybacks as a share of market value | 0.6% | 0.0% | 0.0% | 0.5% | 0.1% | -15.3% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 13.6% | 12.9% | 13.4% |
| Operating income | 2.7% | 82.1% | — |
| Net income | -17.6% | -11.6% | 21.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.8% | 24.0% | 25.8% | 27.4% |
| Operating margin | 2.0% | 2.5% | 2.6% | 3.4% |
| Net margin | 1.1% | 2.2% | 1.7% | 2.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 33.6 | 63.9 | 22.4 | 21.7 | -17.8 | 28.9 | 28.5 | 37.6 | 76.7 | 64.2 |
| Price to sales | 0.5 | 0.5 | 0.7 | 0.9 | 0.8 | 1.5 | 0.9 | 1.6 | 2.1 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 29 Sept 2025.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.00 | 1.10 | 1.60 | 1.00 | 2.00 | 3.00 | 1.50 | 1.00 |
- 100-for-1 split · 27 Mar 2014
- 4-for-1 split · 26 Aug 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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