A 
3,050
+2.35%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥13.54bn
FY2017FY2026
Net income
¥294.7m
FY2017FY2026
Free cash flow
−¥251.1m
FY2017FY2026
Shareholders' equity
¥3.99bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥13.54bn | ¥12.43bn | ¥11.51bn | ¥9.37bn | ¥9.59bn | ¥7.54bn | ¥5.51bn | ¥5.30bn | ¥6.38bn | ¥4.74bn |
| Gross profit | ¥1.97bn | ¥1.94bn | ¥1.62bn | ¥1.34bn | ¥1.11bn | ¥806.7m | ¥777.6m | ¥1.05bn | ¥1.03bn | ¥815.1m |
| Research and development | — | — | ¥0 | ¥0 | ¥0 | — | ¥0 | — | — | — |
| Operating income | ¥774.4m | ¥975.1m | ¥664.0m | ¥495.3m | ¥359.5m | ¥43.8m | ¥85.3m | ¥293.3m | ¥401.0m | ¥299.9m |
| Net income | ¥294.7m | ¥462.0m | ¥620.1m | ¥493.4m | −¥526.7m | ¥10.4m | ¥13.2m | ¥198.6m | ¥274.0m | ¥156.8m |
| Diluted earnings per share | 193.52 | 329.88 | 513.80 | 390.54 | -550.11 | 6.82 | 8.68 | 209.40 | 391.48 | 224.05 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥14.51bn | ¥13.24bn | ¥9.93bn | ¥9.07bn | ¥3.99bn | ¥5.47bn | ¥6.78bn | ¥6.42bn | ¥5.26bn | ¥4.42bn |
| Cash and short-term investments | ¥5.12bn | ¥4.37bn | ¥3.91bn | ¥3.56bn | ¥2.61bn | ¥2.38bn | ¥2.47bn | ¥1.80bn | ¥2.02bn | ¥1.61bn |
| Total liabilities | ¥10.53bn | ¥10.28bn | ¥7.44bn | ¥7.60bn | ¥3.01bn | ¥3.96bn | ¥5.29bn | ¥4.94bn | ¥4.45bn | ¥3.89bn |
| Debt | ¥9.61bn | ¥9.26bn | ¥6.71bn | ¥6.36bn | ¥2.29bn | ¥3.34bn | ¥4.65bn | ¥4.58bn | ¥3.84bn | ¥3.38bn |
| Shareholders' equity | ¥3.99bn | ¥2.96bn | ¥2.50bn | ¥1.47bn | ¥982.0m | ¥1.51bn | ¥1.50bn | ¥1.48bn | ¥805.3m | ¥531.1m |
| Shares outstanding | 2m | 1m | 1m | 1m | 1m | 2m | 2m | 1m | 1m | 1m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥250.4m | −¥2.01bn | −¥214.5m | −¥3.44bn | ¥1.28bn | ¥1.58bn | ¥9.0m | −¥1.28bn | ¥292.9m | ¥408.0m |
| Capital spending | −¥762,000 | −¥1.5m | −¥41.6m | −¥201.5m | −¥4.8m | −¥6.6m | −¥8.0m | −¥7.7m | −¥342.8m | −¥452.6m |
| Free cash flow | −¥251.1m | −¥2.02bn | −¥256.1m | −¥3.64bn | ¥1.27bn | ¥1.58bn | ¥1.0m | −¥1.29bn | −¥49.9m | −¥44.5m |
| Dividends paid | −¥36.2m | −¥23.9m | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.59bn | ¥4.43bn | ¥3.94bn | ¥4.34bn | ¥3.06bn | ¥2.20bn | ¥3.78bn | ¥4.69bn |
| Gross profit | ¥645.9m | ¥896.3m | ¥482.9m | ¥532.3m | ¥472.0m | ¥504.0m | ¥493.1m | ¥818.3m |
| Operating income | ¥289.8m | ¥530.7m | ¥239.5m | ¥203.1m | ¥139.0m | ¥192.0m | ¥256.6m | ¥587.8m |
| Net income | ¥112.4m | ¥284.1m | ¥129.1m | ¥76.3m | ¥27.0m | ¥62.0m | ¥118.3m | ¥341.0m |
| Diluted earnings per share | 73.81 | 186.56 | 84.77 | 54.48 | 19.28 | 44.27 | 84.46 | 282.57 |
| Total assets | ¥16.88bn | ¥17.37bn | ¥14.51bn | ¥16.53bn | ¥18.36bn | ¥16.53bn | ¥13.24bn | ¥12.04bn |
| Cash and short-term investments | ¥6.06bn | ¥5.84bn | ¥5.12bn | ¥5.00bn | ¥4.46bn | ¥4.13bn | ¥4.37bn | ¥4.23bn |
| Debt | ¥5.72bn | ¥4.89bn | ¥9.61bn | ¥2.42bn | ¥4.23bn | ¥4.96bn | ¥2.22bn | ¥3.17bn |
| Shareholders' equity | ¥4.38bn | ¥4.23bn | ¥3.99bn | ¥3.86bn | ¥3.40bn | ¥3.05bn | ¥2.96bn | ¥2.84bn |
Financial ratios
Data as of 19 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 14.5% | 15.6% | 14.1% | 14.3% | 11.6% | 10.7% | — |
| Operating margin | 5.1% | 7.8% | 5.8% | 5.5% | 3.7% | 0.6% | — |
| Net margin | 2.2% | 3.7% | 5.4% | 5.3% | -5.5% | 0.1% | — |
| Return on equity | 7.4% | 15.6% | 24.9% | 33.5% | -53.6% | 0.7% | — |
| Return on assets | 2.0% | 3.5% | 6.2% | 5.4% | -13.2% | 0.2% | — |
| Free cash flow yield | -5.3% | -46.0% | -5.7% | -87.1% | 42.6% | — | — |
| Revenue growth | 9.0% | 8.0% | 22.7% | -2.3% | 27.1% | 36.9% | — |
| Earnings growth | -36.2% | -25.5% | 25.7% | -193.7% | -5171.0% | -21.4% | — |
| Current ratio | 1.95x | 4.14x | 2.09x | 3.23x | 3.01x | 4.15x | — |
| Debt to equity | 2.41x | 3.13x | 2.69x | 4.31x | 2.32x | 2.21x | — |
| Equity ratio | 27.5% | 22.3% | 25.1% | 16.3% | 24.6% | 27.5% | — |
| Interest coverage | 3.11x | 7.31x | 5.58x | 6.71x | 6.95x | 0.96x | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -8.8% | -16.0% | 4.5% | -32.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 13.0% | 12.4% | 16.7% |
| Operating income | 16.1% | 77.7% | 30.1% |
| Net income | -15.8% | 95.3% | 45.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.1% | 14.7% | 13.7% | 14.5% |
| Operating margin | 6.7% | 6.2% | 5.2% | 5.0% |
| Net margin | 2.9% | 4.0% | 2.1% | 2.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.3 | 9.0 | 4.8 | 6.0 | -2.6 | 210.0 | 161.0 | 7.2 | 3.1 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.3 | 0.1 | 0.3 | 0.4 | 0.3 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 26 Feb 2026.
| FY2026 | FY2025 | |
|---|---|---|
| Paid in the year | 60.00 | 20.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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