A 
1,077
+2.18%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥21.47bn
FY2017FY2026
Net income
−¥1.14bn
FY2017FY2026
Free cash flow
−¥1.67bn
FY2017FY2026
Shareholders' equity
¥32.01bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥21.47bn | ¥21.88bn | ¥21.21bn | ¥20.50bn | ¥21.45bn | ¥16.23bn | ¥19.62bn | ¥21.87bn | ¥23.96bn | ¥23.28bn |
| Gross profit | ¥6.67bn | ¥6.94bn | ¥6.85bn | ¥5.38bn | ¥5.12bn | ¥3.69bn | ¥6.01bn | ¥5.97bn | ¥7.60bn | ¥7.63bn |
| Research and development | — | ¥337.0m | ¥327.0m | ¥342.0m | ¥460.0m | ¥413.0m | ¥479.0m | ¥482.0m | ¥443.0m | ¥397.0m |
| Operating income | −¥1.05bn | −¥956.0m | −¥425.0m | −¥2.13bn | −¥2.24bn | −¥2.60bn | −¥464.0m | −¥1.00bn | ¥819.0m | ¥1.02bn |
| Net income | −¥1.14bn | −¥376.0m | ¥1.33bn | −¥1.22bn | −¥1.83bn | −¥3.83bn | −¥5.93bn | −¥3.08bn | ¥579.0m | ¥675.0m |
| Diluted earnings per share | -71.00 | -23.48 | 83.09 | -75.84 | -113.95 | -238.74 | -370.08 | -192.00 | 36.11 | 41.75 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥39.90bn | ¥40.85bn | ¥42.01bn | ¥40.69bn | ¥42.23bn | ¥44.34bn | ¥42.40bn | ¥50.78bn | ¥57.84bn | ¥57.16bn |
| Cash and short-term investments | ¥3.63bn | ¥5.41bn | ¥3.87bn | ¥4.79bn | ¥6.31bn | ¥8.11bn | ¥8.12bn | ¥7.98bn | ¥9.12bn | ¥9.22bn |
| Total liabilities | ¥7.89bn | ¥9.18bn | ¥8.57bn | ¥9.75bn | ¥10.09bn | ¥10.38bn | ¥6.64bn | ¥6.76bn | ¥8.91bn | ¥8.97bn |
| Debt | ¥462.0m | ¥1.06bn | ¥1.07bn | ¥1.38bn | ¥1.85bn | ¥2.32bn | ¥2.32bn | — | — | — |
| Shareholders' equity | ¥32.01bn | ¥31.66bn | ¥33.44bn | ¥30.93bn | ¥32.15bn | ¥33.83bn | ¥35.63bn | ¥43.89bn | ¥48.80bn | ¥48.07bn |
| Shares outstanding | 16m | 16m | 16m | 16m | 16m | 16m | 16m | 16m | 16m | 16m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥388.0m | ¥415.0m | −¥1.34bn | −¥1.36bn | −¥748.0m | −¥2.95bn | ¥1.01bn | ¥324.0m | ¥1.11bn | ¥1.89bn |
| Capital spending | −¥1.28bn | −¥2.81bn | −¥1.28bn | −¥1.22bn | −¥1.02bn | −¥171.0m | −¥377.0m | −¥914.0m | −¥815.0m | −¥674.0m |
| Free cash flow | −¥1.67bn | −¥2.39bn | −¥2.62bn | −¥2.57bn | −¥1.76bn | −¥3.12bn | ¥636.0m | −¥590.0m | ¥295.0m | ¥1.22bn |
| Dividends paid | — | — | — | — | — | −¥238.0m | −¥477.0m | −¥479.0m | −¥483.0m | −¥489.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.40bn | ¥5.76bn | ¥5.54bn | ¥5.86bn | ¥4.31bn | ¥6.00bn | ¥5.56bn | ¥5.82bn |
| Gross profit | ¥1.35bn | ¥1.70bn | ¥1.61bn | ¥2.02bn | ¥1.34bn | ¥1.83bn | ¥1.82bn | ¥1.75bn |
| Operating income | −¥619.0m | −¥348.0m | −¥333.0m | ¥158.0m | −¥529.0m | −¥345.0m | −¥150.0m | −¥175.0m |
| Net income | −¥587.0m | −¥427.0m | −¥355.0m | ¥154.0m | −¥509.0m | −¥1.17bn | ¥494.0m | ¥277.0m |
| Diluted earnings per share | -36.66 | -26.66 | -22.17 | 9.62 | -31.78 | -72.99 | 30.84 | 17.29 |
| Cash from operations | — | — | — | −¥336.0m | — | — | — | — |
| Capital spending | — | — | — | −¥270.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥606.0m | — | — | — | — |
| Total assets | ¥39.48bn | ¥39.90bn | ¥40.77bn | ¥39.84bn | ¥39.78bn | ¥40.85bn | ¥44.57bn | ¥41.31bn |
| Cash and short-term investments | ¥3.59bn | ¥3.63bn | ¥3.46bn | ¥3.57bn | ¥4.68bn | ¥5.41bn | ¥4.26bn | ¥3.26bn |
| Debt | ¥477.0m | ¥462.0m | ¥309.0m | ¥203.0m | ¥927.0m | ¥1.06bn | ¥1.12bn | ¥1.29bn |
| Shareholders' equity | ¥31.64bn | ¥32.01bn | ¥32.24bn | ¥31.48bn | ¥30.91bn | ¥31.66bn | ¥34.10bn | ¥32.94bn |
Financial ratios
Data as of 29 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 31.1% | 31.7% | 32.3% | 26.2% | 23.9% | 22.8% | — |
| Operating margin | -4.9% | -4.4% | -2.0% | -10.4% | -10.5% | -16.0% | — |
| Net margin | -5.3% | -1.7% | 6.3% | -5.9% | -8.5% | -23.6% | — |
| Return on equity | -3.6% | -1.2% | 4.0% | -3.9% | -5.7% | -11.3% | — |
| Return on assets | -2.8% | -0.9% | 3.2% | -3.0% | -4.3% | -8.6% | — |
| Free cash flow yield | 4.8% | 17.5% | -0.3% | -0.8% | 1.5% | -15.1% | — |
| Revenue growth | -1.9% | 3.2% | 3.4% | -4.4% | 32.1% | -17.3% | — |
| Earnings growth | 202.4% | -128.2% | -209.5% | -33.5% | -52.3% | -35.5% | — |
| Current ratio | 4.26x | 3.21x | 4.14x | 3.13x | 3.76x | 4.61x | — |
| Debt to equity | 0.01x | 0.03x | 0.03x | 0.04x | 0.06x | 0.07x | — |
| Equity ratio | 80.2% | 77.5% | 79.6% | 76.0% | 76.1% | 76.3% | — |
| Interest coverage | -75.14x | -35.41x | -47.22x | -266.75x | -204.00x | -519.00x | — |
| R&D as a share of sales | — | 1.5% | 1.5% | 1.7% | 2.1% | 2.5% | 2.4% |
| 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 | 1.5% | 5.8% | -1.1% |
| Operating income | -21.0% | -16.5% | — |
| Net income | -2.2% | -21.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 31.4% | 30.4% | 28.2% | 29.4% |
| Operating margin | -4.6% | -5.4% | -7.7% | -3.5% |
| Net margin | -3.5% | -1.6% | -5.7% | -5.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -15.1 | -53.5 | 11.7 | -6.8 | -3.5 | -2.4 | -1.4 | -4.4 | 26.6 | 31.1 |
| Price to sales | 0.8 | 0.9 | 0.7 | 0.4 | 0.3 | 0.6 | 0.4 | 0.6 | 0.6 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 Mar 2020.
| FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 15.00 | 30.00 | 30.00 | 30.00 | 30.00 | 30.00 | 30.00 | 30.00 |
- 10-to-1 reverse split · 27 Sept 2017
- 6-for-5 split · 27 Nov 1990
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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