R 
870
+3.20%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥10.41bn
FY2016FY2025
Net income
¥497.4m
FY2016FY2025
Free cash flow
−¥72.3m
FY2016FY2025
Shareholders' equity
¥1.02bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥10.41bn | ¥11.68bn | ¥11.06bn | ¥8.59bn | ¥7.75bn | ¥6.84bn | ¥8.57bn | ¥4.54bn | ¥3.71bn | ¥3.73bn |
| Research and development | — | — | — | — | — | — | — | — | ¥3.0m | — |
| Operating income | ¥393.5m | −¥1.92bn | ¥73.7m | ¥500.6m | ¥518.3m | ¥214.1m | ¥430.0m | ¥8.1m | ¥650.5m | ¥150.9m |
| Net income | ¥497.4m | −¥1.88bn | −¥352.3m | ¥500.8m | ¥200.4m | −¥1.60bn | ¥247.0m | ¥23.8m | ¥62.9m | ¥149.3m |
| Diluted earnings per share | 31.08 | -128.89 | -28.04 | 40.74 | 16.30 | -131.29 | 23.73 | 2.44 | 7.00 | 9.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥7.04bn | ¥8.45bn | ¥14.79bn | ¥9.62bn | ¥8.46bn | ¥9.50bn | ¥7.62bn | ¥4.65bn | ¥2.42bn | ¥1.21bn |
| Cash and short-term investments | ¥310.6m | ¥880.8m | ¥2.22bn | ¥1.60bn | ¥1.86bn | ¥2.90bn | ¥1.03bn | ¥1.45bn | ¥1.34bn | ¥421.1m |
| Total liabilities | ¥5.95bn | ¥8.12bn | ¥12.74bn | ¥7.41bn | ¥6.67bn | ¥7.81bn | ¥5.04bn | ¥3.72bn | ¥1.56bn | ¥754.7m |
| Debt | ¥4.71bn | ¥6.53bn | ¥10.87bn | ¥6.17bn | ¥5.30bn | ¥6.43bn | ¥4.14bn | ¥3.05bn | ¥1.31bn | ¥503.1m |
| Shareholders' equity | ¥1.02bn | ¥290.4m | ¥2.01bn | ¥2.21bn | ¥1.78bn | ¥1.49bn | ¥2.58bn | ¥925.1m | ¥860.6m | ¥457.5m |
| Shares outstanding | 16m | 15m | 13m | 12m | 12m | 12m | 10m | 10m | 9m | 16m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥116.6m | ¥654.2m | −¥712.3m | −¥16.2m | ¥554.3m | −¥898.3m | −¥2.61bn | −¥401.0m | −¥59.0m | ¥78.5m |
| Capital spending | −¥188.9m | −¥320.8m | −¥341.0m | −¥210.1m | −¥155.4m | −¥144.9m | −¥164.5m | −¥42.0m | −¥38.0m | −¥65.8m |
| Free cash flow | −¥72.3m | ¥333.4m | −¥1.05bn | −¥226.2m | ¥399.0m | −¥1.04bn | −¥2.78bn | −¥443.0m | −¥97.0m | ¥12.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.15bn | ¥3.69bn | ¥2.98bn | ¥2.55bn | ¥2.64bn | ¥2.57bn | ¥2.65bn | ¥2.76bn |
| Operating income | ¥475.1m | ¥431.5m | ¥109.1m | ¥124.2m | ¥77.1m | ¥164.2m | ¥28.0m | −¥154.0m |
| Net income | ¥44.4m | ¥359.4m | ¥68.8m | ¥324.0m | ¥21.9m | ¥125.4m | ¥26.0m | −¥135.0m |
| Diluted earnings per share | 2.72 | 22.02 | 4.30 | 20.24 | 1.37 | 7.83 | 1.78 | -9.24 |
| Cash from operations | — | — | — | ¥116.0m | — | — | — | — |
| Capital spending | — | — | — | −¥188.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥72.0m | — | — | — | — |
| Total assets | ¥10.53bn | ¥10.20bn | ¥9.35bn | ¥7.04bn | ¥6.55bn | ¥6.48bn | ¥7.08bn | ¥8.45bn |
| Cash and short-term investments | ¥2.99bn | ¥2.45bn | ¥2.36bn | ¥310.6m | ¥510.5m | ¥633.5m | ¥700.4m | ¥880.8m |
| Debt | ¥1.80bn | ¥5.50bn | ¥2.66bn | ¥2.83bn | ¥2.25bn | ¥2.86bn | ¥2.73bn | ¥2.52bn |
| Shareholders' equity | ¥1.64bn | ¥1.51bn | ¥1.10bn | ¥1.02bn | ¥687.3m | ¥674.2m | ¥518.4m | ¥290.4m |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 5.3% | -16.4% | 0.7% | 5.8% | 6.7% | 3.1% | — |
| Net margin | 4.8% | -16.1% | -3.2% | 5.8% | 2.6% | -23.4% | — |
| Return on equity | 49.0% | -648.4% | -17.5% | 22.6% | 11.3% | -107.2% | — |
| Return on assets | 7.1% | -22.3% | -2.4% | 5.2% | 2.4% | -16.9% | — |
| Free cash flow yield | 2.4% | 8.4% | -3.7% | 2.0% | 7.3% | -7.8% | — |
| Revenue growth | -10.8% | 5.6% | 28.7% | 10.8% | 13.4% | -20.2% | — |
| Earnings growth | -126.4% | 434.4% | -170.3% | 149.9% | -112.5% | -748.8% | — |
| Current ratio | 0.75x | 1.04x | 1.88x | 2.01x | 2.14x | 2.24x | — |
| Debt to equity | 2.78x | 10.26x | 4.50x | 2.75x | 2.95x | 4.27x | — |
| Equity ratio | 14.4% | 3.4% | 13.6% | 23.0% | 21.1% | 15.7% | — |
| Interest coverage | 6.21x | -23.32x | 1.59x | 17.79x | 11.53x | 3.99x | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.1% |
| Buybacks as a share of market value | -9.6% | -16.3% | -2.2% | -0.0% | -0.7% | -17.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.6% | 8.8% | 12.4% |
| Operating income | -7.7% | 12.9% | 13.1% |
| Net income | -0.2% | — | 18.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -6.9% | -2.3% | -0.4% | 1.4% |
| Net margin | -6.3% | -3.0% | -4.7% | -2.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 32.2 | -2.0 | -14.6 | 10.4 | 40.4 | -4.5 | 32.5 | 373.2 | 86.8 | 67.3 |
| Price to sales | 1.5 | 0.3 | 0.5 | 0.6 | 1.1 | 1.1 | 0.9 | 2.0 | 1.5 | 2.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 5-for-1 split · 24 Feb 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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