T 
232
+4.04%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥10.41bn
FY2017FY2026
Net income
−¥58.8m
FY2017FY2026
Free cash flow
¥369.2m
FY2017FY2026
Shareholders' equity
¥6.04bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥10.41bn | ¥11.17bn | ¥8.74bn | ¥8.66bn | ¥9.55bn | ¥8.50bn | ¥10.82bn | ¥8.90bn | ¥4.95bn | ¥5.29bn |
| Gross profit | ¥3.81bn | ¥3.79bn | ¥2.87bn | ¥3.09bn | ¥3.37bn | ¥2.56bn | ¥2.80bn | ¥2.03bn | ¥1.06bn | ¥1.24bn |
| Research and development | — | ¥115.8m | ¥104.7m | ¥85.8m | ¥86.0m | ¥50.8m | ¥38.0m | — | — | ¥7,000 |
| Operating income | ¥73.4m | ¥91.4m | −¥123.0m | ¥180.6m | ¥516.6m | ¥239.4m | ¥875.5m | ¥504.5m | −¥323.4m | −¥272.0m |
| Net income | −¥58.8m | −¥140.5m | ¥73.9m | ¥262.9m | ¥353.5m | ¥316.0m | ¥566.9m | ¥436.4m | −¥646.5m | −¥358.1m |
| Diluted earnings per share | -4.87 | -11.98 | 6.20 | 21.94 | 29.40 | 25.32 | 48.36 | 37.68 | -63.00 | -39.07 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥10.61bn | ¥10.61bn | ¥10.14bn | ¥8.02bn | ¥8.79bn | ¥6.88bn | ¥8.50bn | ¥5.05bn | ¥3.87bn | ¥4.18bn |
| Cash and short-term investments | ¥2.88bn | ¥2.96bn | ¥2.66bn | ¥2.98bn | ¥4.98bn | ¥2.05bn | ¥4.46bn | ¥2.16bn | ¥1.88bn | ¥1.32bn |
| Total liabilities | ¥4.57bn | ¥4.49bn | ¥3.80bn | ¥2.43bn | ¥3.19bn | ¥1.64bn | ¥3.55bn | ¥1.69bn | ¥1.78bn | ¥1.68bn |
| Debt | ¥3.01bn | ¥2.75bn | ¥2.40bn | ¥1.19bn | ¥1.69bn | ¥480.6m | ¥646.0m | ¥651.8m | ¥990.6m | ¥861.7m |
| Shareholders' equity | ¥6.04bn | ¥6.12bn | ¥6.34bn | ¥5.59bn | ¥5.59bn | ¥5.23bn | ¥4.90bn | ¥3.36bn | ¥2.09bn | ¥2.50bn |
| Shares outstanding | 12m | 12m | 12m | 12m | 12m | 12m | 12m | 12m | 10m | 9m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥386.7m | ¥1.37bn | ¥60.7m | −¥699.8m | ¥775.6m | −¥386.0m | ¥1.64bn | −¥764.6m | ¥200.7m | ¥308.7m |
| Capital spending | −¥17.5m | −¥79.7m | −¥692.0m | −¥483.3m | −¥299.4m | −¥396.5m | −¥355.3m | −¥119.0m | −¥154.8m | −¥496.0m |
| Free cash flow | ¥369.2m | ¥1.29bn | −¥631.4m | −¥1.18bn | ¥476.2m | −¥782.5m | ¥1.28bn | −¥883.6m | ¥45.9m | −¥187.3m |
| Dividends paid | −¥53.8m | −¥58.8m | −¥58.3m | −¥118.6m | −¥23.4m | −¥34.3m | −¥20.7m | −¥20.7m | −¥12.7m | −¥14.3m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.76bn | ¥2.54bn | ¥2.87bn | ¥2.66bn | ¥2.20bn | ¥2.67bn | ¥2.47bn | ¥3.15bn |
| Gross profit | ¥1.07bn | ¥917.2m | ¥965.6m | ¥1.04bn | ¥897.9m | ¥914.5m | ¥806.2m | ¥1.04bn |
| Operating income | −¥5.9m | −¥68.4m | ¥99.4m | ¥127.0m | −¥67.5m | −¥85.6m | −¥60.2m | ¥140.6m |
| Net income | ¥7.0m | −¥62.7m | ¥58.6m | ¥89.6m | −¥123.2m | −¥83.7m | −¥129.7m | ¥55.2m |
| Diluted earnings per share | 0.58 | -5.19 | 4.86 | 7.64 | -10.51 | -7.14 | -11.06 | 4.63 |
| Total assets | ¥10.00bn | ¥10.19bn | ¥10.61bn | ¥10.58bn | ¥10.08bn | ¥10.10bn | ¥10.61bn | ¥10.44bn |
| Cash and short-term investments | ¥2.42bn | ¥2.84bn | ¥2.88bn | ¥3.32bn | ¥2.93bn | ¥3.17bn | ¥2.96bn | ¥3.74bn |
| Debt | ¥1.02bn | ¥1.02bn | ¥3.01bn | ¥1.03bn | ¥1.53bn | ¥1.39bn | ¥1.44bn | ¥1.28bn |
| Shareholders' equity | ¥6.03bn | ¥6.01bn | ¥6.04bn | ¥5.99bn | ¥5.90bn | ¥6.09bn | ¥6.12bn | ¥6.22bn |
Financial ratios
Data as of 23 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 36.6% | 33.9% | 32.9% | 35.7% | 35.2% | 30.1% | — |
| Operating margin | 0.7% | -0.5% | 1.0% | 3.5% | 6.7% | 2.7% | — |
| Net margin | -0.6% | -1.3% | 0.8% | 3.0% | 3.7% | 3.7% | — |
| Return on equity | -1.0% | -2.3% | 1.2% | 4.7% | 6.3% | 6.0% | — |
| Return on assets | -0.6% | -1.3% | 0.7% | 3.3% | 4.0% | 4.6% | — |
| Free cash flow yield | 13.5% | 49.9% | 25.4% | -7.3% | 36.0% | 0.3% | — |
| Revenue growth | -6.8% | 27.8% | 0.9% | -9.3% | 12.4% | -21.4% | — |
| Earnings growth | -58.2% | -290.1% | -71.9% | -25.6% | 11.9% | -44.3% | — |
| Current ratio | 2.37x | 1.95x | 3.14x | 3.89x | 3.68x | 2.74x | — |
| Debt to equity | 0.50x | 0.45x | 0.38x | 0.21x | 0.30x | 0.09x | — |
| Equity ratio | 56.9% | 57.7% | 62.5% | 69.7% | 63.7% | 76.1% | — |
| Interest coverage | 1.96x | -2.28x | 8.57x | 33.00x | 52.35x | 19.11x | — |
| R&D as a share of sales | — | 1.0% | 1.2% | 1.0% | 0.9% | 0.6% | 0.4% |
| Buybacks as a share of market value | -2.9% | 1.7% | 0.4% | 0.4% | 3.6% | -6.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.3% | 4.1% | 6.5% |
| Operating income | -25.9% | -21.1% | -0.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 35.2% | 34.8% | 34.2% | 30.5% |
| Operating margin | 0.8% | 0.6% | 1.7% | 2.0% |
| Net margin | -0.9% | 0.4% | 1.4% | 0.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -48.0 | -21.2 | 53.4 | 21.1 | 10.5 | 18.5 | 11.0 | 21.6 | -18.1 | -10.7 |
| Price to sales | 0.3 | 0.3 | 0.5 | 0.6 | 0.4 | 0.7 | 0.6 | 1.1 | 2.4 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 7 years. Last went ex-dividend on 26 Feb 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 10.00 | 5.00 | 5.00 | 5.00 | 2.00 | 1.00 | 2.00 | 1.50 |
- 100-for-1 split · 28 Aug 2013
- 3-for-1 split · 27 May 2010
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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