V 
208
-17.13%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.37bn
FY2017FY2026
Net income
−¥80.7m
FY2017FY2026
Free cash flow
−¥118.9m
FY2017FY2026
Shareholders' equity
¥2.25bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.37bn | ¥2.82bn | ¥3.46bn | ¥4.26bn | ¥5.39bn | ¥6.90bn | ¥6.59bn | ¥7.12bn | ¥7.39bn | ¥8.82bn |
| Gross profit | ¥1.10bn | ¥1.48bn | ¥1.83bn | ¥2.44bn | ¥3.15bn | ¥4.53bn | ¥4.22bn | ¥4.51bn | ¥4.05bn | ¥4.92bn |
| Research and development | — | — | — | — | — | — | — | ¥6.0m | ¥13.0m | ¥28.9m |
| Operating income | −¥173.7m | ¥14.6m | −¥94.4m | −¥84.8m | −¥362.8m | ¥159.0m | −¥86.3m | −¥199.0m | −¥1.04bn | ¥141.1m |
| Net income | −¥80.7m | ¥13.3m | ¥5.3m | −¥39.2m | −¥412.2m | ¥163.2m | −¥160.7m | −¥356.0m | −¥1.33bn | ¥24.2m |
| Diluted earnings per share | -12.47 | 2.05 | 0.82 | -6.10 | -64.18 | 25.41 | -25.29 | -69.23 | -258.43 | 4.75 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.83bn | ¥2.79bn | ¥2.84bn | ¥2.96bn | ¥3.06bn | ¥3.51bn | ¥3.00bn | ¥2.78bn | ¥3.09bn | ¥4.43bn |
| Cash and short-term investments | ¥676.5m | ¥1.33bn | ¥1.38bn | ¥1.45bn | ¥1.47bn | ¥1.84bn | ¥1.53bn | ¥1.35bn | ¥1.11bn | ¥2.13bn |
| Total liabilities | ¥577.3m | ¥598.1m | ¥665.1m | ¥793.1m | ¥870.3m | ¥875.3m | ¥719.2m | ¥778.7m | ¥724.1m | ¥693.8m |
| Debt | ¥97.7m | ¥101.7m | ¥105.7m | ¥139.7m | ¥143.7m | ¥147.7m | ¥147.7m | — | — | — |
| Shareholders' equity | ¥2.25bn | ¥2.20bn | ¥2.18bn | ¥2.16bn | ¥2.19bn | ¥2.64bn | ¥2.29bn | ¥2.00bn | ¥2.36bn | ¥3.74bn |
| Shares outstanding | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 5m | 5m | 5m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥105.8m | ¥41.6m | −¥41.3m | ¥112.0m | −¥125.5m | ¥232.6m | −¥223.6m | ¥220.1m | −¥718.1m | ¥241.2m |
| Capital spending | −¥13.1m | −¥20.9m | −¥28.8m | −¥41.0m | −¥55.5m | −¥74.7m | −¥40.1m | −¥68.6m | −¥157.0m | −¥219.3m |
| Free cash flow | −¥118.9m | ¥20.6m | −¥70.0m | ¥71.0m | −¥181.0m | ¥157.9m | −¥263.7m | ¥151.5m | −¥875.1m | ¥21.9m |
| Dividends paid | — | −¥26,000 | −¥5,000 | −¥34,000 | −¥51.1m | −¥3,000 | −¥19,000 | −¥183,000 | −¥50.9m | −¥78.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥558.1m | ¥565.3m | ¥650.4m | ¥593.0m | ¥685.8m | ¥665.2m | ¥743.0m | ¥724.0m |
| Gross profit | ¥247.1m | ¥256.4m | ¥322.4m | ¥276.5m | ¥361.9m | ¥344.0m | ¥408.0m | ¥360.0m |
| Operating income | −¥38.8m | −¥58.7m | −¥16.9m | −¥59.3m | ¥20.8m | ¥15.4m | ¥28.0m | −¥49.0m |
| Net income | ¥15.5m | −¥53.2m | ¥8.4m | −¥51.3m | ¥32.6m | −¥3.1m | ¥52.0m | −¥68.0m |
| Diluted earnings per share | 2.39 | -8.23 | 1.30 | -7.91 | 5.02 | -0.48 | 8.10 | -10.59 |
| Total assets | ¥2.83bn | ¥2.80bn | ¥2.89bn | ¥2.82bn | ¥2.79bn | ¥2.78bn | ¥2.86bn | ¥2.75bn |
| Cash and short-term investments | ¥676.5m | ¥761.6m | ¥1.07bn | ¥1.13bn | ¥1.33bn | ¥1.34bn | ¥1.32bn | ¥1.33bn |
| Debt | ¥4.0m | ¥4.0m | ¥99.7m | ¥4.0m | ¥4.0m | ¥4.0m | ¥103.7m | ¥4.0m |
| Shareholders' equity | ¥2.25bn | ¥2.19bn | ¥2.25bn | ¥2.22bn | ¥2.20bn | ¥2.15bn | ¥2.17bn | ¥2.10bn |
Financial ratios
Data as of 2 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 46.6% | 52.3% | 53.0% | 57.3% | 58.4% | 65.6% | — | — | — | — | — |
| Operating margin | -7.3% | 0.7% | 0.4% | -0.8% | -7.4% | 2.6% | — | — | — | — | — |
| Net margin | -3.4% | 0.5% | 0.2% | -0.9% | -7.6% | 2.4% | — | — | — | — | — |
| Return on equity | -3.6% | 0.6% | 0.2% | -1.8% | -18.8% | 6.2% | — | — | — | — | — |
| Return on assets | -2.9% | 0.5% | 0.2% | -1.3% | -13.5% | 4.6% | — | — | — | — | — |
| Free cash flow yield | -6.0% | 4.1% | -0.8% | 10.1% | -4.6% | 20.2% | — | — | — | — | — |
| Revenue growth | -16.0% | -18.5% | -18.8% | -21.0% | -21.9% | 4.8% | — | — | — | — | — |
| Earnings growth | -706.3% | 152.6% | -113.5% | -90.5% | -352.5% | -201.5% | — | — | — | — | — |
| Current ratio | 4.05x | 4.32x | 4.11x | 3.07x | 3.02x | 3.80x | — | — | — | — | — |
| Debt to equity | 0.04x | 0.00x | 0.05x | 0.06x | 0.07x | 0.06x | — | — | — | — | — |
| Equity ratio | 79.6% | 78.6% | 76.6% | 73.2% | 71.6% | 75.1% | — | — | — | — | — |
| Interest coverage | -112.07x | 14.71x | 12.94x | -27.60x | -316.27x | 230.53x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.1% | 0.2% | 0.3% | 0.1% | 0.1% |
| Buybacks as a share of market value | 0.3% | -1.0% | 0.0% | 0.0% | 0.0% | -1.1% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -17.8% | -19.3% | -14.4% |
| Operating income | 27.0% | — | — |
| Net income | 27.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 49.7% | 53.1% | 57.6% | 58.9% |
| Operating margin | -3.1% | -2.6% | -2.2% | -1.8% |
| Net margin | -1.3% | -0.8% | -1.4% | -3.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -19.6 | 127.7 | 274.2 | -40.0 | -5.0 | 14.0 | -20.6 | -10.2 | -2.0 | 224.9 |
| Price to sales | 0.7 | 0.6 | 0.4 | 0.4 | 0.4 | 0.3 | 0.5 | 0.5 | 0.3 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Jun 2021.
| FY2022 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 8.00 | 10.00 | 15.00 | 15.00 | 19.00 | 19.00 | 19.00 | 5.00 |
- 3-for-1 split · 28 Dec 2010
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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