M 
750
+3.73%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.36bn
FY2016FY2025
Net income
−¥77.6m
FY2016FY2025
Free cash flow
−¥37.0m
FY2016FY2025
Shareholders' equity
¥3.62bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.36bn | ¥3.30bn | ¥2.38bn | ¥2.00bn | ¥1.73bn | ¥2.07bn | ¥2.61bn | ¥2.42bn | ¥2.36bn | ¥2.14bn |
| Gross profit | ¥1.84bn | ¥1.90bn | ¥1.36bn | ¥952.1m | ¥866.5m | ¥1.44bn | ¥2.06bn | ¥1.94bn | ¥2.00bn | ¥1.79bn |
| Research and development | ¥545.8m | ¥377.0m | ¥457.5m | ¥479.0m | ¥553.0m | ¥490.0m | ¥401.0m | ¥353.0m | ¥367.0m | ¥221.0m |
| Operating income | ¥45.8m | ¥258.4m | −¥258.0m | −¥602.4m | −¥881.6m | −¥143.5m | ¥586.7m | ¥668.5m | ¥809.2m | ¥818.8m |
| Net income | −¥77.6m | ¥301.5m | −¥300.2m | −¥668.4m | −¥793.4m | −¥652.2m | ¥339.9m | ¥465.3m | ¥630.3m | ¥507.8m |
| Diluted earnings per share | -14.79 | 58.22 | -58.53 | -130.32 | -150.87 | -121.03 | 62.84 | 86.09 | 118.29 | 98.37 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥4.15bn | ¥4.26bn | ¥3.71bn | ¥3.86bn | ¥4.55bn | ¥5.39bn | ¥6.12bn | ¥5.85bn | ¥4.82bn | ¥4.07bn |
| Cash and short-term investments | ¥2.53bn | ¥2.94bn | ¥2.71bn | ¥3.06bn | ¥3.39bn | ¥4.44bn | −¥1.6m | ¥4.32bn | ¥3.79bn | ¥3.10bn |
| Total liabilities | ¥526.4m | ¥621.8m | ¥558.6m | ¥460.6m | ¥400.4m | ¥282.3m | ¥1.6m | ¥393.9m | ¥332.8m | ¥310.7m |
| Debt | ¥10.5m | ¥23.3m | ¥36.3m | ¥12.8m | ¥21.9m | ¥1.1m | ¥1.6m | ¥9.0m | ¥25.8m | ¥50.4m |
| Shareholders' equity | ¥3.62bn | ¥3.64bn | ¥3.15bn | ¥3.40bn | ¥4.15bn | ¥5.10bn | ¥5.75bn | ¥5.45bn | ¥4.49bn | ¥3.76bn |
| Shares outstanding | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥14.1m | ¥207.2m | −¥267.6m | −¥415.5m | −¥653.6m | −¥62.5m | ¥575.0m | ¥485.0m | ¥692.0m | ¥298.5m |
| Capital spending | −¥51.1m | −¥141.5m | −¥97.6m | −¥62.3m | −¥41.2m | −¥114.3m | −¥61.0m | −¥45.0m | −¥50.0m | −¥78.9m |
| Free cash flow | −¥37.0m | ¥65.7m | −¥365.2m | −¥477.8m | −¥694.8m | −¥176.9m | ¥514.0m | ¥440.0m | ¥642.0m | ¥219.6m |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥776.9m | ¥677.6m | ¥474.0m | ¥1.03bn | ¥802.0m | ¥831.7m | ¥699.8m | ¥947.6m |
| Gross profit | ¥352.0m | ¥283.7m | ¥99.0m | ¥614.2m | ¥440.0m | ¥469.6m | ¥319.3m | ¥556.5m |
| Operating income | −¥80.9m | −¥148.3m | −¥391.1m | ¥136.1m | ¥18.0m | ¥30.5m | −¥138.7m | ¥120.6m |
| Net income | −¥223.1m | −¥307.4m | −¥374.0m | ¥132.7m | −¥18.0m | −¥69.7m | −¥122.6m | ¥141.4m |
| Diluted earnings per share | -43.21 | -59.54 | -72.45 | 25.30 | -3.43 | -13.29 | -23.37 | 27.31 |
| Cash from operations | — | — | — | ¥14.0m | — | — | — | — |
| Capital spending | — | — | — | −¥51.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥37.0m | — | — | — | — |
| Total assets | ¥3.22bn | ¥3.46bn | ¥3.73bn | ¥4.15bn | ¥3.97bn | ¥3.95bn | ¥3.99bn | ¥4.26bn |
| Cash and short-term investments | ¥1.75bn | ¥2.13bn | ¥2.22bn | ¥2.53bn | ¥2.37bn | ¥2.55bn | ¥2.87bn | ¥2.94bn |
| Debt | — | — | — | ¥7.9m | — | — | ¥5.9m | ¥14.5m |
| Shareholders' equity | ¥2.73bn | ¥2.95bn | ¥3.25bn | ¥3.62bn | ¥3.47bn | ¥3.45bn | ¥3.51bn | ¥3.64bn |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 54.9% | 57.6% | 56.9% | 47.7% | 50.1% | 69.3% |
| Operating margin | 2.2% | 9.0% | -10.8% | -30.1% | -50.0% | -17.0% |
| Net margin | -2.3% | 9.1% | -12.6% | -33.5% | -45.8% | -31.5% |
| Return on equity | -2.1% | 8.3% | -9.5% | -19.7% | -19.1% | -12.8% |
| Return on assets | -1.9% | 7.1% | -8.1% | -17.3% | -17.4% | -12.1% |
| Free cash flow yield | 1.4% | 7.4% | -3.6% | -7.5% | -12.8% | 1.1% |
| Revenue growth | 1.8% | 38.5% | 19.3% | 15.4% | -16.5% | -20.5% |
| Earnings growth | -125.7% | -200.4% | -55.1% | -15.8% | 21.7% | -291.9% |
| Current ratio | 6.95x | 6.06x | 6.54x | 7.94x | 11.25x | 19.36x |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity ratio | 87.3% | 85.4% | 84.9% | 88.1% | 91.2% | 94.6% |
| Interest coverage | 77.27x | 219.33x | -356.68x | -477.67x | -995.54x | -651.85x |
| R&D as a share of sales | 16.2% | 11.4% | 19.2% | 24.0% | 32.0% | 23.6% |
| Buybacks as a share of market value | -1.3% | -1.0% | 0.0% | 2.5% | 2.4% | 0.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.9% | 10.1% | 5.1% |
| Operating income | — | — | -24.3% |
| Net income | -51.2% | -34.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 56.2% | 54.8% | 56.3% | 66.9% |
| Operating margin | 4.6% | -5.0% | -10.7% | 7.7% |
| Net margin | 3.4% | -6.7% | -14.8% | 1.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -53.4 | 23.2 | -26.8 | -6.7 | -7.2 | -11.2 | 50.8 | 21.6 | 39.8 | 54.2 |
| Price to sales | 1.2 | 2.1 | 3.4 | 2.3 | 3.3 | 3.5 | 6.6 | 4.2 | 10.6 | 12.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 3-for-1 split · 27 Apr 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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