A 
301
+1.35%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.66bn
FY2016FY2025
Net income
−¥329.1m
FY2016FY2025
Free cash flow
¥64.8m
FY2016FY2025
Shareholders' equity
¥4.09bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.66bn | ¥4.84bn | ¥5.15bn | ¥6.26bn | ¥8.34bn | ¥7.87bn | ¥6.64bn | ¥5.86bn | ¥3.66bn | ¥2.73bn |
| Research and development | ¥85.3m | ¥164.1m | ¥83.6m | ¥54.4m | ¥58.7m | ¥2.4m | ¥30.0m | — | ¥1.7m | ¥6.5m |
| Operating income | −¥201.0m | ¥361.1m | ¥36.8m | ¥312.2m | ¥583.4m | ¥820.9m | ¥679.8m | ¥349.9m | ¥203.8m | ¥320.6m |
| Net income | −¥329.1m | ¥187.4m | ¥17.1m | ¥56.5m | ¥151.4m | ¥428.7m | ¥327.2m | ¥223.9m | ¥219.0m | ¥308.8m |
| Diluted earnings per share | -31.28 | 18.22 | 1.65 | 5.33 | 14.58 | 39.39 | 31.53 | 21.59 | 22.22 | 29.71 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥7.08bn | ¥7.83bn | ¥7.10bn | ¥7.35bn | ¥8.49bn | ¥13.38bn | ¥5.52bn | ¥5.87bn | ¥4.22bn | ¥4.47bn |
| Cash and short-term investments | ¥4.66bn | ¥5.59bn | ¥4.86bn | ¥5.23bn | ¥6.09bn | ¥10.00bn | ¥2.60bn | ¥2.99bn | ¥1.52bn | ¥1.47bn |
| Total liabilities | ¥2.99bn | ¥3.42bn | ¥2.47bn | ¥2.79bn | ¥3.03bn | ¥5.27bn | ¥2.29bn | ¥3.16bn | ¥1.71bn | ¥2.19bn |
| Debt | ¥1.30bn | ¥1.66bn | ¥1.27bn | ¥1.48bn | ¥1.70bn | ¥2.17bn | ¥1.40bn | ¥2.11bn | ¥1.10bn | ¥1.54bn |
| Shareholders' equity | ¥4.09bn | ¥4.41bn | ¥4.63bn | ¥4.56bn | ¥5.46bn | ¥8.11bn | ¥3.22bn | ¥2.71bn | ¥2.49bn | ¥2.28bn |
| Shares outstanding | 11m | 10m | 10m | 11m | 10m | 11m | 10m | 10m | 10m | 10m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥78.5m | ¥1.11bn | ¥15.5m | ¥1.11bn | ¥898.9m | ¥469.8m | ¥408.4m | ¥862.1m | ¥155.3m | ¥765.7m |
| Capital spending | −¥13.7m | −¥9.1m | −¥129.0m | −¥8.2m | −¥7.6m | −¥7.5m | −¥12.2m | −¥12.0m | −¥118.2m | −¥14.8m |
| Free cash flow | ¥64.8m | ¥1.10bn | −¥113.5m | ¥1.10bn | ¥891.4m | ¥462.3m | ¥396.2m | ¥850.1m | ¥37.1m | ¥750.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.51bn | ¥1.38bn | ¥1.26bn | ¥1.11bn | ¥1.13bn | ¥1.28bn | ¥1.13bn | ¥1.21bn |
| Operating income | ¥55.6m | ¥46.8m | −¥51.4m | −¥230.6m | −¥65.3m | ¥55.4m | ¥39.5m | ¥70.1m |
| Net income | ¥23.8m | ¥33.9m | −¥55.5m | −¥297.1m | −¥82.8m | ¥18.0m | ¥32.8m | −¥23.3m |
| Diluted earnings per share | 2.26 | 3.23 | -5.27 | -28.24 | -7.87 | 1.71 | 3.19 | -2.26 |
| Cash from operations | — | — | — | ¥203.0m | — | — | — | — |
| Capital spending | — | — | — | −¥13.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥190.0m | — | — | — | — |
| Total assets | ¥7.33bn | ¥7.19bn | ¥7.07bn | ¥7.08bn | ¥7.30bn | ¥7.47bn | ¥7.75bn | ¥7.83bn |
| Cash and short-term investments | ¥4.47bn | ¥4.45bn | ¥4.23bn | ¥4.66bn | ¥5.14bn | ¥5.36bn | ¥5.77bn | ¥5.59bn |
| Debt | ¥1.28bn | ¥1.28bn | ¥1.33bn | ¥1.30bn | ¥1.24bn | ¥1.43bn | ¥1.63bn | ¥1.60bn |
| Shareholders' equity | ¥4.08bn | ¥4.05bn | ¥4.02bn | ¥4.09bn | ¥4.39bn | ¥4.45bn | ¥4.40bn | ¥4.41bn |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -4.3% | 7.5% | 5.9% | 5.0% | 7.0% | 10.4% |
| Net margin | -7.1% | 3.9% | 0.3% | 0.9% | 1.8% | 5.4% |
| Return on equity | -8.0% | 4.3% | 0.4% | 1.2% | 2.8% | 5.3% |
| Return on assets | -4.6% | 2.4% | 0.2% | 0.8% | 1.8% | 3.2% |
| Free cash flow yield | 2.7% | 33.4% | 4.3% | 32.3% | 26.8% | 13.5% |
| Revenue growth | -3.8% | -5.9% | -17.8% | -25.0% | 6.0% | 18.7% |
| Earnings growth | -275.6% | 997.7% | -69.8% | -62.7% | -64.7% | 31.0% |
| Current ratio | 2.01x | 2.14x | 2.69x | 2.48x | 3.41x | 4.23x |
| Debt to equity | 0.32x | 0.38x | 0.27x | 0.32x | 0.31x | 0.27x |
| Equity ratio | 57.8% | 56.3% | 65.2% | 62.0% | 64.3% | 60.6% |
| Interest coverage | -10.81x | 44.84x | 51.34x | 39.71x | 60.74x | 93.19x |
| R&D as a share of sales | 1.8% | 3.4% | 1.6% | 0.9% | 0.7% | 0.0% |
| Buybacks as a share of market value | -2.3% | 0.3% | 2.6% | -2.0% | 4.6% | -4.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.4% | -10.0% | 11.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 1.7% | 2.4% | 5.2% | 6.3% |
| Net margin | -1.5% | -0.3% | 1.4% | 3.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -10.6 | 19.9 | 237.5 | 68.8 | 37.0 | 48.3 | 23.8 | 54.8 | 39.3 | 35.5 |
| Price to sales | 0.8 | 0.8 | 0.8 | 0.6 | 0.7 | 2.6 | 1.2 | 2.1 | 2.4 | 4.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 5-for-1 split · 26 Sept 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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