A 
129
+5.74%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.87bn
FY2016FY2025
Net income
−¥137.4m
FY2016FY2025
Free cash flow
¥196.8m
FY2016FY2025
Shareholders' equity
¥2.35bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.87bn | ¥3.71bn | ¥3.76bn | ¥3.50bn | ¥3.50bn | ¥3.38bn | ¥843.7m | ¥336.9m | ¥557.6m | ¥1.53bn |
| Gross profit | ¥964.5m | ¥1.06bn | ¥858.0m | ¥742.7m | ¥711.8m | ¥1.01bn | ¥242.4m | −¥23.1m | ¥129.0m | ¥234.6m |
| Research and development | — | — | — | — | — | ¥150,000 | ¥5.2m | — | — | — |
| Operating income | ¥106.5m | ¥230.8m | ¥321.4m | ¥92.0m | −¥102.1m | ¥74.3m | −¥212.6m | −¥444.1m | −¥405.8m | −¥989.5m |
| Net income | −¥137.4m | ¥157.1m | ¥336.0m | ¥185.7m | −¥106.7m | ¥84.2m | −¥218.2m | −¥458.8m | −¥946.4m | −¥985.7m |
| Diluted earnings per share | -6.32 | 7.27 | 15.08 | 8.39 | -4.82 | 3.81 | -9.86 | -27.01 | -66.18 | -22.60 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥3.52bn | ¥3.89bn | ¥3.27bn | ¥2.96bn | ¥2.80bn | ¥3.17bn | ¥3.05bn | ¥1.17bn | ¥920.7m | ¥2.36bn |
| Cash and short-term investments | ¥1.33bn | ¥1.32bn | ¥1.81bn | ¥1.47bn | ¥1.34bn | ¥1.31bn | ¥1.41bn | ¥1.03bn | ¥811.2m | ¥1.10bn |
| Total liabilities | ¥1.17bn | ¥1.29bn | ¥718.8m | ¥750.6m | ¥744.3m | ¥1.01bn | ¥941.1m | ¥83.1m | ¥90.2m | ¥602.1m |
| Debt | ¥435.5m | ¥550.7m | ¥131.9m | ¥149.5m | ¥200.0m | ¥200.0m | — | ¥475,000 | ¥4.5m | ¥158.4m |
| Shareholders' equity | ¥2.35bn | ¥2.59bn | ¥2.55bn | ¥2.20bn | ¥2.05bn | ¥2.16bn | ¥2.11bn | ¥1.09bn | ¥830.6m | ¥1.76bn |
| Shares outstanding | 22m | 22m | 22m | 22m | 22m | 22m | 22m | 17m | 14m | 44m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥283.4m | ¥316.6m | ¥435.0m | ¥435.0m | ¥59.9m | −¥285.9m | ¥106.0m | −¥491.0m | −¥363.0m | −¥1.20bn |
| Capital spending | −¥86.5m | −¥140.5m | −¥3.0m | −¥3.1m | −¥16.8m | −¥2.5m | −¥811,000 | — | — | — |
| Free cash flow | ¥196.8m | ¥176.1m | ¥432.0m | ¥431.9m | ¥43.0m | −¥288.4m | ¥105.2m | −¥491.0m | −¥363.0m | −¥1.20bn |
| Dividends paid | −¥75.0m | — | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.49bn | ¥595.9m | ¥672.5m | ¥692.6m | ¥732.7m | ¥776.1m | ¥882.0m | ¥921.0m |
| Gross profit | ¥764.0m | ¥190.3m | ¥233.7m | ¥236.5m | ¥242.5m | ¥251.8m | ¥305.0m | ¥261.0m |
| Operating income | −¥27.1m | −¥49.7m | −¥6.6m | ¥32.5m | ¥33.0m | ¥42.8m | −¥81.0m | ¥104.0m |
| Net income | −¥43.2m | −¥35.3m | −¥241.3m | ¥39.1m | ¥29.4m | ¥35.4m | ¥33.0m | ¥51.0m |
| Diluted earnings per share | -0.99 | -0.81 | -11.09 | 1.80 | 1.35 | 1.63 | 1.53 | 2.36 |
| Cash from operations | −¥246.0m | −¥11.0m | ¥67.0m | ¥88.0m | ¥103.0m | ¥24.0m | ¥181.0m | ¥173.0m |
| Capital spending | −¥105.0m | — | — | — | — | — | — | — |
| Free cash flow | −¥351.0m | — | — | — | — | — | — | — |
| Total assets | ¥10.94bn | ¥3.42bn | ¥3.52bn | ¥3.74bn | ¥3.74bn | ¥3.80bn | ¥3.89bn | ¥3.92bn |
| Cash and short-term investments | ¥1.69bn | ¥1.21bn | ¥1.33bn | ¥1.30bn | ¥1.26bn | ¥1.23bn | ¥1.32bn | ¥1.26bn |
| Debt | ¥2.28bn | ¥216.1m | ¥432.4m | ¥211.4m | ¥485.6m | ¥214.0m | ¥215.2m | ¥214.0m |
| Shareholders' equity | ¥6.64bn | ¥2.24bn | ¥2.35bn | ¥2.62bn | ¥2.58bn | ¥2.55bn | ¥2.59bn | ¥2.56bn |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 33.6% | 28.7% | 22.8% | 21.2% | 20.3% | 29.9% | — | — | — | — | — |
| Operating margin | 3.7% | 6.0% | 8.5% | 2.8% | -2.8% | 2.2% | — | — | — | — | — |
| Net margin | -4.8% | 4.2% | 8.9% | 5.3% | -3.0% | 2.5% | — | — | — | — | — |
| Return on equity | -5.9% | 6.1% | 13.2% | 8.4% | -5.2% | 3.9% | — | — | — | — | — |
| Return on assets | -3.9% | 4.0% | 10.3% | 6.3% | -3.8% | 2.7% | — | — | — | — | — |
| Free cash flow yield | 11.0% | 13.6% | 12.7% | 12.8% | 2.2% | -8.3% | — | — | — | — | — |
| Revenue growth | -22.5% | -1.4% | 7.6% | -0.2% | 3.5% | 301.2% | — | — | — | — | — |
| Earnings growth | -187.5% | -53.3% | 81.0% | -273.9% | -226.7% | -138.6% | — | — | — | — | — |
| Current ratio | 2.73x | 2.77x | 3.90x | 3.34x | 3.16x | 2.57x | — | — | — | — | — |
| Debt to equity | 0.18x | 0.21x | 0.04x | 0.05x | 0.10x | 0.09x | — | — | — | — | — |
| Equity ratio | 66.8% | 66.8% | 77.9% | 74.5% | 73.2% | 68.1% | — | — | — | — | — |
| Interest coverage | 10.38x | 23.59x | 76.81x | 19.44x | -33.06x | 98.98x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | 0.0% | 0.6% | 8.6% | 2.6% | 2.8% | 1.3% |
| Buybacks as a share of market value | -0.7% | 3.0% | -0.7% | -0.0% | -0.1% | 0.0% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.3% | -3.2% | 6.5% |
| Operating income | 5.0% | 7.5% | — |
| Net income | — | — | -26.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.8% | 26.2% | 25.8% | 21.9% |
| Operating margin | 5.1% | 5.4% | 3.5% | -14.6% |
| Net margin | 0.3% | 3.9% | 2.5% | -19.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -25.3 | 19.8 | 12.3 | 15.3 | -29.0 | 59.1 | -27.4 | -5.7 | -7.0 | -20.3 |
| Price to sales | 1.2 | 0.8 | 1.1 | 0.8 | 0.9 | 1.5 | 7.1 | 7.8 | 11.8 | 13.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 29 Dec 2025.
| FY2025 | |
|---|---|
| Paid in the year | 4.50 |
- 100-for-1 split · 15 Dec 2011
- 3-for-1 split · 26 Aug 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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