T 
The Why How Do Company 3823.T · JPY
Information Technology · Tokyo Stock Exchange · 🇯🇵 Japan
33
+6.45%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.50bn
FY2017FY2026
Net income
−¥1.39bn
FY2017FY2026
Free cash flow
−¥761.7m
FY2017FY2026
Shareholders' equity
¥1.56bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.50bn | ¥1.75bn | ¥747.6m | ¥941.1m | ¥919.1m | ¥901.5m | ¥1.15bn | ¥1.55bn | ¥1.30bn | ¥2.66bn |
| Operating income | −¥1.27bn | −¥777.4m | −¥302.9m | −¥277.9m | −¥172.0m | −¥478.4m | −¥458.7m | −¥63.1m | ¥43.7m | −¥373.3m |
| Net income | −¥1.39bn | −¥69.0m | −¥961.6m | −¥347.5m | −¥403.3m | −¥581.0m | −¥1.05bn | −¥278.2m | ¥6.5m | −¥891.2m |
| Diluted earnings per share | -9.37 | -0.54 | -12.44 | -10.02 | -11.63 | -19.13 | -37.01 | -10.72 | 0.29 | -41.69 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.33bn | ¥2.47bn | ¥1.53bn | ¥1.35bn | ¥1.67bn | ¥1.41bn | ¥1.62bn | ¥2.16bn | ¥1.85bn | ¥981.4m |
| Cash and short-term investments | ¥1.55bn | ¥1.25bn | ¥595.7m | ¥520.0m | ¥1.10bn | ¥736.3m | ¥591.5m | ¥455.3m | ¥340.2m | ¥29.6m |
| Total liabilities | ¥3.75bn | ¥895.3m | ¥757.4m | ¥541.3m | ¥567.2m | ¥657.6m | ¥651.9m | ¥539.4m | ¥511.7m | ¥692.7m |
| Debt | ¥1.86bn | ¥335.4m | ¥460.8m | ¥337.2m | ¥416.5m | ¥519.2m | ¥459.8m | ¥288.6m | ¥295.1m | ¥346.2m |
| Shareholders' equity | ¥1.56bn | ¥1.55bn | ¥760.0m | ¥758.6m | ¥1.10bn | ¥748.0m | ¥971.7m | ¥1.62bn | ¥1.34bn | ¥288.7m |
| Shares outstanding | 149m | 127m | 77m | 35m | 35m | 30m | 28m | 26m | 23m | 21m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥716.9m | −¥64.5m | −¥54.5m | −¥370.7m | −¥139.3m | −¥315.1m | −¥199.6m | ¥41.2m | ¥39.0m | −¥116.8m |
| Capital spending | −¥44.8m | −¥48.8m | −¥730.6m | −¥25.8m | −¥1.9m | −¥3.2m | −¥20.8m | −¥43.9m | −¥61.3m | −¥19.2m |
| Free cash flow | −¥761.7m | −¥113.3m | −¥785.1m | −¥396.5m | −¥141.2m | −¥318.3m | −¥220.3m | −¥2.7m | −¥22.3m | −¥136.0m |
Latest quarters
By quarter end
| May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | Aug 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.67bn | ¥892.3m | ¥806.7m | ¥476.8m | ¥465.6m | ¥402.3m | ¥406.8m | ¥209.5m |
| Operating income | ¥110.0m | −¥321.6m | −¥126.8m | −¥25.8m | −¥720.2m | −¥28.5m | −¥3.0m | −¥72.4m |
| Net income | ¥37.0m | −¥383.0m | −¥156.9m | −¥31.2m | ¥31.2m | −¥27.4m | −¥41.8m | −¥641.6m |
| Diluted earnings per share | 0.25 | -2.58 | -1.23 | -0.24 | 0.24 | -0.21 | -0.54 | -8.30 |
| Cash from operations | — | — | — | −¥64.0m | — | — | — | — |
| Capital spending | — | — | — | −¥48.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥112.0m | — | — | — | — |
| Total assets | ¥5.21bn | ¥3.35bn | ¥3.98bn | ¥2.47bn | ¥2.36bn | ¥2.61bn | ¥1.83bn | ¥1.53bn |
| Cash and short-term investments | ¥1.44bn | ¥1.30bn | ¥1.69bn | ¥1.25bn | ¥1.01bn | ¥1.13bn | ¥733.3m | ¥595.7m |
| Debt | ¥399.5m | ¥1.14bn | ¥285.7m | ¥335.4m | ¥71.0m | ¥550.7m | ¥67.9m | ¥460.8m |
| Shareholders' equity | ¥1.70bn | ¥1.39bn | ¥1.77bn | ¥1.55bn | ¥1.42bn | ¥1.42bn | ¥884.3m | ¥760.0m |
Financial ratios
Data as of 11 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2009 | FY2008 | FY2007 | FY2006 | FY2005 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | -36.2% | -44.4% | -40.5% | -29.5% | -18.7% | -53.1% | — | — | — | — | — |
| Net margin | -39.8% | -3.9% | -128.6% | -36.9% | -43.9% | -64.4% | — | — | — | — | — |
| Return on equity | -89.6% | -4.5% | -126.5% | -45.8% | -36.8% | -77.7% | — | — | — | — | — |
| Return on assets | -26.1% | -2.8% | -62.7% | -25.7% | -24.1% | -41.3% | — | — | — | — | — |
| Free cash flow yield | -11.6% | -0.3% | 22.4% | -25.5% | -10.2% | -26.3% | — | — | — | — | — |
| Revenue growth | 99.8% | 134.3% | -20.6% | 2.4% | 1.9% | -21.4% | — | — | — | — | — |
| Earnings growth | 1918.8% | -92.8% | 176.7% | -13.8% | -30.6% | -44.7% | — | — | — | — | — |
| Current ratio | 1.57x | 3.98x | 3.27x | 3.44x | 6.35x | 3.60x | — | — | — | — | — |
| Debt to equity | 0.30x | 0.22x | 0.61x | 0.44x | 0.38x | 0.69x | — | — | — | — | — |
| Equity ratio | 29.2% | 62.6% | 49.5% | 56.0% | 65.7% | 53.2% | — | — | — | — | — |
| Interest coverage | -44.25x | -123.92x | -33.57x | -103.51x | -43.92x | -91.50x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.2% | 1.2% | 0.4% | 0.4% | 7.8% |
| Buybacks as a share of market value | -16.6% | -64.9% | -122.9% | 0.0% | -14.2% | -7.0% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 54.9% | 31.2% | 4.4% |
| Operating income | 65.9% | 21.5% | 9.9% |
| Net income | 58.9% | 19.1% | 10.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -39.0% | -37.8% | -37.4% | -26.1% |
| Net margin | -27.9% | -39.9% | -42.9% | -36.6% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.5 | -86.8 | -2.3 | -2.4 | -7.8 | -5.3 | -3.1 | -14.6 | 411.9 | -5.1 |
| Price to sales | 1.4 | 3.4 | 3.0 | 0.9 | 3.4 | 3.4 | 2.8 | 2.6 | 2.0 | 1.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 100-for-1 split · 26 Feb 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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