A 
365
+1.96%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥18.49bn
FY2017FY2026
Net income
¥753.8m
FY2017FY2026
Free cash flow
−¥332.5m
FY2017FY2026
Shareholders' equity
¥6.40bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥18.49bn | ¥17.12bn | ¥16.12bn | ¥17.31bn | ¥15.02bn | ¥12.55bn | ¥15.35bn | ¥16.16bn | ¥16.08bn | ¥16.30bn |
| Gross profit | ¥2.52bn | ¥2.74bn | ¥2.57bn | ¥2.73bn | ¥2.61bn | ¥1.89bn | ¥2.52bn | ¥2.69bn | ¥2.69bn | ¥2.68bn |
| Research and development | — | ¥434.4m | ¥389.8m | ¥395.2m | ¥413.9m | ¥470.3m | ¥467.8m | ¥505.2m | ¥435.6m | ¥349.4m |
| Operating income | ¥58.7m | ¥432.4m | ¥354.8m | ¥376.2m | ¥269.4m | −¥219.2m | ¥294.6m | ¥321.8m | ¥416.0m | ¥519.5m |
| Net income | ¥753.8m | ¥35.9m | ¥52.5m | ¥242.7m | ¥282.8m | −¥444.9m | −¥33.6m | ¥36.4m | −¥1.22bn | ¥483.7m |
| Diluted earnings per share | 74.73 | 3.59 | 5.26 | 24.07 | 28.11 | -44.22 | -3.37 | 3.64 | -121.41 | 48.30 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥29.00bn | ¥27.20bn | ¥21.25bn | ¥16.27bn | ¥15.53bn | ¥15.74bn | ¥16.84bn | ¥16.63bn | ¥16.82bn | ¥18.81bn |
| Cash and short-term investments | ¥1.85bn | ¥988.7m | ¥1.11bn | ¥540.0m | ¥555.9m | ¥635.8m | ¥735.4m | ¥776.9m | ¥920.5m | ¥1.23bn |
| Total liabilities | ¥20.10bn | ¥19.62bn | ¥14.37bn | ¥9.81bn | ¥9.16bn | ¥9.64bn | ¥10.21bn | ¥10.16bn | ¥10.34bn | ¥11.33bn |
| Debt | ¥14.07bn | ¥12.60bn | ¥7.75bn | ¥4.12bn | ¥4.41bn | ¥5.62bn | ¥5.42bn | ¥5.29bn | ¥5.37bn | ¥5.94bn |
| Shareholders' equity | ¥6.40bn | ¥5.38bn | ¥5.13bn | ¥4.95bn | ¥4.54bn | ¥4.27bn | ¥4.79bn | ¥4.77bn | ¥4.83bn | ¥5.98bn |
| Shares outstanding | 10m | 10m | 10m | 10m | 10m | 10m | 10m | 10m | 10m | 10m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥2.21bn | ¥160.9m | ¥792.2m | ¥762.4m | ¥1.52bn | ¥199.2m | ¥265.0m | ¥1.08bn | ¥1.95bn | ¥326.0m |
| Capital spending | −¥2.54bn | −¥5.08bn | −¥3.74bn | −¥673.4m | −¥230.7m | −¥638.7m | −¥422.1m | −¥796.8m | −¥1.61bn | −¥1.05bn |
| Free cash flow | −¥332.5m | −¥4.92bn | −¥2.95bn | ¥89.1m | ¥1.29bn | −¥439.5m | −¥157.0m | ¥287.4m | ¥331.1m | −¥727.4m |
| Dividends paid | — | — | −¥54.9m | — | — | — | −¥34.9m | −¥69.8m | −¥79.8m | −¥81.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥5.19bn | ¥4.99bn | ¥4.70bn | ¥4.49bn | ¥4.31bn | ¥4.58bn | ¥4.45bn | ¥4.40bn |
| Gross profit | ¥810.2m | ¥822.4m | ¥727.6m | ¥555.3m | ¥415.3m | ¥863.9m | ¥742.0m | ¥641.3m |
| Operating income | ¥190.4m | ¥241.4m | ¥43.2m | −¥13.7m | −¥212.1m | ¥322.4m | ¥119.7m | ¥131.8m |
| Net income | ¥99.9m | ¥1.29bn | −¥75.4m | −¥187.9m | −¥273.6m | ¥210.7m | ¥28.2m | −¥41.1m |
| Diluted earnings per share | 9.90 | 127.97 | -7.54 | -18.79 | -27.36 | 21.07 | 2.83 | -4.12 |
| Total assets | ¥27.97bn | ¥29.00bn | ¥27.41bn | ¥26.63bn | ¥26.70bn | ¥27.20bn | ¥25.95bn | ¥22.80bn |
| Cash and short-term investments | ¥1.69bn | ¥1.85bn | ¥1.79bn | ¥1.45bn | ¥842.6m | ¥988.7m | ¥839.5m | ¥1.62bn |
| Debt | ¥3.15bn | ¥14.02bn | ¥4.17bn | ¥14.27bn | ¥4.21bn | ¥12.53bn | ¥7.60bn | ¥10.22bn |
| Shareholders' equity | ¥6.51bn | ¥6.40bn | ¥4.89bn | ¥4.86bn | ¥4.99bn | ¥5.38bn | ¥5.07bn | ¥5.01bn |
Financial ratios
Data as of 18 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 13.6% | 16.0% | 15.9% | 15.8% | 17.4% | 15.0% | — |
| Operating margin | 0.3% | 2.5% | 2.2% | 2.2% | 1.8% | -1.2% | — |
| Net margin | 4.1% | 0.2% | 0.3% | 1.4% | 1.9% | -3.5% | — |
| Return on equity | 11.8% | 0.7% | 1.0% | 4.9% | 6.2% | -10.4% | — |
| Return on assets | 2.6% | 0.1% | 0.2% | 1.5% | 1.8% | -2.8% | — |
| Free cash flow yield | 55.1% | 4.1% | 20.0% | 19.1% | 38.2% | 5.0% | — |
| Revenue growth | 8.0% | 6.3% | -6.9% | 15.2% | 19.7% | -18.3% | — |
| Earnings growth | 2001.6% | -31.6% | -78.4% | -14.2% | -163.6% | 1223.5% | — |
| Current ratio | 1.18x | 1.00x | 0.77x | 1.34x | 1.26x | 1.30x | — |
| Debt to equity | 2.19x | 2.33x | 1.50x | 0.82x | 0.97x | 1.31x | — |
| Equity ratio | 22.1% | 19.8% | 24.2% | 30.4% | 29.2% | 27.1% | — |
| Interest coverage | 0.37x | 4.35x | 7.04x | 11.28x | 7.68x | -3.60x | — |
| R&D as a share of sales | — | 2.5% | 2.4% | 2.3% | 2.8% | 3.7% | 3.0% |
| Buybacks as a share of market value | -0.8% | -0.2% | 1.0% | -0.2% | 0.0% | -0.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.2% | 8.1% | 0.9% |
| Operating income | -46.2% | — | -23.0% |
| Net income | 45.9% | — | 9.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.8% | 15.3% | 15.6% | 16.1% |
| Operating margin | 1.4% | 1.8% | 1.3% | 2.0% |
| Net margin | 2.2% | 1.6% | 1.0% | 0.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.2 | 91.7 | 88.7 | 15.7 | 12.0 | -7.5 | -130.0 | 161.4 | -3.6 | 14.9 |
| Price to sales | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | 0.3 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 28 Sept 2023.
| FY2024 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 5.50 | 3.50 | 7.00 | 7.00 | 7.00 | 10.50 | 5.00 | 5.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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