C 
551
+2.80%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥22.66bn
FY2016FY2025
Net income
−¥257.1m
FY2016FY2025
Free cash flow
—
FY2016FY2025
Shareholders' equity
¥6.59bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥22.66bn | ¥17.11bn | ¥13.21bn | ¥10.57bn | ¥7.77bn | ¥5.46bn | ¥8.75bn | ¥6.63bn | ¥2.93bn | ¥1.23bn |
| Operating income | ¥1.76bn | ¥1.34bn | ¥1.15bn | ¥932.8m | ¥575.2m | −¥364.2m | ¥48.0m | ¥26.7m | −¥342.5m | −¥634.4m |
| Net income | −¥257.1m | ¥910.8m | ¥1.10bn | ¥802.9m | ¥622.4m | −¥105.2m | −¥127.6m | −¥81.5m | −¥354.8m | −¥647.6m |
| Diluted earnings per share | -16.26 | 57.15 | 70.06 | 51.45 | 40.13 | -6.78 | -8.39 | -5.68 | -26.18 | -48.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥15.69bn | ¥13.54bn | ¥10.02bn | ¥7.66bn | ¥6.20bn | ¥5.04bn | ¥6.33bn | ¥5.96bn | ¥2.77bn | ¥2.91bn |
| Cash and short-term investments | ¥8.09bn | ¥5.96bn | ¥5.77bn | ¥5.15bn | ¥4.25bn | ¥3.29bn | ¥3.50bn | ¥3.14bn | ¥1.91bn | ¥2.25bn |
| Total liabilities | ¥8.94bn | ¥6.23bn | ¥3.99bn | ¥3.00bn | ¥2.41bn | ¥1.89bn | ¥3.08bn | ¥3.73bn | ¥1.20bn | ¥1.15bn |
| Debt | ¥3.91bn | ¥2.03bn | ¥696.9m | ¥123.3m | ¥100.0m | ¥100.0m | ¥988.2m | ¥1.99bn | ¥6.8m | ¥32.0m |
| Shareholders' equity | ¥6.59bn | ¥7.20bn | ¥6.02bn | ¥4.67bn | ¥3.79bn | ¥3.15bn | ¥3.19bn | ¥2.13bn | ¥1.56bn | ¥1.76bn |
| Shares outstanding | 16m | 16m | 16m | 16m | 16m | 16m | 15m | 14m | 14m | 13m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥1.74bn | ¥1.68bn | ¥1.35bn | ¥1.15bn | ¥851.9m | −¥9.4m | ¥298.1m | −¥535.7m | −¥449.6m | −¥319.1m |
| Capital spending | −¥1.74bn | −¥1.68bn | — | — | −¥14.3m | −¥19.8m | −¥32.6m | −¥17.1m | −¥932,000 | −¥45.9m |
| Free cash flow | — | — | ¥1.35bn | ¥1.15bn | ¥837.6m | −¥29.2m | ¥265.5m | −¥552.8m | −¥450.6m | −¥364.9m |
| Dividends paid | −¥283.6m | — | −¥400.0m | — | — | — | −¥78.8m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥5.26bn | ¥5.56bn | ¥5.56bn | ¥5.68bn | ¥5.78bn | ¥5.59bn | ¥5.61bn | ¥4.70bn |
| Operating income | ¥46.3m | ¥164.0m | ¥54.1m | ¥498.5m | ¥467.1m | ¥446.5m | ¥347.0m | ¥270.3m |
| Net income | −¥39.2m | ¥82.2m | ¥7.6m | −¥786.5m | ¥226.1m | ¥131.7m | ¥171.6m | ¥205.1m |
| Diluted earnings per share | -2.47 | 5.19 | 0.48 | -49.75 | 14.30 | 8.33 | 10.77 | 12.87 |
| Cash from operations | — | — | — | ¥1.74bn | — | — | — | — |
| Capital spending | — | — | — | −¥1.74bn | — | — | — | — |
| Free cash flow | — | — | — | ¥0 | — | — | — | — |
| Total assets | ¥14.45bn | ¥14.98bn | ¥15.03bn | ¥15.69bn | ¥17.56bn | ¥17.54bn | ¥17.45bn | ¥13.54bn |
| Cash and short-term investments | ¥6.90bn | ¥7.20bn | ¥7.24bn | ¥8.09bn | ¥7.01bn | ¥7.01bn | ¥6.80bn | ¥5.96bn |
| Debt | ¥587.0m | ¥3.63bn | ¥596.8m | ¥3.91bn | ¥1.83bn | ¥5.33bn | ¥1.74bn | ¥1.43bn |
| Shareholders' equity | ¥6.64bn | ¥6.68bn | ¥6.61bn | ¥6.59bn | ¥7.56bn | ¥7.30bn | ¥7.15bn | ¥7.20bn |
Financial ratios
Data as of 4 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 7.8% | 7.8% | 8.7% | 8.8% | 7.4% | -6.7% | — | — |
| Net margin | -1.1% | 5.3% | 8.3% | 7.6% | 8.0% | -1.9% | — | — |
| Return on equity | -3.9% | 12.7% | 18.2% | 17.2% | 16.4% | -3.3% | — | — |
| Return on assets | -1.6% | 6.7% | 10.9% | 10.5% | 10.0% | -2.1% | — | — |
| Free cash flow yield | 32.9% | 31.6% | — | — | 8.4% | 0.1% | 3.3% | -5.4% |
| Revenue growth | 32.4% | 29.5% | 24.9% | 36.1% | 42.3% | -37.6% | — | — |
| Earnings growth | -128.2% | -16.9% | 36.6% | 29.0% | -691.8% | -17.6% | — | — |
| Current ratio | 2.05x | 1.60x | 2.11x | 2.36x | 2.40x | 2.46x | — | — |
| Debt to equity | 0.59x | 0.28x | 0.12x | 0.03x | 0.03x | 0.03x | — | — |
| Equity ratio | 42.0% | 53.2% | 60.0% | 60.9% | 61.2% | 62.6% | — | — |
| Interest coverage | 32.87x | 133.02x | 288.31x | 1072.23x | 745.07x | -249.65x | — | — |
| Buybacks as a share of market value | 0.8% | -1.8% | -0.3% | -0.6% | -0.0% | -2.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 28.9% | 32.9% | 39.5% |
| Operating income | 23.5% | — | — |
| Net income | — | 19.6% | -9.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 7.8% | 8.2% | 7.0% | 4.0% |
| Net margin | 1.6% | 4.0% | 4.0% | 1.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -50.5 | 25.6 | 18.1 | 29.6 | 30.3 | -173.9 | -110.0 | -309.5 | -41.3 | -18.1 |
| Price to sales | 0.6 | 1.4 | 1.5 | 2.3 | 2.4 | 3.4 | 1.6 | 3.8 | 5.0 | 9.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Sept 2024.
| FY2025 | |
|---|---|
| Paid in the year | 18.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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