E 
542
+0.37%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.22bn
FY2017FY2026
Net income
−¥175.0m
FY2017FY2026
Free cash flow
−¥55.8m
FY2017FY2026
Shareholders' equity
¥661.4m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.22bn | ¥3.00bn | ¥2.69bn | ¥2.72bn | ¥2.22bn | ¥2.16bn | ¥6.86bn | ¥1.61bn | ¥1.63bn | ¥1.37bn |
| Research and development | — | ¥2.6m | ¥2.7m | — | ¥2.5m | ¥4.9m | ¥27.7m | ¥5.0m | ¥4.3m | ¥7.5m |
| Operating income | −¥232.1m | ¥49.6m | ¥7.4m | −¥93.4m | ¥19.5m | ¥61.8m | −¥813.8m | ¥24.9m | ¥117.9m | ¥89.5m |
| Net income | −¥175.0m | −¥35.0m | −¥69.2m | −¥174.9m | ¥27.8m | ¥13.7m | −¥944.4m | ¥11.3m | ¥79.1m | ¥66.1m |
| Diluted earnings per share | -33.87 | -6.78 | -13.12 | -33.20 | 5.36 | 2.61 | -183.47 | 2.22 | 17.45 | 16.64 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.51bn | ¥2.56bn | ¥2.58bn | ¥2.24bn | ¥1.87bn | ¥1.96bn | ¥1.96bn | ¥2.12bn | ¥1.28bn | ¥818.9m |
| Cash and short-term investments | ¥588.6m | ¥333.4m | ¥582.8m | ¥586.2m | ¥546.1m | ¥742.0m | ¥611.6m | ¥766.8m | ¥248.6m | ¥79.6m |
| Total liabilities | ¥1.83bn | ¥1.77bn | ¥1.72bn | ¥1.30bn | ¥768.6m | ¥887.7m | ¥907.2m | ¥663.9m | ¥838.8m | ¥565.4m |
| Debt | ¥1.19bn | ¥1.08bn | ¥946.6m | ¥707.6m | ¥427.2m | ¥492.2m | ¥613.6m | ¥437.9m | ¥578.1m | ¥323.2m |
| Shareholders' equity | ¥661.4m | ¥784.2m | ¥864.0m | ¥932.9m | ¥1.10bn | ¥1.08bn | ¥1.05bn | ¥1.46bn | ¥436.9m | ¥253.5m |
| Shares outstanding | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 4m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥51.7m | −¥295.6m | ¥11.4m | −¥180.0m | ¥84.1m | ¥304.0m | −¥278.4m | −¥188.4m | −¥148.2m | −¥72.0m |
| Capital spending | −¥4.1m | −¥815,000 | −¥65.9m | −¥11.1m | −¥28.8m | −¥1.7m | −¥9.2m | −¥9.8m | −¥2.7m | −¥2.7m |
| Free cash flow | −¥55.8m | −¥296.5m | −¥54.5m | −¥191.0m | ¥55.2m | ¥302.3m | −¥287.6m | −¥198.2m | −¥150.9m | −¥74.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Nov 2025 | Sept 2025 | Aug 2025 | Jun 2025 | May 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥630.7m | ¥424.7m | ¥579.1m | ¥582.3m | ¥582.3m | ¥973.4m | ¥973.4m | ¥619.0m |
| Operating income | −¥112.3m | −¥122.2m | ¥29.1m | −¥26.7m | −¥26.7m | ¥38.3m | ¥38.3m | −¥33.6m |
| Net income | −¥145.7m | −¥27.0m | ¥26.5m | −¥28.8m | −¥28.8m | ¥22.9m | ¥22.9m | −¥77.4m |
| Diluted earnings per share | -28.19 | -5.22 | 5.12 | -5.57 | -5.57 | 4.40 | 4.42 | -14.72 |
| Total assets | ¥2.51bn | ¥2.42bn | ¥2.51bn | ¥2.61bn | ¥2.61bn | ¥2.56bn | ¥2.56bn | ¥3.05bn |
| Cash and short-term investments | ¥588.6m | ¥541.2m | ¥792.7m | ¥846.9m | ¥846.9m | ¥333.4m | ¥333.4m | ¥676.8m |
| Debt | ¥929.9m | ¥738.8m | ¥1.08bn | ¥831.3m | ¥699.0m | ¥890.3m | ¥1.06bn | ¥1.10bn |
| Shareholders' equity | ¥661.4m | ¥804.7m | ¥829.7m | ¥803.2m | ¥803.2m | ¥784.2m | ¥784.2m | ¥786.9m |
Financial ratios
Data as of 26 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -10.5% | 0.3% | -1.6% | -5.8% | 1.6% | 3.1% | — | — |
| Net margin | -7.9% | -1.2% | -2.6% | -6.4% | 1.3% | 0.6% | — | — |
| Return on equity | -26.5% | -4.5% | -8.0% | -18.7% | 2.5% | 1.3% | — | — |
| Return on assets | -7.0% | -1.4% | -2.7% | -7.8% | 1.5% | 0.7% | — | — |
| Free cash flow yield | -1.5% | -9.6% | 2.5% | -5.4% | 3.7% | 9.8% | — | — |
| Revenue growth | -26.2% | 11.6% | -0.8% | 22.5% | 2.5% | -68.5% | — | — |
| Earnings growth | 399.4% | -49.3% | -60.5% | -729.7% | 102.6% | -101.5% | — | — |
| Current ratio | 1.13x | 1.37x | 1.49x | 2.11x | 2.92x | 2.57x | — | — |
| Debt to equity | 1.41x | 1.35x | 1.04x | 0.76x | 0.39x | 0.46x | — | — |
| Equity ratio | 26.4% | 30.6% | 33.4% | 41.7% | 58.9% | 54.8% | — | — |
| Interest coverage | -13.10x | 0.67x | -5.23x | -27.93x | 11.92x | 18.28x | — | — |
| R&D as a share of sales | — | 0.1% | 0.1% | — | 0.1% | 0.2% | 0.4% | 0.3% |
| Buybacks as a share of market value | 0.0% | 2.0% | -0.1% | -1.6% | 1.2% | -1.9% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.5% | 0.5% | 11.6% |
| Operating income | 35.4% | — | — |
| Net income | 0.0% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -3.5% | -2.5% | -1.2% | -2.8% |
| Net margin | -4.0% | -4.3% | -2.7% | -4.4% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -16.0 | -73.4 | -26.7 | -16.3 | 72.8 | 213.9 | -4.7 | — | 79.7 | 80.8 |
| Price to sales | 1.3 | 0.9 | 0.7 | 1.1 | 0.9 | 1.4 | 0.6 | 4.3 | 3.9 | 3.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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