N 
406
+1.25%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥10.03bn
FY2016FY2025
Net income
¥887.1m
FY2016FY2025
Free cash flow
¥785.6m
FY2016FY2025
Shareholders' equity
¥4.76bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥10.03bn | ¥9.55bn | ¥8.76bn | ¥6.73bn | ¥5.75bn | ¥5.36bn | ¥5.52bn | ¥5.14bn | ¥5.06bn | ¥4.59bn |
| Gross profit | ¥2.18bn | ¥2.07bn | ¥1.99bn | ¥1.54bn | ¥1.39bn | ¥1.26bn | ¥1.28bn | ¥1.15bn | ¥1.01bn | ¥904.9m |
| Research and development | ¥3.2m | ¥4.8m | ¥8.5m | ¥7.8m | ¥15.2m | ¥21.9m | ¥10.9m | ¥12.2m | ¥3.0m | — |
| Operating income | ¥1.16bn | ¥1.19bn | ¥1.10bn | ¥691.3m | ¥590.7m | ¥493.0m | ¥508.0m | ¥476.5m | ¥443.3m | ¥408.9m |
| Net income | ¥887.1m | ¥810.0m | ¥837.3m | ¥499.2m | ¥421.1m | ¥348.0m | ¥347.7m | ¥325.7m | ¥287.1m | ¥257.0m |
| Diluted earnings per share | 23.43 | 21.38 | 21.93 | 12.65 | 10.35 | 10.10 | 10.15 | 9.52 | 8.39 | 6.79 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥6.51bn | ¥5.65bn | ¥5.95bn | ¥4.61bn | ¥4.37bn | ¥3.01bn | ¥2.69bn | ¥2.70bn | ¥2.44bn | ¥1.66bn |
| Cash and short-term investments | ¥2.76bn | ¥2.10bn | ¥2.52bn | ¥2.61bn | ¥2.87bn | ¥1.78bn | ¥1.55bn | ¥1.69bn | ¥1.54bn | ¥802.9m |
| Total liabilities | ¥1.74bn | ¥1.42bn | ¥2.23bn | ¥1.04bn | ¥870.3m | ¥775.9m | ¥714.9m | ¥972.4m | ¥942.4m | ¥841.9m |
| Debt | ¥30.3m | ¥38.0m | ¥57.5m | ¥2.8m | — | — | — | ¥44.9m | ¥104.9m | ¥173.0m |
| Shareholders' equity | ¥4.76bn | ¥4.22bn | ¥3.71bn | ¥3.57bn | ¥3.50bn | ¥2.23bn | ¥1.97bn | ¥1.73bn | ¥1.50bn | ¥820.0m |
| Shares outstanding | 38m | 38m | 38m | 39m | 41m | 34m | 34m | 34m | 34m | 38m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥795.9m | ¥447.5m | ¥978.8m | ¥437.0m | ¥331.4m | ¥431.8m | ¥134.9m | ¥400.7m | ¥446.5m | ¥208.0m |
| Capital spending | −¥10.3m | −¥31.9m | −¥32.2m | −¥35.8m | −¥46.0m | −¥29.0m | −¥23.2m | −¥1.3m | −¥9.3m | −¥4.1m |
| Free cash flow | ¥785.6m | ¥415.6m | ¥946.6m | ¥401.2m | ¥285.4m | ¥402.8m | ¥111.7m | ¥399.4m | ¥437.2m | ¥203.9m |
| Dividends paid | −¥341.0m | −¥257.8m | −¥197.3m | −¥233.6m | −¥136.1m | −¥114.4m | −¥105.1m | −¥104.1m | −¥26.2m | −¥17.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.62bn | ¥2.62bn | ¥2.58bn | ¥2.65bn | ¥2.35bn | ¥2.52bn | ¥2.51bn | ¥2.38bn |
| Gross profit | ¥534.8m | ¥613.0m | ¥644.5m | ¥594.7m | ¥458.6m | ¥617.2m | ¥581.1m | ¥523.0m |
| Operating income | ¥234.0m | ¥193.6m | ¥415.2m | ¥221.4m | ¥200.1m | ¥381.6m | ¥352.8m | ¥289.6m |
| Net income | ¥159.7m | ¥139.2m | ¥267.0m | ¥258.2m | ¥138.4m | ¥265.5m | ¥225.0m | ¥147.2m |
| Diluted earnings per share | 4.22 | 3.68 | 7.05 | 6.82 | 3.65 | 7.01 | 5.94 | 3.88 |
| Cash from operations | — | — | — | ¥795.0m | — | — | — | — |
| Capital spending | — | — | — | −¥10.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥785.0m | — | — | — | — |
| Total assets | ¥6.47bn | ¥6.46bn | ¥6.04bn | ¥6.51bn | ¥6.09bn | ¥5.94bn | ¥5.52bn | ¥5.65bn |
| Cash and short-term investments | ¥2.95bn | ¥2.75bn | ¥2.07bn | ¥2.76bn | ¥2.59bn | ¥2.14bn | ¥1.67bn | ¥2.10bn |
| Debt | ¥5.7m | ¥26.4m | ¥6.4m | ¥30.3m | ¥7.2m | ¥34.2m | ¥7.9m | ¥7.7m |
| Shareholders' equity | ¥4.91bn | ¥4.75bn | ¥4.60bn | ¥4.76bn | ¥4.59bn | ¥4.42bn | ¥4.14bn | ¥4.22bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 21.8% | 21.7% | 22.7% | 22.9% | 24.2% | 23.5% |
| Operating margin | 11.5% | 12.4% | 12.6% | 10.3% | 10.3% | 9.2% |
| Net margin | 8.8% | 8.5% | 9.6% | 7.4% | 7.3% | 6.5% |
| Return on equity | 18.6% | 19.2% | 22.6% | 14.0% | 12.0% | 15.6% |
| Return on assets | 13.6% | 14.3% | 14.1% | 10.8% | 9.6% | 11.6% |
| Free cash flow yield | 4.6% | 2.7% | 5.7% | 2.6% | 2.0% | 2.9% |
| Revenue growth | 5.1% | 9.0% | 30.2% | 17.0% | 7.2% | -2.8% |
| Earnings growth | 9.5% | -3.3% | 67.7% | 18.5% | 21.0% | 0.1% |
| Current ratio | 3.19x | 3.23x | 2.14x | 3.70x | 4.46x | 3.33x |
| Debt to equity | 0.01x | 0.01x | 0.02x | 0.00x | 0.00x | 0.00x |
| Equity ratio | 73.1% | 74.6% | 62.3% | 77.5% | 80.1% | 74.2% |
| Interest coverage | 2832.98x | 1667.73x | 1357.58x | 1390.86x | 56.94x | 4108.59x |
| R&D as a share of sales | 0.0% | 0.1% | 0.1% | 0.1% | 0.3% | 0.4% |
| Buybacks as a share of market value | 0.1% | 0.7% | 3.3% | 3.0% | -18.1% | -0.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.2% | 13.3% | 9.7% |
| Operating income | 18.7% | 18.6% | 12.5% |
| Net income | 21.1% | 20.6% | 15.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 21.7% | 22.2% | 22.6% | 22.1% |
| Operating margin | 12.0% | 11.8% | 11.3% | 10.5% |
| Net margin | 8.7% | 8.6% | 8.2% | 7.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 24.0 | 19.2 | 17.8 | 15.7 | 14.5 | 16.6 | 18.4 | 12.7 | 25.4 |
| Price to sales | 2.1 | 1.6 | 1.7 | 1.2 | 1.1 | 1.1 | 1.2 | 0.8 | 1.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 9 years. Last went ex-dividend on 29 Sept 2025.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 12.00 | 9.00 | 6.75 | 5.00 | 5.75 | 4.00 | 3.375 | 3.125 |
- 2-for-1 split · 30 May 2024
- 2-for-1 split · 30 May 2023
- 2-for-1 split · 26 Dec 2018
- 2-for-1 split · 28 Mar 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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