S 
228
+3.17%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.93bn
FY2016FY2025
Net income
−¥3.8m
FY2016FY2025
Free cash flow
¥238.3m
FY2016FY2025
Shareholders' equity
¥2.19bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.93bn | ¥1.95bn | ¥2.15bn | ¥2.15bn | ¥1.95bn | ¥1.65bn | ¥1.14bn | ¥935.7m | ¥731.7m | ¥585.8m |
| Gross profit | ¥1.17bn | ¥1.23bn | ¥1.47bn | ¥1.54bn | ¥1.47bn | ¥1.28bn | ¥891.5m | ¥724.0m | ¥568.0m | ¥434.2m |
| Operating income | ¥66.0m | ¥211.8m | ¥387.8m | ¥477.7m | ¥521.7m | ¥540.8m | ¥64.7m | ¥203.3m | ¥121.2m | ¥82.4m |
| Net income | −¥3.8m | ¥72.9m | ¥304.3m | ¥355.4m | ¥399.8m | ¥380.0m | ¥44.0m | ¥137.7m | ¥78.2m | ¥53.7m |
| Diluted earnings per share | -0.60 | 11.31 | 46.40 | 53.10 | 59.73 | 56.68 | 6.65 | 20.65 | 8.18 | 8.52 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.48bn | ¥2.67bn | ¥2.71bn | ¥2.67bn | ¥2.13bn | ¥1.78bn | ¥1.03bn | ¥1.03bn | ¥845.6m | ¥487.4m |
| Cash and short-term investments | ¥767.9m | ¥1.06bn | ¥1.15bn | ¥1.33bn | ¥1.24bn | ¥953.1m | ¥533.2m | ¥613.2m | ¥437.0m | ¥141.0m |
| Total liabilities | ¥275.2m | ¥407.1m | ¥457.0m | ¥600.7m | ¥415.1m | ¥496.6m | ¥142.5m | ¥180.4m | ¥144.2m | ¥133.9m |
| Debt | — | — | ¥1.5m | ¥107.5m | — | — | — | — | — | ¥26.4m |
| Shareholders' equity | ¥2.19bn | ¥2.24bn | ¥2.22bn | ¥2.03bn | ¥1.71bn | ¥1.28bn | ¥891.1m | ¥847.2m | ¥701.4m | ¥353.6m |
| Shares outstanding | 6m | 6m | 7m | 7m | 7m | 7m | 7m | 7m | 10m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥239.6m | ¥372.8m | ¥475.5m | ¥542.5m | ¥502.7m | ¥600.4m | ¥50.7m | ¥291.8m | ¥166.6m | ¥120.6m |
| Capital spending | −¥1.4m | −¥444,000 | −¥244,000 | −¥32.5m | −¥220.8m | −¥187.2m | −¥130.8m | −¥110.4m | −¥171,000 | −¥93.2m |
| Free cash flow | ¥238.3m | ¥372.4m | ¥475.3m | ¥510.0m | ¥281.8m | ¥413.1m | −¥80.1m | ¥181.5m | ¥166.4m | ¥27.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥430.9m | ¥467.9m | ¥486.8m | ¥498.6m | ¥466.7m | ¥480.0m | ¥489.3m | ¥491.2m |
| Gross profit | ¥237.4m | ¥271.3m | ¥289.4m | ¥301.7m | ¥276.4m | ¥299.8m | ¥317.3m | ¥315.9m |
| Operating income | −¥33.2m | ¥6.0m | ¥12.2m | ¥14.0m | ¥2.9m | ¥37.0m | ¥30.8m | ¥65.5m |
| Net income | −¥24.1m | ¥18.0m | ¥31.2m | −¥70.8m | ¥4.8m | ¥31.0m | ¥29.4m | ¥50.7m |
| Diluted earnings per share | -3.83 | 2.86 | 4.91 | -11.16 | 0.76 | 4.88 | 4.57 | 7.87 |
| Total assets | ¥2.99bn | ¥3.10bn | ¥2.48bn | ¥2.51bn | ¥2.69bn | ¥2.57bn | ¥2.67bn | ¥2.61bn |
| Cash and short-term investments | ¥1.18bn | ¥1.23bn | ¥767.9m | ¥949.9m | ¥1.13bn | ¥1.05bn | ¥1.06bn | ¥1.12bn |
| Debt | ¥500.0m | ¥500.0m | — | — | — | — | — | — |
| Shareholders' equity | ¥2.18bn | ¥2.21bn | ¥2.19bn | ¥2.16bn | ¥2.23bn | ¥2.25bn | ¥2.24bn | ¥2.21bn |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 60.4% | 63.2% | 68.7% | 71.8% | 75.4% | 77.8% | — | — | — | — |
| Operating margin | 3.4% | 10.9% | 18.1% | 22.2% | 26.7% | 32.8% | — | — | — | — |
| Net margin | -0.2% | 3.7% | 14.2% | 16.5% | 20.5% | 23.0% | — | — | — | — |
| Return on equity | -0.2% | 3.3% | 13.7% | 17.5% | 23.3% | 29.6% | — | — | — | — |
| Return on assets | -0.2% | 2.7% | 11.2% | 13.3% | 18.8% | 21.3% | — | — | — | — |
| Free cash flow yield | 16.3% | 24.9% | 31.1% | 36.9% | 46.4% | 50.4% | — | — | — | — |
| Revenue growth | -0.8% | -9.2% | -0.1% | 10.0% | 18.4% | 44.5% | — | — | — | — |
| Earnings growth | -105.2% | -76.0% | -14.4% | -11.1% | 5.2% | 764.2% | — | — | — | — |
| Current ratio | 4.38x | 3.99x | 3.57x | 3.48x | 3.88x | 2.67x | — | — | — | — |
| Debt to equity | — | — | 0.00x | 0.05x | 0.00x | 0.00x | — | — | 0.07x | 0.21x |
| Equity ratio | 88.3% | 84.0% | 82.0% | 76.0% | 80.5% | 72.1% | — | — | — | — |
| Interest coverage | — | — | 4306.63x | 954.37x | 16.23x | 62.04x | 443.14x | 203331.00x | — | — |
| Buybacks as a share of market value | 1.5% | 1.7% | 2.0% | 0.0% | 0.2% | -1.4% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.5% | 3.2% | 14.5% |
| Operating income | -48.3% | -34.3% | 0.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 61.8% | 66.2% | 69.4% | 71.1% |
| Operating margin | 7.2% | 14.0% | 18.7% | 17.5% |
| Net margin | 1.8% | 8.9% | 12.8% | 11.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -562.6 | 33.1 | 9.7 | 14.8 | 27.8 | 95.6 | 141.2 | 62.1 | 86.6 |
| Price to sales | 1.1 | 1.2 | 1.4 | 2.5 | 5.7 | 22.0 | 5.4 | 9.1 | 9.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 5-for-1 split · 29 Jun 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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