H 
1,804
+2.15%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.90bn
FY2018FY2025
Net income
¥57.7m
FY2018FY2025
Free cash flow
−¥60.6m
FY2018FY2025
Shareholders' equity
¥1.33bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.90bn | ¥2.91bn | ¥2.32bn | ¥1.57bn | ¥1.17bn | ¥1.15bn | ¥1.07bn | ¥933.9m |
| Gross profit | ¥1.73bn | ¥1.24bn | ¥855.1m | ¥645.5m | ¥524.3m | ¥548.0m | ¥484.9m | ¥358.4m |
| Research and development | ¥20.3m | ¥3.0m | ¥13.5m | ¥14.7m | ¥2.1m | ¥8.3m | ¥9.1m | ¥6.0m |
| Operating income | ¥229.3m | ¥308.0m | ¥94.9m | ¥110.0m | ¥91.4m | ¥169.5m | ¥120.6m | ¥45.4m |
| Net income | ¥57.7m | ¥272.8m | ¥70.7m | ¥75.1m | ¥27.0m | ¥153.1m | ¥100.2m | ¥43.5m |
| Diluted earnings per share | 13.88 | 64.21 | 17.02 | 37.25 | 6.51 | 36.84 | 22.00 | 9.55 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥3.85bn | ¥1.81bn | ¥1.29bn | ¥1.17bn | ¥973.2m | ¥936.9m | ¥560.5m | ¥479.4m |
| Cash and short-term investments | ¥625.1m | ¥843.2m | ¥897.9m | ¥818.6m | ¥765.6m | ¥753.5m | ¥402.8m | ¥211.6m |
| Total liabilities | ¥2.50bn | ¥535.0m | ¥332.6m | ¥293.8m | ¥172.9m | ¥180.4m | ¥177.9m | ¥197.0m |
| Debt | ¥1.90bn | — | ¥22.5m | ¥9.1m | — | — | ¥26.6m | ¥36.6m |
| Shareholders' equity | ¥1.33bn | ¥1.27bn | ¥958.4m | ¥875.4m | ¥800.3m | ¥756.5m | ¥382.6m | ¥282.4m |
| Shares outstanding | 4m | 4m | 4m | 2m | 4m | 4m | 5m | 5m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥38.7m | ¥144.4m | ¥87.7m | ¥84.3m | ¥48.1m | ¥179.4m | ¥212.1m | ¥13.0m |
| Capital spending | −¥21.9m | −¥26.6m | −¥16.2m | −¥40.9m | −¥2.7m | −¥7.2m | −¥10.9m | −¥4.6m |
| Free cash flow | −¥60.6m | ¥117.8m | ¥71.4m | ¥43.4m | ¥45.3m | ¥172.2m | ¥201.2m | ¥8.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.09bn | ¥1.26bn | ¥1.20bn | ¥1.06bn | ¥898.8m | ¥739.2m | ¥818.0m | ¥755.0m |
| Gross profit | ¥937.9m | ¥566.9m | ¥527.9m | ¥491.2m | ¥415.7m | ¥297.9m | ¥339.0m | ¥310.0m |
| Operating income | ¥136.5m | ¥135.3m | ¥131.2m | ¥122.5m | ¥43.2m | −¥67.6m | ¥91.0m | ¥65.0m |
| Net income | −¥204.4m | ¥12.4m | ¥12.7m | ¥98.1m | −¥32.0m | −¥20.6m | ¥127.0m | ¥45.0m |
| Diluted earnings per share | -44.90 | 2.73 | 3.05 | 23.62 | -7.70 | -4.96 | 29.89 | 10.59 |
| Cash from operations | — | — | −¥40.0m | — | — | — | — | — |
| Capital spending | — | — | −¥14.0m | — | — | — | — | — |
| Free cash flow | — | — | −¥54.0m | — | — | — | — | — |
| Total assets | ¥10.31bn | ¥3.99bn | ¥3.85bn | ¥3.73bn | ¥1.66bn | ¥1.69bn | ¥1.81bn | ¥1.57bn |
| Cash and short-term investments | ¥1.84bn | ¥858.1m | ¥625.1m | ¥567.1m | ¥833.1m | ¥783.0m | ¥843.2m | ¥1.00bn |
| Debt | ¥2.87bn | ¥1.90bn | ¥1.90bn | ¥1.90bn | — | — | — | — |
| Shareholders' equity | ¥6.13bn | ¥1.34bn | ¥1.33bn | ¥1.32bn | ¥1.20bn | ¥1.27bn | ¥1.27bn | ¥1.12bn |
Financial ratios
Data as of 6 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 44.4% | 42.7% | 36.9% | 41.0% | 44.8% | 47.5% | — | — |
| Operating margin | 5.9% | 10.5% | 4.1% | 7.0% | 5.4% | 13.5% | — | — |
| Net margin | 1.5% | 9.4% | 3.1% | 4.8% | 2.3% | 13.3% | — | — |
| Return on equity | 4.3% | 21.5% | 7.4% | 8.6% | 3.4% | 20.2% | — | — |
| Return on assets | 1.5% | 15.1% | 5.5% | 6.4% | 2.8% | 16.3% | — | — |
| Free cash flow yield | -0.2% | 1.6% | 1.0% | 2.5% | 0.5% | 1.8% | — | — |
| Revenue growth | 34.2% | 25.5% | 47.0% | 34.4% | 1.6% | 8.0% | — | — |
| Earnings growth | -78.9% | 285.9% | -5.9% | 177.9% | -82.3% | 52.9% | — | — |
| Current ratio | 0.63x | 2.77x | 3.69x | 3.75x | 5.37x | 4.97x | — | — |
| Debt to equity | 1.43x | — | 0.02x | 0.01x | 0.00x | 0.00x | 0.07x | — |
| Equity ratio | 34.5% | 70.1% | 74.1% | 74.9% | 82.2% | 80.7% | — | — |
| Interest coverage | 22.20x | — | — | 9.16x | 1.08x | 2598.27x | 652.09x | 203.28x |
| R&D as a share of sales | 0.5% | 0.1% | 0.6% | 0.9% | 0.2% | 0.7% | — | — |
| Buybacks as a share of market value | 2.2% | -2.3% | -105.9% | 51.5% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 35.3% | 27.6% | — |
| Operating income | 27.7% | 6.2% | — |
| Net income | -8.5% | -17.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 43.7% | 41.8% | 42.6% | — |
| Operating margin | 7.9% | 6.9% | 7.7% | — |
| Net margin | 4.9% | 4.5% | 5.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 202.8 | 91.7 | 233.0 | 23.5 | 178.3 | 101.7 |
| Price to sales | 3.0 | 8.6 | 7.1 | 1.1 | 4.1 | 13.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 27 Dec 2024
- 2-for-1 split · 29 Jun 2023
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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