B 
918
+1.89%
Close of 9 Nov 2026, in JPY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.16bn
FY2018FY2025
Net income
−¥101.4m
FY2018FY2025
Free cash flow
−¥53.5m
FY2018FY2025
Shareholders' equity
¥779.7m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.16bn | ¥1.16bn | ¥1.09bn | ¥1.09bn | ¥1.05bn | ¥857.2m | ¥746.8m | ¥635.6m |
| Gross profit | ¥544.4m | ¥609.1m | ¥561.0m | ¥561.8m | ¥532.4m | ¥492.8m | ¥425.3m | ¥371.5m |
| Research and development | — | — | — | — | — | — | — | ¥1.0m |
| Operating income | −¥81.8m | ¥80.1m | ¥98.9m | ¥147.2m | ¥89.0m | ¥110.5m | ¥51.6m | ¥17.4m |
| Net income | −¥101.4m | ¥60.4m | ¥66.9m | ¥100.3m | ¥60.3m | ¥76.1m | ¥37.8m | ¥9.3m |
| Diluted earnings per share | -47.01 | 27.77 | 30.06 | 44.97 | 27.03 | 36.98 | 17.47 | 4.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥909.1m | ¥995.5m | ¥954.9m | ¥947.9m | ¥832.7m | ¥700.0m | ¥405.0m | ¥345.8m |
| Cash and short-term investments | ¥467.4m | ¥597.9m | ¥568.5m | ¥595.9m | ¥434.7m | ¥440.8m | ¥147.2m | ¥118.9m |
| Total liabilities | ¥129.4m | ¥111.8m | ¥118.8m | ¥158.4m | ¥149.7m | ¥147.8m | ¥136.8m | ¥115.5m |
| Debt | — | — | ¥10.1m | — | ¥9.5m | ¥26.1m | ¥44.6m | ¥48.9m |
| Shareholders' equity | ¥779.7m | ¥883.8m | ¥836.1m | ¥789.5m | ¥683.0m | ¥552.2m | ¥268.1m | ¥230.3m |
| Shares outstanding | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥17.2m | ¥141.5m | ¥45.6m | ¥208.7m | ¥86.9m | ¥169.8m | ¥91.2m | ¥73.4m |
| Capital spending | −¥70.8m | −¥6.1m | −¥2.2m | −¥2.7m | −¥5.0m | −¥3.3m | −¥2.9m | −¥59.1m |
| Free cash flow | −¥53.5m | ¥135.4m | ¥43.3m | ¥206.0m | ¥81.9m | ¥166.5m | ¥88.3m | ¥14.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥274.8m | ¥265.0m | ¥295.0m | ¥293.0m | ¥286.4m | ¥285.1m | ¥309.7m | ¥278.8m |
| Gross profit | ¥76.4m | ¥86.1m | ¥130.5m | ¥136.4m | ¥136.9m | ¥140.6m | ¥160.1m | ¥144.3m |
| Operating income | −¥79.1m | −¥62.8m | −¥39.1m | −¥22.0m | −¥25.5m | ¥4.8m | ¥8.1m | ¥14.9m |
| Net income | −¥79.1m | −¥62.6m | −¥60.0m | −¥16.7m | −¥26.9m | ¥2.2m | ¥8.3m | ¥10.0m |
| Diluted earnings per share | -36.55 | -28.91 | -27.80 | -7.75 | -12.48 | 1.02 | 3.82 | 4.60 |
| Total assets | ¥790.7m | ¥828.7m | ¥909.1m | ¥959.7m | ¥952.0m | ¥979.0m | ¥995.5m | ¥975.0m |
| Cash and short-term investments | ¥392.8m | ¥390.0m | ¥467.4m | ¥469.1m | ¥499.0m | ¥565.8m | ¥597.9m | ¥612.0m |
| Shareholders' equity | ¥639.1m | ¥718.2m | ¥779.7m | ¥845.2m | ¥860.0m | ¥886.4m | ¥883.8m | ¥873.0m |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 47.0% | 52.7% | 51.4% | 51.6% | 50.6% | 57.5% | — | — |
| Operating margin | -7.0% | 7.4% | 9.0% | 13.5% | 8.5% | 12.9% | — | — |
| Net margin | -8.7% | 5.2% | 6.1% | 9.2% | 5.7% | 8.9% | — | — |
| Return on equity | -13.0% | 6.8% | 8.0% | 12.7% | 8.8% | 13.8% | — | — |
| Return on assets | -11.2% | 6.1% | 7.0% | 10.6% | 7.2% | 10.9% | — | — |
| Free cash flow yield | 4.3% | 7.2% | 2.3% | 10.1% | 4.4% | 8.9% | — | — |
| Revenue growth | 0.3% | 5.9% | 0.2% | 3.5% | 22.8% | 14.8% | — | — |
| Earnings growth | -267.8% | -9.7% | -33.3% | 66.4% | -20.8% | 101.2% | — | — |
| Current ratio | 5.74x | 7.23x | 8.57x | 5.80x | 5.04x | 4.00x | — | — |
| Debt to equity | — | — | 0.01x | 0.00x | 0.01x | 0.05x | 0.17x | 0.10x |
| Equity ratio | 85.8% | 88.8% | 87.6% | 83.3% | 82.0% | 78.9% | — | — |
| Interest coverage | — | — | 98436.00x | 5633.23x | 788.25x | 511.69x | 326.65x | 61.75x |
| R&D as a share of sales | — | — | — | — | — | — | — | 0.2% |
| Buybacks as a share of market value | 0.9% | 2.2% | 0.2% | -0.0% | -8.4% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.1% | 6.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 49.8% | 50.6% | 51.6% | — |
| Operating margin | -0.1% | 5.4% | 6.9% | — |
| Net margin | -1.8% | 2.8% | 4.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -16.7 | 23.9 | 24.7 | 22.4 | 42.9 | 84.1 |
| Price to sales | 1.5 | 1.3 | 1.5 | 2.1 | 2.5 | 7.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 29 Jun 2022
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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