I 
304
-1.62%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.86bn
FY2018FY2026
Net income
¥34.3m
FY2018FY2026
Free cash flow
¥140.6m
FY2018FY2026
Shareholders' equity
¥1.21bn
FY2018FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.86bn | ¥2.86bn | ¥2.60bn | ¥2.49bn | ¥2.28bn | ¥2.17bn | ¥1.83bn | ¥1.50bn | ¥1.34bn |
| Gross profit | ¥1.17bn | ¥1.22bn | ¥938.6m | ¥963.4m | ¥806.2m | ¥907.9m | ¥778.7m | ¥603.9m | ¥470.8m |
| Research and development | — | — | ¥19.0m | ¥27.3m | ¥15.5m | ¥12.4m | — | ¥1.2m | ¥2.8m |
| Operating income | ¥64.7m | ¥196.3m | −¥24.9m | ¥53.3m | ¥36.4m | ¥208.6m | ¥171.3m | ¥93.4m | ¥46.1m |
| Net income | ¥34.3m | ¥137.6m | −¥31.8m | ¥22.1m | ¥20.1m | ¥131.0m | ¥103.6m | ¥54.0m | ¥27.7m |
| Diluted earnings per share | 8.51 | 33.66 | -7.54 | 5.36 | 4.98 | 32.83 | 25.96 | 13.39 | 6.86 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.99bn | ¥2.11bn | ¥1.80bn | ¥1.71bn | ¥1.50bn | ¥1.45bn | ¥857.7m | ¥707.9m | ¥665.5m |
| Cash and short-term investments | ¥386.7m | ¥477.3m | ¥306.4m | ¥301.9m | ¥376.0m | ¥686.6m | ¥273.6m | ¥218.5m | ¥204.5m |
| Total liabilities | ¥781.8m | ¥933.3m | ¥765.8m | ¥588.3m | ¥491.3m | ¥495.1m | ¥588.8m | ¥542.7m | ¥554.3m |
| Debt | ¥350.0m | ¥370.0m | ¥400.0m | ¥250.0m | ¥150.0m | ¥100.0m | ¥276.1m | ¥298.1m | ¥329.2m |
| Shareholders' equity | ¥1.21bn | ¥1.18bn | ¥1.04bn | ¥1.12bn | ¥1.01bn | ¥952.9m | ¥268.8m | ¥165.2m | ¥111.2m |
| Shares outstanding | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥145.5m | ¥376.3m | ¥50.3m | ¥130.0m | −¥85.1m | ¥179.2m | ¥137.8m | ¥126.2m | −¥28.5m |
| Capital spending | −¥4.9m | −¥175.4m | −¥148.5m | −¥392.4m | −¥266.7m | −¥120.5m | −¥60.6m | −¥74.6m | −¥53.0m |
| Free cash flow | ¥140.6m | ¥200.9m | −¥98.3m | −¥262.4m | −¥351.8m | ¥58.6m | ¥77.2m | ¥51.6m | −¥81.5m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥646.1m | ¥750.1m | ¥712.2m | ¥662.9m | ¥736.0m | ¥811.0m | ¥687.1m | ¥735.0m |
| Gross profit | ¥191.6m | ¥293.3m | ¥294.4m | ¥291.7m | ¥297.0m | ¥338.8m | ¥285.5m | ¥348.0m |
| Operating income | −¥70.9m | −¥9.6m | ¥28.7m | ¥1.2m | ¥44.0m | ¥41.8m | ¥49.3m | ¥89.0m |
| Net income | −¥72.9m | −¥10.0m | ¥16.5m | ¥814,000 | ¥26.0m | ¥24.6m | ¥33.1m | ¥67.0m |
| Diluted earnings per share | -18.07 | -2.47 | 4.09 | 0.20 | 6.36 | 6.02 | 8.09 | 15.90 |
| Cash from operations | — | ¥145.0m | — | — | — | — | — | — |
| Capital spending | — | −¥4.0m | — | — | — | — | — | — |
| Free cash flow | — | ¥141.0m | — | — | — | — | — | — |
| Total assets | ¥1.91bn | ¥1.99bn | ¥2.00bn | ¥1.97bn | ¥2.06bn | ¥2.11bn | ¥1.93bn | ¥1.89bn |
| Cash and short-term investments | ¥280.0m | ¥386.7m | ¥310.9m | ¥398.5m | ¥343.7m | ¥477.3m | ¥308.0m | ¥343.9m |
| Debt | ¥350.0m | ¥350.0m | ¥370.0m | ¥370.0m | ¥370.0m | ¥370.0m | ¥370.0m | ¥400.0m |
| Shareholders' equity | ¥1.14bn | ¥1.21bn | ¥1.22bn | ¥1.21bn | ¥1.21bn | ¥1.18bn | ¥1.15bn | ¥1.12bn |
Financial ratios
Data as of 1 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 41.0% | 42.6% | 36.2% | 38.7% | 35.3% | 41.8% | — | — |
| Operating margin | 2.1% | 6.9% | -1.0% | 1.6% | 1.4% | 9.0% | — | — |
| Net margin | 1.2% | 4.8% | -1.2% | 0.9% | 0.9% | 6.0% | — | — |
| Return on equity | 2.8% | 11.6% | -3.1% | 2.0% | 2.0% | 13.7% | — | — |
| Return on assets | 1.7% | 6.5% | -1.8% | 1.3% | 1.3% | 9.0% | — | — |
| Free cash flow yield | 11.4% | 41.2% | 14.4% | 38.6% | 13.7% | 22.9% | — | — |
| Revenue growth | -0.1% | 10.4% | 4.3% | 8.9% | 5.2% | 18.6% | — | — |
| Earnings growth | -75.0% | -533.1% | -243.8% | 9.9% | -84.7% | 26.5% | — | — |
| Current ratio | 1.63x | 1.45x | 1.35x | 1.54x | 2.04x | 2.33x | — | — |
| Debt to equity | 0.29x | 0.31x | 0.39x | 0.22x | 0.15x | 0.10x | — | — |
| Equity ratio | 60.8% | 55.9% | 57.5% | 65.5% | 67.2% | 65.8% | — | — |
| Interest coverage | 9.15x | 34.69x | -6.43x | 14.80x | 24.01x | 76.53x | — | — |
| R&D as a share of sales | — | — | 0.7% | 1.1% | 0.7% | 0.6% | 0.1% | 0.2% |
| Buybacks as a share of market value | 1.3% | 3.0% | -2.2% | -2.1% | -1.2% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.8% | 5.7% | — |
| Operating income | 6.7% | -20.9% | — |
| Net income | 15.8% | -23.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 41.8% | 39.7% | 39.4% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 35.8 | 12.7 | -55.7 | 90.7 | 161.9 | 26.7 | 106.8 |
| Price to sales | 0.4 | 0.6 | 0.7 | 0.8 | 1.4 | 1.6 | 6.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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