M 
261
+1.16%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥438.9m
FY2018FY2025
Net income
¥14.3m
FY2018FY2025
Free cash flow
¥91.4m
FY2018FY2025
Shareholders' equity
¥845.3m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥438.9m | ¥454.9m | ¥475.4m | ¥572.6m | ¥666.0m | ¥683.2m | ¥713.8m | ¥624.9m |
| Gross profit | ¥282.0m | ¥247.3m | ¥183.3m | ¥266.3m | ¥388.1m | ¥400.7m | ¥484.6m | ¥432.7m |
| Research and development | — | — | — | — | — | ¥438,000 | ¥2.8m | — |
| Operating income | ¥20.2m | ¥5.6m | −¥78.9m | ¥9.3m | ¥128.0m | ¥145.7m | ¥206.0m | ¥181.4m |
| Net income | ¥14.3m | −¥84.5m | −¥478.9m | ¥4.8m | ¥86.9m | ¥92.4m | ¥146.1m | ¥192.7m |
| Diluted earnings per share | 4.92 | -30.04 | -170.12 | 1.72 | 30.05 | 31.13 | 48.90 | 64.52 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥997.5m | ¥964.9m | ¥1.03bn | ¥1.54bn | ¥1.58bn | ¥1.48bn | ¥978.0m | ¥833.6m |
| Cash and short-term investments | ¥928.3m | ¥830.3m | ¥832.9m | ¥985.7m | ¥1.33bn | ¥1.26bn | ¥752.4m | ¥580.5m |
| Total liabilities | ¥152.2m | ¥155.2m | ¥140.7m | ¥165.4m | ¥206.0m | ¥220.8m | ¥208.3m | ¥209.9m |
| Debt | — | — | −¥5.3m | −¥6.5m | −¥15.6m | −¥10.2m | −¥10.9m | — |
| Shareholders' equity | ¥845.3m | ¥809.8m | ¥894.3m | ¥1.37bn | ¥1.37bn | ¥1.26bn | ¥769.7m | ¥623.7m |
| Shares outstanding | 3m | 3m | 3m | 3m | 3m | 3m | 3m | 3m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥100.7m | ¥8.2m | ¥20.0m | −¥6.2m | ¥102.4m | ¥143.4m | ¥217.4m | ¥302.0m |
| Capital spending | −¥9.3m | −¥10.8m | −¥172.8m | −¥436,000 | −¥46.6m | −¥23.7m | −¥4.1m | −¥4.7m |
| Free cash flow | ¥91.4m | −¥2.6m | −¥152.9m | −¥6.6m | ¥55.8m | ¥119.7m | ¥213.3m | ¥297.3m |
| Dividends paid | — | — | −¥1,000 | −¥19.3m | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥135.0m | ¥111.2m | ¥122.7m | ¥121.8m | ¥97.0m | ¥109.2m | ¥110.8m | ¥112.1m |
| Gross profit | ¥74.7m | ¥75.3m | ¥77.9m | ¥81.3m | ¥63.6m | ¥69.6m | ¥68.0m | ¥62.2m |
| Operating income | −¥88,000 | ¥3.9m | −¥1.4m | ¥11.5m | ¥1.5m | ¥6.1m | ¥1.1m | ¥2.5m |
| Net income | −¥2.3m | ¥11.2m | −¥2.6m | ¥11.4m | ¥1.3m | ¥4.9m | −¥3.3m | −¥86.9m |
| Diluted earnings per share | -0.78 | 3.75 | -0.88 | 3.92 | 0.44 | 1.69 | -1.17 | -30.88 |
| Cash from operations | — | — | — | ¥100.0m | — | — | — | — |
| Capital spending | — | — | — | −¥9.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥91.0m | — | — | — | — |
| Total assets | ¥1.08bn | ¥1.05bn | ¥1.02bn | ¥997.5m | ¥960.6m | ¥963.3m | ¥955.0m | ¥964.0m |
| Cash and short-term investments | ¥989.3m | ¥984.6m | ¥954.8m | ¥928.3m | ¥836.1m | ¥832.3m | ¥820.0m | ¥830.0m |
| Shareholders' equity | ¥894.9m | ¥897.3m | ¥859.6m | ¥845.3m | ¥815.6m | ¥814.4m | ¥806.0m | ¥809.0m |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 64.3% | 54.4% | 38.5% | 46.5% | 58.3% | 58.7% | — |
| Operating margin | 4.6% | 1.2% | -16.6% | 1.6% | 19.2% | 21.3% | — |
| Net margin | 3.3% | -18.6% | -100.7% | 0.8% | 13.1% | 13.5% | — |
| Return on equity | 1.7% | -10.4% | -53.5% | 0.4% | 6.3% | 7.4% | — |
| Return on assets | 1.4% | -8.8% | -46.3% | 0.3% | 5.5% | 6.3% | — |
| Free cash flow yield | 13.2% | 1.1% | 2.7% | -0.8% | 13.5% | 18.4% | — |
| Revenue growth | -3.5% | -4.3% | -17.0% | -14.0% | -2.5% | -4.3% | — |
| Earnings growth | -116.9% | -82.3% | -9993.9% | -94.4% | -6.0% | -36.7% | — |
| Current ratio | 6.31x | 6.08x | 6.62x | 6.76x | 7.10x | 6.30x | — |
| Debt to equity | — | — | -0.01x | -0.00x | -0.01x | -0.01x | -0.01x |
| Equity ratio | 84.7% | 83.9% | 86.4% | 89.3% | 86.9% | 85.1% | — |
| R&D as a share of sales | — | — | — | — | — | 0.1% | 0.4% |
| Buybacks as a share of market value | -3.1% | 0.0% | 0.0% | 2.7% | 2.6% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.5% | -8.5% | — |
| Operating income | 29.7% | -32.6% | — |
| Net income | 43.4% | -31.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 59.2% | 50.4% | 53.7% | — |
| Operating margin | 2.9% | -2.3% | 7.0% | — |
| Net margin | -7.9% | -28.0% | -11.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 104.3 | -18.9 | -4.0 | 286.1 | 22.0 | 55.7 |
| Price to sales | 3.4 | 3.5 | 4.0 | 2.4 | 2.9 | 7.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Sept 2021.
| FY2022 | |
|---|---|
| Paid in the year | 7.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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