T 
1,545
+6.33%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥28.04bn
FY2017FY2026
Net income
−¥3.46bn
FY2017FY2026
Free cash flow
¥1.71bn
FY2017FY2026
Shareholders' equity
¥9.14bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥28.04bn | ¥31.67bn | ¥26.23bn | ¥34.93bn | ¥35.33bn | ¥29.02bn | ¥33.15bn | ¥34.35bn | ¥32.78bn | ¥27.89bn |
| Gross profit | ¥6.69bn | ¥5.58bn | ¥5.75bn | ¥7.31bn | ¥7.83bn | ¥4.62bn | ¥4.40bn | ¥4.59bn | ¥6.06bn | ¥4.96bn |
| Research and development | ¥1.38bn | ¥1.50bn | ¥1.51bn | ¥1.31bn | ¥1.26bn | ¥1.27bn | ¥1.24bn | ¥509.0m | ¥444.0m | ¥486.0m |
| Operating income | ¥863.0m | −¥648.0m | ¥118.0m | ¥1.37bn | ¥2.52bn | ¥12.0m | −¥611.0m | ¥448.0m | ¥1.37bn | −¥2.45bn |
| Net income | −¥3.46bn | −¥3.56bn | −¥3.58bn | ¥3.27bn | ¥3.12bn | −¥4.14bn | −¥5.29bn | −¥1.0m | ¥982.0m | −¥2.92bn |
| Diluted earnings per share | -592.93 | -615.79 | -619.23 | 562.04 | 536.15 | -713.23 | -916.96 | -0.17 | 168.86 | -506.59 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥47.89bn | ¥50.67bn | ¥53.71bn | ¥52.02bn | ¥51.29bn | ¥41.78bn | ¥43.87bn | ¥48.26bn | ¥47.92bn | ¥46.36bn |
| Cash and short-term investments | ¥7.28bn | ¥8.08bn | ¥8.16bn | ¥8.48bn | ¥7.96bn | ¥6.63bn | ¥5.61bn | ¥3.85bn | ¥4.48bn | ¥4.94bn |
| Total liabilities | ¥38.07bn | ¥38.89bn | ¥39.19bn | ¥35.46bn | ¥37.33bn | ¥32.41bn | ¥31.28bn | ¥29.85bn | ¥28.37bn | ¥28.32bn |
| Debt | ¥25.07bn | ¥27.90bn | ¥27.47bn | ¥25.83bn | ¥24.80bn | ¥23.22bn | ¥21.55bn | ¥21.32bn | ¥19.58bn | ¥21.11bn |
| Shareholders' equity | ¥9.14bn | ¥11.13bn | ¥13.96bn | ¥15.93bn | ¥12.52bn | ¥8.20bn | ¥11.56bn | ¥17.45bn | ¥18.43bn | ¥17.04bn |
| Shares outstanding | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 6m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥3.29bn | ¥3.96bn | −¥754.0m | ¥672.0m | ¥839.0m | ¥535.0m | ¥2.26bn | ¥82.0m | ¥1.63bn | ¥2.06bn |
| Capital spending | −¥1.58bn | −¥2.92bn | −¥1.38bn | −¥1.74bn | −¥719.0m | −¥945.0m | −¥1.53bn | −¥1.99bn | −¥2.37bn | −¥1.74bn |
| Free cash flow | ¥1.71bn | ¥1.04bn | −¥2.13bn | −¥1.07bn | ¥120.0m | −¥410.0m | ¥726.0m | −¥1.91bn | −¥744.0m | ¥319.0m |
| Dividends paid | — | — | — | — | −¥47.0m | −¥47.0m | −¥115.0m | −¥230.0m | −¥115.0m | −¥225.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥7.35bn | ¥6.88bn | ¥6.85bn | ¥7.01bn | ¥7.29bn | ¥9.91bn | ¥7.25bn | ¥7.20bn |
| Gross profit | ¥1.92bn | ¥1.51bn | ¥1.63bn | ¥1.78bn | ¥1.77bn | ¥1.08bn | ¥1.59bn | ¥1.47bn |
| Operating income | ¥372.0m | ¥19.0m | ¥191.0m | ¥317.0m | ¥283.0m | −¥442.0m | ¥60.0m | −¥235.0m |
| Net income | ¥260.0m | −¥3.15bn | −¥203.0m | ¥4.0m | −¥111.0m | −¥2.76bn | ¥80.0m | −¥908.0m |
| Diluted earnings per share | 44.62 | -539.73 | -35.09 | 0.69 | -19.19 | -477.66 | 13.84 | -157.06 |
| Total assets | ¥51.63bn | ¥47.89bn | ¥48.55bn | ¥49.23bn | ¥49.15bn | ¥50.67bn | ¥55.57bn | ¥55.67bn |
| Cash and short-term investments | ¥7.69bn | ¥7.28bn | ¥7.34bn | ¥7.95bn | ¥7.34bn | ¥8.08bn | ¥8.65bn | ¥8.44bn |
| Debt | ¥13.27bn | ¥25.07bn | ¥13.04bn | ¥27.72bn | ¥13.15bn | ¥27.80bn | ¥14.13bn | ¥29.00bn |
| Shareholders' equity | ¥11.47bn | ¥9.14bn | ¥11.08bn | ¥10.80bn | ¥10.48bn | ¥11.13bn | ¥13.89bn | ¥14.49bn |
Financial ratios
Data as of 8 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 23.9% | 17.6% | 21.9% | 20.9% | 22.2% | 15.9% |
| Operating margin | 3.1% | -2.0% | 0.4% | 3.9% | 7.1% | 0.0% |
| Net margin | -12.3% | -11.2% | -13.6% | 9.4% | 8.8% | -14.3% |
| Return on equity | -37.8% | -32.0% | -25.6% | 20.5% | 24.9% | -50.5% |
| Return on assets | -7.2% | -7.0% | -6.7% | 6.3% | 6.1% | -9.9% |
| Free cash flow yield | 47.2% | 67.2% | 6.1% | 23.4% | 15.1% | 14.4% |
| Revenue growth | -11.5% | 20.7% | -24.9% | -1.1% | 21.7% | -12.4% |
| Earnings growth | -3.0% | -0.5% | -209.5% | 4.9% | -175.2% | -21.6% |
| Current ratio | 1.02x | 1.28x | 1.40x | 1.62x | 1.45x | 1.21x |
| Debt to equity | 2.74x | 2.50x | 1.96x | 1.62x | 1.97x | 2.83x |
| Equity ratio | 19.1% | 22.0% | 26.0% | 30.6% | 24.4% | 19.6% |
| Interest coverage | 1.91x | -1.44x | 0.37x | 5.16x | 12.23x | 0.06x |
| R&D as a share of sales | 4.9% | 4.7% | 5.8% | 3.8% | 3.6% | 4.4% |
| Buybacks as a share of market value | -0.7% | -0.1% | 0.6% | -0.1% | -0.1% | -0.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.1% | -0.7% | -0.2% |
| Operating income | -14.2% | 135.2% | -2.0% |
| Net income | — | -3.6% | -6.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 20.5% | 21.0% | 20.4% | 18.5% |
| Operating margin | 0.4% | 1.4% | 2.3% | 1.2% |
| Net margin | -11.8% | -6.1% | -4.5% | -6.6% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.9 | -1.9 | -1.9 | 2.8 | 4.7 | -6.2 | -2.5 | -12294.6 | 13.0 | -9.0 |
| Price to sales | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.9 | 0.4 | 0.4 | 0.4 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Mar 2019.
| FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 20.00 | 40.00 | 20.00 | 40.00 | 50.00 | 10.00 | 50.00 | 40.00 |
- 10-to-1 reverse split · 27 Sept 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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