P 
718
+5.43%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥13.40bn
FY2018FY2025
Net income
¥1.10bn
FY2018FY2025
Free cash flow
¥1.33bn
FY2018FY2025
Shareholders' equity
¥4.79bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥13.40bn | ¥10.99bn | ¥8.63bn | ¥7.30bn | ¥5.44bn | ¥4.01bn | ¥2.94bn | ¥1.60bn |
| Gross profit | ¥9.75bn | ¥7.77bn | ¥6.01bn | ¥5.17bn | ¥3.97bn | ¥2.83bn | ¥2.09bn | ¥1.18bn |
| Operating income | ¥1.43bn | ¥260.9m | −¥881.4m | −¥882.5m | ¥170.6m | −¥1.08bn | −¥534.2m | −¥200.1m |
| Net income | ¥1.10bn | ¥320.7m | −¥2.11bn | −¥930.8m | −¥106.7m | −¥1.21bn | −¥841.0m | −¥230.2m |
| Diluted earnings per share | 26.56 | 7.78 | -53.50 | -24.06 | -2.81 | -32.68 | -20.47 | -5.60 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥9.66bn | ¥7.30bn | ¥6.22bn | ¥7.09bn | ¥6.98bn | ¥3.07bn | ¥2.20bn | ¥2.96bn |
| Cash and short-term investments | ¥6.60bn | ¥4.74bn | ¥3.83bn | ¥4.24bn | ¥4.17bn | ¥2.09bn | ¥1.37bn | ¥2.16bn |
| Total liabilities | ¥4.85bn | ¥4.10bn | ¥3.47bn | ¥3.02bn | ¥2.03bn | ¥1.46bn | ¥1.01bn | ¥1.03bn |
| Debt | ¥1.82bn | ¥1.32bn | ¥1.38bn | ¥1.84bn | ¥916.1m | ¥897.8m | ¥846.6m | ¥661.6m |
| Shareholders' equity | ¥4.79bn | ¥3.15bn | ¥2.60bn | ¥4.06bn | ¥4.86bn | ¥1.60bn | ¥1.19bn | ¥1.93bn |
| Shares outstanding | 41m | 41m | 39m | 39m | 38m | 37m | 41m | 41m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥1.38bn | ¥900.5m | −¥325.1m | −¥809.2m | ¥410.9m | −¥1.01bn | −¥623.3m | −¥81.0m |
| Capital spending | −¥46.6m | −¥57.6m | −¥46.7m | −¥74.3m | −¥19.8m | −¥62.9m | −¥15.5m | −¥166.9m |
| Free cash flow | ¥1.33bn | ¥842.9m | −¥371.8m | −¥883.6m | ¥391.1m | −¥1.08bn | −¥638.8m | −¥247.9m |
| Dividends paid | — | — | −¥1.08bn | — | −¥155.4m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.15bn | ¥4.07bn | ¥3.70bn | ¥3.56bn | ¥3.29bn | ¥3.36bn | ¥3.19bn | ¥2.93bn |
| Gross profit | ¥2.98bn | ¥2.96bn | ¥2.77bn | ¥2.56bn | ¥2.39bn | ¥2.44bn | ¥2.34bn | ¥2.07bn |
| Operating income | ¥230.8m | ¥311.5m | ¥299.9m | ¥188.6m | ¥358.6m | ¥455.8m | ¥428.9m | ¥94.6m |
| Net income | ¥6.6m | ¥109.6m | ¥201.1m | ¥220.8m | ¥237.1m | ¥348.6m | ¥292.5m | ¥265.4m |
| Diluted earnings per share | 0.16 | 2.67 | 4.86 | 5.34 | 5.73 | 8.42 | 7.10 | 6.44 |
| Cash from operations | — | — | — | ¥1.38bn | — | — | — | — |
| Capital spending | — | — | — | −¥46.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥1.33bn | — | — | — | — |
| Total assets | ¥13.15bn | ¥12.36bn | ¥12.19bn | ¥9.66bn | ¥8.52bn | ¥7.05bn | ¥7.01bn | ¥7.30bn |
| Cash and short-term investments | ¥8.89bn | ¥8.01bn | ¥7.95bn | ¥6.60bn | ¥5.95bn | ¥4.42bn | ¥4.46bn | ¥4.74bn |
| Debt | ¥1.15bn | ¥4.57bn | ¥1.05bn | ¥1.82bn | ¥682.1m | ¥996.3m | ¥802.7m | ¥799.7m |
| Shareholders' equity | ¥5.15bn | ¥5.20bn | ¥5.08bn | ¥4.79bn | ¥4.44bn | ¥3.90bn | ¥3.57bn | ¥3.15bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 72.8% | 70.7% | 69.6% | 70.9% | 72.9% | 70.6% |
| Operating margin | 10.7% | 2.4% | -10.2% | -12.1% | 3.1% | -26.9% |
| Net margin | 8.2% | 2.9% | -24.4% | -12.8% | -2.0% | -30.1% |
| Return on equity | 23.0% | 10.2% | -81.1% | -22.9% | -2.2% | -75.3% |
| Return on assets | 11.4% | 4.4% | -33.9% | -13.1% | -1.5% | -39.3% |
| Free cash flow yield | 5.1% | 3.5% | -1.1% | -2.8% | 1.7% | -3.8% |
| Revenue growth | 21.9% | 27.3% | 18.3% | 34.0% | 35.9% | 36.4% |
| Earnings growth | 242.7% | -115.2% | 126.5% | 772.7% | -91.2% | 43.6% |
| Current ratio | 2.30x | 1.75x | 2.15x | 2.74x | 3.02x | 2.44x |
| Debt to equity | 0.38x | 0.42x | 0.53x | 0.45x | 0.19x | 0.56x |
| Equity ratio | 49.5% | 43.1% | 41.8% | 57.2% | 69.6% | 52.3% |
| Interest coverage | 60.51x | 12.38x | -43.11x | -32.07x | 12.62x | -98.82x |
| Buybacks as a share of market value | -0.4% | -4.5% | -1.9% | -2.0% | -2.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 22.5% | 27.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 71.9% | 71.2% | 71.3% | — |
| Operating margin | 6.9% | -0.2% | -2.0% | — |
| Net margin | 5.8% | -4.0% | -5.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 30.5 | 130.8 | -11.9 | -27.6 | -759.4 | -113.7 |
| Price to sales | 2.5 | 3.8 | 2.9 | 3.5 | 14.9 | 34.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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