C 
675
+7.14%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥819.4m
FY2018FY2025
Net income
−¥137.7m
FY2018FY2025
Free cash flow
−¥76.7m
FY2018FY2025
Shareholders' equity
¥702.5m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥819.4m | ¥734.0m | ¥952.0m | ¥1.08bn | ¥951.1m | ¥831.4m | ¥745.7m | ¥720.1m |
| Gross profit | ¥572.1m | ¥445.0m | ¥586.5m | ¥730.0m | ¥690.9m | ¥587.8m | ¥497.1m | ¥460.5m |
| Research and development | — | ¥30.0m | ¥70.0m | ¥41.7m | ¥19.8m | ¥18.2m | ¥46.8m | ¥6.3m |
| Operating income | −¥133.4m | −¥254.2m | −¥108.0m | ¥176.7m | ¥178.9m | ¥138.1m | ¥99.0m | ¥82.9m |
| Net income | −¥137.7m | −¥255.0m | −¥320.0m | ¥100.4m | ¥120.3m | ¥130.0m | ¥114.5m | ¥80.6m |
| Diluted earnings per share | -50.42 | -93.67 | -120.36 | 37.07 | 41.84 | 45.22 | 41.63 | 29.30 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.00bn | ¥1.03bn | ¥1.29bn | ¥1.54bn | ¥1.42bn | ¥1.82bn | ¥894.8m | ¥629.6m |
| Cash and short-term investments | ¥762.4m | ¥734.6m | ¥941.1m | ¥962.1m | ¥800.6m | ¥1.29bn | ¥590.0m | ¥517.9m |
| Total liabilities | ¥299.8m | ¥193.3m | ¥214.7m | ¥162.0m | ¥144.3m | ¥674.5m | ¥400.6m | ¥250.6m |
| Debt | ¥186.6m | ¥82.1m | ¥96.4m | ¥1.8m | ¥6.1m | ¥510.2m | ¥292.8m | ¥179.0m |
| Shareholders' equity | ¥702.5m | ¥832.2m | ¥1.07bn | ¥1.37bn | ¥1.27bn | ¥1.15bn | ¥494.3m | ¥379.0m |
| 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 | −¥73.9m | −¥198.0m | −¥49.3m | ¥250.4m | ¥149.7m | ¥166.8m | ¥73.5m | ¥50.4m |
| Capital spending | −¥2.8m | −¥2.0m | −¥7.0m | −¥37.9m | −¥127.7m | −¥170.7m | −¥111.7m | −¥5.9m |
| Free cash flow | −¥76.7m | −¥200.0m | −¥56.3m | ¥212.5m | ¥21.9m | −¥3.9m | −¥38.2m | ¥44.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥239.8m | ¥216.2m | ¥218.2m | ¥193.6m | ¥216.9m | ¥190.1m | ¥210.5m | ¥175.9m |
| Gross profit | ¥178.7m | ¥157.0m | ¥157.4m | ¥138.3m | ¥145.8m | ¥130.2m | ¥128.8m | ¥110.1m |
| Operating income | −¥69.6m | −¥23.2m | −¥49.1m | −¥19.0m | −¥32.4m | −¥32.9m | −¥41.6m | −¥54.7m |
| Net income | −¥84.3m | −¥23.3m | −¥54.4m | −¥18.4m | −¥31.5m | −¥32.5m | −¥51.7m | −¥54.7m |
| Diluted earnings per share | -30.64 | -8.48 | -19.91 | -6.75 | -11.54 | -11.90 | -18.97 | -20.08 |
| Total assets | ¥1.13bn | ¥919.5m | ¥1.00bn | ¥945.4m | ¥996.1m | ¥967.8m | ¥1.03bn | ¥1.05bn |
| Cash and short-term investments | ¥666.1m | ¥674.0m | ¥762.4m | ¥677.0m | ¥684.8m | ¥684.9m | ¥734.6m | ¥768.1m |
| Debt | ¥386.0m | ¥92.2m | ¥186.6m | ¥19.7m | ¥98.8m | ¥14.3m | ¥14.3m | ¥14.3m |
| Shareholders' equity | ¥620.7m | ¥667.7m | ¥702.5m | ¥766.3m | ¥786.4m | ¥806.5m | ¥832.2m | ¥884.3m |
Financial ratios
Data as of 30 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 69.8% | 60.6% | 61.6% | 67.8% | 72.6% | 70.7% | — |
| Operating margin | -16.3% | -33.9% | -33.0% | 14.7% | 18.3% | 14.7% | — |
| Net margin | -16.8% | -34.7% | -33.6% | 9.3% | 12.6% | 15.6% | — |
| Return on equity | -19.6% | -30.6% | -29.8% | 7.3% | 9.4% | 11.3% | — |
| Return on assets | -13.7% | -24.9% | -24.9% | 6.5% | 8.5% | 7.1% | — |
| Free cash flow yield | -3.8% | -10.2% | -2.6% | 13.0% | 7.3% | 8.1% | — |
| Revenue growth | 11.6% | -22.9% | -11.6% | 13.2% | 14.4% | 11.5% | — |
| Earnings growth | -46.0% | -20.3% | -418.9% | -16.6% | -7.5% | 13.6% | — |
| Current ratio | 3.96x | 6.90x | 8.21x | 6.79x | 6.64x | 3.66x | — |
| Debt to equity | 0.27x | 0.10x | 0.09x | 0.00x | 0.00x | 0.44x | — |
| Equity ratio | 70.1% | 81.1% | 83.3% | 89.4% | 89.8% | 63.0% | — |
| Interest coverage | -130.88x | -465.42x | -1217.80x | 2988.55x | 51.92x | 18.05x | — |
| R&D as a share of sales | — | 4.1% | 7.4% | 3.9% | 2.1% | 2.2% | 6.3% |
| Buybacks as a share of market value | -0.3% | -2.4% | 1.8% | 5.9% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.7% | -0.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 65.5% | 65.1% | 67.3% | — |
| Operating margin | -24.9% | -8.9% | -0.0% | — |
| Net margin | -25.3% | -17.1% | -6.7% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -16.0 | -6.5 | -7.3 | 26.0 | 48.9 | 117.4 |
| Price to sales | 2.7 | 2.3 | 2.5 | 2.4 | 6.2 | 18.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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