E 
278
+13.93%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥6.70bn
FY2018FY2025
Net income
¥130.9m
FY2018FY2025
Free cash flow
¥617.2m
FY2018FY2025
Shareholders' equity
¥4.55bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥6.70bn | ¥5.37bn | ¥4.38bn | ¥3.73bn | ¥3.02bn | ¥1.71bn | ¥1.27bn | ¥1.14bn |
| Gross profit | ¥5.88bn | ¥4.10bn | ¥3.24bn | ¥2.94bn | ¥2.58bn | ¥1.32bn | ¥878.4m | ¥900.4m |
| Operating income | ¥592.8m | −¥2.95bn | −¥2.16bn | −¥1.12bn | ¥40.9m | ¥53.3m | −¥322.7m | ¥102.4m |
| Net income | ¥130.9m | −¥1.02bn | −¥4.99bn | −¥1.32bn | −¥85.6m | −¥16.7m | −¥238.4m | ¥91.1m |
| Diluted earnings per share | 3.06 | -29.04 | -161.27 | -43.72 | -2.90 | -0.72 | -5.44 | 2.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥6.70bn | ¥7.41bn | ¥5.57bn | ¥7.04bn | ¥6.95bn | ¥1.97bn | ¥1.07bn | ¥859.5m |
| Cash and short-term investments | ¥4.18bn | ¥4.26bn | ¥2.18bn | ¥3.07bn | ¥5.57bn | ¥1.33bn | ¥700.7m | ¥530.9m |
| Total liabilities | ¥2.14bn | ¥2.86bn | ¥7.04bn | ¥3.54bn | ¥2.14bn | ¥1.11bn | ¥731.1m | ¥273.2m |
| Debt | ¥625.9m | ¥1.11bn | ¥3.73bn | ¥1.95bn | ¥1.01bn | ¥759.9m | ¥495.0m | — |
| Shareholders' equity | ¥4.55bn | ¥4.55bn | −¥1.48bn | ¥3.50bn | ¥4.81bn | ¥852.5m | ¥342.6m | ¥579.7m |
| Shares outstanding | 43m | 35m | 31m | 30m | 29m | 23m | 44m | 44m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥654.9m | ¥220.9m | −¥1.91bn | −¥1.91bn | ¥481.7m | ¥139.5m | −¥310.0m | ¥219.6m |
| Capital spending | −¥37.7m | −¥4.59bn | −¥1.11bn | −¥277.6m | −¥11.3m | −¥11.8m | −¥38.2m | −¥8.3m |
| Free cash flow | ¥617.2m | −¥4.37bn | −¥3.02bn | −¥2.19bn | ¥470.4m | ¥127.8m | −¥348.3m | ¥211.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.35bn | ¥2.11bn | ¥1.60bn | ¥1.43bn | ¥1.55bn | ¥1.55bn | ¥1.17bn | ¥1.29bn |
| Gross profit | ¥1.15bn | ¥1.91bn | ¥1.38bn | ¥1.27bn | ¥1.33bn | ¥1.18bn | ¥898.3m | ¥996.1m |
| Operating income | ¥49.8m | ¥69.3m | ¥200.4m | ¥124.2m | ¥198.9m | −¥767.6m | −¥876.4m | −¥616.9m |
| Net income | ¥47.4m | ¥167.7m | ¥192.6m | −¥59.8m | −¥169.6m | ¥1.97bn | −¥946.8m | −¥625.2m |
| Diluted earnings per share | 1.08 | 3.82 | 4.50 | -1.40 | -3.97 | 45.98 | -26.99 | -17.83 |
| Cash from operations | — | — | — | ¥127.0m | — | ¥220.0m | — | — |
| Capital spending | — | — | — | −¥16.0m | — | −¥4.59bn | — | — |
| Free cash flow | — | — | — | ¥111.0m | — | −¥4.37bn | — | — |
| Total assets | ¥6.94bn | ¥7.66bn | ¥6.70bn | ¥6.53bn | ¥6.40bn | ¥7.41bn | ¥9.01bn | ¥5.48bn |
| Cash and short-term investments | ¥4.15bn | ¥4.49bn | ¥4.18bn | ¥4.06bn | ¥3.96bn | ¥4.26bn | ¥2.44bn | ¥1.28bn |
| Debt | ¥293.0m | ¥566.4m | ¥318.0m | ¥675.4m | ¥308.0m | ¥648.0m | ¥4.64bn | ¥628.0m |
| Shareholders' equity | ¥4.85bn | ¥4.78bn | ¥4.55bn | ¥4.35bn | ¥4.44bn | ¥4.55bn | −¥929.9m | ¥102.5m |
Financial ratios
Data as of 3 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 87.7% | 76.3% | 74.0% | 78.6% | 85.6% | 77.3% |
| Operating margin | 8.9% | -54.9% | -49.4% | -30.0% | 1.4% | 3.1% |
| Net margin | 2.0% | -19.0% | -113.8% | -35.2% | -2.8% | -1.0% |
| Return on equity | 2.9% | -22.4% | 337.0% | -37.5% | -1.8% | -2.0% |
| Return on assets | 2.0% | -13.7% | -89.6% | -18.7% | -1.2% | -0.9% |
| Free cash flow yield | 5.9% | 2.4% | -23.8% | -24.4% | 6.3% | 2.3% |
| Revenue growth | 24.7% | 22.7% | 17.3% | 23.7% | 76.2% | 35.1% |
| Earnings growth | -112.9% | -79.6% | 279.1% | 1436.5% | 411.2% | -93.0% |
| Current ratio | 2.93x | 2.29x | 1.02x | 2.17x | 5.13x | 4.46x |
| Debt to equity | 0.13x | 0.24x | -2.36x | 0.56x | 0.21x | 0.89x |
| Equity ratio | 68.0% | 61.4% | -26.6% | 49.7% | 69.3% | 43.3% |
| Interest coverage | 1.62x | -10.40x | -27.76x | -51.14x | 2.56x | 6.55x |
| Buybacks as a share of market value | -22.0% | -13.5% | -2.8% | -2.1% | -27.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 21.5% | 31.3% | — |
| Operating income | — | 61.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 82.6% | 80.0% | 80.5% | — |
| Operating margin | -19.5% | -27.9% | -22.3% | — |
| Net margin | -7.4% | -35.6% | -29.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 94.1 | -12.3 | -3.8 | -12.7 | -407.1 | -1004.3 |
| Price to sales | 1.8 | 2.3 | 4.3 | 4.5 | 11.5 | 9.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 29 Dec 2021
- 2-for-1 split · 30 Mar 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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