S 
343
+5.54%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.90bn
FY2018FY2025
Net income
−¥17.4m
FY2018FY2025
Free cash flow
¥63.2m
FY2018FY2025
Shareholders' equity
¥2.66bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.90bn | ¥4.07bn | ¥3.19bn | ¥2.48bn | ¥2.21bn | ¥1.97bn | ¥1.29bn | ¥909.1m |
| Gross profit | ¥3.62bn | ¥2.77bn | ¥2.07bn | ¥1.52bn | ¥1.26bn | ¥1.05bn | ¥666.0m | ¥393.1m |
| Research and development | — | ¥13.0m | ¥77.0m | ¥133.0m | ¥89.0m | ¥23.0m | — | — |
| Operating income | −¥10.9m | −¥749.6m | −¥444.2m | −¥1.14bn | −¥499.9m | ¥113.0m | ¥66.0m | −¥117.7m |
| Net income | −¥17.4m | −¥771.7m | −¥463.4m | −¥1.04bn | −¥511.7m | ¥103.1m | ¥63.0m | −¥124.9m |
| Diluted earnings per share | -0.49 | -21.86 | -13.22 | -30.58 | -14.19 | 2.86 | 1.75 | -3.93 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥4.16bn | ¥4.21bn | ¥4.60bn | ¥4.79bn | ¥5.43bn | ¥905.3m | ¥866.5m | ¥725.0m |
| Cash and short-term investments | ¥2.48bn | ¥2.74bn | ¥2.85bn | ¥3.04bn | ¥4.20bn | ¥469.3m | ¥408.6m | ¥414.5m |
| Total liabilities | ¥1.50bn | ¥1.57bn | ¥1.21bn | ¥1.11bn | ¥804.2m | ¥496.3m | ¥519.9m | ¥442.1m |
| Debt | ¥836.7m | ¥1.03bn | ¥504.4m | ¥450.7m | ¥178.1m | ¥266.2m | ¥269.2m | ¥263.8m |
| Shareholders' equity | ¥2.66bn | ¥2.65bn | ¥3.39bn | ¥3.68bn | ¥4.62bn | ¥409.0m | ¥346.6m | ¥282.9m |
| Shares outstanding | 35m | 35m | 35m | 34m | 36m | 36m | 36m | 32m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥78.9m | −¥369.1m | −¥331.2m | −¥1.00bn | −¥493.5m | ¥130.3m | ¥20.5m | −¥97.1m |
| Capital spending | −¥15.7m | −¥18.3m | −¥82.3m | −¥707.8m | −¥361.5m | −¥31.3m | −¥17.3m | −¥3.0m |
| Free cash flow | ¥63.2m | −¥387.4m | −¥413.6m | −¥1.71bn | −¥855.0m | ¥98.9m | ¥3.3m | −¥100.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.37bn | ¥1.27bn | ¥1.30bn | ¥1.24bn | ¥1.19bn | ¥1.17bn | ¥1.11bn | ¥1.05bn |
| Gross profit | ¥994.9m | ¥939.9m | ¥977.8m | ¥917.5m | ¥888.0m | ¥835.8m | ¥787.6m | ¥724.4m |
| Operating income | ¥84.6m | ¥5.1m | ¥47.5m | −¥29.4m | −¥18.9m | −¥10.1m | −¥62.0m | −¥109.7m |
| Net income | ¥39.7m | ¥1.7m | ¥75.8m | −¥54.3m | −¥24.6m | −¥14.3m | −¥302.7m | −¥115.6m |
| Diluted earnings per share | 1.10 | 0.05 | 2.15 | -1.54 | -0.70 | -0.41 | -8.58 | -3.28 |
| Total assets | ¥4.08bn | ¥4.04bn | ¥4.16bn | ¥4.08bn | ¥4.11bn | ¥4.14bn | ¥4.21bn | ¥4.45bn |
| Cash and short-term investments | ¥2.26bn | ¥2.36bn | ¥2.48bn | ¥2.56bn | ¥2.64bn | ¥2.67bn | ¥2.74bn | ¥2.72bn |
| Debt | ¥757.8m | ¥653.4m | ¥836.7m | ¥693.1m | ¥950.9m | ¥693.1m | ¥694.7m | ¥403.4m |
| Shareholders' equity | ¥2.71bn | ¥2.67bn | ¥2.66bn | ¥2.57bn | ¥2.62bn | ¥2.64bn | ¥2.65bn | ¥2.95bn |
Financial ratios
Data as of 7 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 73.9% | 68.0% | 64.9% | 61.3% | 57.2% | 53.1% |
| Operating margin | -0.2% | -18.4% | -13.9% | -41.3% | -22.7% | 5.8% |
| Net margin | -0.4% | -18.9% | -14.5% | -41.8% | -23.2% | 5.2% |
| Return on equity | -0.7% | -29.2% | -13.7% | -28.1% | -11.1% | 25.2% |
| Return on assets | -0.4% | -18.3% | -10.1% | -21.6% | -9.4% | 11.4% |
| Free cash flow yield | 0.8% | -3.0% | -2.1% | -2.6% | — | — |
| Revenue growth | 20.2% | 27.5% | 28.8% | 12.3% | 11.8% | 53.5% |
| Earnings growth | -97.8% | 66.5% | -55.3% | 102.6% | -596.3% | 63.6% |
| Current ratio | 2.49x | 2.79x | 3.36x | 4.14x | 6.11x | 2.07x |
| Debt to equity | 0.31x | 0.39x | 0.15x | 0.12x | 0.04x | 0.65x |
| Equity ratio | 64.0% | 62.8% | 73.6% | 76.9% | 85.2% | 45.2% |
| Interest coverage | -0.99x | -70.81x | -52.46x | -145.46x | -120.66x | 22.94x |
| R&D as a share of sales | — | 0.3% | 2.4% | 5.4% | 4.0% | 1.2% |
| Buybacks as a share of market value | -0.1% | -0.7% | -3.4% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 25.5% | 19.9% | — |
| Operating income | -78.8% | — | — |
| Net income | -74.4% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 71.2% | 68.2% | 65.3% | — |
| Operating margin | -8.5% | -16.0% | -14.5% | — |
| Net margin | -8.8% | -15.6% | -14.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -594.4 | -18.6 | -55.9 | -21.2 | -93.5 |
| Price to sales | 2.1 | 3.5 | 8.1 | 8.8 | 21.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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