W 
700
+1.74%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.94bn
FY2019FY2026
Net income
−¥329.9m
FY2019FY2026
Free cash flow
¥41.4m
FY2019FY2026
Shareholders' equity
¥274.6m
FY2019FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.94bn | ¥2.32bn | ¥2.45bn | ¥3.46bn | ¥3.42bn | ¥3.59bn | ¥3.43bn | ¥2.86bn |
| Gross profit | ¥410.0m | ¥481.5m | ¥716.0m | ¥676.4m | ¥176.6m | ¥804.5m | ¥897.5m | ¥517.3m |
| Research and development | — | ¥58.0m | — | — | — | — | — | — |
| Operating income | −¥162.1m | −¥129.6m | ¥121.0m | ¥49.8m | −¥1.27bn | ¥260.6m | ¥313.0m | −¥130.6m |
| Net income | −¥329.9m | −¥131.6m | ¥92.3m | −¥236.1m | −¥1.89bn | ¥825.5m | ¥224.2m | ¥12.0m |
| Diluted earnings per share | -129.38 | -51.61 | 36.24 | -92.77 | -877.08 | 380.73 | 87.94 | 5.60 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.50bn | ¥1.98bn | ¥2.15bn | ¥2.06bn | ¥3.00bn | ¥3.71bn | ¥2.38bn | ¥1.74bn |
| Cash and short-term investments | ¥1.16bn | ¥1.26bn | ¥1.33bn | ¥1.03bn | ¥1.20bn | ¥1.85bn | ¥1.06bn | ¥593.8m |
| Total liabilities | ¥1.22bn | ¥1.39bn | ¥1.41bn | ¥1.43bn | ¥2.57bn | ¥1.35bn | ¥1.33bn | ¥921.3m |
| Debt | ¥1.03bn | ¥1.17bn | ¥925.4m | ¥919.3m | ¥1.19bn | ¥437.1m | ¥240.2m | ¥257.5m |
| Shareholders' equity | ¥274.6m | ¥595.4m | ¥736.9m | ¥629.8m | ¥427.9m | ¥2.37bn | ¥1.04bn | ¥819.3m |
| Shares outstanding | 3m | 3m | 3m | 3m | 2m | 2m | 3m | 2m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥55.0m | −¥310.1m | ¥298.9m | −¥331.2m | −¥890.0m | ¥17.0m | ¥532.9m | −¥407.5m |
| Capital spending | −¥13.6m | −¥10.9m | −¥9.9m | −¥3.5m | −¥380.3m | −¥20.0m | −¥28.9m | −¥41.5m |
| Free cash flow | ¥41.4m | −¥321.0m | ¥289.0m | −¥334.8m | −¥1.27bn | −¥3.0m | ¥504.0m | −¥449.0m |
| Dividends paid | — | — | — | — | −¥7.6m | — | — | — |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥496.7m | ¥466.0m | ¥505.0m | ¥477.2m | ¥674.1m | ¥478.1m | ¥632.8m | ¥531.5m |
| Gross profit | ¥164.3m | ¥112.2m | ¥115.9m | ¥17.5m | ¥193.0m | ¥56.0m | ¥143.5m | ¥90.6m |
| Operating income | ¥5.9m | −¥25.6m | −¥27.7m | −¥114.7m | ¥44.9m | −¥128.8m | ¥9.2m | −¥54.9m |
| Net income | −¥38.0m | −¥30.7m | −¥140.8m | −¥120.5m | ¥76.6m | −¥116.9m | −¥24.4m | −¥66.9m |
| Diluted earnings per share | -14.88 | -12.03 | -55.21 | -47.26 | 30.06 | -45.84 | -9.58 | -26.28 |
| Total assets | ¥1.50bn | ¥1.76bn | ¥1.87bn | ¥2.19bn | ¥1.98bn | ¥1.86bn | ¥2.00bn | ¥1.75bn |
| Cash and short-term investments | ¥1.16bn | ¥1.36bn | ¥1.46bn | ¥1.67bn | ¥1.26bn | ¥1.22bn | ¥1.27bn | ¥1.20bn |
| Debt | ¥530.2m | ¥545.0m | ¥1.31bn | ¥545.0m | ¥1.17bn | ¥417.0m | ¥1.12bn | ¥445.6m |
| Shareholders' equity | ¥274.6m | ¥309.5m | ¥337.1m | ¥474.9m | ¥595.4m | ¥543.3m | ¥656.3m | ¥673.9m |
Financial ratios
Data as of 27 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 21.1% | 20.8% | 29.2% | 19.5% | 5.2% | 22.4% |
| Operating margin | -8.3% | -5.1% | 4.9% | 1.1% | -37.1% | 7.4% |
| Net margin | -17.0% | -5.7% | 3.8% | -6.8% | -55.2% | 23.0% |
| Return on equity | -120.1% | -22.1% | 12.5% | -37.5% | -441.1% | 34.9% |
| Return on assets | -22.0% | -6.6% | 4.3% | -11.5% | -62.9% | 22.2% |
| Free cash flow yield | 3.6% | -15.7% | 16.2% | -17.2% | -31.7% | 2.3% |
| Revenue growth | -16.0% | -5.4% | -29.3% | 1.2% | -4.6% | 4.4% |
| Earnings growth | 150.7% | -242.6% | -139.1% | -87.5% | -328.6% | 268.1% |
| Current ratio | 1.97x | 2.39x | 1.90x | 1.64x | 1.23x | 2.37x |
| Debt to equity | 1.93x | 1.96x | 1.26x | 1.46x | 2.79x | 0.18x |
| Equity ratio | 18.3% | 30.0% | 34.3% | 30.5% | 14.3% | 63.7% |
| Interest coverage | -6.41x | -4.43x | 20.78x | 3.38x | -60.35x | 91.80x |
| R&D as a share of sales | — | 2.5% | — | — | — | — |
| Buybacks as a share of market value | -0.0% | -0.1% | -0.0% | -18.3% | 0.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -17.5% | -11.5% | — |
| Net income | 11.8% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 20.9% | 22.4% | 19.0% | — |
| Operating margin | -6.8% | -1.2% | -6.6% | — |
| Net margin | -10.8% | -5.9% | -9.7% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | -5.2 | -28.3 | 19.7 | -12.0 | -1.4 | 4.6 |
| Price to sales | 0.9 | 1.6 | 0.7 | 0.8 | 0.8 | 1.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 Aug 2021.
| FY2022 | |
|---|---|
| Paid in the year | 3.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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