F 
305
+3.39%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥8.12bn
FY2017FY2026
Net income
−¥2.30bn
FY2017FY2026
Free cash flow
¥1.24bn
FY2017FY2026
Shareholders' equity
¥7.67bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥8.12bn | ¥10.62bn | ¥13.25bn | ¥16.42bn | ¥19.24bn | ¥12.59bn | ¥12.17bn | ¥11.44bn | ¥10.28bn | ¥12.83bn |
| Gross profit | ¥1.13bn | ¥1.43bn | ¥1.67bn | ¥1.90bn | ¥1.80bn | ¥1.12bn | ¥1.13bn | ¥1.20bn | ¥1.14bn | ¥1.56bn |
| Research and development | — | ¥260.7m | ¥303.2m | ¥313.4m | ¥309.5m | ¥274.4m | ¥174.7m | ¥208.0m | ¥144.2m | ¥150.3m |
| Operating income | −¥78.1m | ¥221.0m | ¥686.1m | ¥854.7m | ¥704.5m | ¥309.1m | ¥345.1m | ¥400.5m | ¥401.9m | ¥660.9m |
| Net income | −¥2.30bn | ¥262.8m | ¥574.2m | ¥707.1m | ¥443.9m | ¥207.0m | ¥385.2m | ¥38.8m | ¥237.7m | ¥35.3m |
| Diluted earnings per share | -80.53 | 9.20 | 20.09 | 24.75 | 15.53 | 7.24 | 13.48 | 1.36 | 8.32 | 1.24 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥14.64bn | ¥15.96bn | ¥18.44bn | ¥16.83bn | ¥17.51bn | ¥14.70bn | ¥14.38bn | ¥14.11bn | ¥14.59bn | ¥17.09bn |
| Cash and short-term investments | ¥4.84bn | ¥4.21bn | ¥5.25bn | ¥3.75bn | ¥3.53bn | ¥3.11bn | ¥3.55bn | ¥3.47bn | ¥3.79bn | ¥5.28bn |
| Total liabilities | ¥6.97bn | ¥5.95bn | ¥8.44bn | ¥7.30bn | ¥8.52bn | ¥5.98bn | ¥5.71bn | ¥5.60bn | ¥5.93bn | ¥8.48bn |
| Debt | ¥3.85bn | ¥4.57bn | ¥5.56bn | ¥5.14bn | ¥5.67bn | ¥4.21bn | ¥4.37bn | ¥4.15bn | ¥4.81bn | ¥5.78bn |
| Shareholders' equity | ¥7.67bn | ¥10.02bn | ¥9.87bn | ¥9.42bn | ¥8.87bn | ¥8.60bn | ¥8.54bn | ¥8.38bn | ¥8.51bn | ¥8.46bn |
| Shares outstanding | 29m | 29m | 29m | 29m | 29m | 29m | 29m | 29m | 29m | 29m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥1.45bn | ¥437.2m | ¥1.60bn | ¥1.17bn | ¥1.19bn | ¥356.7m | ¥423.2m | ¥1.01bn | ¥342.7m | ¥2.47bn |
| Capital spending | −¥212.1m | −¥227.2m | −¥341.4m | −¥170.8m | −¥292.8m | −¥286.3m | −¥319.7m | −¥450.7m | −¥670.3m | −¥1.46bn |
| Free cash flow | ¥1.24bn | ¥210.0m | ¥1.26bn | ¥996.0m | ¥896.2m | ¥70.4m | ¥103.5m | ¥558.8m | −¥327.6m | ¥1.00bn |
| Dividends paid | −¥171.4m | −¥171.4m | −¥171.4m | −¥171.4m | −¥171.4m | −¥171.4m | −¥171.4m | −¥171.4m | −¥171.4m | −¥171.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.56bn | ¥2.33bn | ¥1.82bn | ¥1.96bn | ¥2.01bn | ¥2.25bn | ¥2.71bn | ¥3.08bn |
| Gross profit | ¥338.0m | ¥246.2m | ¥257.7m | ¥364.9m | ¥263.1m | ¥501.1m | ¥270.3m | ¥380.9m |
| Operating income | ¥37.9m | −¥9.5m | −¥66.7m | ¥57.6m | −¥59.6m | ¥148.4m | −¥33.3m | ¥73.4m |
| Net income | ¥40.5m | −¥2.23bn | −¥59.6m | −¥8.1m | −¥6.3m | ¥78.3m | ¥145.3m | ¥30.0m |
| Diluted earnings per share | 1.42 | -77.95 | -2.08 | -0.28 | -0.22 | 2.74 | 5.08 | 1.05 |
| Total assets | ¥14.52bn | ¥14.64bn | ¥15.35bn | ¥15.66bn | ¥15.65bn | ¥15.96bn | ¥16.64bn | ¥17.09bn |
| Cash and short-term investments | ¥4.28bn | ¥4.84bn | ¥4.16bn | ¥4.52bn | ¥4.39bn | ¥4.21bn | ¥4.05bn | ¥4.51bn |
| Debt | ¥3.09bn | ¥3.83bn | ¥3.23bn | ¥4.32bn | ¥3.44bn | ¥4.55bn | ¥3.67bn | ¥5.07bn |
| Shareholders' equity | ¥7.58bn | ¥7.67bn | ¥9.90bn | ¥9.90bn | ¥9.84bn | ¥10.02bn | ¥9.95bn | ¥9.80bn |
Financial ratios
Data as of 3 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 13.9% | 13.5% | 12.6% | 11.6% | 9.4% | 8.9% | — |
| Operating margin | -1.0% | 2.1% | 5.2% | 5.2% | 3.7% | 2.5% | — |
| Net margin | -28.4% | 2.5% | 4.3% | 4.3% | 2.3% | 1.6% | — |
| Return on equity | -30.0% | 2.6% | 5.8% | 7.5% | 5.0% | 2.4% | — |
| Return on assets | -15.7% | 1.6% | 3.1% | 4.2% | 2.5% | 1.4% | — |
| Free cash flow yield | 17.1% | 6.8% | 20.0% | 13.8% | 15.3% | 6.6% | — |
| Revenue growth | -23.6% | -19.8% | -19.3% | -14.6% | 52.8% | 3.4% | — |
| Earnings growth | -975.5% | -54.2% | -18.8% | 59.3% | 114.4% | -46.3% | — |
| Current ratio | 1.42x | 1.57x | 1.33x | 1.61x | 1.32x | 1.38x | — |
| Debt to equity | 0.50x | 0.45x | 0.56x | 0.55x | 0.64x | 0.49x | — |
| Equity ratio | 52.4% | 62.7% | 53.5% | 56.0% | 50.6% | 58.5% | — |
| Interest coverage | -2.31x | 10.06x | 50.74x | 49.38x | 28.88x | 40.84x | — |
| R&D as a share of sales | — | 2.5% | 2.3% | 1.9% | 1.6% | 2.2% | 1.4% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -20.9% | -8.4% | -3.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 13.7% | 12.7% | 11.3% | 11.4% |
| Operating margin | 0.8% | 3.5% | 3.4% | 3.8% |
| Net margin | -10.9% | -1.6% | -0.1% | 0.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.9 | 34.0 | 18.8 | 14.2 | 25.7 | 51.8 | 25.4 | 195.2 | 28.5 | 294.3 |
| Price to sales | 1.1 | 0.8 | 0.8 | 0.6 | 0.6 | 0.8 | 0.8 | 0.7 | 0.7 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 21 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 12.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 |
- 3-for-1 split · 7 Nov 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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