A 
2,823
+0.79%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.92bn
FY2019FY2025
Net income
¥291.0m
FY2019FY2025
Free cash flow
−¥44.4m
FY2019FY2025
Shareholders' equity
¥1.97bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥4.92bn | ¥4.06bn | ¥3.14bn | ¥2.61bn | ¥2.24bn | ¥1.80bn | ¥1.56bn |
| Gross profit | ¥2.40bn | ¥1.95bn | ¥1.51bn | ¥1.27bn | ¥1.02bn | ¥772.9m | ¥612.1m |
| Research and development | — | ¥7.2m | ¥5.6m | ¥2.3m | ¥2.2m | ¥4.5m | ¥9.1m |
| Operating income | ¥439.4m | ¥458.8m | ¥310.5m | ¥367.1m | ¥293.9m | ¥97.8m | ¥19.4m |
| Net income | ¥291.0m | ¥295.4m | ¥199.0m | ¥232.4m | ¥195.8m | ¥62.9m | −¥4.3m |
| Diluted earnings per share | 195.53 | 199.44 | 134.36 | 156.80 | 139.88 | 42.55 | -2.89 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥2.93bn | ¥2.76bn | ¥2.26bn | ¥2.17bn | ¥1.98bn | ¥1.29bn | ¥832.4m |
| Cash and short-term investments | ¥1.46bn | ¥1.52bn | ¥1.52bn | ¥1.56bn | ¥1.49bn | ¥791.5m | ¥285.7m |
| Total liabilities | ¥959.6m | ¥1.08bn | ¥864.6m | ¥973.3m | ¥1.07bn | ¥1.09bn | ¥696.1m |
| Debt | ¥154.0m | ¥178.7m | ¥326.4m | ¥469.4m | ¥599.5m | ¥719.2m | ¥370.9m |
| Shareholders' equity | ¥1.97bn | ¥1.69bn | ¥1.40bn | ¥1.19bn | ¥911.1m | ¥196.1m | ¥136.3m |
| Shares outstanding | 1m | 1m | 1m | 1m | 1m | 1m | 1m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | ¥72.4m | ¥521.2m | ¥127.0m | ¥197.7m | ¥301.9m | ¥189.6m | ¥666,999 |
| Capital spending | −¥116.8m | −¥212.7m | −¥33.0m | −¥25.9m | −¥23.0m | −¥30.7m | −¥54.8m |
| Free cash flow | −¥44.4m | ¥308.5m | ¥94.0m | ¥171.8m | ¥278.9m | ¥158.9m | −¥54.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.20bn | ¥1.27bn | ¥1.25bn | ¥1.26bn | ¥1.25bn | ¥1.16bn | ¥1.18bn | ¥1.02bn |
| Gross profit | ¥602.9m | ¥632.3m | ¥602.7m | ¥641.0m | ¥612.4m | ¥544.8m | ¥562.7m | ¥481.8m |
| Operating income | −¥67.4m | ¥73.7m | ¥117.9m | ¥107.1m | ¥114.3m | ¥100.1m | ¥108.6m | ¥139.1m |
| Net income | −¥52.3m | ¥41.9m | ¥85.5m | ¥67.0m | ¥75.9m | ¥62.5m | ¥64.7m | ¥87.2m |
| Diluted earnings per share | -35.41 | 28.33 | 57.48 | 45.04 | 50.99 | 42.03 | 43.65 | 58.87 |
| Total assets | ¥2.85bn | ¥2.97bn | ¥2.93bn | ¥2.83bn | ¥2.78bn | ¥2.65bn | ¥2.76bn | ¥2.49bn |
| Cash and short-term investments | ¥1.43bn | ¥1.47bn | ¥1.46bn | ¥1.25bn | ¥1.38bn | ¥1.29bn | ¥1.52bn | ¥1.48bn |
| Debt | ¥115.9m | ¥28.4m | ¥146.3m | ¥29.1m | ¥147.9m | ¥31.0m | ¥41.5m | ¥37.9m |
| Shareholders' equity | ¥1.95bn | ¥2.01bn | ¥1.97bn | ¥1.89bn | ¥1.83bn | ¥1.75bn | ¥1.69bn | ¥1.62bn |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 48.8% | 48.1% | 48.1% | 48.7% | 45.6% | 42.9% | — |
| Operating margin | 8.9% | 11.3% | 9.9% | 14.0% | 13.1% | 5.4% | — |
| Net margin | 5.9% | 7.3% | 6.3% | 8.9% | 8.8% | 3.5% | — |
| Return on equity | 14.8% | 17.5% | 14.2% | 19.5% | 21.5% | 32.1% | — |
| Return on assets | 9.9% | 10.7% | 8.8% | 10.7% | 9.9% | 4.9% | — |
| Free cash flow yield | 4.3% | 16.9% | 3.7% | 5.1% | 7.9% | — | — |
| Revenue growth | 21.1% | 29.4% | 20.2% | 16.8% | 24.2% | 15.2% | — |
| Earnings growth | -1.5% | 48.5% | -14.4% | 18.7% | 211.5% | -1572.2% | — |
| Current ratio | 2.90x | 2.38x | 3.54x | 3.22x | 3.24x | 2.35x | — |
| Debt to equity | 0.07x | 0.10x | 0.23x | 0.39x | 0.65x | 3.62x | — |
| Equity ratio | 67.2% | 61.1% | 61.8% | 55.1% | 45.9% | 15.2% | — |
| Interest coverage | 182.33x | 184.92x | 73.66x | 73.66x | 45.63x | 14.13x | — |
| R&D as a share of sales | — | 0.2% | 0.2% | 0.1% | 0.1% | 0.2% | 0.6% |
| Buybacks as a share of market value | -0.5% | -0.0% | 0.1% | -5.9% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 23.6% | 22.4% | — |
| Operating income | 6.2% | 35.1% | — |
| Net income | 7.8% | 35.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 48.5% | 48.4% | 47.6% | — |
| Operating margin | 10.0% | 10.7% | 10.5% | — |
| Net margin | 6.5% | 6.9% | 6.8% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 21.8 | 11.7 | 11.7 | 13.3 | 52.2 |
| Price to sales | 1.3 | 0.8 | 0.7 | 1.2 | 4.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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