A 
534
+9.20%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.43bn
FY2017FY2026
Net income
¥168.0m
FY2017FY2026
Free cash flow
¥141.1m
FY2017FY2026
Shareholders' equity
¥505.9m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.43bn | ¥2.97bn | ¥2.37bn | ¥2.83bn | ¥3.17bn | ¥2.80bn | ¥3.13bn | ¥3.02bn | ¥3.51bn | ¥4.84bn |
| Gross profit | ¥1.40bn | ¥1.02bn | ¥906.7m | ¥957.0m | ¥1.06bn | ¥1.06bn | ¥1.28bn | ¥1.16bn | ¥1.22bn | ¥1.72bn |
| Operating income | ¥146.9m | −¥438.2m | −¥412.3m | −¥121.6m | ¥24.1m | −¥52.9m | ¥46.1m | −¥174.3m | −¥77.0m | ¥337.7m |
| Net income | ¥168.0m | −¥440.5m | −¥448.1m | −¥125.6m | ¥76.6m | −¥51.7m | ¥45.7m | −¥121.5m | −¥86.3m | ¥313.0m |
| Diluted earnings per share | 44.04 | -115.44 | -117.43 | -32.92 | 20.06 | -13.55 | 11.97 | -31.86 | -22.63 | 82.02 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.77bn | ¥1.57bn | ¥1.66bn | ¥2.19bn | ¥2.53bn | ¥2.19bn | ¥2.40bn | ¥2.26bn | ¥2.36bn | ¥2.84bn |
| Cash and short-term investments | ¥686.3m | ¥664.0m | ¥777.7m | ¥862.7m | ¥993.8m | ¥897.7m | ¥974.1m | ¥905.5m | ¥882.3m | ¥785.0m |
| Total liabilities | ¥1.26bn | ¥1.23bn | ¥882.3m | ¥953.8m | ¥1.17bn | ¥696.4m | ¥860.6m | ¥761.2m | ¥729.2m | ¥1.10bn |
| Debt | ¥330.0m | ¥400.0m | ¥200.0m | ¥200.0m | ¥200.0m | ¥200.0m | ¥200.0m | ¥200.0m | ¥200.0m | ¥200.0m |
| Shareholders' equity | ¥505.9m | ¥336.5m | ¥777.4m | ¥1.24bn | ¥1.35bn | ¥1.49bn | ¥1.54bn | ¥1.50bn | ¥1.63bn | ¥1.74bn |
| Shares outstanding | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥234.1m | −¥161.1m | −¥5.0m | −¥59.0m | ¥176.6m | ¥43.3m | ¥204.0m | ¥97.0m | ¥302.9m | ¥275.8m |
| Capital spending | −¥93.0m | −¥101.2m | −¥80.8m | −¥96.5m | −¥48.5m | −¥92.0m | −¥114.2m | −¥54.6m | −¥70.1m | −¥236.4m |
| Free cash flow | ¥141.1m | −¥262.3m | −¥85.8m | −¥155.6m | ¥128.1m | −¥48.7m | ¥89.8m | ¥42.3m | ¥232.8m | ¥39.5m |
| Dividends paid | — | — | — | — | — | −¥3,000 | −¥6,000 | −¥9.5m | −¥19.1m | −¥242,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥796.9m | ¥735.3m | ¥859.3m | ¥1.11bn | ¥729.4m | ¥850.3m | ¥583.2m | ¥876.7m |
| Gross profit | ¥271.3m | ¥305.0m | ¥377.2m | ¥438.0m | ¥294.0m | ¥300.2m | ¥218.1m | ¥323.9m |
| Operating income | −¥53.5m | −¥1.6m | ¥64.9m | ¥125.9m | −¥21.9m | −¥22.5m | −¥98.6m | ¥4.3m |
| Net income | −¥59.8m | ¥16.7m | ¥56.8m | ¥107.2m | −¥12.7m | −¥232.8m | −¥106.0m | −¥3.8m |
| Diluted earnings per share | -15.67 | 4.37 | 14.90 | 28.10 | -3.33 | -61.02 | -27.77 | -0.99 |
| Cash from operations | — | — | — | ¥123.0m | — | — | — | — |
| Capital spending | — | — | — | −¥65.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥58.0m | — | — | — | — |
| Total assets | ¥1.62bn | ¥1.77bn | ¥1.68bn | ¥1.74bn | ¥1.53bn | ¥1.57bn | ¥1.51bn | ¥1.61bn |
| Cash and short-term investments | ¥648.1m | ¥686.3m | ¥608.8m | ¥718.1m | ¥731.3m | ¥664.0m | ¥555.7m | ¥689.1m |
| Debt | ¥300.0m | ¥330.0m | ¥360.0m | ¥390.0m | ¥400.0m | ¥400.0m | ¥200.0m | ¥200.0m |
| Shareholders' equity | ¥446.4m | ¥505.9m | ¥488.7m | ¥430.9m | ¥323.1m | ¥336.5m | ¥570.6m | ¥674.4m |
Financial ratios
Data as of 30 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2007 | FY2006 | FY2005 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 40.7% | 34.4% | 38.3% | 33.8% | 33.4% | 38.0% | — | — | — |
| Operating margin | 4.3% | -6.9% | -12.3% | -4.1% | 0.7% | -1.9% | — | — | — |
| Net margin | 4.9% | -14.8% | -18.9% | -4.4% | 2.4% | -1.8% | — | — | — |
| Return on equity | 33.2% | -130.9% | -57.6% | -10.1% | 5.7% | -3.5% | — | — | — |
| Return on assets | 9.5% | -28.0% | -27.0% | -5.7% | 3.0% | -2.4% | — | — | — |
| Free cash flow yield | 13.9% | -2.6% | 3.2% | 1.6% | 9.6% | 5.8% | — | — | — |
| Revenue growth | 15.6% | 25.4% | -16.4% | -10.5% | 13.3% | -10.6% | — | — | — |
| Earnings growth | -138.1% | -1.7% | 256.8% | -264.1% | -248.1% | -213.2% | — | — | — |
| Current ratio | 1.33x | 1.31x | 1.81x | 2.06x | 1.94x | 2.86x | — | — | — |
| Debt to equity | 0.65x | 1.19x | 0.26x | 0.16x | 0.15x | 0.13x | — | — | — |
| Equity ratio | 28.6% | 21.4% | 46.8% | 56.5% | 53.6% | 68.2% | — | — | — |
| Interest coverage | 27.90x | -84.66x | -206.09x | -82.41x | 16.66x | -37.84x | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.9% | 1.6% | 3.8% |
| 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 | 6.6% | 4.2% | 1.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.8% | 36.9% | 36.4% | 36.3% |
| Operating margin | -4.5% | -7.1% | -4.9% | -2.8% |
| Net margin | -4.3% | -7.3% | -4.7% | -2.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 11.3 | -5.9 | -4.3 | -11.7 | 31.3 | -56.5 | 86.6 | -76.0 | -79.0 | 32.0 |
| Price to sales | 0.6 | 0.9 | 0.8 | 0.5 | 0.8 | 1.1 | 1.3 | 3.0 | 1.9 | 2.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 28 Mar 2018.
| FY2019 | FY2018 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.50 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
- 100-for-1 split · 27 Mar 2014
- 5-for-1 split · 26 Mar 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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