S 
91
-3.19%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥12.37bn
FY2017FY2026
Net income
−¥2.84bn
FY2017FY2026
Free cash flow
¥361.4m
FY2017FY2026
Shareholders' equity
¥6.08bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥12.37bn | ¥11.46bn | ¥11.33bn | ¥10.35bn | ¥10.31bn | ¥13.07bn | ¥17.09bn | ¥14.79bn | ¥9.57bn | ¥9.14bn |
| Gross profit | ¥6.40bn | ¥5.34bn | ¥6.10bn | ¥4.97bn | ¥4.63bn | ¥7.59bn | ¥10.19bn | ¥9.18bn | ¥6.35bn | ¥6.11bn |
| Research and development | — | ¥26.8m | ¥29.8m | ¥28.2m | ¥7.9m | ¥14.0m | ¥13.0m | ¥22.0m | ¥9.1m | ¥2.4m |
| Operating income | −¥1.74bn | −¥4.15bn | −¥2.27bn | −¥2.57bn | −¥3.31bn | ¥540.3m | ¥478.5m | ¥859.8m | ¥1.25bn | ¥1.57bn |
| Net income | −¥2.84bn | −¥3.90bn | −¥2.17bn | −¥2.30bn | −¥3.50bn | ¥191.1m | ¥224.9m | ¥615.9m | ¥1.26bn | ¥1.07bn |
| Diluted earnings per share | -20.52 | -28.17 | -15.94 | -17.00 | -25.84 | 1.41 | 1.65 | 4.50 | 9.22 | 8.65 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥14.54bn | ¥17.21bn | ¥16.81bn | ¥19.70bn | ¥20.02bn | ¥20.36bn | ¥17.59bn | ¥17.40bn | ¥10.25bn | ¥9.87bn |
| Cash and short-term investments | ¥4.92bn | ¥6.01bn | ¥3.28bn | ¥6.48bn | ¥5.45bn | ¥4.78bn | ¥3.90bn | ¥7.56bn | ¥1.91bn | ¥3.70bn |
| Total liabilities | ¥7.76bn | ¥7.85bn | ¥8.42bn | ¥9.79bn | ¥10.06bn | ¥7.99bn | ¥5.49bn | ¥5.48bn | ¥3.75bn | ¥4.46bn |
| Debt | ¥4.73bn | ¥5.38bn | ¥5.95bn | ¥7.25bn | ¥7.94bn | ¥5.32bn | ¥1.01bn | ¥1.54bn | ¥1.86bn | ¥1.94bn |
| Shareholders' equity | ¥6.08bn | ¥7.89bn | ¥8.39bn | ¥9.46bn | ¥9.78bn | ¥12.36bn | ¥12.09bn | ¥11.92bn | ¥6.50bn | ¥5.41bn |
| Shares outstanding | 138m | 138m | 136m | 136m | 136m | 136m | 137m | 137m | 137m | 124m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥426.3m | −¥1.86bn | −¥765.0m | ¥170.9m | −¥330.9m | −¥639.4m | −¥1.33bn | ¥1.35bn | −¥181.4m | ¥1.40bn |
| Capital spending | −¥64.8m | −¥99.7m | −¥20.5m | −¥1.08bn | −¥1.44bn | −¥1.08bn | −¥830.6m | −¥18.3m | −¥14.5m | −¥305.7m |
| Free cash flow | ¥361.4m | −¥1.96bn | −¥785.5m | −¥909.8m | −¥1.78bn | −¥1.71bn | −¥2.16bn | ¥1.33bn | −¥195.9m | ¥1.10bn |
| Dividends paid | — | — | −¥8,000 | −¥74,000 | −¥28.7m | −¥34.4m | −¥92.3m | −¥189.0m | −¥191.2m | −¥148.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.50bn | ¥3.09bn | ¥3.21bn | ¥2.71bn | ¥3.09bn | ¥3.47bn | ¥2.67bn | ¥2.52bn |
| Gross profit | ¥1.32bn | ¥1.60bn | ¥1.73bn | ¥1.38bn | ¥1.60bn | ¥1.93bn | ¥1.36bn | ¥1.26bn |
| Operating income | −¥430.4m | −¥436.1m | −¥307.6m | −¥678.1m | −¥436.1m | −¥533.8m | −¥760.3m | −¥849.5m |
| Net income | −¥528.3m | −¥709.5m | −¥120.2m | −¥644.3m | −¥709.5m | −¥238.1m | −¥1.14bn | −¥544.6m |
| Diluted earnings per share | -3.82 | -5.13 | -0.87 | -4.66 | -5.13 | -1.75 | -8.35 | -4.00 |
| Cash from operations | — | — | — | — | −¥1.86bn | — | — | — |
| Capital spending | — | — | — | — | −¥99.0m | — | — | — |
| Free cash flow | — | — | — | — | −¥1.96bn | — | — | — |
| Total assets | ¥12.82bn | ¥14.54bn | ¥15.56bn | ¥15.80bn | ¥17.21bn | ¥19.44bn | ¥16.64bn | ¥16.59bn |
| Cash and short-term investments | ¥4.57bn | ¥4.92bn | ¥4.75bn | ¥5.22bn | ¥6.01bn | ¥6.23bn | ¥3.54bn | ¥4.06bn |
| Debt | ¥4.38bn | ¥3.42bn | ¥4.58bn | ¥3.54bn | ¥5.38bn | ¥4.19bn | ¥5.79bn | ¥4.17bn |
| Shareholders' equity | ¥5.28bn | ¥6.08bn | ¥7.25bn | ¥7.19bn | ¥7.89bn | ¥9.56bn | ¥7.56bn | ¥8.46bn |
Financial ratios
Data as of 28 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 51.7% | 46.6% | 53.9% | 48.1% | 44.9% | 58.1% | — |
| Operating margin | -14.1% | -36.3% | -20.0% | -24.9% | -32.1% | 4.1% | — |
| Net margin | -23.0% | -34.0% | -19.1% | -22.3% | -34.0% | 1.5% | — |
| Return on equity | -46.7% | -49.4% | -25.9% | -24.3% | -35.8% | 1.5% | — |
| Return on assets | -19.5% | -22.6% | -12.9% | -11.7% | -17.5% | 0.9% | — |
| Free cash flow yield | 3.4% | -12.2% | -5.3% | 8.9% | 7.9% | 3.1% | — |
| Revenue growth | 7.9% | 1.1% | 9.5% | 0.4% | -21.2% | -23.5% | — |
| Earnings growth | -27.2% | 79.6% | -5.8% | -34.2% | -1933.0% | -15.0% | — |
| Current ratio | 1.74x | 1.84x | 1.38x | 1.69x | 1.56x | 2.06x | — |
| Debt to equity | 0.56x | 0.68x | 0.71x | 0.77x | 0.81x | 0.43x | — |
| Equity ratio | 41.8% | 45.8% | 49.9% | 48.1% | 48.9% | 60.7% | — |
| Interest coverage | -20.20x | -52.10x | -32.36x | -49.03x | -156.97x | 61.28x | — |
| R&D as a share of sales | — | 0.2% | 0.3% | 0.3% | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | -0.0% | -1.6% | -0.4% | -0.0% | 0.0% | 0.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.1% | -1.1% | 5.8% |
| Operating income | -12.2% | — | — |
| Net income | 7.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 49.3% | 50.1% | 50.9% | 56.8% |
| Operating margin | -24.8% | -23.6% | -19.6% | -6.3% |
| Net margin | -28.3% | -24.6% | -21.1% | -8.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.9 | -5.4 | -11.0 | -9.7 | -12.0 | 130.5 | 170.2 | 106.5 | 59.0 | 39.3 |
| Price to sales | 1.1 | 1.9 | 2.1 | 2.1 | 4.1 | 1.9 | 2.2 | 4.4 | 7.8 | 4.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 Mar 2021.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2009 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.21 | 0.25 | 0.68 | 1.525 | 1.298 | 1.17 | 0.958 | 0.625 |
- 2-for-1 split · 28 Nov 2018
- 2-for-1 split · 29 Jan 2018
- 2-for-1 split · 28 Aug 2013
- 100-for-1 split · 26 Sept 2012
- 2-for-1 split · 26 Jul 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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