M 
256
+2.81%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.12bn
FY2019FY2026
Net income
−¥36.1m
FY2019FY2026
Free cash flow
¥94.3m
FY2019FY2026
Shareholders' equity
¥1.38bn
FY2019FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.12bn | ¥1.85bn | ¥1.53bn | ¥1.59bn | ¥1.57bn | ¥1.24bn | ¥952.7m | ¥741.1m |
| Gross profit | ¥1.30bn | ¥1.25bn | ¥773.0m | ¥779.4m | ¥892.7m | ¥710.9m | ¥528.4m | ¥359.7m |
| Operating income | −¥88.3m | ¥90.6m | −¥354.0m | −¥159.1m | ¥179.2m | ¥133.6m | ¥41.9m | −¥89.0m |
| Net income | −¥36.1m | ¥91.0m | −¥731.7m | −¥182.3m | ¥126.4m | ¥133.5m | ¥74.5m | −¥104.0m |
| Diluted earnings per share | -5.71 | 15.07 | -124.50 | -31.35 | 21.33 | 23.22 | 11.78 | -16.44 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.34bn | ¥2.23bn | ¥1.96bn | ¥2.20bn | ¥2.65bn | ¥1.78bn | ¥1.64bn | ¥973.0m |
| Cash and short-term investments | ¥793.4m | ¥1.04bn | ¥1.35bn | ¥1.27bn | ¥1.63bn | ¥1.08bn | ¥1.08bn | ¥552.2m |
| Total liabilities | ¥857.4m | ¥776.3m | ¥721.5m | ¥262.6m | ¥459.7m | ¥392.5m | ¥393.2m | ¥249.7m |
| Debt | ¥412.5m | ¥305.5m | ¥372.2m | −¥70.6m | ¥100.0m | ¥148.0m | ¥161.6m | ¥35.7m |
| Shareholders' equity | ¥1.38bn | ¥1.37bn | ¥1.24bn | ¥1.94bn | ¥2.19bn | ¥1.39bn | ¥1.25bn | ¥723.4m |
| Shares outstanding | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 6m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥155.3m | ¥270.2m | ¥32.2m | ¥29.1m | ¥239.6m | ¥250.0m | ¥197.0m | −¥70.4m |
| Capital spending | −¥61.1m | −¥61.9m | −¥4.6m | −¥30.0m | −¥11.7m | −¥8.4m | −¥4.7m | −¥4.1m |
| Free cash flow | ¥94.3m | ¥208.3m | ¥27.6m | −¥960,000 | ¥227.9m | ¥241.7m | ¥192.3m | −¥74.5m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥552.6m | ¥557.1m | ¥541.9m | ¥466.3m | ¥534.0m | ¥469.0m | ¥456.3m | ¥395.4m |
| Gross profit | ¥313.6m | ¥345.1m | ¥354.4m | ¥289.4m | ¥368.2m | ¥312.6m | ¥307.1m | ¥265.2m |
| Operating income | −¥10.8m | −¥4.1m | ¥13.1m | −¥86.5m | ¥46.0m | ¥31.0m | ¥36.1m | −¥22.6m |
| Net income | −¥1.6m | ¥3.5m | ¥29.0m | −¥67.0m | ¥48.9m | ¥36.2m | ¥27.3m | −¥21.3m |
| Diluted earnings per share | -0.25 | 0.55 | 4.59 | -11.11 | 8.10 | 5.99 | 4.52 | -3.63 |
| Total assets | ¥2.34bn | ¥2.43bn | ¥2.30bn | ¥2.20bn | ¥2.23bn | ¥2.19bn | ¥1.87bn | ¥1.88bn |
| Cash and short-term investments | ¥793.4m | ¥1.03bn | ¥933.3m | ¥947.2m | ¥1.04bn | ¥1.21bn | ¥1.01bn | ¥1.13bn |
| Debt | ¥350.0m | ¥350.0m | ¥437.5m | ¥50.0m | ¥305.5m | ¥22.2m | ¥338.9m | ¥55.6m |
| Shareholders' equity | ¥1.38bn | ¥1.38bn | ¥1.36bn | ¥1.32bn | ¥1.37bn | ¥1.32bn | ¥1.27bn | ¥1.23bn |
Financial ratios
Data as of 28 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 61.5% | 67.6% | 50.4% | 48.9% | 56.9% | 57.6% |
| Operating margin | -4.2% | 4.6% | -47.7% | -10.2% | 11.1% | 12.0% |
| Net margin | -1.7% | 4.9% | -47.7% | -11.4% | 8.1% | 10.8% |
| Return on equity | -2.6% | 6.6% | -58.9% | -9.4% | 5.8% | 9.6% |
| Return on assets | -1.5% | 4.1% | -37.3% | -8.3% | 4.8% | 7.5% |
| Free cash flow yield | 8.3% | 15.1% | 1.8% | 1.7% | 13.6% | 14.6% |
| Revenue growth | 14.2% | 20.9% | -3.8% | 1.6% | 27.1% | 29.6% |
| Earnings growth | -139.7% | -112.4% | 301.4% | -244.2% | -5.3% | 79.2% |
| Current ratio | 1.47x | 2.95x | 3.91x | 6.22x | 4.42x | 4.55x |
| Debt to equity | 0.25x | 0.22x | 0.30x | -0.04x | 0.05x | 0.11x |
| Equity ratio | 58.9% | 61.6% | 63.3% | 88.1% | 82.6% | 77.9% |
| Interest coverage | -16.43x | 26.73x | -229.78x | -167.62x | 148.39x | 68.05x |
| Buybacks as a share of market value | -4.8% | -2.7% | -1.1% | 1.9% | -3.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.9% | 11.4% | — |
| Operating income | -17.8% | — | — |
| Net income | -41.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 64.3% | 57.8% | 57.7% | — |
| Operating margin | 0.1% | -7.2% | -2.0% | — |
| Net margin | 1.4% | -12.1% | -6.0% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | -43.8 | 24.8 | -2.4 | -12.4 | 24.1 | 51.9 |
| Price to sales | 0.8 | 1.2 | 1.1 | 1.4 | 1.9 | 5.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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