O 
2,392
+4.00%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥7.58bn
FY2019FY2025
Net income
¥1.50bn
FY2019FY2025
Free cash flow
¥2.20bn
FY2019FY2025
Shareholders' equity
¥5.52bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥7.58bn | ¥5.40bn | ¥3.97bn | ¥2.84bn | ¥1.95bn | ¥1.33bn | ¥952.7m |
| Gross profit | ¥6.44bn | ¥4.52bn | ¥3.23bn | ¥2.20bn | ¥1.49bn | ¥970.2m | ¥659.7m |
| Research and development | — | ¥1.7m | ¥3.9m | ¥5.9m | — | — | — |
| Operating income | ¥2.13bn | ¥1.30bn | ¥996.0m | ¥619.5m | ¥422.3m | ¥80.5m | ¥15.2m |
| Net income | ¥1.50bn | ¥923.4m | ¥694.5m | ¥446.1m | ¥268.2m | ¥68.4m | −¥1.2m |
| Diluted earnings per share | 80.83 | 50.05 | 37.92 | 24.12 | 15.52 | 3.68 | -0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥7.99bn | ¥5.73bn | ¥4.19bn | ¥3.32bn | ¥2.75bn | ¥1.29bn | ¥886.1m |
| Cash and short-term investments | ¥6.12bn | ¥4.31bn | ¥3.19bn | ¥2.66bn | ¥2.23bn | ¥847.5m | ¥658.1m |
| Total liabilities | ¥2.47bn | ¥1.69bn | ¥1.13bn | ¥1.02bn | ¥896.6m | ¥1.18bn | ¥835.9m |
| Debt | ¥134.3m | ¥105.9m | ¥100.0m | ¥171.0m | ¥283.2m | ¥822.1m | ¥563.4m |
| Shareholders' equity | ¥5.52bn | ¥4.04bn | ¥3.06bn | ¥2.29bn | ¥1.85bn | ¥118.6m | ¥50.2m |
| Shares outstanding | 19m | 18m | 18m | 18m | 17m | 19m | 19m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | ¥2.28bn | ¥1.45bn | ¥917.0m | ¥664.1m | ¥561.3m | ¥102.7m | ¥157.8m |
| Capital spending | −¥79.1m | −¥62.7m | −¥93.9m | −¥20.7m | −¥2.2m | −¥89.0m | −¥3.0m |
| Free cash flow | ¥2.20bn | ¥1.39bn | ¥823.1m | ¥643.4m | ¥559.2m | ¥13.7m | ¥154.8m |
| Dividends paid | −¥178.2m | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.60bn | ¥2.21bn | ¥1.99bn | ¥1.58bn | ¥2.51bn | ¥1.50bn | ¥1.47bn | ¥1.16bn |
| Gross profit | ¥3.22bn | ¥1.96bn | ¥1.65bn | ¥1.33bn | ¥2.17bn | ¥1.30bn | ¥1.23bn | ¥958.8m |
| Operating income | ¥1.71bn | ¥664.0m | ¥450.5m | ¥313.5m | ¥1.03bn | ¥330.2m | ¥254.9m | ¥127.7m |
| Net income | ¥1.19bn | ¥463.0m | ¥311.7m | ¥224.2m | ¥729.6m | ¥235.1m | ¥191.5m | ¥90.1m |
| Diluted earnings per share | 64.24 | 24.93 | 16.79 | 12.08 | 39.30 | 12.66 | 10.38 | 4.89 |
| Total assets | ¥11.26bn | ¥9.12bn | ¥7.99bn | ¥7.65bn | ¥8.07bn | ¥6.48bn | ¥5.73bn | ¥5.60bn |
| Cash and short-term investments | ¥9.07bn | ¥6.76bn | ¥6.12bn | ¥5.95bn | ¥6.23bn | ¥4.74bn | ¥4.31bn | ¥4.25bn |
| Debt | ¥118.0m | ¥117.0m | ¥111.1m | ¥109.7m | ¥106.0m | ¥103.0m | ¥101.6m | ¥100.0m |
| Shareholders' equity | ¥6.82bn | ¥5.54bn | ¥5.52bn | ¥5.14bn | ¥4.91bn | ¥4.12bn | ¥4.04bn | ¥3.84bn |
Financial ratios
Data as of 20 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 85.0% | 83.7% | 81.3% | 77.5% | 76.2% | 72.9% |
| Operating margin | 28.1% | 24.0% | 25.1% | 21.8% | 21.6% | 6.1% |
| Net margin | 19.8% | 17.1% | 17.5% | 15.7% | 13.7% | 5.1% |
| Return on equity | 27.2% | 22.8% | 22.7% | 19.4% | 14.5% | 57.7% |
| Return on assets | 18.8% | 16.1% | 16.6% | 13.5% | 9.8% | 5.3% |
| Free cash flow yield | 5.3% | 3.4% | 2.3% | 1.5% | 1.4% | — |
| Revenue growth | 40.3% | 36.0% | 39.8% | 45.5% | 46.6% | 39.7% |
| Earnings growth | 62.5% | 32.9% | 55.7% | 66.3% | 291.9% | -5836.3% |
| Current ratio | 2.68x | 2.78x | 3.03x | 3.20x | 3.55x | 1.52x |
| Debt to equity | 0.02x | 0.03x | 0.03x | 0.07x | 0.15x | 6.93x |
| Equity ratio | 69.1% | 70.5% | 72.9% | 69.2% | 67.3% | 9.2% |
| Interest coverage | 1961.48x | 1495.98x | 1872.26x | 1282.58x | 52.09x | 9.68x |
| R&D as a share of sales | — | 0.0% | 0.1% | 0.2% | — | — |
| Buybacks as a share of market value | -0.6% | -0.7% | 1.0% | -7.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 38.7% | 41.6% | — |
| Operating income | 50.9% | 92.5% | — |
| Net income | 49.8% | 85.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 84.5% | 82.9% | 81.7% | — |
| Operating margin | 26.4% | 25.5% | 24.0% | — |
| Net margin | 18.7% | 18.0% | 16.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 31.0 | 31.9 | 35.8 | 50.7 | 62.8 |
| Price to sales | 6.1 | 5.5 | 6.3 | 8.0 | 8.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 29 Dec 2025.
| FY2025 | |
|---|---|
| Paid in the year | 35.00 |
- 3-for-1 split · 13 Mar 2025
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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