B 
166
+3.75%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥727.2m
FY2017FY2026
Net income
−¥925.6m
FY2017FY2026
Free cash flow
¥30.6m
FY2017FY2026
Shareholders' equity
−¥447.3m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥727.2m | ¥706.3m | ¥898.0m | ¥945.2m | ¥808.7m | ¥754.7m | ¥537.3m | ¥635.3m | ¥561.1m | ¥505.2m |
| Gross profit | ¥283.0m | ¥155.8m | ¥338.4m | ¥583.6m | ¥431.0m | ¥431.0m | ¥269.8m | ¥409.8m | ¥366.7m | ¥246.8m |
| Research and development | — | — | — | — | — | — | ¥18.0m | — | ¥6.9m | ¥6.0m |
| Operating income | −¥126.4m | −¥271.3m | −¥75.6m | ¥180.3m | ¥18.6m | ¥35.6m | −¥174.6m | ¥7.1m | ¥46.6m | −¥29.6m |
| Net income | −¥925.6m | −¥298.1m | −¥98.0m | ¥182.9m | ¥10.9m | ¥30.9m | −¥184.8m | ¥8.5m | ¥40.5m | −¥30.7m |
| Diluted earnings per share | -256.88 | -114.11 | -39.74 | 75.51 | 4.46 | 13.02 | -79.38 | 3.69 | 17.58 | -13.66 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥410.8m | ¥1.09bn | ¥1.37bn | ¥1.35bn | ¥964.8m | ¥940.8m | ¥898.4m | ¥792.2m | ¥476.7m | ¥348.1m |
| Cash and short-term investments | ¥291.6m | ¥68.1m | ¥232.2m | ¥350.1m | ¥246.1m | ¥283.7m | ¥289.5m | ¥260.6m | ¥116.9m | ¥80.5m |
| Total liabilities | ¥858.0m | ¥803.2m | ¥805.5m | ¥711.1m | ¥524.1m | ¥536.3m | ¥540.1m | ¥284.5m | ¥238.9m | ¥250.7m |
| Debt | ¥706.9m | ¥696.7m | ¥627.5m | ¥545.0m | ¥423.0m | ¥370.0m | ¥433.3m | ¥176.6m | ¥92.4m | ¥165.1m |
| Shareholders' equity | −¥447.3m | ¥284.5m | ¥562.3m | ¥634.6m | ¥435.4m | ¥398.7m | ¥341.5m | ¥507.7m | ¥237.8m | ¥97.3m |
| Shares outstanding | 4m | 3m | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥200.1m | ¥48.1m | ¥117.0m | ¥332.9m | ¥203.0m | ¥266.2m | ¥33.7m | ¥87.5m | ¥106.8m | −¥14.1m |
| Capital spending | −¥169.5m | −¥8.6m | −¥4.9m | −¥8.2m | −¥300.5m | −¥220.2m | −¥275.9m | −¥9.3m | −¥2.0m | −¥9.9m |
| Free cash flow | ¥30.6m | ¥39.5m | ¥112.1m | ¥324.8m | −¥97.6m | ¥46.0m | −¥242.2m | ¥78.2m | ¥104.8m | −¥24.1m |
| Dividends paid | — | — | — | — | −¥490.0m | −¥231.0m | −¥390.0m | −¥150.0m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥166.8m | ¥212.8m | ¥177.5m | ¥168.6m | ¥168.2m | ¥179.4m | ¥159.6m | ¥186.1m |
| Gross profit | ¥128.3m | ¥99.5m | ¥69.6m | ¥58.1m | ¥55.8m | ¥64.0m | ¥45.9m | ¥43.4m |
| Operating income | ¥37.9m | −¥38.8m | −¥20.9m | −¥29.1m | −¥37.6m | −¥28.5m | −¥45.6m | −¥42.2m |
| Net income | ¥27.2m | −¥814.4m | −¥24.6m | −¥43.4m | −¥43.1m | −¥24.6m | −¥49.5m | −¥128.2m |
| Diluted earnings per share | 7.55 | -226.02 | -9.43 | -16.62 | -16.51 | -9.41 | -20.07 | -51.96 |
| Total assets | ¥377.8m | ¥410.8m | ¥1.13bn | ¥1.09bn | ¥1.17bn | ¥1.09bn | ¥1.12bn | ¥1.13bn |
| Cash and short-term investments | ¥241.4m | ¥291.6m | ¥219.7m | ¥150.5m | ¥193.3m | ¥68.1m | ¥128.3m | ¥97.8m |
| Debt | ¥325.6m | ¥706.9m | ¥361.6m | ¥771.9m | ¥396.3m | ¥696.7m | ¥505.4m | ¥634.5m |
| Shareholders' equity | −¥400.6m | −¥447.3m | ¥279.8m | ¥205.1m | ¥242.8m | ¥284.5m | ¥309.1m | ¥358.6m |
Financial ratios
Data as of 3 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 38.9% | 22.1% | 37.7% | 61.7% | 53.3% | 57.1% | — | — | — | — |
| Operating margin | -17.4% | -29.4% | -8.4% | 19.1% | 2.3% | 4.7% | — | — | — | — |
| Net margin | -127.3% | -42.2% | -10.9% | 19.4% | 1.3% | 4.1% | — | — | — | — |
| Return on equity | 206.9% | -104.8% | -17.4% | 28.8% | 2.5% | 7.8% | — | — | — | — |
| Return on assets | -225.3% | -27.4% | -7.2% | 13.5% | 1.1% | 3.3% | — | — | — | — |
| Free cash flow yield | 55.4% | 11.7% | 26.7% | 76.1% | 111.6% | 110.6% | — | — | — | — |
| Revenue growth | 3.0% | -21.3% | -5.0% | 16.9% | 7.2% | 40.5% | — | — | — | — |
| Earnings growth | 210.5% | 204.1% | -153.6% | 1581.1% | -64.8% | -116.7% | — | — | — | — |
| Current ratio | 0.83x | 0.30x | 0.91x | 1.28x | 1.50x | 1.05x | — | — | — | — |
| Debt to equity | -1.58x | 2.45x | 1.12x | 0.86x | 0.97x | 0.93x | — | — | — | — |
| Equity ratio | -108.9% | 26.2% | 41.1% | 47.0% | 45.1% | 42.4% | — | — | — | — |
| Interest coverage | -7.58x | -15.05x | -11.84x | 34.02x | 4.28x | 8.24x | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 3.4% | 1.2% | 1.2% | 1.6% |
| Buybacks as a share of market value | -37.9% | -5.9% | -1.8% | 0.7% | -2.6% | -2.1% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.4% | -0.7% | 7.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.6% | 41.5% | 45.9% | 49.9% |
| Operating margin | -27.7% | -8.9% | -4.9% | -5.0% |
| Net margin | -85.4% | -34.8% | -22.7% | -16.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.7 | -4.5 | -11.8 | 17.9 | 268.9 | 93.8 | -32.1 | — | 221.3 |
| Price to sales | 0.9 | 1.9 | 1.3 | 3.5 | 3.6 | 3.9 | 11.1 | 7.7 | 16.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 27 Mar 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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