Z 
428
+2.39%
Close of 9 Nov 2026, in JPY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.62bn
FY2017FY2026
Net income
−¥398.1m
FY2017FY2026
Free cash flow
−¥213.6m
FY2017FY2026
Shareholders' equity
¥1.09bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.62bn | ¥2.99bn | ¥2.90bn | ¥3.40bn | ¥3.38bn | ¥2.79bn | ¥1.85bn | ¥1.32bn | ¥944.4m | ¥729.2m |
| Gross profit | ¥1.47bn | ¥1.96bn | ¥1.90bn | ¥2.43bn | ¥2.43bn | ¥2.10bn | ¥1.32bn | ¥975.7m | ¥687.0m | ¥564.2m |
| Research and development | — | — | — | — | — | — | — | — | — | ¥13.9m |
| Operating income | −¥345.2m | ¥14.5m | ¥115.0m | ¥210.6m | −¥264.7m | ¥14.4m | −¥107.5m | ¥182.6m | ¥71.6m | −¥52.1m |
| Net income | −¥398.1m | ¥120.1m | −¥45.2m | ¥90.0m | −¥230.7m | −¥300.1m | −¥92.8m | ¥107.2m | ¥44.8m | −¥46.2m |
| Diluted earnings per share | -83.82 | 25.29 | -9.51 | 18.96 | -48.58 | -63.18 | -21.95 | 24.78 | 10.96 | -11.34 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥17.45bn | ¥9.65bn | ¥9.33bn | ¥3.07bn | ¥2.01bn | ¥2.06bn | ¥1.36bn | ¥1.24bn | ¥725.1m | ¥662.3m |
| Cash and short-term investments | ¥1.77bn | ¥2.65bn | ¥1.84bn | ¥1.49bn | ¥1.04bn | ¥1.25bn | ¥331.6m | ¥957.3m | ¥496.2m | ¥449.2m |
| Total liabilities | ¥5.58bn | ¥3.35bn | ¥4.41bn | ¥1.71bn | ¥812.1m | ¥659.6m | ¥468.3m | ¥247.9m | ¥163.5m | ¥144.8m |
| Debt | ¥870.4m | ¥297.2m | ¥260.5m | ¥125.7m | ¥19.2m | ¥19.2m | ¥125.9m | ¥50.0m | — | ¥30.0m |
| Shareholders' equity | ¥1.09bn | ¥1.39bn | ¥1.30bn | ¥1.34bn | ¥1.19bn | ¥1.39bn | ¥886.0m | ¥990.2m | ¥561.6m | ¥517.5m |
| Shares outstanding | 5m | 5m | 5m | 5m | 5m | 5m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥213.3m | −¥737.6m | ¥120.6m | ¥409.9m | −¥186.4m | ¥231.1m | −¥283.8m | ¥119.8m | ¥79.0m | ¥8.6m |
| Capital spending | −¥322,000 | −¥36.2m | −¥32.6m | −¥10.0m | −¥7.8m | −¥20.0m | −¥9.5m | −¥2.7m | −¥693,000 | −¥4.7m |
| Free cash flow | −¥213.6m | −¥773.8m | ¥87.9m | ¥399.9m | −¥194.3m | ¥211.1m | −¥293.3m | ¥117.1m | ¥78.3m | ¥3.9m |
| Dividends paid | — | — | — | — | — | — | −¥50.0m | −¥50.0m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥807.2m | ¥690.3m | ¥648.5m | ¥714.1m | ¥569.2m | ¥833.7m | ¥739.0m | ¥697.0m |
| Gross profit | ¥628.0m | ¥483.1m | ¥449.4m | ¥471.9m | ¥294.4m | ¥504.3m | ¥505.0m | ¥460.9m |
| Operating income | ¥78.4m | −¥168.4m | ¥3.3m | ¥23.6m | −¥203.8m | ¥110.9m | −¥70.0m | −¥61.0m |
| Net income | ¥20.7m | −¥122.2m | −¥47.4m | ¥6.9m | −¥235.4m | ¥344.7m | −¥109.0m | −¥114.0m |
| Diluted earnings per share | 4.35 | -25.73 | -9.97 | 1.45 | -49.57 | 72.58 | -22.95 | -24.00 |
| Total assets | ¥18.45bn | ¥17.45bn | ¥13.10bn | ¥11.46bn | ¥9.31bn | ¥9.65bn | ¥11.75bn | ¥12.07bn |
| Cash and short-term investments | ¥1.37bn | ¥1.77bn | ¥1.30bn | ¥3.85bn | ¥1.94bn | ¥2.65bn | ¥2.35bn | ¥1.82bn |
| Debt | ¥548.7m | ¥870.4m | ¥397.7m | ¥536.3m | ¥421.7m | ¥297.2m | ¥293.2m | ¥416.0m |
| Shareholders' equity | ¥1.13bn | ¥1.09bn | ¥1.30bn | ¥1.40bn | ¥1.22bn | ¥1.39bn | ¥1.07bn | ¥1.18bn |
Financial ratios
Data as of 23 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2017 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 56.0% | 65.5% | 65.7% | 71.4% | 71.8% | 75.2% | — |
| Operating margin | -13.2% | 22.4% | -0.2% | 5.1% | -7.8% | -8.7% | — |
| Net margin | -15.2% | 4.0% | -1.6% | 2.6% | -6.8% | -10.8% | — |
| Return on equity | -36.6% | 8.6% | -3.5% | 6.7% | -19.4% | -21.6% | — |
| Return on assets | -2.3% | 1.2% | -0.5% | 2.9% | -11.5% | -14.6% | — |
| Free cash flow yield | -8.4% | -27.8% | 6.1% | 16.6% | -7.1% | 10.0% | — |
| Revenue growth | -12.4% | 3.2% | -14.7% | 0.7% | 21.0% | 51.0% | — |
| Earnings growth | -431.5% | -365.9% | -150.2% | -139.0% | -23.1% | 223.4% | — |
| Current ratio | 1.23x | 1.72x | 1.30x | 1.71x | 2.24x | 2.93x | — |
| Debt to equity | 0.80x | 0.21x | 0.20x | 0.09x | 0.02x | 0.01x | — |
| Equity ratio | 6.2% | 14.5% | 13.9% | 43.8% | 59.3% | 67.6% | — |
| Interest coverage | -32.58x | 218.72x | -2.27x | 719.74x | -1696.57x | -1446.30x | — |
| R&D as a share of sales | — | — | — | — | — | — | 1.9% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -12.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.3% | -1.2% | 22.8% |
| Net income | — | 5.8% | 46.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 61.1% | 65.1% | 67.9% | 69.3% |
| Operating margin | -5.9% | -0.0% | -1.4% | -0.7% |
| Net margin | -5.0% | -2.0% | -4.2% | -3.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.8 | 24.8 | -77.9 | 35.5 | -19.8 | -20.1 | -109.3 | 88.9 | 260.1 |
| Price to sales | 0.9 | 1.0 | 1.2 | 0.9 | 1.4 | 2.2 | 5.5 | 7.2 | 12.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 29 Sept 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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