B 
6,290
+2.78%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥12.37bn
FY2016FY2025
Net income
¥1.35bn
FY2016FY2025
Free cash flow
¥2.83bn
FY2016FY2025
Shareholders' equity
¥5.82bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥12.37bn | ¥13.62bn | ¥21.33bn | ¥2.43bn | ¥2.13bn | ¥3.06bn | ¥4.30bn | ¥5.05bn | ¥4.00bn | ¥2.30bn |
| Gross profit | ¥7.24bn | ¥7.32bn | ¥11.86bn | ¥607.0m | ¥471.1m | ¥1.07bn | ¥1.80bn | ¥2.31bn | ¥1.72bn | ¥688.6m |
| Research and development | ¥1.24bn | ¥874.0m | ¥541.0m | ¥559.8m | ¥668.9m | ¥506.5m | ¥327.1m | ¥157.6m | ¥191.4m | ¥263.4m |
| Operating income | ¥2.15bn | ¥1.33bn | ¥4.91bn | −¥1.00bn | −¥807.6m | −¥62.1m | ¥526.5m | ¥527.5m | ¥171.7m | −¥369.6m |
| Net income | ¥1.35bn | ¥895.0m | ¥3.29bn | −¥838.5m | −¥541.6m | −¥74.6m | ¥373.9m | ¥363.2m | ¥199.0m | −¥364.2m |
| Diluted earnings per share | 339.94 | 225.19 | 822.65 | -207.74 | -141.07 | -19.27 | 96.00 | 92.18 | 50.08 | -91.63 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥8.54bn | ¥5.82bn | ¥8.09bn | ¥2.04bn | ¥2.47bn | ¥3.18bn | ¥3.15bn | ¥2.81bn | ¥2.48bn | ¥1.47bn |
| Cash and short-term investments | ¥5.39bn | ¥2.90bn | ¥5.42bn | ¥1.04bn | ¥1.67bn | ¥2.48bn | ¥2.39bn | ¥1.99bn | ¥1.26bn | ¥1.01bn |
| Total liabilities | ¥2.73bn | ¥1.35bn | ¥4.41bn | ¥1.64bn | ¥1.75bn | ¥1.93bn | ¥1.75bn | ¥1.70bn | ¥1.95bn | ¥1.14bn |
| Debt | ¥13.0m | ¥200.0m | ¥555.0m | ¥1.28bn | ¥1.45bn | ¥1.53bn | ¥1.11bn | ¥1.08bn | ¥1.01bn | ¥823.2m |
| Shareholders' equity | ¥5.82bn | ¥4.47bn | ¥3.68bn | ¥399.3m | ¥722.3m | ¥1.26bn | ¥1.40bn | ¥1.11bn | ¥528.1m | ¥329.1m |
| Shares outstanding | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥2.87bn | −¥1.72bn | ¥5.21bn | −¥974.3m | −¥729.8m | −¥246.6m | ¥461.9m | ¥446.2m | ¥60.2m | −¥240.8m |
| Capital spending | −¥35.0m | −¥24.0m | −¥49.0m | −¥201,000 | −¥5.5m | −¥5.0m | −¥8.8m | −¥4.6m | −¥1.5m | −¥6.8m |
| Free cash flow | ¥2.83bn | −¥1.74bn | ¥5.16bn | −¥974.5m | −¥735.4m | −¥251.6m | ¥453.1m | ¥441.6m | ¥58.6m | −¥247.5m |
| Dividends paid | — | — | — | — | — | −¥1.40bn | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.92bn | ¥2.87bn | ¥3.30bn | ¥2.94bn | ¥2.84bn | ¥3.05bn | ¥3.53bn | ¥2.84bn |
| Gross profit | ¥1.21bn | ¥1.29bn | ¥1.45bn | ¥1.29bn | ¥1.31bn | ¥1.54bn | ¥1.86bn | ¥1.29bn |
| Operating income | ¥400.0m | ¥536.0m | ¥617.0m | ¥510.0m | ¥628.0m | ¥182.0m | ¥835.0m | −¥2.0m |
| Net income | ¥181.0m | ¥509.0m | ¥318.0m | ¥502.0m | ¥374.0m | −¥62.0m | ¥537.0m | ¥44.0m |
| Diluted earnings per share | 45.54 | 128.08 | 80.02 | 126.31 | 94.11 | -15.60 | 135.11 | 11.07 |
| Cash from operations | — | — | — | ¥2.87bn | — | — | — | — |
| Capital spending | — | — | — | −¥35.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥2.83bn | — | — | — | — |
| Total assets | ¥8.28bn | ¥8.31bn | ¥8.04bn | ¥8.54bn | ¥7.17bn | ¥6.76bn | ¥6.62bn | ¥5.82bn |
| Cash and short-term investments | ¥5.47bn | ¥5.68bn | ¥5.15bn | ¥5.39bn | ¥4.64bn | ¥4.08bn | ¥3.75bn | ¥2.90bn |
| Debt | — | — | ¥1.0m | ¥13.0m | ¥35.0m | ¥90.0m | ¥144.0m | ¥187.0m |
| Shareholders' equity | ¥6.82bn | ¥6.64bn | ¥6.13bn | ¥5.82bn | ¥5.32bn | ¥4.94bn | ¥5.00bn | ¥4.47bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 58.6% | 53.8% | 55.6% | 25.0% | 22.1% | 34.9% | — |
| Operating margin | 17.4% | 9.8% | 23.0% | -41.2% | -37.9% | -2.0% | — |
| Net margin | 10.9% | 6.6% | 15.4% | -34.5% | -25.4% | -2.4% | — |
| Return on equity | 23.2% | 20.0% | 89.5% | -210.0% | -75.0% | -5.9% | — |
| Return on assets | 15.8% | 15.4% | 40.7% | -41.1% | -21.9% | -2.3% | — |
| Free cash flow yield | 12.1% | -7.0% | 21.8% | -4.0% | -3.1% | -1.0% | — |
| Revenue growth | -9.2% | -36.2% | 778.3% | 14.1% | -30.5% | -28.7% | — |
| Earnings growth | 50.9% | -72.8% | -492.7% | 54.8% | 626.2% | -119.9% | — |
| Current ratio | 3.52x | 4.39x | 1.88x | 1.31x | 2.65x | 3.25x | — |
| Debt to equity | 0.00x | 0.04x | 0.15x | 3.21x | 2.00x | 1.22x | — |
| Equity ratio | 68.1% | 76.8% | 45.4% | 19.6% | 29.3% | 39.5% | — |
| Interest coverage | — | 444.67x | 817.83x | -65.63x | -69.58x | -7.48x | 56.75x |
| R&D as a share of sales | 10.1% | 6.4% | 2.5% | 23.0% | 31.4% | 16.5% | — |
| Buybacks as a share of market value | 0.0% | 0.7% | 0.8% | -5.1% | 0.8% | 0.6% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 72.4% | 32.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 56.0% | 54.3% | 52.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.0 | 30.2 | 5.6 | -30.1 | -12.1 | -140.7 | 29.2 | 16.7 |
| Price to sales | 2.0 | 2.0 | 0.9 | 10.5 | 3.1 | 3.4 | 2.5 | 1.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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