A 
675
+3.21%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥8.79bn
FY2016FY2025
Net income
¥307.8m
FY2016FY2025
Free cash flow
−¥502.8m
FY2016FY2025
Shareholders' equity
¥3.45bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥8.79bn | ¥6.35bn | ¥5.43bn | ¥6.19bn | ¥2.83bn | ¥1.73bn | ¥1.41bn | ¥1.29bn | ¥949.2m | ¥351.7m |
| Research and development | — | ¥2.0m | ¥19.0m | ¥18.5m | ¥22.0m | — | — | — | — | — |
| Operating income | ¥529.7m | ¥331.9m | ¥310.0m | ¥1.17bn | ¥468.2m | ¥344.4m | ¥254.0m | ¥246.2m | ¥171.5m | ¥36.9m |
| Net income | ¥307.8m | ¥73.5m | ¥33.4m | ¥851.7m | ¥307.1m | ¥241.1m | ¥170.8m | ¥152.4m | ¥230.3m | ¥30.1m |
| Diluted earnings per share | 44.56 | 12.90 | 5.87 | 148.17 | 52.33 | 43.24 | 30.93 | 26.91 | 30.28 | 3.96 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥7.09bn | ¥3.59bn | ¥4.21bn | ¥4.92bn | ¥2.75bn | ¥1.60bn | ¥1.24bn | ¥1.03bn | ¥433.5m | ¥167.5m |
| Cash and short-term investments | ¥1.32bn | ¥1.47bn | ¥1.82bn | ¥2.19bn | ¥1.52bn | ¥1.22bn | ¥988.3m | ¥769.4m | ¥223.1m | ¥60.3m |
| Total liabilities | ¥3.01bn | ¥1.50bn | ¥2.06bn | ¥2.74bn | ¥1.04bn | ¥337.3m | ¥217.2m | ¥208.1m | ¥240.6m | ¥83.7m |
| Debt | ¥1.43bn | ¥502.4m | ¥923.7m | ¥1.34bn | ¥346.1m | — | — | — | ¥26.1m | ¥36.3m |
| Shareholders' equity | ¥3.45bn | ¥1.79bn | ¥1.67bn | ¥1.66bn | ¥1.65bn | ¥1.27bn | ¥1.03bn | ¥825.7m | ¥192.9m | ¥83.8m |
| Shares outstanding | 7m | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 8m | 8m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥498.7m | ¥215.0m | ¥191.0m | ¥976.3m | ¥359.7m | ¥316.3m | ¥211.3m | ¥123.0m | ¥123.0m | ¥123.0m |
| Capital spending | −¥4.0m | −¥24.8m | −¥3.0m | −¥19.7m | −¥20.6m | −¥56.0m | −¥19.3m | −¥1.0m | −¥1.0m | −¥11.0m |
| Free cash flow | −¥502.8m | ¥190.1m | ¥188.0m | ¥956.6m | ¥339.1m | ¥260.3m | ¥192.0m | ¥122.0m | ¥122.0m | ¥112.0m |
| Dividends paid | −¥31.9m | −¥54,000 | −¥56.0m | −¥58.8m | −¥55.9m | −¥27.6m | −¥27.0m | −¥27.0m | −¥27.0m | — |
Latest quarters
By quarter end
| Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.17bn | ¥3.21bn | ¥1.91bn | ¥1.71bn | ¥1.96bn | ¥1.66bn | ¥2.09bn | ¥1.30bn |
| Operating income | ¥82.6m | ¥183.2m | ¥115.3m | ¥122.4m | ¥108.9m | ¥133.0m | ¥113.0m | ¥44.9m |
| Net income | ¥41.2m | ¥144.6m | ¥39.9m | ¥63.3m | ¥60.0m | −¥59.0m | ¥72.0m | ¥29.5m |
| Diluted earnings per share | 5.42 | 20.94 | 5.77 | 9.16 | 8.69 | -10.36 | 12.64 | 5.17 |
| Total assets | ¥7.30bn | ¥7.09bn | ¥5.99bn | ¥4.54bn | ¥4.44bn | ¥3.59bn | ¥3.94bn | ¥4.04bn |
| Cash and short-term investments | ¥853.9m | ¥1.32bn | ¥1.66bn | ¥1.43bn | ¥1.45bn | ¥1.47bn | ¥1.13bn | ¥1.40bn |
| Debt | ¥1.77bn | ¥1.43bn | ¥160.5m | ¥446.2m | ¥557.6m | ¥354.4m | ¥421.1m | ¥813.0m |
| Shareholders' equity | ¥3.52bn | ¥3.45bn | ¥3.14bn | ¥2.38bn | ¥2.16bn | ¥1.79bn | ¥1.82bn | ¥1.79bn |
Financial ratios
Data as of 6 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 6.0% | -1.7% | -0.1% | 19.6% | 15.9% | 19.9% | — |
| Net margin | 3.5% | 1.2% | 0.6% | 13.8% | 10.8% | 13.9% | — |
| Return on equity | 8.9% | 4.1% | 2.0% | 51.2% | 18.7% | 19.0% | — |
| Return on assets | 4.3% | 2.0% | 0.8% | 17.3% | 11.2% | 15.0% | — |
| Free cash flow yield | -10.1% | 5.9% | 4.8% | 24.3% | 9.1% | 9.4% | — |
| Revenue growth | 38.5% | 16.8% | -12.2% | 118.5% | 63.6% | 22.5% | — |
| Earnings growth | 318.7% | 119.9% | -96.1% | 177.4% | 27.4% | 41.2% | — |
| Current ratio | 2.14x | 2.23x | 2.16x | 2.20x | 3.29x | 4.44x | — |
| Debt to equity | 0.41x | 0.28x | 0.55x | 0.81x | 0.21x | 0.00x | — |
| Equity ratio | 48.7% | 49.8% | 39.8% | 33.8% | 59.9% | 79.0% | — |
| Interest coverage | 41.37x | -16.93x | -0.41x | 157.61x | 368.39x | — | 784.13x |
| R&D as a share of sales | — | 0.0% | 0.3% | 0.3% | 0.8% | — | — |
| Buybacks as a share of market value | -21.2% | -0.1% | 1.0% | 2.0% | -5.2% | -1.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.4% | 38.4% | — |
| Operating income | -23.3% | 9.0% | — |
| Net income | -28.8% | 5.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 26.6 | 58.1 | 178.8 | 22.6 | 26.7 | 33.3 | 26.2 | 32.9 |
| Price to sales | 0.9 | 0.7 | 1.1 | 3.1 | 2.9 | 4.6 | 3.2 | 3.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 28 Dec 2023.
| FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|
| Paid in the year | 15.00 | 10.00 | 10.00 | 5.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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