N 
203
+0.50%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥32.10bn
FY2017FY2026
Net income
¥598.0m
FY2017FY2026
Free cash flow
¥1.32bn
FY2017FY2026
Shareholders' equity
¥19.74bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥32.10bn | ¥32.70bn | ¥32.86bn | ¥33.10bn | ¥32.36bn | ¥24.44bn | ¥26.84bn | ¥28.64bn | ¥27.52bn | ¥26.03bn |
| Gross profit | ¥5.33bn | ¥5.45bn | ¥5.32bn | ¥4.42bn | ¥5.88bn | ¥4.56bn | ¥4.81bn | ¥4.85bn | ¥4.73bn | ¥3.98bn |
| Research and development | — | ¥946.0m | ¥848.0m | ¥878.0m | ¥824.0m | ¥711.0m | ¥730.0m | ¥744.0m | ¥719.0m | ¥730.0m |
| Operating income | ¥577.0m | ¥830.0m | ¥399.0m | −¥439.0m | ¥1.20bn | ¥721.0m | ¥464.0m | ¥641.0m | ¥589.0m | −¥442.0m |
| Net income | ¥598.0m | ¥522.0m | ¥220.0m | −¥444.0m | ¥811.0m | ¥501.0m | ¥460.0m | ¥573.0m | ¥415.0m | −¥547.0m |
| Diluted earnings per share | 16.04 | 14.00 | 5.90 | -11.91 | 21.75 | 13.44 | 12.34 | 15.37 | 11.13 | -14.67 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥40.34bn | ¥37.52bn | ¥40.11bn | ¥38.55bn | ¥40.09bn | ¥35.89bn | ¥32.76bn | ¥34.77bn | ¥34.51bn | ¥31.27bn |
| Cash and short-term investments | ¥5.68bn | ¥2.94bn | ¥3.82bn | ¥2.96bn | ¥3.50bn | ¥3.15bn | ¥3.07bn | ¥2.48bn | ¥2.34bn | ¥2.34bn |
| Total liabilities | ¥19.35bn | ¥18.52bn | ¥21.64bn | ¥21.60bn | ¥23.08bn | ¥19.67bn | ¥18.16bn | ¥20.02bn | ¥19.77bn | ¥18.06bn |
| Debt | ¥7.40bn | ¥7.29bn | ¥7.59bn | ¥10.16bn | ¥9.96bn | ¥8.92bn | ¥8.26bn | ¥8.87bn | ¥8.29bn | ¥8.38bn |
| Shareholders' equity | ¥19.74bn | ¥17.79bn | ¥17.29bn | ¥15.86bn | ¥15.94bn | ¥15.21bn | ¥13.62bn | ¥13.82bn | ¥13.84bn | ¥12.36bn |
| Shares outstanding | 37m | 37m | 37m | 37m | 37m | 37m | 37m | 37m | 37m | 37m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥1.64bn | −¥224.0m | ¥3.58bn | ¥104.0m | ¥1.08bn | ¥1.25bn | ¥1.82bn | ¥981.0m | ¥939.0m | ¥1.23bn |
| Capital spending | −¥322.0m | −¥665.0m | −¥779.0m | −¥697.0m | −¥1.78bn | −¥1.93bn | −¥710.0m | −¥1.55bn | −¥591.0m | −¥386.0m |
| Free cash flow | ¥1.32bn | −¥889.0m | ¥2.80bn | −¥593.0m | −¥705.0m | −¥680.0m | ¥1.11bn | −¥569.0m | ¥348.0m | ¥845.0m |
| Dividends paid | −¥149.0m | — | — | −¥185.0m | −¥111.0m | −¥110.0m | −¥110.0m | −¥110.0m | −¥110.0m | −¥11.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥9.39bn | ¥7.87bn | ¥8.44bn | ¥7.67bn | ¥8.13bn | ¥8.01bn | ¥8.58bn | ¥7.92bn |
| Gross profit | ¥2.21bn | ¥1.30bn | ¥1.32bn | ¥1.21bn | ¥1.49bn | ¥1.30bn | ¥1.58bn | ¥1.23bn |
| Operating income | ¥1.02bn | ¥135.0m | ¥100.0m | ¥55.0m | ¥287.0m | ¥159.0m | ¥383.0m | ¥84.0m |
| Net income | ¥1.03bn | ¥267.0m | ¥92.0m | −¥23.0m | ¥262.0m | −¥161.0m | ¥391.0m | ¥56.0m |
| Diluted earnings per share | 27.55 | 7.16 | 2.47 | -0.62 | 7.03 | -4.32 | 10.49 | 1.50 |
| Total assets | ¥41.32bn | ¥40.34bn | ¥41.16bn | ¥39.32bn | ¥37.81bn | ¥37.52bn | ¥40.56bn | ¥39.17bn |
| Cash and short-term investments | ¥4.31bn | ¥5.68bn | ¥5.55bn | ¥5.76bn | ¥3.05bn | ¥2.94bn | ¥3.52bn | ¥3.49bn |
| Debt | ¥2.33bn | ¥7.31bn | ¥2.41bn | ¥8.24bn | ¥1.75bn | ¥7.17bn | ¥2.81bn | ¥8.31bn |
| Shareholders' equity | ¥20.72bn | ¥19.74bn | ¥19.32bn | ¥18.67bn | ¥18.54bn | ¥17.79bn | ¥18.27bn | ¥18.28bn |
Financial ratios
Data as of 8 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 16.6% | 16.7% | 16.2% | 13.3% | 18.2% | 18.7% | — |
| Operating margin | 1.8% | 2.4% | 1.7% | -0.5% | 3.7% | 3.0% | — |
| Net margin | 1.9% | 1.6% | 0.7% | -1.3% | 2.5% | 2.1% | — |
| Return on equity | 3.0% | 2.9% | 1.3% | -2.8% | 5.1% | 3.3% | — |
| Return on assets | 1.5% | 1.4% | 0.5% | -1.2% | 2.0% | 1.4% | — |
| Free cash flow yield | 23.3% | 5.2% | 51.7% | 9.5% | 34.0% | 37.8% | — |
| Revenue growth | -1.8% | -0.5% | -0.7% | 2.3% | 32.4% | -8.9% | — |
| Earnings growth | 14.6% | 137.3% | -149.5% | -154.7% | 61.9% | 8.9% | — |
| Current ratio | 1.95x | 1.94x | 1.55x | 1.52x | 1.57x | 1.42x | — |
| Debt to equity | 0.37x | 0.40x | 0.44x | 0.64x | 0.62x | 0.59x | — |
| Equity ratio | 48.9% | 47.4% | 43.1% | 41.1% | 39.8% | 42.4% | — |
| Interest coverage | 8.36x | 15.46x | 12.09x | -3.49x | 27.34x | 17.17x | — |
| R&D as a share of sales | — | 2.9% | 2.6% | 2.7% | 2.5% | 2.9% | 2.7% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.0% | 5.6% | 1.4% |
| Operating income | — | -4.4% | 5.2% |
| Net income | — | 3.6% | 19.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.6% | 15.7% | 16.5% | 16.6% |
| Operating margin | 2.2% | 1.0% | 1.8% | 1.5% |
| Net margin | 1.7% | 0.7% | 1.2% | 1.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 13.3 | 16.0 | 32.7 | -16.0 | 11.1 | 19.2 | 19.7 | 13.3 | 13.2 | -18.5 |
| Price to sales | 0.3 | 0.3 | 0.2 | 0.2 | 0.3 | 0.4 | 0.3 | 0.3 | 0.2 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2024 | FY2023 | FY2022 | FY2021 | FY2013 | FY2009 | FY2008 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 8.00 | 5.00 | 5.00 | 3.00 | 3.00 | 5.00 | 5.00 | 5.00 |
- 1.15-for-1 split · 25 Sept 1991
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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