B 
1,241
+3.85%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥7.41bn
FY2019FY2025
Net income
¥417.0m
FY2019FY2025
Free cash flow
−¥2.63bn
FY2019FY2025
Shareholders' equity
¥1.63bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥7.41bn | ¥4.70bn | ¥3.96bn | ¥2.99bn | ¥2.50bn | ¥1.59bn | ¥1.42bn |
| Gross profit | ¥2.96bn | ¥2.09bn | ¥1.82bn | ¥1.54bn | ¥1.59bn | ¥997.4m | ¥800.1m |
| Operating income | ¥977.8m | ¥738.7m | ¥507.6m | ¥290.0m | ¥572.2m | ¥250.0m | ¥198.2m |
| Net income | ¥417.0m | ¥346.0m | ¥327.9m | ¥77.8m | ¥346.7m | ¥135.5m | ¥115.6m |
| Diluted earnings per share | 67.71 | 56.15 | 53.17 | 13.10 | 59.80 | 21.97 | 18.75 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥10.77bn | ¥7.95bn | ¥7.28bn | ¥5.64bn | ¥4.46bn | ¥2.05bn | ¥1.40bn |
| Cash and short-term investments | ¥969.9m | ¥1.04bn | ¥1.11bn | ¥990.3m | ¥1.68bn | ¥720.0m | ¥518.6m |
| Total liabilities | ¥9.14bn | ¥6.74bn | ¥6.42bn | ¥5.13bn | ¥2.33bn | ¥1.60bn | ¥1.08bn |
| Debt | ¥6.11bn | ¥3.50bn | ¥2.44bn | ¥1.72bn | ¥1.66bn | ¥1.32bn | ¥772.5m |
| Shareholders' equity | ¥1.63bn | ¥1.21bn | ¥859.3m | ¥514.7m | ¥2.12bn | ¥454.1m | ¥318.6m |
| Shares outstanding | 6m | 6m | 6m | 6m | 6m | 6m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −¥2.52bn | −¥1.10bn | −¥631.2m | −¥560.9m | −¥427.7m | −¥129.1m | ¥196.5m |
| Capital spending | −¥106.6m | −¥3.1m | −¥6.8m | −¥45.6m | −¥257.7m | −¥185.7m | −¥154.8m |
| Free cash flow | −¥2.63bn | −¥1.10bn | −¥638.0m | −¥606.6m | −¥685.4m | −¥314.8m | ¥41.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.15bn | ¥2.55bn | ¥2.70bn | ¥1.68bn | ¥1.68bn | ¥1.35bn | ¥1.55bn | ¥1.02bn |
| Gross profit | ¥1.17bn | ¥953.6m | ¥1.03bn | ¥664.9m | ¥709.2m | ¥559.5m | ¥677.5m | ¥454.0m |
| Operating income | ¥563.9m | ¥560.6m | ¥327.2m | ¥210.2m | ¥269.8m | ¥170.6m | ¥293.4m | ¥110.2m |
| Net income | ¥323.2m | ¥229.3m | ¥127.9m | ¥28.4m | ¥160.2m | ¥100.5m | ¥137.6m | ¥64.0m |
| Diluted earnings per share | 52.42 | 37.19 | 20.77 | 4.61 | 26.01 | 16.32 | 22.33 | 10.38 |
| Total assets | ¥15.40bn | ¥10.84bn | ¥10.77bn | ¥9.00bn | ¥9.29bn | ¥8.32bn | ¥7.95bn | ¥7.56bn |
| Cash and short-term investments | ¥2.47bn | ¥948.2m | ¥969.9m | ¥1.01bn | ¥942.2m | ¥890.3m | ¥1.04bn | ¥1.28bn |
| Debt | ¥10.24bn | ¥5.14bn | ¥6.11bn | ¥3.41bn | ¥5.13bn | ¥3.08bn | ¥2.32bn | ¥2.00bn |
| Shareholders' equity | ¥2.18bn | ¥1.86bn | ¥1.63bn | ¥1.50bn | ¥1.47bn | ¥1.31bn | ¥1.21bn | ¥1.07bn |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 40.0% | 44.5% | 46.1% | 51.5% | 63.7% | 62.8% |
| Operating margin | 13.2% | 15.7% | 12.8% | 9.7% | 22.9% | 15.7% |
| Net margin | 5.6% | 7.4% | 8.3% | 2.6% | 13.9% | 8.5% |
| Return on equity | 25.6% | 28.7% | 38.2% | 15.1% | 16.3% | 29.8% |
| Return on assets | 3.9% | 4.4% | 4.5% | 1.4% | 7.8% | 6.6% |
| Free cash flow yield | -26.5% | -12.0% | -6.8% | -5.9% | -2.0% | — |
| Revenue growth | 57.8% | 18.7% | 32.2% | 19.7% | 57.4% | 11.8% |
| Earnings growth | 20.5% | 5.5% | 321.7% | -77.6% | 155.8% | 17.2% |
| Current ratio | 1.29x | 1.27x | 1.14x | 1.02x | 2.84x | 2.90x |
| Debt to equity | 3.75x | 2.90x | 2.83x | 3.35x | 0.78x | 2.90x |
| Equity ratio | 15.1% | 15.2% | 11.8% | 9.1% | 47.6% | 22.2% |
| Interest coverage | 16.62x | 24.76x | 20.14x | 21.24x | 33.69x | 18.02x |
| Buybacks as a share of market value | 0.0% | 0.1% | -3.9% | -2.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 35.3% | 36.1% | — |
| Operating income | 50.0% | 31.4% | — |
| Net income | 75.0% | 25.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 41.7% | 44.2% | 47.5% | — |
| Operating margin | 14.2% | 13.2% | 14.4% | — |
| Net margin | 6.3% | 6.1% | 7.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 15.5 | 14.6 | 14.6 | 47.5 | 15.6 |
| Price to sales | 0.9 | 1.1 | 1.2 | 1.2 | 2.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 29 Nov 2023
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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