F 
1,223
+2.86%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥11.05bn
FY2019FY2026
Net income
¥1.51bn
FY2019FY2026
Free cash flow
−¥349.4m
FY2019FY2026
Shareholders' equity
¥10.85bn
FY2019FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥11.05bn | ¥7.70bn | ¥5.38bn | ¥3.82bn | ¥2.72bn | ¥2.06bn | ¥1.71bn | ¥1.71bn |
| Gross profit | ¥7.65bn | ¥5.13bn | ¥3.23bn | ¥2.10bn | ¥1.67bn | ¥1.37bn | ¥1.28bn | ¥1.28bn |
| Research and development | — | ¥37.4m | — | — | — | — | ¥2.0m | — |
| Operating income | ¥1.90bn | ¥950.6m | ¥207.4m | −¥327.3m | −¥693.8m | −¥559.0m | −¥721.6m | −¥721.6m |
| Net income | ¥1.51bn | ¥659.7m | −¥78.4m | −¥388.0m | −¥669.9m | −¥759.4m | −¥1.57bn | −¥1.57bn |
| Diluted earnings per share | 28.39 | 12.73 | -1.53 | -7.82 | -13.68 | -15.58 | -29.40 | -34.09 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥23.29bn | ¥19.03bn | ¥20.18bn | ¥17.71bn | ¥15.85bn | ¥12.66bn | ¥11.03bn | ¥11.03bn |
| Cash and short-term investments | ¥3.93bn | ¥4.45bn | ¥4.77bn | ¥5.35bn | ¥5.79bn | ¥4.32bn | ¥6.14bn | ¥6.14bn |
| Total liabilities | ¥11.73bn | ¥9.40bn | ¥11.45bn | ¥8.91bn | ¥6.67bn | ¥6.17bn | ¥3.68bn | ¥4.54bn |
| Debt | ¥1.72bn | ¥1.60bn | ¥666.8m | ¥37.5m | ¥138.0m | ¥363.0m | ¥490.7m | ¥490.7m |
| Shareholders' equity | ¥10.85bn | ¥9.10bn | ¥8.22bn | ¥8.29bn | ¥8.59bn | ¥5.76bn | ¥6.49bn | ¥6.49bn |
| Shares outstanding | 53m | 52m | 51m | 50m | 49m | 49m | 53m | 46m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥267.4m | −¥945.2m | −¥938.1m | −¥179.5m | −¥1.53bn | −¥1.75bn | −¥2.01bn | −¥2.01bn |
| Capital spending | −¥82.0m | −¥28.2m | −¥49.8m | −¥93.1m | −¥4.3m | −¥57.5m | −¥10.0m | −¥200.7m |
| Free cash flow | −¥349.4m | −¥973.4m | −¥987.8m | −¥272.6m | −¥1.53bn | −¥1.81bn | −¥2.02bn | −¥2.21bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.84bn | ¥3.77bn | ¥2.82bn | ¥2.36bn | ¥2.10bn | ¥2.51bn | ¥1.74bn | ¥1.81bn |
| Gross profit | ¥1.93bn | ¥2.76bn | ¥1.97bn | ¥1.57bn | ¥1.35bn | ¥1.79bn | ¥1.16bn | ¥1.18bn |
| Operating income | ¥184.2m | ¥1.08bn | ¥453.5m | ¥139.9m | ¥220.0m | ¥448.8m | ¥94.7m | ¥234.6m |
| Net income | ¥565.5m | ¥732.6m | ¥285.0m | ¥128.7m | ¥366.9m | ¥246.6m | ¥125.8m | ¥170.1m |
| Diluted earnings per share | 10.61 | 13.74 | 5.50 | 2.49 | 7.08 | 4.76 | 2.46 | 3.32 |
| Cash from operations | — | — | — | ¥1.44bn | — | — | — | — |
| Capital spending | — | — | — | −¥196.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥1.24bn | — | — | — | — |
| Total assets | ¥25.09bn | ¥23.29bn | ¥22.34bn | ¥18.98bn | ¥17.98bn | ¥19.03bn | ¥17.42bn | ¥16.32bn |
| Cash and short-term investments | ¥5.40bn | ¥3.93bn | ¥3.72bn | ¥5.62bn | ¥6.67bn | ¥4.45bn | ¥5.45bn | ¥7.16bn |
| Debt | ¥834.4m | ¥1.72bn | ¥800.2m | ¥1.65bn | ¥866.0m | ¥1.60bn | ¥528.0m | ¥1.27bn |
| Shareholders' equity | ¥11.50bn | ¥10.85bn | ¥10.07bn | ¥9.68bn | ¥9.51bn | ¥9.10bn | ¥8.83bn | ¥8.65bn |
Financial ratios
Data as of 18 Sept 2026
| FY2026 | FY2025 | FY2025 | FY2024 | FY2024 | FY2023 | FY2023 | FY2022 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 69.2% | — | 66.6% | — | 60.0% | — | 54.9% | — | 61.2% | 66.6% | — |
| Operating margin | 17.1% | — | 12.2% | — | 0.8% | — | -9.7% | — | -26.8% | -27.1% | — |
| Net margin | 13.7% | — | 8.6% | — | -1.5% | — | -10.2% | — | -24.6% | -36.8% | — |
| Return on equity | 13.9% | — | 7.2% | — | -1.0% | — | -4.7% | — | -7.8% | -13.2% | — |
| Return on assets | 6.5% | — | 3.5% | — | -0.4% | — | -2.2% | — | -4.2% | -6.0% | — |
| Revenue growth | 43.5% | — | 43.3% | — | 40.7% | — | 40.3% | — | 32.0% | 20.9% | — |
| Earnings growth | 129.4% | — | -941.0% | — | -79.8% | — | -42.1% | — | -11.8% | -51.5% | — |
| Current ratio | 2.02x | — | 2.05x | — | 1.79x | — | 1.96x | — | 2.37x | 2.07x | — |
| Debt to equity | 0.16x | — | 0.18x | — | 0.08x | — | 0.00x | — | 0.02x | 0.06x | — |
| Equity ratio | 46.6% | — | 47.8% | — | 40.7% | — | 46.8% | — | 54.2% | 45.5% | — |
| Interest coverage | 68.42x | — | 66.85x | — | 7.16x | — | -283.44x | — | -197.38x | -78.92x | — |
| R&D as a share of sales | — | — | 0.5% | — | — | — | — | — | — | — | 0.1% |
| Buybacks as a share of market value | — | -1.1% | — | -3.2% | — | -1.4% | — | -0.4% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 42.5% | 39.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 68.2% | 64.8% | 64.6% | — |
| Operating margin | 15.2% | 9.8% | 4.5% | — |
| Net margin | 11.6% | 6.1% | 0.8% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | 45.0 | 77.7 | -709.2 | -84.7 | -30.3 | -58.7 |
| Price to sales | 6.2 | 6.7 | 10.3 | 8.6 | 7.5 | 21.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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