E 
187
+4.47%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥6.23bn
FY2016FY2025
Net income
¥16.4m
FY2016FY2025
Free cash flow
¥76.0m
FY2016FY2025
Shareholders' equity
¥1.35bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥6.23bn | ¥7.14bn | ¥7.06bn | ¥9.76bn | ¥10.09bn | ¥8.25bn | ¥6.27bn | ¥3.97bn | ¥3.45bn | ¥5.15bn |
| Research and development | ¥12.0m | — | — | — | — | — | — | — | — | — |
| Operating income | ¥360.9m | −¥325.7m | −¥540.4m | −¥742.9m | −¥4.69bn | ¥1.87bn | ¥1.47bn | ¥950.2m | ¥588.7m | ¥335.0m |
| Net income | ¥16.4m | −¥1.27bn | −¥3.11bn | −¥818.7m | −¥5.26bn | ¥1.12bn | ¥787.4m | ¥549.4m | ¥335.9m | ¥72.7m |
| Diluted earnings per share | 1.61 | -124.62 | -303.79 | -81.18 | -524.44 | 115.25 | 89.39 | 71.68 | 32.87 | 7.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥3.61bn | ¥3.64bn | ¥6.02bn | ¥12.44bn | ¥18.97bn | ¥16.27bn | ¥12.85bn | ¥7.80bn | ¥5.98bn | ¥4.26bn |
| Cash and short-term investments | ¥1.39bn | ¥1.67bn | ¥3.84bn | ¥6.05bn | ¥10.70bn | ¥7.51bn | ¥6.18bn | ¥3.13bn | ¥2.71bn | ¥1.67bn |
| Total liabilities | ¥1.78bn | ¥1.88bn | ¥4.14bn | ¥7.40bn | ¥12.80bn | ¥8.25bn | ¥6.06bn | ¥5.27bn | ¥4.49bn | ¥3.56bn |
| Debt | ¥515.7m | ¥656.4m | ¥2.28bn | ¥4.99bn | ¥7.96bn | ¥6.59bn | ¥4.89bn | ¥4.54bn | ¥3.69bn | ¥2.67bn |
| Shareholders' equity | ¥1.35bn | ¥1.36bn | ¥1.83bn | ¥4.90bn | ¥5.97bn | ¥7.90bn | ¥6.73bn | ¥2.53bn | ¥1.49bn | ¥702.3m |
| Shares outstanding | 10m | 10m | 10m | 10m | 10m | 10m | 9m | 8m | 10m | 10m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥99.0m | −¥1.23bn | ¥336.6m | −¥581.1m | −¥665.0m | ¥1.37bn | ¥733.5m | ¥231.0m | ¥269.9m | ¥26.6m |
| Capital spending | −¥23.0m | −¥55.1m | −¥362.6m | −¥15.1m | −¥2.71bn | −¥1.34bn | −¥184.3m | −¥9.3m | −¥24.1m | −¥4.6m |
| Free cash flow | ¥76.0m | −¥1.28bn | −¥26.0m | −¥596.2m | −¥3.37bn | ¥25.9m | ¥549.2m | ¥221.7m | ¥245.8m | ¥22.0m |
| Dividends paid | — | — | −¥858.5m | — | −¥272.2m | −¥201.9m | −¥1.43bn | −¥201.0m | −¥201.0m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.26bn | ¥1.49bn | ¥1.40bn | ¥1.78bn | ¥1.50bn | ¥1.64bn | ¥1.32bn | ¥1.67bn |
| Operating income | −¥60.3m | ¥179.9m | −¥25.7m | ¥197.3m | ¥15.6m | ¥292.2m | −¥120.7m | −¥67.2m |
| Net income | −¥92.5m | ¥66.1m | −¥102.4m | −¥85.6m | −¥76.7m | ¥115.0m | ¥63.7m | −¥1.10bn |
| Diluted earnings per share | -9.05 | 6.47 | -10.02 | -8.37 | -7.51 | 11.25 | 6.23 | -107.20 |
| Cash from operations | — | — | — | ¥98.0m | — | — | — | — |
| Capital spending | — | — | — | −¥22.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥76.0m | — | — | — | — |
| Total assets | ¥3.29bn | ¥3.39bn | ¥3.24bn | ¥3.61bn | ¥3.40bn | ¥3.64bn | ¥3.49bn | ¥3.64bn |
| Cash and short-term investments | ¥1.51bn | ¥1.23bn | ¥1.16bn | ¥1.39bn | ¥1.54bn | ¥1.36bn | ¥1.37bn | ¥1.67bn |
| Debt | ¥241.2m | ¥471.5m | ¥286.0m | ¥515.7m | ¥281.0m | ¥553.8m | ¥436.6m | ¥445.9m |
| Shareholders' equity | ¥1.28bn | ¥1.36bn | ¥1.29bn | ¥1.35bn | ¥1.44bn | ¥1.45bn | ¥1.22bn | ¥1.36bn |
Financial ratios
Data as of 30 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 2.8% | -14.4% | -44.8% | -7.6% | -46.5% | 22.7% |
| Net margin | 0.3% | -17.8% | -44.0% | -8.4% | -52.1% | 13.6% |
| Return on equity | 1.2% | -93.6% | -169.6% | -16.7% | -88.0% | 14.2% |
| Return on assets | 0.5% | -34.9% | -51.6% | -6.6% | -27.7% | 6.9% |
| Free cash flow yield | 6.0% | -57.9% | 34.5% | -28.3% | 103.0% | 141.0% |
| Revenue growth | -12.8% | 1.1% | -27.6% | -3.3% | 22.3% | 31.6% |
| Earnings growth | -101.3% | -59.0% | 279.3% | -84.4% | -569.9% | 42.0% |
| Current ratio | 1.71x | 1.79x | 1.45x | 1.68x | 1.71x | 2.80x |
| Debt to equity | 0.38x | 0.48x | 1.25x | 1.02x | 1.33x | 0.83x |
| Equity ratio | 37.6% | 37.3% | 30.4% | 39.4% | 31.5% | 48.5% |
| Interest coverage | 16.54x | -74.79x | -120.46x | -16.36x | -101.20x | 49.96x |
| R&D as a share of sales | 0.2% | — | — | — | — | — |
| Buybacks as a share of market value | 0.0% | 0.0% | -1.4% | -0.6% | -3.3% | -10.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.8% | -5.4% | — |
| Operating income | — | -28.0% | — |
| Net income | — | -57.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 162.0 | -1.6 | -0.9 | -6.6 | -1.9 | 54.8 | 53.0 | 71.6 |
| Price to sales | 0.4 | 0.3 | 0.4 | 0.6 | 1.0 | 7.5 | 6.7 | 10.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Sept 2020.
| FY2021 | FY2020 | |
|---|---|---|
| Paid in the year | 30.00 | 23.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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