S 
2,767
+4.65%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥40.01bn
FY2017FY2026
Net income
−¥601.0m
FY2017FY2026
Free cash flow
¥763.5m
FY2017FY2026
Shareholders' equity
¥9.74bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥40.01bn | ¥35.72bn | ¥27.51bn | ¥17.30bn | ¥10.92bn | ¥8.03bn | ¥6.81bn | ¥4.48bn | ¥3.07bn | ¥2.29bn |
| Gross profit | ¥3.64bn | ¥4.10bn | ¥3.54bn | ¥2.30bn | ¥1.75bn | ¥1.22bn | ¥1.09bn | ¥859.9m | ¥502.1m | ¥416.9m |
| Operating income | ¥625.3m | ¥1.07bn | ¥897.5m | ¥552.0m | ¥638.7m | ¥419.8m | ¥417.6m | ¥335.7m | ¥53.0m | ¥55.0m |
| Net income | −¥601.0m | ¥677.3m | ¥638.4m | ¥453.6m | ¥442.4m | ¥482.3m | ¥333.4m | ¥356.7m | ¥179.2m | ¥203.5m |
| Diluted earnings per share | -80.66 | 87.96 | 80.32 | 57.09 | 55.83 | 60.85 | 46.04 | 50.44 | 24.06 | 27.32 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥20.26bn | ¥20.49bn | ¥18.28bn | ¥14.74bn | ¥11.67bn | ¥10.77bn | ¥4.51bn | ¥3.20bn | ¥2.55bn | ¥1.84bn |
| Cash and short-term investments | ¥6.66bn | ¥6.64bn | ¥6.89bn | ¥5.65bn | ¥6.80bn | ¥7.43bn | ¥1.58bn | ¥760.3m | ¥357.9m | ¥273.9m |
| Total liabilities | ¥10.52bn | ¥9.03bn | ¥7.61bn | ¥5.06bn | ¥2.58bn | ¥1.92bn | ¥1.48bn | ¥1.46bn | ¥1.24bn | ¥956.1m |
| Debt | ¥720.0m | — | ¥100.0m | ¥1.28bn | — | — | — | ¥300.0m | ¥410.0m | ¥91.5m |
| Shareholders' equity | ¥9.74bn | ¥11.46bn | ¥10.66bn | ¥9.66bn | ¥9.04bn | ¥8.86bn | ¥3.04bn | ¥1.74bn | ¥1.32bn | ¥882.8m |
| Shares outstanding | 7m | 8m | 8m | 8m | 8m | 8m | 7m | 7m | 7m | 7m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥773.5m | ¥906.6m | ¥1.73bn | ¥81.5m | ¥337.9m | ¥529.9m | ¥407.3m | ¥157.7m | −¥387.1m | −¥187.5m |
| Capital spending | −¥10.1m | −¥70.2m | −¥54.2m | −¥73.0m | −¥57.1m | −¥82.3m | −¥80.7m | −¥50.6m | −¥69.1m | −¥50.5m |
| Free cash flow | ¥763.5m | ¥836.3m | ¥1.67bn | ¥8.5m | ¥280.9m | ¥447.5m | ¥326.6m | ¥107.1m | −¥456.2m | −¥238.1m |
| Dividends paid | — | — | — | — | −¥512.8m | — | −¥300.0m | −¥900,000 | — | — |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥12.80bn | ¥11.93bn | ¥10.94bn | ¥10.33bn | ¥9.52bn | ¥9.22bn | ¥9.52bn | ¥8.90bn |
| Gross profit | ¥1.39bn | ¥1.22bn | ¥1.03bn | ¥1.02bn | ¥672.7m | ¥925.1m | ¥1.08bn | ¥998.4m |
| Operating income | ¥526.3m | ¥398.3m | ¥261.4m | ¥273.4m | −¥109.1m | ¥199.6m | ¥247.5m | ¥221.6m |
| Net income | ¥481.7m | ¥324.8m | −¥94.2m | ¥396.4m | −¥1.02bn | ¥113.9m | ¥172.1m | ¥150.2m |
| Diluted earnings per share | 64.65 | 43.60 | -12.65 | 51.48 | -132.08 | 14.80 | 22.34 | 18.90 |
| Total assets | ¥24.87bn | ¥21.90bn | ¥20.26bn | ¥21.25bn | ¥19.29bn | ¥20.66bn | ¥20.49bn | ¥20.30bn |
| Cash and short-term investments | ¥7.70bn | ¥6.50bn | ¥6.66bn | ¥6.97bn | ¥6.14bn | ¥6.24bn | ¥6.64bn | ¥7.41bn |
| Debt | ¥603.3m | ¥600.0m | ¥720.0m | ¥600.0m | — | — | — | — |
| Shareholders' equity | ¥11.17bn | ¥10.09bn | ¥9.74bn | ¥10.67bn | ¥10.12bn | ¥11.35bn | ¥11.46bn | ¥11.79bn |
Financial ratios
Data as of 29 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 9.1% | 11.5% | 12.9% | 13.3% | 16.0% | 15.3% | — |
| Operating margin | 1.6% | 3.0% | 3.3% | 3.5% | 5.9% | 5.5% | — |
| Net margin | -1.5% | 1.9% | 2.3% | 2.6% | 4.1% | 6.0% | — |
| Return on equity | -6.2% | 5.9% | 6.0% | 4.7% | 4.9% | 5.4% | — |
| Return on assets | -3.0% | 3.3% | 3.5% | 3.1% | 3.8% | 4.5% | — |
| Free cash flow yield | 4.3% | 5.2% | 9.2% | 0.8% | 2.0% | 3.2% | — |
| Revenue growth | 12.0% | 29.8% | 59.1% | 58.4% | 36.0% | 17.9% | — |
| Earnings growth | -188.7% | 6.1% | 40.7% | 2.5% | -8.3% | 44.7% | — |
| Current ratio | 1.56x | 1.75x | 1.90x | 2.25x | 3.94x | 5.92x | — |
| Debt to equity | 0.07x | — | 0.01x | 0.13x | 0.00x | 0.00x | 0.17x |
| Equity ratio | 48.1% | 55.9% | 58.3% | 65.5% | 77.4% | 82.2% | — |
| Interest coverage | 240.76x | 2139.87x | 1337.53x | 188.08x | 338.03x | 17.91x | — |
| Buybacks as a share of market value | 3.4% | 3.1% | -0.0% | -0.3% | 0.0% | -9.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 32.3% | 38.8% | — |
| Operating income | 4.2% | 8.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.2% | 11.3% | 11.9% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -33.7 | 20.7 | 29.9 | 55.5 | 43.8 | 53.3 | 89.0 | 85.7 |
| Price to sales | 0.5 | 0.4 | 0.7 | 1.5 | 1.8 | 3.3 | 4.4 | 6.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 26 Feb 2026.
| FY2026 | |
|---|---|
| Paid in the year | 25.00 |
- 2-for-1 split · 28 Aug 2020
- 2-for-1 split · 29 Aug 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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