I 
820
+0.12%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.09bn
FY2017FY2026
Net income
−¥26.0m
FY2017FY2026
Free cash flow
−¥34.3m
FY2017FY2026
Shareholders' equity
¥1.09bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.09bn | ¥2.01bn | ¥1.77bn | ¥1.70bn | ¥1.74bn | ¥980.4m | ¥766.4m | ¥844.6m | ¥752.2m | ¥709.6m |
| Gross profit | ¥825.0m | ¥862.3m | ¥772.6m | ¥717.2m | ¥575.1m | ¥463.1m | ¥355.5m | ¥440.2m | ¥379.8m | ¥375.3m |
| Research and development | — | ¥8.9m | ¥7.3m | ¥6.9m | ¥6.8m | ¥7.0m | ¥11.4m | ¥14.5m | ¥4.1m | — |
| Operating income | ¥55.0m | ¥168.9m | ¥188.8m | ¥142.4m | −¥52.4m | ¥85.9m | ¥11.0m | ¥164.9m | ¥163.1m | ¥147.2m |
| Net income | −¥26.0m | ¥96.3m | ¥99.6m | ¥82.3m | −¥90.0m | ¥59.8m | ¥479,000 | ¥109.6m | ¥110.6m | ¥43.1m |
| Diluted earnings per share | -12.85 | 47.48 | 48.57 | 39.61 | -44.92 | 30.15 | 0.25 | 56.87 | 67.15 | 21.37 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.93bn | ¥2.06bn | ¥1.63bn | ¥1.61bn | ¥1.73bn | ¥1.23bn | ¥1.04bn | ¥699.6m | ¥541.2m | ¥551.2m |
| Cash and short-term investments | ¥377.1m | ¥595.3m | ¥509.2m | ¥625.4m | ¥577.1m | ¥775.6m | ¥616.3m | ¥272.1m | ¥143.3m | ¥183.8m |
| Total liabilities | ¥845.5m | ¥920.8m | ¥588.5m | ¥682.2m | ¥906.8m | ¥335.4m | ¥220.6m | ¥287.3m | ¥238.5m | ¥409.1m |
| Debt | ¥423.5m | ¥500.2m | ¥209.3m | ¥339.8m | ¥493.6m | ¥142.2m | ¥78.6m | ¥83.5m | ¥92.8m | ¥116.1m |
| Shareholders' equity | ¥1.09bn | ¥1.14bn | ¥1.04bn | ¥930.6m | ¥826.4m | ¥898.3m | ¥824.0m | ¥412.3m | ¥302.7m | ¥142.1m |
| Shares outstanding | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥91.1m | ¥220.5m | ¥123.5m | ¥226.1m | ¥23.6m | ¥114.9m | −¥46.8m | ¥151.4m | −¥65.8m | ¥121.1m |
| Capital spending | −¥125.5m | −¥18.9m | −¥3.2m | −¥3.0m | −¥9.4m | −¥7.7m | −¥8.1m | −¥11.0m | −¥1.4m | −¥11.0m |
| Free cash flow | −¥34.3m | ¥201.6m | ¥120.3m | ¥223.2m | ¥14.1m | ¥107.2m | −¥54.8m | ¥140.4m | −¥67.2m | ¥110.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥369.5m | ¥687.8m | ¥512.3m | ¥464.6m | ¥420.3m | ¥626.3m | ¥467.7m | ¥487.3m |
| Gross profit | ¥85.2m | ¥320.5m | ¥194.4m | ¥165.5m | ¥144.6m | ¥290.6m | ¥181.9m | ¥218.2m |
| Operating income | −¥106.3m | ¥134.8m | ¥32.3m | −¥45.8m | −¥66.2m | ¥115.2m | ¥5.9m | ¥46.4m |
| Net income | −¥98.8m | ¥94.7m | ¥16.8m | −¥49.5m | −¥88.0m | ¥83.3m | ¥742,000 | ¥28.6m |
| Diluted earnings per share | -48.92 | 46.90 | 8.28 | -24.39 | -43.39 | 41.07 | 0.36 | 13.94 |
| Total assets | ¥1.72bn | ¥1.93bn | ¥1.86bn | ¥1.95bn | ¥1.88bn | ¥2.06bn | ¥1.89bn | ¥1.77bn |
| Cash and short-term investments | ¥492.4m | ¥377.1m | ¥423.7m | ¥565.2m | ¥571.7m | ¥595.3m | ¥573.7m | ¥620.5m |
| Debt | ¥226.4m | ¥423.5m | ¥259.8m | ¥511.5m | ¥159.8m | ¥500.0m | ¥163.0m | ¥355.0m |
| Shareholders' equity | ¥985.2m | ¥1.09bn | ¥998.1m | ¥970.7m | ¥1.05bn | ¥1.14bn | ¥1.05bn | ¥1.05bn |
Financial ratios
Data as of 30 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 39.6% | 42.9% | 43.7% | 42.3% | 33.1% | 47.2% | — |
| Operating margin | 2.6% | 8.4% | 10.7% | 8.4% | -2.3% | 8.8% | — |
| Net margin | -1.2% | 4.8% | 5.6% | 4.9% | -5.2% | 6.1% | — |
| Return on equity | -2.4% | 8.5% | 9.6% | 8.8% | -10.9% | 6.7% | — |
| Return on assets | -1.3% | 4.7% | 6.1% | 5.1% | -5.2% | 4.8% | — |
| Free cash flow yield | 12.5% | 13.8% | 7.2% | 12.9% | 1.9% | 7.2% | — |
| Revenue growth | 3.7% | 13.7% | 4.3% | -2.5% | 77.4% | 27.9% | — |
| Earnings growth | -127.0% | -3.3% | 21.1% | -191.4% | -250.5% | 12380.4% | — |
| Current ratio | 1.78x | 2.20x | 2.50x | 2.58x | 2.25x | 4.45x | — |
| Debt to equity | 0.39x | 0.44x | 0.20x | 0.36x | 0.60x | 0.16x | — |
| Equity ratio | 56.3% | 55.2% | 63.8% | 57.7% | 47.7% | 72.8% | — |
| Interest coverage | 7.52x | 30.09x | 67.54x | 37.22x | -8.00x | 206.04x | — |
| R&D as a share of sales | — | 0.4% | 0.4% | 0.4% | 0.4% | 0.7% | 1.5% |
| Buybacks as a share of market value | 0.4% | 1.1% | 1.3% | -3.6% | -1.0% | -1.6% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.1% | 16.2% | — |
| Operating income | -27.2% | -8.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 41.2% | 42.0% | 41.0% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -64.3 | 18.6 | 17.4 | 26.7 | -16.5 | 24.3 | — | 28.8 |
| Price to sales | 0.8 | 0.9 | 1.0 | 1.3 | 0.9 | 1.5 | 3.5 | 3.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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