A 
1,019
+1.09%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.15bn
FY2017FY2025
Net income
¥165.2m
FY2017FY2025
Free cash flow
¥147.1m
FY2017FY2025
Shareholders' equity
¥1.95bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.15bn | ¥3.71bn | ¥3.25bn | ¥3.31bn | ¥2.42bn | ¥1.91bn | ¥1.45bn | ¥1.12bn | ¥574.1m |
| Gross profit | ¥1.55bn | ¥1.33bn | ¥1.05bn | ¥984.8m | ¥873.1m | ¥732.8m | ¥589.6m | ¥430.8m | ¥242.5m |
| Research and development | — | ¥57.1m | ¥28.7m | ¥62.2m | ¥70.6m | ¥69.2m | ¥31.7m | ¥30.3m | ¥10.3m |
| Operating income | ¥370.6m | ¥335.1m | ¥292.2m | ¥223.4m | ¥260.6m | ¥191.1m | ¥190.5m | ¥100.6m | ¥4.7m |
| Net income | ¥165.2m | ¥148.5m | ¥156.7m | ¥95.3m | ¥341.1m | ¥135.1m | ¥124.2m | ¥87.3m | ¥3.1m |
| Diluted earnings per share | 42.14 | 39.54 | 38.81 | 24.05 | 84.75 | 33.13 | 31.91 | 22.55 | 0.81 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥3.08bn | ¥2.39bn | ¥2.12bn | ¥2.04bn | ¥1.98bn | ¥1.51bn | ¥1.27bn | ¥547.1m | ¥577.4m |
| Cash and short-term investments | ¥1.82bn | ¥1.56bn | ¥1.25bn | ¥1.21bn | ¥1.33bn | ¥1.06bn | ¥835.1m | ¥261.8m | ¥272.8m |
| Total liabilities | ¥1.14bn | ¥681.8m | ¥445.1m | ¥406.0m | ¥439.7m | ¥323.4m | ¥260.5m | ¥208.4m | ¥326.1m |
| Debt | ¥437.0m | ¥2.7m | ¥9.1m | ¥18.5m | ¥36.9m | ¥55.3m | — | ¥72.5m | ¥98.6m |
| Shareholders' equity | ¥1.95bn | ¥1.71bn | ¥1.68bn | ¥1.63bn | ¥1.54bn | ¥1.18bn | ¥1.01bn | ¥338.7m | ¥251.4m |
| Shares outstanding | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥151.0m | ¥342.9m | ¥360.7m | −¥4.3m | ¥187.1m | ¥130.8m | ¥198.7m | ¥105.5m | −¥20.5m |
| Capital spending | −¥3.9m | −¥24.2m | −¥23.1m | −¥1.3m | −¥1.3m | −¥23.9m | −¥444,000 | −¥597,000 | −¥1.4m |
| Free cash flow | ¥147.1m | ¥318.7m | ¥337.6m | −¥5.5m | ¥185.8m | ¥106.9m | ¥198.3m | ¥104.9m | −¥21.9m |
| Dividends paid | — | — | — | −¥15.0m | −¥12.0m | −¥66.0m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.22bn | ¥1.33bn | ¥1.25bn | ¥983.2m | ¥991.2m | ¥930.8m | ¥984.2m | ¥948.0m |
| Gross profit | ¥418.2m | ¥479.0m | ¥446.2m | ¥375.0m | ¥346.9m | ¥377.2m | ¥374.5m | ¥344.7m |
| Operating income | ¥143.5m | ¥196.4m | ¥97.1m | ¥106.9m | ¥26.7m | ¥139.9m | −¥12.5m | ¥132.4m |
| Net income | ¥105.3m | ¥121.5m | ¥44.3m | ¥52.5m | −¥12.9m | ¥81.4m | −¥43.7m | ¥66.5m |
| Diluted earnings per share | 27.19 | 31.39 | 11.30 | 13.38 | -3.30 | 20.76 | -11.62 | 17.71 |
| Total assets | ¥3.16bn | ¥3.16bn | ¥3.08bn | ¥2.35bn | ¥2.33bn | ¥2.23bn | ¥2.39bn | ¥2.16bn |
| Cash and short-term investments | ¥2.01bn | ¥1.79bn | ¥1.82bn | ¥1.45bn | ¥1.54bn | ¥1.44bn | ¥1.56bn | ¥1.44bn |
| Debt | ¥391.0m | ¥92.0m | ¥437.0m | — | — | ¥1.1m | ¥2.7m | ¥4.0m |
| Shareholders' equity | ¥2.20bn | ¥2.08bn | ¥1.95bn | ¥1.86bn | ¥1.79bn | ¥1.80bn | ¥1.71bn | ¥1.74bn |
Financial ratios
Data as of 17 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 37.2% | 35.9% | 32.3% | 29.8% | 36.0% | 38.4% | — |
| Operating margin | 8.5% | 8.2% | 7.6% | 5.1% | 21.1% | 10.0% | — |
| Net margin | 4.0% | 4.0% | 4.8% | 2.9% | 14.1% | 7.1% | — |
| Return on equity | 8.5% | 8.7% | 9.3% | 5.8% | 22.2% | 11.4% | — |
| Return on assets | 5.4% | 6.2% | 7.4% | 4.7% | 17.3% | 9.0% | — |
| Free cash flow yield | 3.5% | 8.7% | 8.5% | -0.1% | 4.2% | 3.4% | — |
| Revenue growth | 12.0% | 13.9% | -1.5% | 36.4% | 26.9% | 31.5% | — |
| Earnings growth | 11.3% | -5.3% | 64.4% | -72.1% | 152.4% | 8.8% | — |
| Current ratio | 3.24x | 3.13x | 4.24x | 4.48x | 4.06x | 4.84x | — |
| Debt to equity | 0.22x | 0.00x | 0.01x | 0.01x | 0.02x | 0.05x | — |
| Equity ratio | 63.1% | 71.5% | 79.0% | 80.1% | 77.7% | 78.6% | — |
| Interest coverage | 273.80x | 2347.48x | 3477.59x | 1124.95x | 2072.21x | 1032.78x | — |
| R&D as a share of sales | — | 1.5% | 0.9% | 1.9% | 2.9% | 3.6% | 2.2% |
| Buybacks as a share of market value | -4.4% | 7.0% | -1.9% | 1.6% | 1.3% | -4.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.9% | 16.8% | — |
| Operating income | 18.4% | 14.2% | — |
| Net income | 20.1% | 4.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 36.6% | 34.1% | 34.8% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 39.2 | 42.2 | 32.7 | 38.5 | 16.9 | 50.6 | 71.2 |
| Price to sales | 1.6 | 1.7 | 1.6 | 1.1 | 2.4 | 3.6 | 6.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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