M 
842
+7.95%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.58bn
FY2017FY2025
Net income
¥407.3m
FY2017FY2025
Free cash flow
¥971.2m
FY2017FY2025
Shareholders' equity
¥5.42bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.58bn | ¥3.65bn | ¥3.81bn | ¥4.21bn | ¥4.62bn | ¥3.23bn | ¥1.34bn | ¥958.0m | ¥479.0m |
| Gross profit | ¥3.44bn | ¥2.78bn | ¥3.06bn | ¥3.36bn | ¥3.81bn | ¥2.66bn | ¥1.09bn | ¥786.8m | ¥432.7m |
| Operating income | ¥447.3m | −¥62.6m | −¥496.8m | −¥324.0m | ¥329.1m | ¥512.2m | ¥125.3m | ¥154.5m | ¥57.7m |
| Net income | ¥407.3m | −¥103.6m | −¥491.1m | −¥1.35bn | ¥246.6m | ¥369.7m | ¥89.0m | ¥112.9m | ¥43.5m |
| Diluted earnings per share | 31.86 | -8.11 | -38.78 | -107.20 | 19.29 | 30.05 | 8.01 | 8.83 | 3.40 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥7.45bn | ¥6.65bn | ¥7.96bn | ¥8.26bn | ¥10.33bn | ¥6.17bn | ¥1.40bn | ¥957.1m | ¥576.7m |
| Cash and short-term investments | ¥5.97bn | ¥5.06bn | ¥6.41bn | ¥7.32bn | ¥8.59bn | ¥5.11bn | ¥879.3m | ¥694.6m | ¥465.9m |
| Total liabilities | ¥2.03bn | ¥1.63bn | ¥2.85bn | ¥2.68bn | ¥3.46bn | ¥3.50bn | ¥1.11bn | ¥760.9m | ¥493.3m |
| Debt | — | — | — | — | — | — | ¥77.5m | ¥57.5m | ¥60.0m |
| Shareholders' equity | ¥5.42bn | ¥5.01bn | ¥5.11bn | ¥5.58bn | ¥6.87bn | ¥2.67bn | ¥285.3m | ¥196.3m | ¥83.4m |
| Shares outstanding | 13m | 13m | 13m | 13m | 13m | 12m | 11m | 13m | 13m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥985.1m | −¥1.09bn | −¥339.2m | −¥827.3m | ¥151.4m | ¥2.56bn | ¥388.4m | ¥323.2m | ¥216.1m |
| Capital spending | −¥13.9m | −¥3.0m | −¥582.6m | −¥509.1m | −¥313.4m | −¥220.1m | −¥223.7m | −¥41.3m | −¥15.0m |
| Free cash flow | ¥971.2m | −¥1.10bn | −¥921.8m | −¥1.34bn | −¥162.0m | ¥2.34bn | ¥164.7m | ¥281.8m | ¥201.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.58bn | ¥1.35bn | ¥1.46bn | ¥1.23bn | ¥1.30bn | ¥1.07bn | ¥980.7m | ¥921.1m |
| Gross profit | ¥1.14bn | ¥988.5m | ¥1.07bn | ¥906.3m | ¥959.7m | ¥812.1m | ¥757.5m | ¥685.0m |
| Operating income | ¥276.0m | ¥234.3m | ¥334.1m | ¥27.2m | ¥158.4m | ¥161.3m | ¥100.5m | ¥51.4m |
| Net income | ¥199.8m | ¥193.9m | ¥290.1m | ¥21.6m | ¥137.9m | ¥143.6m | ¥104.1m | ¥58.5m |
| Diluted earnings per share | 15.63 | 15.16 | 22.70 | 1.69 | 10.79 | 11.24 | 8.15 | 4.58 |
| Cash from operations | — | — | — | ¥985.0m | — | — | — | — |
| Capital spending | — | — | — | −¥13.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥972.0m | — | — | — | — |
| Total assets | ¥9.04bn | ¥8.23bn | ¥7.92bn | ¥7.45bn | ¥7.71bn | ¥6.96bn | ¥6.73bn | ¥6.65bn |
| Cash and short-term investments | ¥7.63bn | ¥6.75bn | ¥6.40bn | ¥5.97bn | ¥6.06bn | ¥5.24bn | ¥4.03bn | ¥5.06bn |
| Shareholders' equity | ¥6.10bn | ¥5.90bn | ¥5.71bn | ¥5.42bn | ¥5.39bn | ¥5.26bn | ¥5.12bn | ¥5.01bn |
Financial ratios
Data as of 3 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 75.0% | 76.0% | 80.3% | 79.8% | 82.4% | 82.4% | — | — | — |
| Operating margin | 9.8% | -1.7% | -13.0% | -7.7% | 7.1% | 15.9% | — | — | — |
| Net margin | 8.9% | -2.8% | -12.9% | -32.0% | 5.3% | 11.5% | — | — | — |
| Return on equity | 7.5% | -2.1% | -9.6% | -24.2% | 3.6% | 13.8% | — | — | — |
| Return on assets | 5.5% | -1.6% | -6.2% | -16.3% | 2.4% | 6.0% | — | — | — |
| Free cash flow yield | 8.2% | -9.0% | 2.0% | -2.7% | 3.8% | 23.7% | — | — | — |
| Revenue growth | 25.3% | -4.1% | -9.4% | -9.0% | 43.3% | 139.9% | — | — | — |
| Earnings growth | -493.1% | -78.9% | -63.6% | -646.3% | -33.3% | 315.3% | — | — | — |
| Current ratio | 3.33x | 3.57x | 2.53x | 3.02x | 2.71x | 1.63x | — | — | — |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.00x | 0.27x | 0.29x | 0.72x |
| Equity ratio | 72.7% | 75.5% | 64.2% | 67.6% | 66.5% | 43.3% | — | — | — |
| Interest coverage | — | -32.56x | -71.37x | -28.15x | 34.46x | 4614.12x | 338.58x | — | — |
| Buybacks as a share of market value | -0.1% | -0.9% | -0.8% | 1.7% | -3.9% | -10.7% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.9% | 7.3% | — |
| Operating income | — | -2.7% | — |
| Net income | — | 2.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 75.5% | 77.7% | 79.2% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 26.3 | -56.2 | -16.2 | -12.2 | 224.9 | 274.6 | — |
| Price to sales | 2.3 | 1.6 | 2.1 | 3.9 | 12.0 | 31.5 | 36.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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