S 
193
-1.53%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.57bn
FY2017FY2025
Net income
¥214.0m
FY2017FY2025
Free cash flow
−¥29.4m
FY2017FY2025
Shareholders' equity
¥1.01bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.57bn | ¥1.97bn | ¥1.56bn | ¥1.23bn | ¥1.23bn | ¥804.6m | ¥873.9m | ¥578.2m | ¥392.6m |
| Research and development | — | — | ¥26.9m | ¥56.0m | — | — | — | — | — |
| Operating income | ¥247.0m | ¥178.5m | ¥101.7m | −¥114.1m | ¥59.9m | −¥127.1m | ¥33.9m | −¥268.7m | −¥147.6m |
| Net income | ¥214.0m | ¥181.6m | −¥168.4m | −¥114.9m | ¥38.6m | −¥147.0m | ¥45.8m | −¥274.2m | −¥148.6m |
| Diluted earnings per share | 17.63 | 15.07 | -14.08 | -9.61 | 3.23 | -12.09 | 3.87 | -22.65 | -12.27 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥3.74bn | ¥2.53bn | ¥2.05bn | ¥1.70bn | ¥1.70bn | ¥1.35bn | ¥1.42bn | ¥1.08bn | ¥282.3m |
| Cash and short-term investments | ¥1.16bn | ¥911.3m | ¥558.1m | ¥445.0m | ¥571.5m | ¥776.3m | ¥815.9m | ¥761.3m | ¥150.9m |
| Total liabilities | ¥2.73bn | ¥1.77bn | ¥1.49bn | ¥998.8m | ¥898.4m | ¥606.4m | ¥539.0m | ¥531.6m | ¥199.1m |
| Debt | ¥813.2m | ¥231.7m | ¥178.9m | ¥191.9m | ¥79.5m | ¥140.8m | ¥47.8m | ¥194.8m | ¥40.0m |
| Shareholders' equity | ¥1.01bn | ¥762.7m | ¥551.9m | ¥698.3m | ¥800.7m | ¥748.4m | ¥879.9m | ¥551.8m | ¥83.2m |
| Shares outstanding | 12m | 12m | 12m | 12m | 12m | 12m | 12m | 12m | 12m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥15.3m | ¥381.6m | ¥215.1m | −¥159.2m | ¥85.9m | −¥111.1m | −¥75.0m | −¥279.0m | −¥153.7m |
| Capital spending | −¥44.7m | −¥22.0m | −¥40.6m | −¥43.2m | −¥119.0m | −¥40.0m | −¥2.1m | −¥2.6m | −¥1.4m |
| Free cash flow | −¥29.4m | ¥359.6m | ¥174.5m | −¥202.4m | −¥33.1m | −¥151.2m | −¥77.2m | −¥281.5m | −¥155.1m |
| Dividends paid | — | — | — | — | — | −¥100.0m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥666.8m | ¥718.4m | ¥804.2m | ¥655.1m | ¥574.0m | ¥534.4m | ¥613.0m | ¥488.0m |
| Operating income | −¥16.4m | ¥62.3m | ¥124.9m | ¥46.2m | −¥4.3m | ¥80.3m | ¥97.0m | ¥63.0m |
| Net income | −¥1.6m | ¥58.5m | ¥97.4m | ¥33.6m | ¥2.4m | ¥80.6m | ¥97.0m | ¥57.0m |
| Diluted earnings per share | -0.13 | 4.83 | 8.03 | 2.77 | 0.20 | 6.64 | 8.05 | 4.73 |
| Total assets | ¥3.55bn | ¥3.56bn | ¥3.74bn | ¥3.19bn | ¥3.15bn | ¥2.88bn | ¥2.52bn | ¥2.02bn |
| Cash and short-term investments | ¥1.25bn | ¥1.33bn | ¥1.16bn | ¥1.16bn | ¥1.24bn | ¥1.42bn | ¥911.0m | ¥806.0m |
| Debt | ¥915.1m | ¥185.1m | ¥813.2m | ¥179.1m | ¥797.6m | ¥162.1m | ¥162.0m | ¥162.0m |
| Shareholders' equity | ¥1.07bn | ¥1.07bn | ¥1.01bn | ¥903.0m | ¥861.1m | ¥851.1m | ¥762.0m | ¥659.0m |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 9.6% | 9.1% | -12.9% | -9.2% | 5.4% | -15.5% |
| Net margin | 8.3% | 9.2% | -10.8% | -9.3% | 3.1% | -18.3% |
| Return on equity | 21.2% | 23.8% | -30.5% | -16.5% | 4.8% | -19.6% |
| Return on assets | 5.7% | 7.2% | -8.2% | -6.8% | 2.3% | -10.9% |
| Free cash flow yield | 0.6% | 14.9% | 8.4% | -6.3% | 3.4% | -4.3% |
| Revenue growth | 30.3% | 26.0% | 26.9% | 0.4% | 52.7% | -7.9% |
| Earnings growth | 17.8% | -207.9% | 46.5% | -397.6% | -126.3% | -420.9% |
| Current ratio | 1.48x | 1.27x | 1.16x | 1.40x | 1.66x | 2.42x |
| Debt to equity | 0.81x | 0.30x | 0.32x | 0.27x | 0.10x | 0.19x |
| Equity ratio | 26.9% | 30.1% | 27.0% | 41.1% | 47.1% | 55.2% |
| Interest coverage | 24.10x | 107.75x | -187.68x | -556.19x | 201.53x | -240.52x |
| R&D as a share of sales | — | — | 1.7% | 4.5% | — | — |
| Buybacks as a share of market value | -0.7% | -0.8% | -0.0% | -0.2% | 1.9% | -2.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 27.5% | 26.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 16.6 | 20.7 | -22.8 | -30.1 | 258.8 | -63.7 | 413.4 |
| Price to sales | 1.4 | 1.9 | 2.5 | 2.8 | 8.1 | 11.7 | 21.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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