A 
1,750
+3.80%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.75bn
FY2018FY2026
Net income
¥351.4m
FY2018FY2026
Free cash flow
¥404.9m
FY2018FY2026
Shareholders' equity
¥4.94bn
FY2018FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.75bn | ¥4.40bn | ¥4.19bn | ¥3.80bn | ¥3.31bn | ¥4.60bn | ¥1.59bn | ¥445.3m | ¥279.4m |
| Gross profit | ¥3.90bn | ¥3.21bn | ¥2.96bn | ¥2.62bn | ¥2.44bn | ¥4.26bn | ¥1.44bn | ¥343.3m | ¥88.4m |
| Research and development | — | ¥168.2m | ¥107.6m | ¥131.5m | ¥166.6m | ¥271.9m | ¥106.3m | ¥37.5m | ¥138.1m |
| Operating income | ¥311.0m | ¥380.9m | ¥448.6m | ¥283.7m | ¥569.4m | ¥2.36bn | ¥432.4m | −¥181.5m | −¥311.4m |
| Net income | ¥351.4m | −¥497.0m | ¥535.7m | −¥518.5m | ¥411.7m | ¥1.66bn | ¥420.0m | −¥183.9m | −¥340.5m |
| Diluted earnings per share | 88.77 | -125.70 | 133.15 | -131.50 | 104.81 | 425.98 | 107.78 | -51.50 | -86.02 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥6.81bn | ¥6.94bn | ¥7.21bn | ¥7.02bn | ¥6.96bn | ¥7.57bn | ¥3.10bn | ¥966.6m | ¥392.5m |
| Cash and short-term investments | ¥4.77bn | ¥5.09bn | ¥4.57bn | ¥3.24bn | ¥4.42bn | ¥4.82bn | ¥2.53bn | ¥799.1m | ¥202.0m |
| Total liabilities | ¥1.86bn | ¥2.42bn | ¥2.25bn | ¥2.67bn | ¥2.23bn | ¥3.36bn | ¥794.9m | ¥361.4m | ¥78.6m |
| Debt | ¥1.00bn | ¥1.60bn | ¥1.61bn | ¥1.62bn | ¥1.60bn | ¥1.60bn | ¥100.0m | ¥100.0m | −¥46.6m |
| Shareholders' equity | ¥4.94bn | ¥4.52bn | ¥4.96bn | ¥4.35bn | ¥4.73bn | ¥4.20bn | ¥2.31bn | ¥605.2m | ¥313.9m |
| Shares outstanding | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥818.1m | ¥778.5m | ¥737.8m | ¥793.8m | −¥208.8m | ¥2.09bn | ¥580.5m | ¥34.2m | −¥321.6m |
| Capital spending | −¥413.2m | −¥94.7m | −¥14.5m | −¥429.3m | −¥223.6m | −¥236.0m | −¥78.1m | −¥12.3m | −¥32.6m |
| Free cash flow | ¥404.9m | ¥683.8m | ¥723.3m | ¥364.6m | −¥432.5m | ¥1.85bn | ¥502.4m | ¥21.9m | −¥354.1m |
| Dividends paid | — | — | — | −¥621.0m | −¥110.0m | −¥1.70bn | −¥1.16bn | −¥100.0m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.19bn | ¥1.22bn | ¥1.20bn | ¥1.19bn | ¥1.13bn | ¥1.16bn | ¥1.12bn | ¥1.09bn |
| Gross profit | ¥1.00bn | ¥1.01bn | ¥995.5m | ¥974.9m | ¥917.4m | ¥880.4m | ¥828.7m | ¥791.9m |
| Operating income | ¥183.4m | ¥109.4m | −¥23.3m | ¥125.0m | ¥99.9m | ¥134.6m | ¥89.4m | ¥112.1m |
| Net income | ¥120.0m | ¥160.2m | ¥29.9m | ¥86.1m | ¥75.3m | −¥596.1m | ¥40.0m | ¥58.5m |
| Diluted earnings per share | 30.32 | 40.46 | 7.55 | 21.78 | 19.04 | -150.76 | 9.94 | 14.54 |
| Total assets | ¥6.64bn | ¥6.81bn | ¥6.90bn | ¥7.34bn | ¥6.78bn | ¥6.94bn | ¥7.37bn | ¥7.24bn |
| Cash and short-term investments | ¥4.00bn | ¥4.77bn | ¥4.73bn | ¥4.99bn | ¥4.66bn | ¥5.09bn | ¥4.78bn | ¥4.47bn |
| Debt | ¥700.0m | ¥1.00bn | ¥1.20bn | ¥1.50bn | ¥1.50bn | ¥1.60bn | ¥1.60bn | ¥1.60bn |
| Shareholders' equity | ¥5.15bn | ¥4.94bn | ¥4.77bn | ¥4.74bn | ¥4.61bn | ¥4.52bn | ¥5.13bn | ¥5.09bn |
Financial ratios
Data as of 6 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 82.1% | 72.9% | 70.6% | 68.8% | 73.6% | 92.6% | — |
| Operating margin | 6.5% | 8.7% | 10.7% | 7.5% | 17.2% | 51.3% | — |
| Net margin | 7.4% | -11.3% | 12.8% | -13.6% | 12.4% | 36.1% | — |
| Return on equity | 7.1% | -11.0% | 10.8% | -11.9% | 8.7% | 39.5% | — |
| Return on assets | 5.2% | -7.2% | 7.4% | -7.4% | 5.9% | 21.9% | — |
| Free cash flow yield | 14.5% | 10.3% | 8.7% | 14.5% | 0.2% | 27.9% | — |
| Revenue growth | 7.9% | 5.0% | 10.2% | 14.9% | -28.0% | 188.9% | — |
| Earnings growth | -170.7% | -192.8% | -203.3% | -225.9% | -75.2% | 295.4% | — |
| Current ratio | 3.04x | 2.54x | 2.44x | 1.80x | 2.40x | 1.73x | — |
| Debt to equity | 0.20x | 0.35x | 0.33x | 0.37x | 0.34x | 0.38x | — |
| Equity ratio | 72.6% | 65.2% | 68.8% | 62.0% | 67.9% | 55.5% | — |
| Interest coverage | 18.22x | 26.37x | 44.53x | 29.79x | 57.68x | 720.80x | — |
| R&D as a share of sales | — | 3.8% | 2.6% | 3.5% | 5.0% | 5.9% | 6.7% |
| Buybacks as a share of market value | -0.1% | 1.7% | -2.0% | -0.4% | -0.8% | -0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.6% | 0.6% | — |
| Operating income | 3.1% | -33.3% | — |
| Net income | — | -26.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 77.7% | 74.0% | 77.4% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 20.4 | -20.7 | 24.5 | -49.3 | 41.7 | 14.0 | — |
| Price to sales | 1.5 | 2.3 | 3.1 | 6.7 | 5.2 | 5.1 | 179.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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