C 
2,576
+2.34%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥5.08bn
FY2017FY2025
Net income
¥821.9m
FY2017FY2025
Free cash flow
¥931.8m
FY2017FY2025
Shareholders' equity
¥4.42bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥5.08bn | ¥3.86bn | ¥3.06bn | ¥2.28bn | ¥1.59bn | ¥1.19bn | ¥816.5m | ¥488.8m | ¥247.0m |
| Gross profit | ¥3.33bn | ¥2.52bn | ¥2.14bn | ¥1.60bn | ¥1.15bn | ¥816.7m | ¥582.8m | ¥340.6m | ¥173.2m |
| Research and development | ¥124.9m | ¥131.3m | ¥132.2m | ¥98.8m | ¥116.4m | ¥77.3m | ¥49.7m | ¥20.2m | ¥4.2m |
| Operating income | ¥1.10bn | ¥773.6m | ¥549.9m | ¥385.9m | ¥241.5m | ¥188.4m | ¥144.0m | −¥29.1m | −¥42.3m |
| Net income | ¥821.9m | ¥575.1m | ¥427.2m | ¥306.4m | ¥147.6m | ¥134.3m | ¥153.8m | −¥27.8m | −¥52.3m |
| Diluted earnings per share | 80.09 | 62.12 | 44.49 | 32.18 | 15.74 | 11.78 | 16.68 | -2.71 | -5.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.83bn | ¥3.03bn | ¥2.80bn | ¥2.18bn | ¥1.58bn | ¥1.51bn | ¥498.8m | ¥288.6m | ¥161.5m |
| Cash and short-term investments | ¥3.98bn | ¥1.67bn | ¥1.75bn | ¥1.33bn | ¥796.7m | ¥899.0m | ¥356.9m | ¥204.2m | ¥124.3m |
| Total liabilities | ¥1.41bn | ¥1.32bn | ¥973.8m | ¥865.8m | ¥644.0m | ¥841.0m | ¥288.7m | ¥232.3m | ¥77.3m |
| Debt | ¥276.5m | ¥383.4m | ¥184.2m | ¥279.4m | ¥266.3m | ¥444.3m | ¥80.0m | ¥98.6m | — |
| Shareholders' equity | ¥4.42bn | ¥1.71bn | ¥1.82bn | ¥1.31bn | ¥937.6m | ¥664.5m | ¥210.1m | ¥56.3m | ¥84.1m |
| Shares outstanding | 10m | 9m | 10m | 10m | 9m | 11m | 9m | 10m | 10m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥1.00bn | ¥633.5m | ¥578.5m | ¥353.6m | ¥382.0m | ¥133.9m | ¥171.4m | ¥6.7m | −¥8.0m |
| Capital spending | −¥72.4m | −¥39.6m | −¥105.9m | −¥58.3m | −¥7.1m | −¥321,999 | — | −¥13.6m | −¥5.4m |
| Free cash flow | ¥931.8m | ¥593.9m | ¥472.6m | ¥295.3m | ¥374.9m | ¥133.6m | ¥171.4m | −¥6.9m | −¥13.4m |
| Dividends paid | −¥27.5m | — | — | — | −¥140.0m | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.38bn | ¥1.39bn | ¥1.36bn | ¥1.31bn | ¥1.23bn | ¥1.19bn | ¥1.06bn | ¥957.7m |
| Gross profit | ¥900.1m | ¥949.4m | ¥883.9m | ¥893.0m | ¥794.0m | ¥762.7m | ¥623.5m | ¥611.6m |
| Operating income | ¥257.0m | ¥362.6m | ¥258.4m | ¥367.5m | ¥236.0m | ¥240.8m | ¥76.6m | ¥207.5m |
| Net income | ¥185.3m | ¥262.0m | ¥254.1m | ¥256.5m | ¥148.8m | ¥162.5m | ¥103.2m | ¥98.9m |
| Diluted earnings per share | 18.05 | 25.52 | 24.76 | 24.99 | 14.50 | 15.83 | 11.15 | 10.69 |
| Total assets | ¥5.60bn | ¥5.71bn | ¥5.83bn | ¥5.41bn | ¥5.17bn | ¥4.84bn | ¥3.03bn | ¥2.74bn |
| Cash and short-term investments | ¥3.42bn | ¥3.64bn | ¥3.98bn | ¥3.59bn | ¥3.39bn | ¥3.06bn | ¥1.67bn | ¥1.55bn |
| Debt | — | ¥98.6m | ¥276.5m | ¥107.0m | ¥349.6m | ¥107.0m | ¥106.9m | ¥120.8m |
| Shareholders' equity | ¥4.55bn | ¥4.64bn | ¥4.42bn | ¥4.16bn | ¥3.89bn | ¥3.67bn | ¥1.71bn | ¥1.60bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 65.6% | 65.3% | 69.8% | 70.3% | 72.4% | 68.4% |
| Operating margin | 21.7% | 20.1% | 18.0% | 17.0% | 15.2% | 15.8% |
| Net margin | 16.2% | 14.9% | 14.0% | 13.5% | 9.3% | 11.3% |
| Return on equity | 18.6% | 33.7% | 23.4% | 23.4% | 15.7% | 20.2% |
| Return on assets | 14.1% | 19.0% | 15.3% | 14.1% | 9.3% | 8.9% |
| Free cash flow yield | 5.4% | 3.8% | 3.7% | 2.2% | 2.2% | 0.6% |
| Revenue growth | 31.8% | 26.0% | 34.5% | 42.9% | 33.4% | 46.2% |
| Earnings growth | 42.9% | 34.6% | 39.4% | 107.6% | 9.9% | -12.6% |
| Current ratio | 3.86x | 2.17x | 2.48x | 2.44x | 2.24x | 1.70x |
| Debt to equity | 0.06x | 0.22x | 0.10x | 0.21x | 0.28x | 0.67x |
| Equity ratio | 75.8% | 56.3% | 65.2% | 60.2% | 59.3% | 44.1% |
| Interest coverage | 263.93x | 211.37x | 420.09x | 216.43x | 95.70x | 329.41x |
| R&D as a share of sales | 2.5% | 3.4% | 4.3% | 4.3% | 7.3% | 6.5% |
| Buybacks as a share of market value | -10.8% | 3.6% | -0.9% | -1.6% | 17.8% | -23.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 30.6% | 33.8% | — |
| Operating income | 41.9% | 42.4% | — |
| Net income | 38.9% | 43.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 65.5% | 67.2% | 67.7% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 22.4 | 31.6 | 49.1 | 53.2 | 107.9 | 289.4 |
| Price to sales | 3.6 | 4.7 | 6.9 | 7.2 | 10.0 | 32.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 29 Dec 2025.
| FY2025 | |
|---|---|
| Paid in the year | 8.00 |
- 4-for-1 split · 29 Jun 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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