S 
1,597
+6.89%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥16.44bn
FY2018FY2025
Net income
−¥950.7m
FY2018FY2025
Free cash flow
−¥791.8m
FY2018FY2025
Shareholders' equity
¥7.29bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥16.44bn | ¥15.72bn | ¥13.61bn | ¥11.24bn | ¥12.69bn | ¥9.35bn | ¥7.42bn | ¥7.17bn |
| Operating income | −¥685.7m | ¥545.2m | ¥810.2m | ¥1.56bn | ¥1.10bn | ¥777.8m | ¥200.5m | ¥193.5m |
| Net income | −¥950.7m | ¥244.2m | −¥1.04bn | ¥1.08bn | ¥835.6m | ¥407.7m | ¥21.9m | ¥226.5m |
| Diluted earnings per share | -82.81 | 22.89 | -98.12 | 102.45 | 81.41 | 40.65 | 1.90 | 19.62 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥14.85bn | ¥10.16bn | ¥11.34bn | ¥8.92bn | ¥7.62bn | ¥7.34bn | ¥3.29bn | ¥3.40bn |
| Cash and short-term investments | ¥9.40bn | ¥4.99bn | ¥6.64bn | ¥5.67bn | ¥4.76bn | ¥4.98bn | ¥1.58bn | ¥1.87bn |
| Total liabilities | ¥7.57bn | ¥4.74bn | ¥6.30bn | ¥2.98bn | ¥2.77bn | ¥3.34bn | ¥2.37bn | ¥2.52bn |
| Debt | ¥4.50bn | ¥1.70bn | ¥1.81bn | ¥823.5m | ¥864.3m | ¥1.67bn | ¥1.21bn | ¥1.17bn |
| Shareholders' equity | ¥7.29bn | ¥5.42bn | ¥5.04bn | ¥5.94bn | ¥4.85bn | ¥4.00bn | ¥918.7m | ¥884.7m |
| Shares outstanding | 11m | 11m | 11m | 11m | 10m | 10m | 12m | 12m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥751.7m | −¥1.34bn | ¥477.7m | ¥1.05bn | ¥689.0m | ¥638.3m | −¥191.3m | ¥486.0m |
| Capital spending | −¥40.1m | −¥24.4m | −¥257.3m | −¥12.8m | −¥68.9m | −¥7.2m | −¥16.3m | −¥27.8m |
| Free cash flow | −¥791.8m | −¥1.36bn | ¥220.4m | ¥1.04bn | ¥620.1m | ¥631.1m | −¥207.6m | ¥458.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.42bn | ¥4.29bn | ¥3.88bn | ¥4.11bn | ¥4.09bn | ¥4.35bn | ¥3.87bn | ¥4.09bn |
| Operating income | −¥219.9m | −¥168.6m | −¥244.9m | −¥359.1m | −¥363.5m | ¥41.6m | ¥216,000 | ¥447.0m |
| Net income | −¥277.2m | −¥301.9m | −¥320.6m | −¥460.7m | −¥357.1m | −¥48.9m | −¥84.1m | ¥271.9m |
| Diluted earnings per share | -24.01 | -26.15 | -27.93 | -40.13 | -31.11 | -4.26 | -7.88 | 25.49 |
| Cash from operations | — | — | — | −¥751.0m | — | — | — | — |
| Capital spending | — | — | — | −¥40.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥791.0m | — | — | — | — |
| Total assets | ¥12.74bn | ¥13.65bn | ¥13.84bn | ¥14.85bn | ¥15.70bn | ¥12.73bn | ¥9.57bn | ¥10.16bn |
| Cash and short-term investments | ¥7.09bn | ¥7.94bn | ¥8.71bn | ¥9.40bn | ¥10.11bn | ¥7.07bn | ¥4.62bn | ¥4.99bn |
| Debt | ¥995.6m | ¥3.75bn | ¥1.25bn | ¥4.50bn | ¥1.52bn | ¥1.17bn | ¥908.3m | ¥1.00bn |
| Shareholders' equity | ¥6.58bn | ¥6.86bn | ¥6.97bn | ¥7.29bn | ¥7.75bn | ¥8.11bn | ¥5.33bn | ¥5.42bn |
Financial ratios
Data as of 24 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -4.6% | 3.5% | 6.0% | 13.9% | 8.7% | 8.3% |
| Net margin | -5.8% | 1.6% | -7.7% | 9.6% | 6.6% | 4.4% |
| Return on equity | -13.0% | 4.5% | -20.7% | 18.2% | 17.2% | 10.2% |
| Return on assets | -6.4% | 2.4% | -9.2% | 12.1% | 11.0% | 5.6% |
| Free cash flow yield | -2.7% | -5.3% | 3.0% | 4.4% | 3.2% | 2.8% |
| Revenue growth | 4.5% | 15.6% | 21.1% | -11.5% | 35.8% | 26.0% |
| Earnings growth | -489.3% | -123.4% | -196.3% | 29.6% | 104.9% | 1765.7% |
| Current ratio | 3.09x | 2.43x | 1.96x | 3.20x | 3.07x | 2.70x |
| Debt to equity | 0.62x | 0.31x | 0.36x | 0.14x | 0.18x | 0.42x |
| Equity ratio | 49.1% | 53.3% | 44.5% | 66.6% | 63.6% | 54.5% |
| Interest coverage | -43.80x | 63.16x | 103.72x | 313.54x | 168.13x | 99.91x |
| Buybacks as a share of market value | -7.6% | -0.4% | -0.5% | -2.9% | -2.3% | 12.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 13.5% | 11.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -0.4% | 3.9% | 5.2% | — |
| Net margin | -2.2% | -1.2% | 0.7% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -28.7 | 229.3 | -19.9 | 13.3 | 61.8 | 73.1 |
| Price to sales | 1.7 | 3.6 | 1.5 | 1.3 | 4.1 | 3.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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