S 
142
-5.96%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥21.48bn
FY2017FY2026
Net income
−¥593.0m
FY2017FY2026
Free cash flow
¥558.0m
FY2017FY2026
Shareholders' equity
¥13.10bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥21.48bn | ¥20.76bn | ¥18.95bn | ¥19.04bn | ¥19.14bn | ¥20.19bn | ¥22.54bn | ¥22.12bn | ¥21.99bn | ¥21.42bn |
| Gross profit | ¥3.51bn | ¥3.53bn | ¥2.94bn | ¥2.31bn | ¥3.36bn | ¥3.80bn | ¥4.50bn | ¥4.41bn | ¥4.62bn | ¥4.73bn |
| Research and development | ¥93.0m | ¥121.0m | ¥144.0m | ¥163.0m | ¥206.0m | ¥219.0m | ¥247.0m | ¥227.0m | ¥224.0m | ¥218.0m |
| Operating income | ¥255.0m | ¥231.0m | −¥478.0m | −¥1.65bn | −¥991.0m | ¥59.0m | ¥828.0m | ¥571.0m | ¥834.0m | ¥910.0m |
| Net income | −¥593.0m | −¥60.0m | −¥497.0m | −¥1.81bn | −¥1.82bn | ¥679.0m | ¥528.0m | −¥324.0m | ¥732.0m | ¥649.0m |
| Diluted earnings per share | -17.42 | -1.76 | -16.04 | -58.30 | -58.91 | 21.92 | 17.04 | -10.46 | 23.63 | 20.95 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥31.21bn | ¥32.01bn | ¥33.04bn | ¥33.86bn | ¥32.64bn | ¥33.72bn | ¥35.39bn | ¥36.37bn | ¥36.85bn | ¥35.48bn |
| Cash and short-term investments | ¥3.08bn | ¥2.72bn | ¥3.46bn | ¥4.47bn | ¥2.72bn | ¥3.30bn | ¥3.17bn | ¥3.51bn | ¥3.16bn | ¥2.73bn |
| Total liabilities | ¥16.98bn | ¥17.39bn | ¥18.83bn | ¥19.47bn | ¥16.47bn | ¥15.63bn | ¥17.87bn | ¥19.26bn | ¥19.17bn | ¥18.41bn |
| Debt | ¥5.10bn | ¥5.03bn | ¥5.75bn | ¥6.67bn | ¥3.57bn | ¥3.64bn | ¥5.64bn | ¥5.50bn | ¥5.45bn | ¥5.85bn |
| Shareholders' equity | ¥13.10bn | ¥13.60bn | ¥13.27bn | ¥13.50bn | ¥15.30bn | ¥17.26bn | ¥16.72bn | ¥16.34bn | ¥16.95bn | ¥16.39bn |
| Shares outstanding | 34m | 34m | 31m | 31m | 31m | 31m | 31m | 31m | 31m | 31m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥919.0m | −¥30.0m | ¥53.0m | −¥536.0m | ¥150.0m | ¥698.0m | ¥22.0m | ¥1.07bn | ¥1.93bn | ¥1.74bn |
| Capital spending | −¥361.0m | −¥533.0m | −¥396.0m | −¥492.0m | −¥961.0m | −¥662.0m | −¥739.0m | −¥495.0m | −¥649.0m | −¥476.0m |
| Free cash flow | ¥558.0m | −¥563.0m | −¥343.0m | −¥1.03bn | −¥811.0m | ¥36.0m | −¥717.0m | ¥577.0m | ¥1.28bn | ¥1.26bn |
| Dividends paid | — | — | — | −¥77.0m | −¥154.0m | −¥154.0m | −¥154.0m | −¥154.0m | −¥154.0m | −¥154.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥5.21bn | ¥4.80bn | ¥6.01bn | ¥5.61bn | ¥5.06bn | ¥4.65bn | ¥5.97bn | ¥5.24bn |
| Gross profit | ¥896.0m | ¥774.0m | ¥996.0m | ¥898.0m | ¥841.0m | ¥746.0m | ¥1.09bn | ¥865.0m |
| Operating income | ¥83.0m | −¥32.0m | ¥163.0m | ¥92.0m | ¥32.0m | −¥50.0m | ¥204.0m | ¥4.0m |
| Net income | ¥116.0m | −¥574.0m | −¥69.0m | ¥56.0m | −¥6.0m | −¥355.0m | ¥129.0m | −¥8.0m |
| Diluted earnings per share | 3.41 | -16.86 | -2.03 | 1.65 | -0.18 | -10.43 | 4.16 | -0.26 |
| Total assets | ¥31.40bn | ¥31.21bn | ¥33.03bn | ¥32.13bn | ¥32.20bn | ¥32.01bn | ¥33.13bn | ¥32.47bn |
| Cash and short-term investments | ¥2.75bn | ¥3.08bn | ¥2.97bn | ¥2.95bn | ¥2.81bn | ¥2.72bn | ¥2.92bn | ¥3.28bn |
| Debt | ¥4.57bn | ¥5.10bn | ¥5.07bn | ¥5.13bn | ¥5.09bn | ¥5.03bn | ¥4.70bn | ¥5.63bn |
| Shareholders' equity | ¥13.18bn | ¥13.10bn | ¥13.48bn | ¥13.51bn | ¥13.55bn | ¥13.60bn | ¥13.60bn | ¥13.50bn |
Financial ratios
Data as of 19 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 16.3% | 17.0% | 15.5% | 12.1% | 17.5% | 18.8% |
| Operating margin | 1.2% | 1.4% | -1.5% | -8.6% | -5.2% | 4.4% |
| Net margin | -2.8% | -0.3% | -2.6% | -9.5% | -9.5% | 3.4% |
| Return on equity | -4.5% | -0.4% | -3.7% | -13.4% | -11.9% | 3.9% |
| Return on assets | -1.9% | -0.2% | -1.5% | -5.3% | -5.6% | 2.0% |
| Free cash flow yield | 26.9% | 10.6% | 10.4% | -1.0% | 25.6% | 31.4% |
| Revenue growth | 3.5% | 9.5% | -0.4% | -0.5% | -5.2% | -10.4% |
| Earnings growth | 888.3% | -87.9% | -72.5% | -1.0% | -368.8% | 28.6% |
| Current ratio | 1.07x | 1.05x | 1.34x | 1.43x | 1.41x | 1.54x |
| Debt to equity | 0.39x | 0.37x | 0.43x | 0.46x | 0.23x | 0.18x |
| Equity ratio | 42.0% | 42.5% | 40.2% | 39.9% | 46.9% | 51.2% |
| Interest coverage | 3.19x | 4.62x | -6.47x | -91.44x | -141.57x | 112.25x |
| R&D as a share of sales | 0.4% | 0.6% | 0.8% | 0.9% | 1.1% | 1.1% |
| Buybacks as a share of market value | 0.0% | -9.9% | 0.0% | 0.0% | 0.0% | -0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.1% | 1.2% | -0.6% |
| Operating income | — | 34.0% | -12.9% |
| Net income | -31.0% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.7% | 15.3% | 16.3% | 18.5% |
| Operating margin | 1.2% | -2.0% | -2.2% | 0.7% |
| Net margin | -1.5% | -3.7% | -3.4% | -0.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.0 | -69.8 | -8.0 | -2.2 | -2.1 | 8.3 | 11.6 | -21.7 | 6.6 | 12.7 |
| Price to sales | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.2 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 Mar 2022.
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.50 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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