E 
428
+0.71%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥5.59bn
FY2017FY2026
Net income
¥123.0m
FY2017FY2026
Free cash flow
¥214.1m
FY2017FY2026
Shareholders' equity
¥2.43bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥5.59bn | ¥6.10bn | ¥5.59bn | ¥5.34bn | ¥4.75bn | ¥4.39bn | ¥4.26bn | ¥3.96bn | ¥3.57bn | ¥3.80bn |
| Gross profit | ¥1.49bn | ¥1.30bn | ¥1.43bn | ¥1.16bn | ¥1.01bn | ¥1.10bn | ¥1.02bn | ¥936.8m | ¥577.4m | ¥859.1m |
| Research and development | — | ¥6.0m | ¥5.0m | ¥1.8m | ¥1.0m | — | ¥9.8m | ¥9.6m | ¥8.0m | ¥6.5m |
| Operating income | ¥267.9m | ¥109.5m | ¥329.2m | ¥53.0m | ¥122.7m | ¥252.3m | ¥227.3m | ¥173.9m | −¥125.0m | ¥182.1m |
| Net income | ¥123.0m | ¥7.9m | ¥218.4m | −¥41.6m | ¥223.0m | ¥231.3m | ¥152.7m | ¥112.5m | −¥153.2m | ¥144.1m |
| Diluted earnings per share | 25.68 | 1.65 | 45.61 | -8.81 | 47.22 | 48.67 | 32.64 | 24.05 | -32.74 | 30.81 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.44bn | ¥5.44bn | ¥5.62bn | ¥5.26bn | ¥5.75bn | ¥4.74bn | ¥4.53bn | ¥4.41bn | ¥4.22bn | ¥4.43bn |
| Cash and short-term investments | ¥683.5m | ¥828.2m | ¥675.5m | ¥651.2m | ¥542.8m | ¥476.6m | ¥360.1m | ¥323.4m | ¥388.4m | ¥317.4m |
| Total liabilities | ¥2.88bn | ¥2.99bn | ¥3.18bn | ¥3.02bn | ¥3.46bn | ¥2.67bn | ¥2.67bn | ¥2.71bn | ¥2.69bn | ¥2.74bn |
| Debt | ¥1.57bn | ¥1.75bn | ¥1.48bn | ¥1.74bn | ¥1.89bn | ¥1.19bn | ¥1.61bn | ¥1.68bn | ¥1.82bn | ¥1.81bn |
| Shareholders' equity | ¥2.43bn | ¥2.34bn | ¥2.36bn | ¥2.16bn | ¥2.23bn | ¥2.01bn | ¥1.80bn | ¥1.65bn | ¥1.53bn | ¥1.69bn |
| Shares outstanding | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥386.2m | ¥189.3m | ¥479.6m | ¥570.6m | ¥54.9m | ¥730.0m | ¥380.6m | ¥285.6m | ¥263.9m | ¥493.5m |
| Capital spending | −¥172.0m | −¥148.1m | −¥101.6m | −¥198.8m | −¥274.5m | −¥136.2m | −¥211.0m | −¥257.2m | −¥46.7m | −¥226.2m |
| Free cash flow | ¥214.1m | ¥41.2m | ¥378.0m | ¥371.8m | −¥219.6m | ¥593.8m | ¥169.6m | ¥28.4m | ¥217.2m | ¥267.3m |
| Dividends paid | −¥38.3m | −¥56.7m | −¥23.7m | −¥23.5m | −¥37.0m | −¥23.3m | −¥16,000 | −¥44,000 | −¥13.8m | −¥32,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.27bn | ¥2.25bn | ¥1.12bn | ¥950.6m | ¥821.4m | ¥2.78bn | ¥1.39bn | ¥1.10bn |
| Gross profit | ¥250.6m | ¥695.9m | ¥331.3m | ¥254.9m | ¥68.4m | ¥688.2m | ¥335.9m | ¥244.5m |
| Operating income | −¥73.9m | ¥373.0m | ¥27.9m | −¥59.0m | −¥235.9m | ¥372.6m | ¥23.9m | −¥51.1m |
| Net income | −¥64.8m | ¥227.4m | ¥4.8m | −¥44.5m | −¥163.7m | ¥245.9m | −¥10.4m | −¥63.9m |
| Diluted earnings per share | -13.52 | 47.49 | 1.00 | -9.29 | -34.19 | 51.36 | -2.17 | -13.35 |
| Total assets | ¥5.44bn | ¥6.44bn | ¥5.92bn | ¥5.57bn | ¥5.44bn | ¥6.61bn | ¥6.15bn | ¥5.62bn |
| Cash and short-term investments | ¥683.5m | ¥918.5m | ¥947.7m | ¥745.8m | ¥828.2m | ¥1.10bn | ¥984.2m | ¥663.9m |
| Debt | ¥986.3m | ¥1.74bn | ¥2.35bn | ¥1.78bn | ¥1.70bn | ¥2.17bn | ¥2.16bn | ¥1.13bn |
| Shareholders' equity | ¥2.43bn | ¥2.49bn | ¥2.26bn | ¥2.26bn | ¥2.34bn | ¥2.50bn | ¥2.25bn | ¥2.24bn |
Financial ratios
Data as of 28 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 26.7% | 21.3% | 25.5% | 21.7% | 21.4% | 25.1% | — | — |
| Operating margin | 4.8% | 1.8% | 5.9% | 1.0% | 2.4% | 5.7% | — | — |
| Net margin | 2.2% | 0.1% | 3.9% | -0.8% | 4.7% | 5.3% | — | — |
| Return on equity | 5.1% | 0.3% | 9.3% | -1.9% | 10.0% | 11.5% | — | — |
| Return on assets | 2.3% | 0.1% | 3.9% | -0.8% | 3.9% | 4.9% | — | — |
| Free cash flow yield | 27.3% | 16.5% | 28.4% | 38.2% | 16.3% | 42.7% | — | — |
| Revenue growth | -8.4% | 9.0% | 4.7% | 12.5% | 8.1% | 3.0% | — | — |
| Earnings growth | 1456.0% | -96.4% | -625.0% | -118.7% | -3.6% | 51.5% | — | — |
| Current ratio | 1.14x | 0.87x | 1.16x | 1.10x | 1.16x | 1.23x | — | — |
| Debt to equity | 0.63x | 0.73x | 0.62x | 0.80x | 0.84x | 0.59x | — | — |
| Equity ratio | 44.7% | 43.0% | 42.0% | 41.1% | 38.8% | 42.5% | — | — |
| Interest coverage | 9.09x | 5.22x | 24.35x | 3.99x | 11.43x | 23.75x | — | — |
| R&D as a share of sales | — | 0.1% | 0.1% | 0.0% | 0.0% | — | 0.2% | 0.2% |
| Buybacks as a share of market value | -0.0% | 0.0% | -1.4% | 0.0% | 0.6% | -1.6% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.5% | 4.9% | 4.4% |
| Operating income | 71.7% | 1.2% | 13.1% |
| Net income | — | -11.9% | 25.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 23.9% | 23.8% | 23.6% | 22.9% |
| Operating margin | 3.2% | 3.4% | 3.6% | 3.3% |
| Net margin | 1.1% | 1.4% | 2.4% | 2.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.5 | 252.7 | 9.7 | -52.3 | 8.4 | 9.0 | 12.5 | 26.8 | -7.5 | 14.4 |
| Price to sales | 0.4 | 0.3 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.8 | 0.3 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 6 years. Last went ex-dividend on 27 Jun 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2018 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 20.00 | 5.00 | 5.00 | 5.00 | 5.00 | 3.00 | 5.00 | 3.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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