M 
848
+0.36%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥7.84bn
FY2019FY2026
Net income
¥163.0m
FY2019FY2026
Free cash flow
¥578.1m
FY2019FY2026
Shareholders' equity
¥2.58bn
FY2019FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥7.84bn | ¥6.65bn | ¥6.37bn | ¥6.29bn | ¥5.68bn | ¥4.94bn | ¥5.28bn | ¥5.42bn |
| Gross profit | ¥2.30bn | ¥1.91bn | ¥1.82bn | ¥1.72bn | ¥1.71bn | ¥1.63bn | ¥1.56bn | ¥1.43bn |
| Research and development | ¥31.6m | ¥25.1m | ¥29.3m | ¥33.1m | ¥29.0m | ¥32.0m | ¥25.6m | ¥30.4m |
| Operating income | ¥742.9m | ¥432.2m | ¥421.8m | ¥369.4m | ¥437.3m | ¥369.3m | ¥301.1m | ¥117.4m |
| Net income | ¥163.0m | ¥241.3m | ¥330.2m | ¥256.3m | ¥456.3m | ¥180.7m | ¥34.4m | ¥28.9m |
| Diluted earnings per share | 39.90 | 59.28 | 81.40 | 63.63 | 115.09 | 44.37 | 8.42 | 7.08 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥6.35bn | ¥5.32bn | ¥5.10bn | ¥4.96bn | ¥4.80bn | ¥4.62bn | ¥4.79bn | ¥4.65bn |
| Cash and short-term investments | ¥1.95bn | ¥1.06bn | ¥1.05bn | ¥852.6m | ¥865.4m | ¥1.00bn | ¥881.0m | ¥614.0m |
| Total liabilities | ¥3.78bn | ¥2.87bn | ¥2.83bn | ¥3.04bn | ¥3.12bn | ¥3.29bn | ¥4.54bn | ¥4.47bn |
| Debt | ¥2.10bn | ¥1.65bn | ¥1.44bn | ¥1.57bn | ¥1.69bn | ¥2.04bn | ¥3.25bn | ¥3.25bn |
| Shareholders' equity | ¥2.58bn | ¥2.45bn | ¥2.27bn | ¥1.92bn | ¥1.68bn | ¥1.33bn | ¥252.3m | ¥182.4m |
| Shares outstanding | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥808.1m | ¥216.0m | ¥637.7m | ¥317.2m | ¥524.9m | ¥487.7m | ¥88.9m | ¥342.1m |
| Capital spending | −¥230.0m | −¥328.8m | −¥225.5m | −¥59.8m | −¥146.1m | −¥49.0m | −¥81.9m | −¥361.9m |
| Free cash flow | ¥578.1m | −¥112.9m | ¥412.2m | ¥257.4m | ¥378.8m | ¥438.6m | ¥7.0m | −¥19.8m |
| Dividends paid | −¥140.0m | −¥87.2m | −¥74.5m | −¥70.6m | −¥54.8m | −¥1.5m | −¥1.2m | −¥1.2m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.86bn | ¥2.19bn | ¥1.97bn | ¥1.89bn | ¥1.79bn | ¥1.81bn | ¥1.87bn | ¥1.42bn |
| Gross profit | ¥559.1m | ¥627.3m | ¥601.2m | ¥638.3m | ¥490.9m | ¥510.5m | ¥560.5m | ¥421.3m |
| Operating income | ¥182.6m | ¥196.5m | ¥197.0m | ¥274.8m | ¥74.6m | ¥88.8m | ¥188.9m | ¥67.3m |
| Net income | ¥142.2m | −¥174.7m | ¥93.7m | ¥186.6m | ¥57.5m | −¥7.6m | ¥128.2m | ¥51.6m |
| Diluted earnings per share | 34.80 | -42.75 | 22.93 | 45.84 | 14.12 | -1.88 | 31.50 | 12.73 |
| Total assets | ¥5.87bn | ¥6.35bn | ¥6.42bn | ¥6.47bn | ¥6.00bn | ¥5.32bn | ¥5.47bn | ¥5.50bn |
| Cash and short-term investments | ¥1.51bn | ¥1.95bn | ¥1.68bn | ¥1.88bn | ¥1.81bn | ¥1.06bn | ¥1.36bn | ¥1.33bn |
| Debt | ¥883.6m | ¥2.10bn | ¥598.4m | ¥2.42bn | ¥395.6m | ¥1.65bn | ¥403.5m | ¥1.86bn |
| Shareholders' equity | ¥2.68bn | ¥2.58bn | ¥2.79bn | ¥2.65bn | ¥2.44bn | ¥2.45bn | ¥2.46bn | ¥2.32bn |
Financial ratios
Data as of 18 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 29.3% | 28.7% | 28.5% | 27.4% | 30.1% | 32.9% |
| Operating margin | 9.5% | 5.7% | 7.6% | 5.9% | 7.8% | 7.5% |
| Net margin | 2.1% | 3.6% | 5.2% | 4.1% | 8.0% | 3.7% |
| Return on equity | 6.3% | 9.8% | 14.5% | 13.4% | 27.1% | 13.5% |
| Return on assets | 2.6% | 4.5% | 6.5% | 5.2% | 9.5% | 3.9% |
| Free cash flow yield | 21.2% | 5.7% | 16.8% | 8.4% | 14.2% | 12.8% |
| Revenue growth | 17.9% | 4.5% | 1.2% | 10.7% | 14.9% | -6.4% |
| Earnings growth | -32.4% | -26.9% | 28.8% | -43.8% | 152.5% | 425.5% |
| Current ratio | 2.01x | 2.48x | 2.18x | 1.74x | 1.57x | 1.65x |
| Debt to equity | 0.82x | 0.67x | 0.63x | 0.82x | 1.00x | 1.53x |
| Equity ratio | 40.6% | 46.0% | 44.5% | 38.6% | 35.0% | 28.9% |
| Interest coverage | 16.33x | 13.06x | 26.38x | 20.84x | 26.03x | 13.34x |
| R&D as a share of sales | 0.4% | 0.4% | 0.5% | 0.5% | 0.5% | 0.6% |
| Buybacks as a share of market value | -0.4% | -0.3% | -0.7% | -1.6% | 2.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.6% | 9.7% | — |
| Operating income | 26.2% | 15.0% | — |
| Net income | -14.0% | -2.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 29.0% | 28.5% | 29.3% | — |
| Operating margin | 8.1% | 7.2% | 7.3% | — |
| Net margin | 2.8% | 3.6% | 4.3% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | 22.0 | 13.9 | 10.2 | 10.7 | 6.7 | 24.5 |
| Price to sales | 0.5 | 0.5 | 0.5 | 0.4 | 0.5 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 27 Nov 2025.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Paid in the year | 10.00 | 47.00 | 19.00 | 19.00 | 15.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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