P 
536
+0.56%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥13.88bn
FY2018FY2026
Net income
¥364.0m
FY2018FY2026
Free cash flow
¥131.0m
FY2018FY2026
Shareholders' equity
¥6.96bn
FY2018FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥13.88bn | ¥16.16bn | ¥20.36bn | ¥26.40bn | ¥33.91bn | ¥32.81bn | ¥20.51bn | ¥11.93bn | ¥4.97bn |
| Gross profit | ¥10.56bn | ¥12.39bn | ¥16.10bn | ¥19.24bn | ¥26.63bn | ¥26.43bn | ¥16.45bn | ¥9.68bn | ¥4.04bn |
| Research and development | — | ¥283.0m | ¥495.0m | ¥589.4m | ¥432.2m | ¥211.2m | ¥88.0m | ¥39.2m | ¥10.9m |
| Operating income | ¥495.0m | ¥618.0m | ¥140.0m | −¥642.3m | ¥2.41bn | ¥4.68bn | ¥1.65bn | ¥242.6m | ¥138.1m |
| Net income | ¥364.0m | ¥471.0m | −¥1.48bn | −¥734.0m | ¥1.42bn | ¥2.79bn | ¥1.14bn | ¥174.3m | ¥95.5m |
| Diluted earnings per share | 41.74 | 53.98 | -170.06 | -84.17 | 163.34 | 319.89 | 131.43 | 19.99 | 10.95 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥10.24bn | ¥10.14bn | ¥11.05bn | ¥12.18bn | ¥12.30bn | ¥13.07bn | ¥6.85bn | ¥3.05bn | ¥1.60bn |
| Cash and short-term investments | ¥4.95bn | ¥4.66bn | ¥4.76bn | ¥4.67bn | ¥2.97bn | ¥6.06bn | ¥1.90bn | ¥719.1m | ¥317.3m |
| Total liabilities | ¥3.29bn | ¥3.53bn | ¥4.92bn | ¥4.57bn | ¥3.95bn | ¥6.17bn | ¥5.40bn | ¥2.74bn | ¥1.46bn |
| Debt | ¥1.37bn | ¥1.11bn | ¥2.44bn | ¥2.26bn | ¥1.41bn | ¥911.4m | ¥1.99bn | ¥1.02bn | ¥327.0m |
| Shareholders' equity | ¥6.96bn | ¥6.61bn | ¥6.12bn | ¥7.61bn | ¥8.35bn | ¥6.90bn | ¥1.45bn | ¥306.4m | ¥132.1m |
| Shares outstanding | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 9m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥217.0m | ¥1.47bn | ¥425.0m | ¥2.42bn | −¥3.32bn | ¥2.75bn | ¥338.2m | −¥238.9m | ¥67.4m |
| Capital spending | −¥86.0m | −¥30.0m | −¥629.0m | −¥27.1m | −¥26.5m | −¥75.1m | −¥97.2m | −¥8.3m | −¥5.8m |
| Free cash flow | ¥131.0m | ¥1.44bn | −¥204.0m | ¥2.40bn | −¥3.35bn | ¥2.68bn | ¥241.0m | −¥247.2m | ¥61.6m |
| Dividends paid | — | — | — | — | — | −¥720.0m | — | — | — |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.29bn | ¥3.25bn | ¥3.70bn | ¥3.64bn | ¥3.66bn | ¥3.97bn | ¥4.30bn | ¥4.23bn |
| Gross profit | ¥2.34bn | ¥2.50bn | ¥2.85bn | ¥2.87bn | ¥2.54bn | ¥3.06bn | ¥3.35bn | ¥3.42bn |
| Operating income | −¥248.0m | ¥116.0m | ¥51.0m | ¥576.0m | −¥650.0m | ¥289.0m | ¥357.0m | ¥622.0m |
| Net income | −¥178.0m | ¥97.0m | ¥37.0m | ¥408.0m | −¥291.0m | ¥181.0m | ¥167.0m | ¥414.0m |
| Diluted earnings per share | -20.41 | 11.12 | 4.24 | 46.76 | -33.35 | 20.74 | 19.14 | 47.47 |
| Total assets | ¥10.24bn | ¥10.47bn | ¥10.49bn | ¥10.38bn | ¥10.14bn | ¥10.68bn | ¥10.96bn | ¥11.16bn |
| Cash and short-term investments | ¥4.95bn | ¥4.84bn | ¥5.26bn | ¥4.70bn | ¥4.66bn | ¥4.58bn | ¥5.31bn | ¥5.06bn |
| Debt | ¥991.0m | ¥846.0m | ¥1.37bn | ¥828.0m | ¥639.0m | ¥637.0m | ¥1.78bn | ¥1.11bn |
| Shareholders' equity | ¥6.96bn | ¥7.13bn | ¥7.05bn | ¥7.01bn | ¥6.61bn | ¥6.90bn | ¥6.71bn | ¥6.54bn |
Financial ratios
Data as of 14 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 76.0% | 76.6% | 79.1% | 72.9% | 78.5% | 80.5% | — |
| Operating margin | 3.6% | 3.8% | 0.7% | -2.4% | 7.1% | 14.3% | — |
| Net margin | 2.6% | 2.9% | -7.3% | -2.8% | 4.2% | 8.5% | — |
| Return on equity | 5.2% | 7.1% | -24.2% | -9.6% | 17.1% | 40.5% | — |
| Return on assets | 3.6% | 4.6% | -13.4% | -6.0% | 11.6% | 21.4% | — |
| Free cash flow yield | 6.0% | 29.6% | 20.8% | 48.3% | -65.1% | 55.7% | — |
| Revenue growth | -14.1% | -20.6% | -22.9% | -22.1% | 3.3% | 60.0% | — |
| Earnings growth | -22.7% | -131.8% | 102.1% | -151.5% | -49.0% | 144.3% | — |
| Current ratio | 2.90x | 2.69x | 2.36x | 3.06x | 3.58x | 2.23x | — |
| Debt to equity | 0.14x | 0.10x | 0.40x | 0.30x | 0.17x | 0.13x | — |
| Equity ratio | 67.9% | 65.2% | 55.4% | 62.5% | 67.9% | 52.8% | — |
| Interest coverage | 26.05x | 32.53x | 6.36x | -33.61x | 162.26x | 315.26x | — |
| R&D as a share of sales | — | 1.8% | 2.4% | 2.2% | 1.3% | 0.6% | 0.4% |
| Buybacks as a share of market value | 0.1% | -0.1% | 0.0% | 0.0% | 0.1% | -0.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -19.3% | -15.8% | — |
| Operating income | — | -36.2% | — |
| Net income | — | -33.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 76.4% | 75.9% | 77.6% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 12.9 | 13.0 | -4.8 | -12.0 | 9.3 | 28.9 | 62.8 |
| Price to sales | 0.3 | 0.4 | 0.3 | 0.3 | 0.4 | 2.5 | 3.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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