S 
322
+5.92%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.14bn
FY2019FY2024
Net income
¥116.8m
FY2019FY2024
Free cash flow
¥130.7m
FY2019FY2024
Shareholders' equity
¥813.4m
FY2019FY2024
Income statement
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|
| Revenue | ¥1.14bn | ¥680.8m | ¥906.0m | ¥738.1m | ¥495.1m | ¥272.4m |
| Gross profit | ¥537.6m | ¥333.0m | ¥572.0m | ¥465.7m | ¥332.3m | ¥183.0m |
| Research and development | ¥2.6m | — | ¥30,000 | ¥253,000 | ¥1.8m | — |
| Operating income | ¥159.9m | ¥36.7m | ¥223.9m | ¥154.4m | ¥47.0m | ¥13.5m |
| Net income | ¥116.8m | ¥24.7m | ¥155.9m | ¥104.2m | ¥31.0m | ¥7.7m |
| Diluted earnings per share | 11.99 | 2.44 | 15.26 | 11.56 | 10.32 | 2.57 |
Balance sheet
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|
| Total assets | ¥1.06bn | ¥789.6m | ¥1.04bn | ¥651.8m | ¥497.1m | ¥338.9m |
| Cash and short-term investments | ¥514.9m | ¥361.2m | ¥461.9m | ¥180.3m | ¥202.5m | ¥121.4m |
| Total liabilities | ¥250.3m | ¥146.7m | ¥176.4m | ¥177.7m | ¥145.5m | ¥79.1m |
| Debt | ¥30.0m | ¥30.0m | ¥30.0m | ¥30.0m | ¥30.0m | ¥30.0m |
| Shareholders' equity | ¥813.4m | ¥642.9m | ¥867.7m | ¥474.1m | ¥351.6m | ¥259.8m |
| Shares outstanding | 10m | 10m | 10m | 9m | 3m | 3m |
Cash flow
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|
| Cash from operations | ¥155.7m | ¥191.1m | ¥159.6m | ¥53.6m | ¥89.7m | −¥6.4m |
| Capital spending | −¥25.0m | −¥10.7m | −¥79.6m | −¥15.5m | −¥28.2m | −¥135.5m |
| Free cash flow | ¥130.7m | ¥180.4m | ¥80.0m | ¥38.1m | ¥61.5m | −¥141.9m |
Latest quarters
By quarter end
| Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥325.8m | ¥333.2m | ¥319.5m | ¥384.3m | ¥285.5m | ¥215.0m | ¥256.4m | ¥263.6m |
| Gross profit | ¥124.1m | ¥144.1m | ¥130.4m | ¥205.5m | ¥127.3m | ¥70.4m | ¥134.3m | ¥142.1m |
| Operating income | ¥24.7m | ¥48.8m | ¥37.9m | ¥117.5m | ¥34.4m | −¥27.6m | ¥35.6m | ¥24.6m |
| Net income | ¥16.4m | ¥33.1m | ¥26.2m | ¥89.0m | ¥23.3m | −¥19.8m | ¥24.1m | ¥17.5m |
| Diluted earnings per share | 1.64 | 3.44 | 2.71 | 9.43 | 2.37 | -2.50 | 2.45 | 1.67 |
| Total assets | ¥1.10bn | ¥1.09bn | ¥1.02bn | ¥1.06bn | ¥901.8m | ¥859.2m | ¥867.9m | ¥789.6m |
| Cash and short-term investments | ¥506.4m | ¥673.5m | ¥546.7m | ¥514.9m | ¥455.3m | ¥483.3m | ¥416.3m | ¥361.2m |
| Debt | ¥30.0m | ¥30.0m | ¥30.0m | ¥30.0m | ¥30.0m | ¥30.0m | ¥30.0m | ¥30.0m |
| Shareholders' equity | ¥919.4m | ¥872.7m | ¥839.6m | ¥813.4m | ¥724.4m | ¥671.0m | ¥690.8m | ¥642.9m |
Financial ratios
Data as of 22 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 40.3% | 46.8% | 48.5% | 63.1% | 62.9% | 66.8% |
| Operating margin | 11.9% | 14.0% | 5.4% | 23.7% | 20.9% | 9.5% |
| Net margin | 8.5% | 10.2% | 3.6% | 17.2% | 14.1% | 6.3% |
| Return on equity | 12.6% | 14.4% | 5.1% | 18.0% | 22.0% | 8.8% |
| Return on assets | 9.6% | 10.9% | 4.1% | 14.9% | 15.9% | 6.2% |
| Free cash flow yield | 1.4% | 2.6% | 4.4% | 6.8% | 1.4% | — |
| Revenue growth | 25.9% | 25.7% | 0.2% | 22.7% | 49.1% | 81.8% |
| Earnings growth | 4.3% | 254.9% | -78.9% | 49.7% | 236.1% | 301.7% |
| Current ratio | 3.14x | 3.54x | 4.14x | 4.77x | 2.58x | 2.40x |
| Debt to equity | 0.03x | 0.04x | 0.05x | 0.03x | 0.06x | 0.09x |
| Equity ratio | 76.3% | 76.3% | 81.0% | 83.1% | 72.6% | 70.5% |
| Interest coverage | 170.80x | 496.55x | 174.02x | 724.08x | 456.91x | 141.63x |
| R&D as a share of sales | — | 0.2% | — | — | 0.0% | 0.4% |
| Buybacks as a share of market value | 28.3% | -40.4% | -24.6% | 12.1% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.6% | 33.2% | — |
| Operating income | 1.2% | 64.0% | — |
| Net income | 3.9% | 72.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 47.8% | 55.1% | 57.2% | — |
| Operating margin | 10.8% | 16.6% | 15.0% | — |
| Net margin | 7.8% | 11.6% | 10.4% | — |
Valuation history
At each fiscal year end
| FY2024 | FY2023 | FY2022 | |
|---|---|---|---|
| Price to earnings | 27.4 | 230.1 | 36.9 |
| Price to sales | 2.8 | 8.3 | 6.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 3-for-1 split · 11 Oct 2023
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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