P 
1,689
+4.13%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.55bn
FY2020FY2025
Net income
¥366.5m
FY2020FY2025
Free cash flow
¥271.3m
FY2020FY2025
Shareholders' equity
¥1.52bn
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | ¥1.55bn | ¥1.22bn | ¥894.1m | ¥726.1m | ¥507.6m | ¥381.8m |
| Gross profit | ¥904.8m | ¥701.8m | ¥534.1m | ¥439.5m | ¥256.2m | ¥187.6m |
| Research and development | ¥15.2m | ¥49.7m | ¥50.0m | ¥76.6m | ¥87.2m | ¥81.0m |
| Operating income | ¥516.7m | ¥250.7m | ¥162.8m | ¥127.7m | −¥80.6m | −¥26.5m |
| Net income | ¥366.5m | ¥153.9m | ¥120.8m | ¥120.6m | −¥79.2m | −¥27.1m |
| Diluted earnings per share | 45.19 | 18.80 | 14.83 | 16.21 | -9.87 | -3.38 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | ¥1.85bn | ¥1.41bn | ¥1.17bn | ¥1.02bn | ¥252.4m | ¥304.8m |
| Cash and short-term investments | ¥1.19bn | ¥901.2m | ¥762.5m | ¥805.6m | ¥138.7m | ¥226.0m |
| Total liabilities | ¥338.7m | ¥285.0m | ¥216.6m | ¥199.2m | ¥124.7m | ¥97.9m |
| Debt | — | — | — | −¥495,000 | ¥5.0m | ¥8.3m |
| Shareholders' equity | ¥1.52bn | ¥1.13bn | ¥949.3m | ¥820.3m | ¥127.8m | ¥207.0m |
| Shares outstanding | 8m | 8m | 8m | 7m | 8m | 8m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | ¥433.2m | ¥204.3m | ¥91.2m | ¥114.6m | −¥83.2m | ¥19.7m |
| Capital spending | −¥161.9m | −¥90.4m | −¥90.8m | −¥26.6m | −¥780,000 | −¥811,000 |
| Free cash flow | ¥271.3m | ¥113.9m | ¥399,000 | ¥88.0m | −¥84.0m | ¥18.9m |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥509.6m | ¥460.0m | ¥391.5m | ¥383.2m | ¥366.2m | ¥421.8m | ¥375.2m | ¥324.3m |
| Gross profit | ¥308.4m | ¥291.9m | ¥236.8m | ¥230.3m | ¥203.5m | ¥255.1m | ¥215.7m | ¥171.5m |
| Operating income | ¥197.0m | ¥185.4m | ¥126.8m | ¥123.2m | ¥103.0m | ¥164.1m | ¥126.3m | ¥30.0m |
| Net income | ¥128.5m | ¥111.8m | ¥84.4m | ¥115.4m | ¥61.3m | ¥109.5m | ¥80.4m | ¥57.9m |
| Diluted earnings per share | 16.02 | 13.92 | 10.52 | 14.22 | 7.56 | 13.50 | 9.91 | 7.08 |
| Cash from operations | — | — | — | ¥433.0m | — | — | — | — |
| Capital spending | — | — | — | −¥161.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥272.0m | — | — | — | — |
| Total assets | ¥1.95bn | ¥1.89bn | ¥1.82bn | ¥1.85bn | ¥1.68bn | ¥1.66bn | ¥1.40bn | ¥1.41bn |
| Cash and short-term investments | ¥1.26bn | ¥1.18bn | ¥1.10bn | ¥1.19bn | ¥1.12bn | ¥1.04bn | ¥854.6m | ¥901.2m |
| Shareholders' equity | ¥1.66bn | ¥1.60bn | ¥1.62bn | ¥1.52bn | ¥1.40bn | ¥1.34bn | ¥1.22bn | ¥1.13bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 58.5% | 57.6% | 59.7% | 60.5% | 50.5% | 49.1% |
| Operating margin | 33.4% | 20.6% | 18.2% | 17.6% | -15.9% | -7.0% |
| Net margin | 23.7% | 12.6% | 13.5% | 16.6% | -15.6% | -7.1% |
| Return on equity | 24.2% | 13.6% | 12.7% | 14.7% | -62.0% | -13.1% |
| Return on assets | 19.8% | 10.9% | 10.4% | 11.8% | -31.4% | -8.9% |
| Free cash flow yield | 2.9% | 1.4% | 0.6% | 0.8% | — | — |
| Revenue growth | 26.9% | 36.3% | 23.1% | 43.0% | 33.0% | — |
| Earnings growth | 138.2% | 27.4% | 0.1% | -252.3% | 192.2% | — |
| Current ratio | 4.52x | 4.11x | 4.39x | 4.76x | 1.87x | 2.99x |
| Debt to equity | — | — | — | -0.00x | 0.04x | 0.04x |
| Equity ratio | 81.7% | 79.8% | 81.4% | 80.5% | 50.6% | 67.9% |
| Interest coverage | — | — | — | 5107.04x | -830.61x | -331.76x |
| R&D as a share of sales | 1.0% | 4.1% | 5.6% | 10.6% | 17.2% | 21.2% |
| Buybacks as a share of market value | 0.9% | -0.6% | -9.4% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 28.7% | 32.3% | — |
| Operating income | 59.4% | — | — |
| Net income | 44.8% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 58.1% | 58.8% | 57.3% | — |
| Operating margin | 27.8% | 24.1% | 18.0% | — |
| Net margin | 18.8% | 17.4% | 12.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | 63.6 | 145.9 | 125.4 | 76.9 |
| Price to sales | 15.1 | 18.4 | 16.9 | 12.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 3-for-1 split · 26 Apr 2024
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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