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At a glance
Figures in JPY, from our data supplier.
Revenue
¥879.46bn
FY2017FY2026
Net income
¥4.42bn
FY2017FY2026
Free cash flow
−¥1.82bn
FY2017FY2026
Shareholders' equity
¥151.22bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥879.46bn | ¥840.40bn | ¥832.54bn | ¥763.52bn | ¥600.57bn | ¥499.22bn | ¥556.18bn | ¥612.79bn | ¥603.85bn | ¥580.79bn |
| Gross profit | ¥195.54bn | ¥167.83bn | ¥180.48bn | ¥171.82bn | ¥135.43bn | ¥117.14bn | ¥134.30bn | ¥160.69bn | ¥161.97bn | ¥151.67bn |
| Research and development | — | — | ¥9.93bn | ¥9.09bn | ¥7.71bn | ¥8.26bn | ¥9.01bn | ¥9.38bn | ¥9.10bn | ¥8.50bn |
| Operating income | ¥28.64bn | ¥20.23bn | ¥35.86bn | ¥60.29bn | ¥18.44bn | ¥13.07bn | ¥21.18bn | ¥36.85bn | ¥35.66bn | ¥29.86bn |
| Net income | ¥4.42bn | −¥13.83bn | ¥10.63bn | −¥33.76bn | ¥4.13bn | −¥16.93bn | −¥18.93bn | ¥13.29bn | ¥6.13bn | ¥5.61bn |
| Diluted earnings per share | 31.15 | -138.96 | 116.69 | -397.38 | 33.54 | -159.58 | -208.91 | 146.67 | 67.77 | 62.00 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.12trn | ¥1.04trn | ¥1.02trn | ¥959.40bn | ¥946.49bn | ¥828.15bn | ¥767.22bn | ¥764.16bn | ¥792.18bn | ¥797.23bn |
| Cash and short-term investments | ¥57.56bn | ¥65.31bn | ¥51.18bn | ¥69.31bn | ¥60.46bn | ¥58.67bn | ¥43.61bn | ¥52.41bn | ¥65.84bn | ¥86.45bn |
| Total liabilities | ¥931.98bn | ¥901.05bn | ¥865.16bn | ¥834.53bn | ¥777.13bn | ¥748.38bn | ¥679.03bn | ¥631.65bn | ¥648.46bn | ¥663.52bn |
| Debt | ¥547.17bn | ¥522.73bn | ¥500.56bn | ¥491.54bn | ¥499.69bn | ¥505.29bn | ¥427.73bn | ¥369.65bn | ¥370.65bn | ¥396.40bn |
| Shareholders' equity | ¥151.22bn | ¥108.06bn | ¥124.28bn | ¥97.04bn | ¥145.29bn | ¥62.94bn | ¥73.61bn | ¥123.76bn | ¥135.19bn | ¥124.15bn |
| Shares outstanding | 142m | 100m | 91m | 85m | 123m | 106m | 91m | 91m | 90m | 90m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥40.03bn | ¥52.42bn | ¥58.77bn | ¥48.51bn | ¥45.06bn | ¥21.05bn | ¥30.44bn | ¥29.03bn | ¥37.16bn | ¥30.43bn |
| Capital spending | −¥41.85bn | −¥59.21bn | −¥54.90bn | −¥39.11bn | −¥34.48bn | −¥40.64bn | −¥62.65bn | −¥30.50bn | −¥33.75bn | −¥25.98bn |
| Free cash flow | −¥1.82bn | −¥6.79bn | ¥3.87bn | ¥9.39bn | ¥10.58bn | −¥19.59bn | −¥32.20bn | −¥1.48bn | ¥3.42bn | ¥4.44bn |
| Dividends paid | −¥1.95bn | −¥1.95bn | −¥1.95bn | −¥1.96bn | −¥1.96bn | −¥1.65bn | −¥2.82bn | −¥5.66bn | −¥5.66bn | −¥5.66bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥246.34bn | ¥238.90bn | ¥219.81bn | ¥210.55bn | ¥210.20bn | ¥210.44bn | ¥207.53bn | ¥206.01bn |
| Gross profit | ¥55.20bn | ¥54.84bn | ¥48.87bn | ¥44.52bn | ¥47.31bn | ¥43.36bn | ¥39.59bn | ¥40.81bn |
| Operating income | ¥10.65bn | ¥10.26bn | ¥7.71bn | ¥6.24bn | ¥8.54bn | ¥7.26bn | ¥588.0m | ¥6.42bn |
| Net income | ¥186.0m | ¥9.55bn | −¥914.0m | −¥4.07bn | −¥154.0m | −¥3.75bn | −¥6.21bn | −¥6.27bn |
| Diluted earnings per share | 1.31 | 67.33 | -9.18 | -40.85 | -1.55 | -37.70 | -68.17 | -68.78 |
| Cash from operations | −¥13.56bn | ¥43.43bn | −¥2.09bn | ¥12.61bn | −¥13.92bn | ¥63.32bn | −¥3.01bn | ¥15.55bn |
| Capital spending | −¥13.36bn | −¥9.53bn | −¥9.46bn | −¥9.68bn | −¥13.18bn | −¥16.91bn | −¥14.28bn | −¥11.72bn |
| Free cash flow | −¥26.93bn | ¥33.90bn | −¥11.55bn | ¥2.93bn | −¥27.10bn | ¥46.41bn | −¥17.29bn | ¥3.83bn |
| Total assets | ¥1.12trn | ¥1.12trn | ¥1.07trn | ¥1.02trn | ¥1.00trn | ¥1.04trn | ¥1.03trn | ¥981.25bn |
| Cash and short-term investments | ¥44.27bn | ¥57.56bn | ¥45.69bn | ¥42.18bn | ¥37.14bn | ¥65.31bn | ¥51.36bn | ¥49.67bn |
| Debt | ¥273.37bn | ¥547.17bn | ¥242.69bn | ¥535.18bn | ¥183.66bn | ¥522.73bn | ¥141.08bn | ¥526.38bn |
| Shareholders' equity | ¥150.92bn | ¥151.22bn | ¥124.32bn | ¥106.09bn | ¥99.62bn | ¥108.06bn | ¥120.15bn | ¥109.31bn |
Financial ratios
Data as of 15 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 22.2% | 20.0% | 21.7% | 22.5% | 22.6% | 23.5% | — | — |
| Operating margin | 3.3% | 2.4% | 4.3% | 7.9% | 3.1% | 2.6% | — | — |
| Net margin | 0.5% | -1.6% | 1.3% | -4.4% | 0.7% | -3.4% | — | — |
| Return on equity | 2.9% | -12.8% | 8.6% | -34.8% | 2.8% | -26.9% | — | — |
| Return on assets | 0.4% | -1.3% | 1.0% | -3.5% | 0.4% | -2.0% | — | — |
| Free cash flow yield | 116.6% | 226.6% | 252.0% | 208.3% | 130.4% | 117.5% | — | — |
| Revenue growth | 4.6% | 0.9% | 9.0% | 27.1% | 20.3% | -10.2% | — | — |
| Earnings growth | -132.0% | -230.1% | -131.5% | -916.7% | -124.4% | -10.5% | — | — |
| Current ratio | 0.61x | 0.79x | 0.87x | 0.87x | 0.99x | 0.87x | — | — |
| Debt to equity | 3.62x | 4.84x | 4.03x | 5.07x | 3.26x | 7.59x | — | — |
| Equity ratio | 13.5% | 10.4% | 12.2% | 10.1% | 15.4% | 7.6% | — | — |
| Interest coverage | 0.91x | 0.72x | 0.99x | 2.66x | 1.26x | 1.00x | — | — |
| R&D as a share of sales | — | — | 1.2% | 1.2% | 1.3% | 1.7% | 1.6% | 1.5% |
| Buybacks as a share of market value | -42.6% | -9.2% | -7.3% | 31.1% | -16.2% | -17.1% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.8% | 12.0% | 3.4% |
| Operating income | -22.0% | 17.0% | 4.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 21.1% | 21.6% | 21.9% | 23.4% |
| Operating margin | 2.8% | 4.4% | 4.0% | 4.3% |
| Net margin | -0.5% | -1.0% | -1.0% | -1.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 15.9 | -4.3 | 3.1 | -1.4 | 16.9 | -3.2 | -2.3 | 4.8 | 12.3 | 16.5 |
| Price to sales | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Mar 2019.
| FY2020 | FY2019 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 20.00 | 30.00 | 15.00 | 60.00 | 60.00 | 60.00 | 60.00 | 60.00 |
- 10-to-1 reverse split · 28 Sept 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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