N 
2,600
+1.68%
Close of 9 Nov 2026, in JPY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.14bn
FY2020FY2025
Net income
¥440.6m
FY2020FY2025
Free cash flow
¥393.3m
FY2020FY2025
Shareholders' equity
¥2.88bn
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | ¥4.14bn | ¥3.31bn | ¥2.78bn | ¥2.32bn | ¥1.88bn | ¥1.52bn |
| Gross profit | ¥3.88bn | ¥3.11bn | ¥2.56bn | ¥2.08bn | ¥1.63bn | ¥1.21bn |
| Operating income | ¥256.1m | ¥52.8m | −¥380.2m | −¥732.1m | −¥456.5m | −¥293.9m |
| Net income | ¥440.6m | ¥98.9m | −¥414.8m | −¥756.5m | −¥436.2m | −¥352.3m |
| Diluted earnings per share | 25.66 | 6.35 | -27.36 | -51.02 | -21.86 | -17.65 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | ¥6.15bn | ¥3.77bn | ¥3.31bn | ¥3.30bn | ¥1.75bn | ¥2.24bn |
| Cash and short-term investments | ¥3.06bn | ¥2.15bn | ¥1.99bn | ¥2.19bn | ¥872.1m | ¥1.52bn |
| Total liabilities | ¥3.27bn | ¥2.05bn | ¥1.75bn | ¥1.49bn | ¥1.18bn | ¥1.23bn |
| Debt | ¥682.5m | ¥80.0m | ¥160.0m | ¥160.0m | ¥160.0m | ¥160.0m |
| Shareholders' equity | ¥2.88bn | ¥1.72bn | ¥1.56bn | ¥1.82bn | ¥574.1m | ¥1.01bn |
| Shares outstanding | 17m | 16m | 15m | 15m | 20m | 20m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | ¥393.3m | ¥225.8m | −¥346.6m | −¥660.1m | −¥646.9m | −¥155.2m |
| Capital spending | — | −¥225.8m | −¥12.4m | −¥23.0m | −¥5.3m | −¥61.9m |
| Free cash flow | ¥393.3m | — | −¥358.9m | −¥683.1m | −¥652.2m | −¥217.1m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.45bn | ¥1.39bn | ¥1.22bn | ¥1.09bn | ¥1.08bn | ¥1.01bn | ¥957.6m | ¥850.4m |
| Gross profit | ¥1.24bn | ¥1.23bn | ¥1.14bn | ¥1.02bn | ¥1.00bn | ¥946.0m | ¥905.5m | ¥795.9m |
| Operating income | ¥310.4m | ¥303.2m | ¥235.5m | ¥128.8m | ¥103.6m | ¥18.1m | ¥5.5m | ¥18.6m |
| Net income | ¥334.1m | ¥369.1m | ¥291.7m | ¥228.1m | ¥141.6m | ¥66.0m | ¥5.0m | ¥51.1m |
| Diluted earnings per share | 16.74 | 18.50 | 14.62 | 13.28 | 8.25 | 3.84 | 0.29 | 3.28 |
| Cash from operations | — | — | — | ¥374.0m | — | ¥9.0m | ¥9.0m | — |
| Total assets | ¥11.46bn | ¥10.93bn | ¥8.49bn | ¥6.15bn | ¥6.02bn | ¥4.88bn | ¥4.49bn | ¥3.77bn |
| Cash and short-term investments | ¥7.90bn | ¥7.37bn | ¥5.27bn | ¥3.06bn | ¥2.88bn | ¥2.03bn | ¥2.67bn | ¥2.17bn |
| Debt | — | — | ¥70.0m | ¥682.5m | ¥150.0m | ¥80.0m | ¥80.0m | ¥80.0m |
| Shareholders' equity | ¥8.17bn | ¥7.72bn | ¥5.19bn | ¥2.88bn | ¥2.80bn | ¥2.43bn | ¥2.28bn | ¥1.72bn |
Financial ratios
Data as of 18 Sept 2026
| FY2025 | FY2025 | FY2024 | FY2024 | FY2023 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | 93.6% | — | 93.9% | — | 92.1% | 89.9% | 86.3% | 79.5% |
| Operating margin | — | 6.5% | — | 2.3% | — | -14.8% | -32.5% | -23.0% | -19.3% |
| Net margin | — | 10.6% | — | 3.0% | — | -14.9% | -32.6% | -23.1% | -23.1% |
| Return on equity | — | 15.3% | — | 5.7% | — | -26.6% | -41.6% | -76.0% | -34.9% |
| Return on assets | — | 7.2% | — | 2.6% | — | -12.5% | -22.9% | -24.9% | -15.7% |
| Revenue growth | — | 25.0% | — | 19.3% | — | 19.9% | 23.0% | 23.7% | — |
| Earnings growth | — | 345.4% | — | -123.8% | — | -45.2% | 73.4% | 23.8% | — |
| Current ratio | — | 1.92x | — | 1.79x | — | 1.94x | 2.41x | 1.61x | 1.97x |
| Debt to equity | — | 0.24x | — | 0.05x | — | 0.10x | 0.05x | 0.28x | 0.16x |
| Equity ratio | — | 46.8% | — | 45.7% | — | 47.1% | 55.0% | 32.8% | 45.0% |
| Interest coverage | — | 37.12x | — | 112.17x | — | -542.99x | -770.53x | -570.87x | -248.20x |
| Buybacks as a share of market value | -10.2% | — | -2.7% | — | -2.2% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 21.4% | 22.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 93.7% | 92.7% | 90.7% | — |
| Operating margin | 4.1% | -6.4% | -9.7% | — |
| Net margin | 7.2% | -5.0% | -8.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | 63.6 | 80.5 | -21.2 | -8.1 |
| Price to sales | 6.8 | 2.4 | 3.2 | 2.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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