D 
670
+3.24%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.92bn
FY2016FY2025
Net income
¥740.0m
FY2016FY2025
Free cash flow
−¥317.0m
FY2016FY2025
Shareholders' equity
¥8.37bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.92bn | ¥5.32bn | ¥5.55bn | ¥4.64bn | ¥5.02bn | ¥5.42bn | ¥6.14bn | ¥5.84bn | ¥5.48bn | ¥5.62bn |
| Gross profit | ¥1.45bn | ¥1.36bn | ¥1.55bn | ¥1.14bn | ¥1.51bn | ¥1.61bn | ¥1.78bn | ¥1.70bn | ¥1.42bn | ¥1.56bn |
| Research and development | — | ¥126.0m | ¥112.0m | ¥38.0m | ¥35.0m | ¥41.0m | ¥47.0m | ¥43.0m | ¥40.0m | ¥45.0m |
| Operating income | −¥688.0m | −¥987.0m | −¥874.0m | −¥1.04bn | −¥898.0m | −¥1.18bn | −¥486.0m | −¥373.0m | −¥391.0m | −¥309.0m |
| Net income | ¥740.0m | ¥33.0m | −¥955.0m | −¥370.0m | −¥967.0m | −¥196.0m | −¥282.0m | −¥150.0m | ¥27.0m | −¥220.0m |
| Diluted earnings per share | 23.08 | 1.03 | -29.24 | -12.47 | -8.99 | -6.61 | -9.51 | -5.06 | 0.91 | -7.41 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥10.86bn | ¥10.70bn | ¥11.96bn | ¥11.11bn | ¥11.12bn | ¥20.90bn | ¥13.27bn | ¥13.74bn | ¥14.66bn | ¥15.11bn |
| Cash and short-term investments | ¥1.72bn | ¥360.0m | ¥494.0m | ¥982.0m | ¥2.15bn | ¥4.87bn | ¥918.0m | ¥1.22bn | ¥1.88bn | ¥1.33bn |
| Total liabilities | ¥2.22bn | ¥2.31bn | ¥2.67bn | ¥2.73bn | ¥2.96bn | ¥10.74bn | ¥3.27bn | ¥3.63bn | ¥3.96bn | ¥4.23bn |
| Debt | ¥13.0m | ¥264.0m | ¥314.0m | ¥1.06bn | ¥1.07bn | ¥7.79bn | ¥1.07bn | ¥637.0m | ¥1.49bn | ¥1.52bn |
| Shareholders' equity | ¥8.37bn | ¥7.47bn | ¥8.27bn | ¥8.02bn | ¥7.80bn | ¥8.32bn | ¥9.64bn | ¥9.77bn | ¥10.35bn | ¥10.54bn |
| Shares outstanding | 32m | 32m | 33m | 30m | 108m | 30m | 30m | 30m | 30m | 30m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥288.0m | −¥809.0m | −¥1.29bn | −¥1.45bn | ¥3.95bn | −¥5.43bn | −¥342.0m | −¥251.0m | −¥181.0m | −¥336.0m |
| Capital spending | −¥29.0m | −¥186.0m | −¥822.0m | −¥540.0m | −¥303.0m | −¥311.0m | −¥77.0m | −¥331.0m | −¥396.0m | −¥261.0m |
| Free cash flow | −¥317.0m | −¥995.0m | −¥2.11bn | −¥1.99bn | ¥3.65bn | −¥5.74bn | −¥419.0m | −¥582.0m | −¥577.0m | −¥597.0m |
| Dividends paid | — | — | — | — | — | — | — | — | −¥2.0m | −¥2.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.04bn | ¥1.01bn | ¥1.26bn | ¥1.16bn | ¥1.09bn | ¥1.41bn | ¥1.36bn | ¥1.20bn |
| Gross profit | ¥263.0m | ¥263.0m | ¥314.0m | ¥305.0m | ¥307.0m | ¥521.0m | ¥326.0m | ¥295.0m |
| Operating income | −¥258.0m | −¥259.0m | −¥213.0m | −¥221.0m | −¥217.0m | −¥35.0m | −¥216.0m | −¥244.0m |
| Net income | −¥425.0m | −¥247.0m | −¥199.0m | −¥191.0m | ¥905.0m | ¥225.0m | ¥153.0m | −¥169.0m |
| Diluted earnings per share | -13.26 | -7.71 | -6.21 | -5.96 | 28.23 | 7.02 | 4.77 | -5.27 |
| Total assets | ¥9.68bn | ¥10.27bn | ¥10.86bn | ¥10.97bn | ¥11.37bn | ¥10.67bn | ¥10.70bn | ¥10.21bn |
| Cash and short-term investments | ¥701.0m | ¥1.15bn | ¥1.72bn | ¥1.46bn | ¥2.10bn | ¥667.0m | ¥360.0m | ¥218.0m |
| Debt | ¥3.0m | ¥34.0m | ¥4.0m | ¥30.0m | ¥279.0m | ¥280.0m | ¥256.0m | ¥496.0m |
| Shareholders' equity | ¥7.87bn | ¥8.21bn | ¥8.37bn | ¥8.37bn | ¥8.45bn | ¥7.47bn | ¥7.47bn | ¥6.93bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 29.4% | 25.5% | 27.9% | 24.5% | 30.1% | 29.7% | — |
| Operating margin | -14.0% | -18.6% | -15.7% | -22.5% | -17.9% | -21.8% | — |
| Net margin | 15.1% | 0.6% | -17.2% | -8.0% | -19.3% | -3.6% | — |
| Return on equity | 8.8% | 0.4% | -11.6% | -4.6% | -12.4% | -2.4% | — |
| Return on assets | 6.8% | 0.3% | -8.0% | -3.3% | -8.7% | -0.9% | — |
| Free cash flow yield | -0.9% | -2.3% | -1.7% | -3.6% | 4.6% | -20.1% | — |
| Revenue growth | -7.5% | -4.3% | 19.6% | -7.5% | -7.3% | -11.9% | — |
| Earnings growth | 2142.4% | -103.5% | 158.1% | -61.7% | 393.4% | -30.5% | — |
| Current ratio | 4.21x | 3.55x | 2.76x | 2.75x | 2.94x | 1.64x | — |
| Debt to equity | 0.00x | 0.03x | 0.04x | 0.13x | 0.13x | 0.84x | — |
| Equity ratio | 77.0% | 69.8% | 69.1% | 72.1% | 70.2% | 39.8% | — |
| Interest coverage | -62.55x | -123.38x | -174.80x | -208.80x | -149.67x | -196.83x | — |
| R&D as a share of sales | — | 2.4% | 2.0% | 0.8% | 0.7% | 0.8% | 0.8% |
| Buybacks as a share of market value | 0.0% | 1.8% | -10.1% | 72.4% | -262.8% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.9% | -1.9% | -1.7% |
| Operating income | -13.0% | -10.2% | 3.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 27.4% | 26.9% | 27.9% | 27.8% |
| Operating margin | -16.4% | -17.6% | -18.4% | -12.9% |
| Net margin | 7.6% | -2.7% | -5.6% | -5.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.9 | 299.3 | -31.5 | -17.7 | -26.4 | -72.5 | -12.0 | -20.8 | 162.6 | -26.0 |
| Price to sales | 3.3 | 1.9 | 5.4 | 1.4 | 5.1 | 2.6 | 0.6 | 0.5 | 0.8 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 25 Dec 2008.
| FY2009 | FY2008 | FY2007 | FY2005 | FY2004 | FY2003 | FY2002 | FY2001 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.00 | 5.00 | 15.00 | 10.00 | 30.00 | 18.00 | 18.00 | 18.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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