A 
1,895
+4.12%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.58bn
FY2021FY2026
Net income
¥1.07bn
FY2021FY2026
Free cash flow
¥151.0m
FY2021FY2026
Shareholders' equity
¥5.66bn
FY2021FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | ¥4.58bn | ¥3.59bn | ¥2.77bn | ¥2.78bn | ¥1.98bn | ¥1.26bn |
| Gross profit | ¥2.79bn | ¥2.24bn | ¥1.84bn | ¥1.73bn | ¥1.18bn | ¥581.3m |
| Research and development | — | ¥66.1m | ¥31.0m | ¥10.4m | ¥10.3m | ¥25.4m |
| Operating income | ¥710.6m | ¥445.9m | ¥290.3m | ¥402.8m | −¥163.5m | −¥264.9m |
| Net income | ¥1.07bn | ¥448.3m | ¥218.7m | ¥421.6m | −¥196.4m | −¥350.4m |
| Diluted earnings per share | 102.23 | 42.99 | 21.25 | 40.57 | -25.46 | -33.61 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total assets | ¥6.47bn | ¥5.32bn | ¥4.24bn | ¥4.11bn | ¥2.16bn | ¥2.38bn |
| Cash and short-term investments | ¥4.42bn | ¥4.59bn | ¥2.87bn | ¥3.54bn | ¥1.84bn | ¥2.11bn |
| Total liabilities | ¥808.5m | ¥846.4m | ¥341.8m | ¥628.6m | ¥366.1m | ¥392.6m |
| Debt | — | — | ¥118.5m | ¥80.0m | ¥80.0m | ¥80.0m |
| Shareholders' equity | ¥5.66bn | ¥4.47bn | ¥3.90bn | ¥3.48bn | ¥1.79bn | ¥1.99bn |
| Shares outstanding | 10m | 10m | 10m | 10m | 8m | 10m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash from operations | ¥165.2m | ¥1.62bn | −¥760.0m | ¥460.5m | −¥253.5m | −¥152.8m |
| Capital spending | −¥14.2m | −¥15.9m | −¥14.0m | −¥640,000 | −¥14.1m | — |
| Free cash flow | ¥151.0m | ¥1.61bn | −¥774.0m | ¥459.9m | −¥267.6m | −¥152.8m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.21bn | ¥1.02bn | ¥1.15bn | ¥1.20bn | ¥892.3m | ¥885.2m | ¥1.04bn | ¥768.0m |
| Gross profit | ¥764.7m | ¥659.7m | ¥649.5m | ¥701.7m | ¥546.6m | ¥561.3m | ¥631.1m | ¥486.0m |
| Operating income | ¥138.8m | ¥182.2m | ¥165.3m | ¥219.3m | ¥46.3m | ¥109.6m | ¥195.4m | ¥94.0m |
| Net income | ¥352.4m | ¥377.3m | ¥154.2m | ¥182.1m | ¥94.7m | ¥109.3m | ¥158.9m | ¥85.0m |
| Diluted earnings per share | 33.80 | 36.18 | 14.78 | 17.46 | 9.08 | 10.48 | 15.24 | 8.26 |
| Cash from operations | — | — | — | — | ¥8.0m | — | — | — |
| Capital spending | — | — | — | — | −¥15.0m | — | — | — |
| Free cash flow | — | — | — | — | −¥7.0m | — | — | — |
| Total assets | ¥6.47bn | ¥5.92bn | ¥5.55bn | ¥5.26bn | ¥5.32bn | ¥4.90bn | ¥4.72bn | ¥4.43bn |
| Cash and short-term investments | ¥4.42bn | ¥4.30bn | ¥4.25bn | ¥4.26bn | ¥4.59bn | ¥4.24bn | ¥3.65bn | ¥2.98bn |
| Shareholders' equity | ¥5.66bn | ¥5.29bn | ¥4.89bn | ¥4.69bn | ¥4.47bn | ¥4.36bn | ¥4.17bn | ¥4.00bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 62.4% | 66.7% | 62.2% | 59.7% | 46.2% |
| Operating margin | 12.4% | 10.5% | 14.5% | -9.8% | -27.6% |
| Net margin | 12.5% | 7.9% | 15.2% | -9.9% | -27.8% |
| Return on equity | 10.0% | 5.6% | 12.1% | -10.9% | -17.6% |
| Return on assets | 8.4% | 5.2% | 10.3% | -9.1% | -14.7% |
| Free cash flow yield | 4.8% | -2.2% | 1.4% | -1.0% | — |
| Revenue growth | 29.6% | -0.3% | 40.3% | 57.1% | — |
| Earnings growth | 105.0% | -48.1% | -314.7% | -44.0% | — |
| Current ratio | 6.03x | 12.02x | 6.32x | 7.52x | 7.56x |
| Debt to equity | — | 0.03x | 0.02x | 0.02x | 0.04x |
| Equity ratio | 84.1% | 91.9% | 84.7% | 83.0% | 83.5% |
| Interest coverage | — | 990.92x | 1262.66x | -605.48x | -1090.32x |
| R&D as a share of sales | 1.8% | 1.1% | 0.4% | 0.5% | 2.0% |
| Buybacks as a share of market value | -1.3% | 1.0% | -34.7% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.2% | 29.5% | — |
| Operating income | 20.8% | — | — |
| Net income | 36.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 61.6% | 62.7% | 61.2% | — |
| Operating margin | 14.2% | 13.5% | 8.4% | — |
| Net margin | 18.5% | 15.7% | 9.5% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Price to earnings | 19.7 | 55.5 | 75.7 | 73.8 |
| Price to sales | 4.6 | 6.9 | 6.0 | 11.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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