N 
940
+3.98%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥12.29bn
FY2017FY2026
Net income
¥154.0m
FY2017FY2026
Free cash flow
¥1.61bn
FY2017FY2026
Shareholders' equity
¥11.69bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥12.29bn | ¥14.31bn | ¥15.99bn | ¥14.81bn | ¥12.11bn | ¥11.90bn | ¥12.09bn | ¥13.74bn | ¥13.33bn | ¥9.61bn |
| Gross profit | ¥1.85bn | ¥2.03bn | ¥2.74bn | ¥2.08bn | ¥2.00bn | ¥1.73bn | ¥1.63bn | ¥1.96bn | ¥1.91bn | ¥732.0m |
| Research and development | — | ¥284.0m | ¥357.0m | ¥231.0m | ¥174.0m | ¥201.0m | ¥145.0m | ¥114.0m | ¥56.0m | ¥60.0m |
| Operating income | ¥417.0m | ¥409.0m | ¥1.29bn | ¥712.0m | ¥785.0m | ¥574.0m | ¥425.0m | ¥730.0m | ¥763.0m | −¥313.0m |
| Net income | ¥154.0m | ¥236.0m | ¥651.0m | ¥568.0m | ¥663.0m | ¥435.0m | ¥331.0m | ¥532.0m | ¥598.0m | −¥825.0m |
| Diluted earnings per share | 31.94 | 48.95 | 135.03 | 117.81 | 137.52 | 84.77 | 64.50 | 103.67 | 116.53 | -160.76 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥21.55bn | ¥22.34bn | ¥23.54bn | ¥22.67bn | ¥21.09bn | ¥19.61bn | ¥19.90bn | ¥20.68bn | ¥20.30bn | ¥18.27bn |
| Cash and short-term investments | ¥1.74bn | ¥586.0m | ¥1.12bn | ¥560.0m | ¥356.0m | ¥489.0m | ¥195.0m | ¥445.0m | ¥264.0m | ¥226.0m |
| Total liabilities | ¥9.86bn | ¥10.45bn | ¥11.66bn | ¥11.30bn | ¥9.84bn | ¥8.85bn | ¥9.51bn | ¥10.31bn | ¥10.27bn | ¥8.79bn |
| Debt | ¥3.57bn | ¥3.79bn | ¥3.74bn | ¥4.13bn | ¥2.90bn | ¥2.23bn | ¥2.53bn | ¥2.25bn | ¥1.59bn | ¥1.27bn |
| Shareholders' equity | ¥11.69bn | ¥11.88bn | ¥11.88bn | ¥11.37bn | ¥11.25bn | ¥10.76bn | ¥10.38bn | ¥10.37bn | ¥10.04bn | ¥9.48bn |
| Shares outstanding | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥2.12bn | ¥685.0m | ¥1.81bn | ¥159.0m | −¥427.0m | ¥1.54bn | ¥507.0m | ¥774.0m | ¥680.0m | ¥210.0m |
| Capital spending | −¥509.0m | −¥985.0m | −¥591.0m | −¥648.0m | −¥500.0m | −¥818.0m | −¥824.0m | −¥984.0m | −¥856.0m | −¥403.0m |
| Free cash flow | ¥1.61bn | −¥300.0m | ¥1.22bn | −¥489.0m | −¥927.0m | ¥720.0m | −¥317.0m | −¥210.0m | −¥176.0m | −¥193.0m |
| Dividends paid | −¥144.0m | −¥168.0m | −¥144.0m | −¥153.0m | −¥128.0m | −¥128.0m | −¥153.0m | −¥153.0m | −¥76.0m | −¥128.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.62bn | ¥3.31bn | ¥2.98bn | ¥3.01bn | ¥2.99bn | ¥4.41bn | ¥3.77bn | ¥2.87bn |
| Gross profit | ¥301.0m | ¥694.0m | ¥318.0m | ¥404.0m | ¥436.0m | ¥634.0m | ¥602.0m | ¥398.0m |
| Operating income | −¥91.0m | ¥382.0m | −¥43.0m | ¥49.0m | ¥28.0m | ¥229.0m | ¥211.0m | −¥25.0m |
| Net income | −¥68.0m | −¥28.0m | −¥40.0m | ¥215.0m | ¥7.0m | ¥169.0m | ¥122.0m | −¥37.0m |
| Diluted earnings per share | -14.10 | -5.81 | -8.30 | 44.59 | 1.45 | 35.05 | 25.30 | -7.67 |
| Total assets | ¥20.84bn | ¥21.55bn | ¥21.65bn | ¥21.68bn | ¥22.99bn | ¥22.34bn | ¥22.64bn | ¥22.62bn |
| Cash and short-term investments | ¥1.60bn | ¥1.74bn | ¥1.45bn | ¥1.27bn | ¥2.13bn | ¥586.0m | ¥695.0m | ¥1.72bn |
| Debt | ¥2.30bn | ¥3.56bn | ¥2.71bn | ¥3.53bn | ¥3.71bn | ¥3.79bn | ¥2.45bn | ¥3.52bn |
| Shareholders' equity | ¥11.53bn | ¥11.69bn | ¥11.71bn | ¥11.75bn | ¥11.75bn | ¥11.88bn | ¥11.78bn | ¥11.65bn |
Financial ratios
Data as of 19 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 15.1% | 14.2% | 17.1% | 14.1% | 16.5% | 14.5% | — |
| Operating margin | 1.5% | 2.5% | 5.7% | 4.7% | 7.9% | 4.8% | — |
| Net margin | 1.3% | 1.6% | 4.1% | 3.8% | 5.5% | 3.7% | — |
| Return on equity | 1.3% | 2.0% | 5.5% | 5.0% | 5.9% | 4.0% | — |
| Return on assets | 0.7% | 1.1% | 2.8% | 2.5% | 3.1% | 2.2% | — |
| Free cash flow yield | 55.4% | 35.2% | 50.5% | 17.0% | 1.5% | 46.6% | — |
| Revenue growth | -14.1% | -10.5% | 8.0% | 22.3% | 1.7% | -1.6% | — |
| Earnings growth | -34.7% | -63.7% | 14.6% | -14.3% | 52.4% | 31.4% | — |
| Current ratio | 1.87x | 1.86x | 1.83x | 1.71x | 1.74x | 1.66x | — |
| Debt to equity | 0.30x | 0.32x | 0.31x | 0.36x | 0.26x | 0.21x | — |
| Equity ratio | 54.2% | 53.2% | 50.5% | 50.1% | 53.3% | 54.9% | — |
| Interest coverage | 4.18x | 12.34x | 39.35x | 36.63x | 95.80x | 57.40x | — |
| R&D as a share of sales | — | 2.0% | 2.2% | 1.6% | 1.4% | 1.7% | 1.2% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 6.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.0% | 0.6% | 1.0% |
| Operating income | -16.3% | -6.2% | 6.9% |
| Net income | -35.3% | -18.8% | 3.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.6% | 15.2% | 15.3% | 14.1% |
| Operating margin | 3.1% | 4.9% | 5.1% | 4.3% |
| Net margin | 1.5% | 2.8% | 3.3% | 2.4% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 30.3 | 17.0 | 6.2 | 7.9 | 5.9 | 9.5 | 11.2 | 7.8 | 6.8 | -10.2 |
| Price to sales | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 18 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 50.00 | 35.00 | 30.00 | 30.00 | 25.00 | 25.00 | 30.00 | 30.00 |
- 10-to-1 reverse split · 27 Sept 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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