J 
308
+2.67%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.22bn
FY2016FY2025
Net income
−¥1.26bn
FY2016FY2025
Free cash flow
¥506.5m
FY2016FY2025
Shareholders' equity
¥1.65bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.22bn | ¥3.07bn | ¥3.64bn | ¥2.96bn | ¥2.42bn | ¥2.46bn | ¥2.81bn | ¥2.58bn | ¥1.63bn | ¥1.48bn |
| Gross profit | ¥1.04bn | ¥1.01bn | ¥1.49bn | ¥1.20bn | ¥864.9m | ¥550.3m | ¥1.10bn | ¥1.01bn | ¥528.6m | ¥603.2m |
| Research and development | — | — | — | — | — | — | ¥3.5m | ¥5.8m | ¥9.1m | ¥13.5m |
| Operating income | ¥103.6m | ¥88.1m | ¥536.6m | ¥351.2m | ¥115.4m | −¥224.9m | ¥265.0m | ¥329.6m | ¥26.9m | ¥139.7m |
| Net income | −¥1.26bn | ¥50.7m | ¥363.7m | ¥247.5m | ¥114.2m | −¥173.2m | ¥164.4m | ¥214.7m | ¥15.9m | ¥119.9m |
| Diluted earnings per share | -227.77 | 9.03 | 63.95 | 44.59 | 20.69 | -32.73 | 31.12 | 40.94 | 3.00 | 21.54 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.86bn | ¥4.72bn | ¥5.00bn | ¥4.35bn | ¥3.81bn | ¥3.78bn | ¥3.68bn | ¥3.31bn | ¥2.46bn | ¥2.47bn |
| Cash and short-term investments | ¥425.0m | ¥419.7m | ¥303.2m | ¥306.6m | ¥306.3m | ¥222.1m | ¥298.5m | ¥1.01bn | ¥465.3m | ¥1.22bn |
| Total liabilities | ¥1.22bn | ¥1.82bn | ¥2.14bn | ¥1.89bn | ¥1.61bn | ¥1.70bn | ¥1.43bn | ¥1.25bn | ¥624.1m | ¥657.0m |
| Debt | ¥749.2m | ¥1.25bn | ¥1.44bn | ¥1.15bn | ¥1.10bn | ¥1.33bn | ¥1.05bn | ¥742.6m | ¥316.8m | ¥401.9m |
| Shareholders' equity | ¥1.65bn | ¥2.90bn | ¥2.86bn | ¥2.46bn | ¥2.20bn | ¥2.09bn | ¥2.25bn | ¥2.06bn | ¥1.83bn | ¥1.81bn |
| Shares outstanding | 6m | 6m | 6m | 6m | 6m | 5m | 5m | 5m | 5m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥667.3m | ¥529.1m | ¥389.6m | ¥600.4m | ¥456.4m | −¥28.8m | ¥301.7m | ¥575.1m | −¥108.0m | ¥179.5m |
| Capital spending | −¥160.7m | −¥230.8m | −¥705.7m | −¥624.9m | −¥129.7m | −¥219.3m | −¥1.38bn | −¥188.1m | −¥545.6m | −¥218.7m |
| Free cash flow | ¥506.5m | ¥298.3m | −¥316.1m | −¥24.5m | ¥326.6m | −¥248.1m | −¥1.08bn | ¥387.0m | −¥653.5m | −¥39.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥573.2m | ¥736.3m | ¥828.4m | ¥958.8m | ¥670.8m | ¥765.1m | ¥924.5m | ¥529.6m |
| Gross profit | ¥165.7m | ¥307.6m | ¥325.7m | ¥327.6m | ¥105.2m | ¥278.2m | ¥328.8m | ¥149.4m |
| Operating income | −¥70.1m | ¥99.5m | ¥94.7m | ¥98.1m | −¥132.5m | ¥43.3m | ¥82.1m | −¥63.0m |
| Net income | −¥53.8m | ¥79.0m | −¥1.26bn | ¥67.7m | −¥97.5m | ¥25.3m | ¥46.7m | −¥45.3m |
| Diluted earnings per share | -9.67 | 14.20 | -226.95 | 12.20 | -17.57 | 4.56 | 8.32 | -8.07 |
| Total assets | ¥2.66bn | ¥2.84bn | ¥2.86bn | ¥4.24bn | ¥4.34bn | ¥4.62bn | ¥4.72bn | ¥4.43bn |
| Cash and short-term investments | ¥564.5m | ¥438.5m | ¥425.0m | ¥344.3m | ¥393.4m | ¥326.7m | ¥419.7m | ¥303.1m |
| Debt | ¥522.1m | ¥263.8m | ¥707.1m | ¥479.8m | ¥927.1m | ¥700.0m | ¥556.0m | ¥312.0m |
| Shareholders' equity | ¥1.68bn | ¥1.73bn | ¥1.65bn | ¥2.91bn | ¥2.84bn | ¥2.93bn | ¥2.90bn | ¥2.89bn |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 32.2% | 32.9% | 41.0% | 40.6% | 35.8% | 22.4% | — | — | — | — | — | — |
| Operating margin | 3.2% | 2.9% | 14.7% | 11.9% | 4.2% | -9.0% | — | — | — | — | — | — |
| Net margin | -39.2% | 1.6% | 10.0% | 8.4% | 4.7% | -7.0% | — | — | — | — | — | — |
| Return on equity | -76.7% | 1.7% | 12.7% | 10.1% | 5.2% | -8.3% | — | — | — | — | — | — |
| Return on assets | -44.1% | 1.1% | 7.3% | 5.7% | 3.0% | -4.6% | — | — | — | — | — | — |
| Free cash flow yield | 46.3% | 42.1% | 59.8% | 68.5% | 33.0% | 11.2% | — | — | — | — | — | — |
| Revenue growth | 4.9% | -15.6% | 23.2% | 22.3% | -1.7% | -12.5% | — | — | — | — | — | — |
| Earnings growth | -2593.8% | -86.1% | 46.9% | 116.8% | -165.9% | -205.4% | — | — | — | — | — | — |
| Current ratio | 1.64x | 1.52x | 1.38x | 1.34x | 1.32x | 1.37x | — | — | — | — | — | — |
| Debt to equity | 0.43x | 0.40x | 0.45x | 0.37x | 0.36x | 0.44x | — | — | — | — | — | — |
| Equity ratio | 57.5% | 61.5% | 57.3% | 56.5% | 57.8% | 55.1% | — | — | — | — | — | — |
| Interest coverage | 11.88x | 8.17x | 39.27x | 24.13x | 6.17x | -7.41x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.1% | 0.2% | 0.6% | 0.9% | 0.6% | 0.0% |
| Buybacks as a share of market value | 1.1% | 1.3% | -2.4% | -0.6% | -4.3% | -0.2% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.9% | 5.6% | 9.3% |
| Operating income | -33.4% | — | -4.9% |
| Net income | — | 48.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 32.5% | 36.8% | 34.7% | 36.0% |
| Operating margin | 3.0% | 8.4% | 5.5% | 6.9% |
| Net margin | -19.3% | -4.7% | -3.7% | -0.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.7 | 48.8 | 18.6 | 15.5 | 22.7 | -23.4 | 35.9 | 35.4 | 166.8 | 35.0 |
| Price to sales | 0.7 | 0.8 | 1.9 | 1.3 | 1.1 | 1.6 | 2.1 | 2.9 | 1.6 | 2.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 26 Dec 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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