T 
683
+2.55%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥125.55bn
FY2017FY2026
Net income
¥4.78bn
FY2017FY2026
Free cash flow
¥584.0m
FY2017FY2026
Shareholders' equity
¥13.67bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥125.55bn | ¥126.27bn | ¥130.80bn | ¥145.76bn | ¥124.28bn | ¥103.47bn | ¥97.44bn | ¥117.55bn | ¥133.63bn | ¥113.95bn |
| Gross profit | ¥12.62bn | ¥13.15bn | ¥8.32bn | ¥12.26bn | ¥17.96bn | ¥13.26bn | −¥6.02bn | ¥9.38bn | ¥21.52bn | ¥20.85bn |
| Research and development | — | ¥263.0m | ¥340.0m | ¥339.0m | ¥213.0m | ¥146.0m | ¥162.0m | ¥138.0m | ¥163.0m | ¥107.0m |
| Operating income | ¥6.84bn | ¥5.63bn | −¥690.0m | ¥4.05bn | ¥10.51bn | ¥5.89bn | −¥17.48bn | ¥531.0m | ¥13.10bn | ¥12.77bn |
| Net income | ¥4.78bn | −¥1.46bn | −¥46.45bn | ¥794.0m | ¥7.92bn | ¥5.51bn | −¥18.36bn | −¥2.55bn | ¥10.37bn | ¥8.81bn |
| Diluted earnings per share | 98.56 | -39.05 | -3,421.17 | 58.48 | 583.45 | 405.65 | -1,352.46 | -187.80 | 763.93 | 649.11 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥98.93bn | ¥99.30bn | ¥108.44bn | ¥143.00bn | ¥145.80bn | ¥113.64bn | ¥117.33bn | ¥130.23bn | ¥137.26bn | ¥129.70bn |
| Cash and short-term investments | ¥11.13bn | ¥20.98bn | ¥13.41bn | ¥9.54bn | ¥7.93bn | ¥5.93bn | ¥8.21bn | ¥10.25bn | ¥13.80bn | ¥10.37bn |
| Total liabilities | ¥85.26bn | ¥89.21bn | ¥105.73bn | ¥92.47bn | ¥99.83bn | ¥72.17bn | ¥81.02bn | ¥74.73bn | ¥74.88bn | ¥77.72bn |
| Debt | ¥62.47bn | ¥73.53bn | ¥75.85bn | ¥66.42bn | ¥66.51bn | ¥49.97bn | ¥57.08bn | ¥52.89bn | ¥52.68bn | ¥53.91bn |
| Shareholders' equity | ¥13.67bn | ¥10.08bn | ¥2.71bn | ¥50.52bn | ¥45.96bn | ¥41.46bn | ¥36.31bn | ¥55.50bn | ¥62.38bn | ¥51.98bn |
| Shares outstanding | 49m | 37m | 14m | 14m | 14m | 14m | 14m | 14m | 14m | 14m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥1.95bn | ¥2.90bn | ¥3.75bn | ¥11.01bn | −¥5.18bn | ¥4.31bn | ¥6.72bn | ¥8.15bn | ¥12.04bn | ¥7.64bn |
| Capital spending | −¥1.36bn | −¥1.58bn | −¥4.77bn | −¥5.62bn | −¥4.82bn | −¥2.73bn | −¥6.32bn | −¥5.61bn | −¥3.69bn | −¥2.94bn |
| Free cash flow | ¥584.0m | ¥1.31bn | −¥1.02bn | ¥5.39bn | −¥10.00bn | ¥1.58bn | ¥401.0m | ¥2.54bn | ¥8.35bn | ¥4.70bn |
| Dividends paid | — | — | −¥1.02bn | −¥1.02bn | −¥678.0m | −¥678.0m | −¥950.0m | −¥1.70bn | −¥1.36bn | −¥678.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥31.10bn | ¥35.45bn | ¥36.27bn | ¥26.96bn | ¥26.87bn | ¥28.97bn | ¥33.79bn | ¥28.61bn |
| Gross profit | ¥1.00bn | ¥5.13bn | ¥5.16bn | ¥1.69bn | ¥648.0m | ¥1.23bn | ¥4.38bn | ¥1.77bn |
| Operating income | −¥250.0m | ¥3.81bn | ¥3.58bn | ¥190.0m | −¥744.0m | −¥251.0m | ¥2.49bn | ¥207.0m |
| Net income | ¥259.0m | ¥3.05bn | ¥3.08bn | −¥243.0m | −¥1.11bn | −¥441.0m | −¥5.22bn | ¥1.59bn |
| Diluted earnings per share | 5.34 | 62.89 | 82.62 | -6.51 | -29.75 | -11.81 | -384.82 | 117.32 |
| Cash from operations | — | — | — | −¥6.22bn | — | ¥2.90bn | — | — |
| Capital spending | — | — | — | −¥385.0m | — | −¥1.58bn | — | — |
| Free cash flow | — | — | — | −¥6.60bn | — | ¥1.31bn | — | — |
| Total assets | ¥107.75bn | ¥98.93bn | ¥102.42bn | ¥97.35bn | ¥95.22bn | ¥99.30bn | ¥93.65bn | ¥105.42bn |
| Cash and short-term investments | ¥12.82bn | ¥11.13bn | ¥5.19bn | ¥7.60bn | ¥10.22bn | ¥20.98bn | ¥9.98bn | ¥13.44bn |
| Debt | ¥13.44bn | ¥62.47bn | ¥9.94bn | ¥72.99bn | ¥10.99bn | ¥73.52bn | ¥66.87bn | ¥75.79bn |
| Shareholders' equity | ¥18.36bn | ¥13.67bn | ¥2.68bn | ¥5.35bn | ¥8.90bn | ¥10.08bn | ¥2.91bn | ¥6.74bn |
Financial ratios
Data as of 24 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 10.1% | 10.4% | 6.4% | 8.4% | 14.4% | 12.8% | — |
| Operating margin | 5.4% | 4.5% | -0.5% | 2.8% | 8.5% | 5.7% | — |
| Net margin | 3.8% | -1.2% | -35.5% | 0.5% | 6.4% | 5.3% | — |
| Return on equity | 35.0% | -14.5% | -1717.3% | 1.6% | 17.2% | 13.3% | — |
| Return on assets | 4.8% | -1.5% | -42.8% | 0.6% | 5.4% | 4.8% | — |
| Free cash flow yield | 7.3% | 12.9% | 67.4% | 131.6% | -2.8% | 55.7% | — |
| Revenue growth | -0.6% | -3.5% | -10.3% | 17.3% | 20.1% | 6.2% | — |
| Earnings growth | -428.0% | -96.9% | -5950.4% | -90.0% | 43.8% | -130.0% | — |
| Current ratio | 3.68x | 3.25x | 0.98x | 1.23x | 1.14x | 1.22x | — |
| Debt to equity | 4.57x | 7.29x | 28.03x | 1.31x | 1.45x | 1.20x | — |
| Equity ratio | 13.8% | 10.2% | 2.5% | 35.3% | 31.5% | 36.5% | — |
| Interest coverage | 5.65x | 3.73x | -0.67x | 6.04x | 21.58x | 10.56x | — |
| R&D as a share of sales | — | 0.2% | 0.3% | 0.2% | 0.2% | 0.1% | 0.2% |
| Buybacks as a share of market value | -29.9% | -175.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.9% | 3.9% | 1.0% |
| Operating income | 19.1% | 3.0% | 17.2% |
| Net income | 81.9% | -2.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.2% | 8.8% | 10.3% | 10.1% |
| Operating margin | 5.0% | 3.0% | 4.3% | 3.2% |
| Net margin | 1.3% | -8.0% | -3.8% | -3.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 6.9 | -26.5 | -0.2 | 19.3 | 3.5 | 5.6 | -1.7 | -11.0 | 4.4 | 9.4 |
| Price to sales | 0.3 | 0.3 | 0.1 | 0.1 | 0.2 | 0.3 | 0.3 | 0.2 | 0.3 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 28 Mar 2024.
| FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 125.00 | 75.00 | 50.00 | 70.00 | 125.00 | 100.00 | 50.00 | 70.00 |
- 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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