A 
2,226
+0.27%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥8.69bn
FY2016FY2025
Net income
¥300.2m
FY2016FY2025
Free cash flow
−¥1.13bn
FY2016FY2025
Shareholders' equity
¥4.93bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥8.69bn | ¥7.97bn | ¥8.29bn | ¥8.59bn | ¥8.07bn | ¥7.41bn | ¥9.74bn | ¥8.77bn | ¥8.38bn | ¥7.79bn |
| Gross profit | ¥2.72bn | ¥2.33bn | ¥2.25bn | ¥2.66bn | ¥1.90bn | ¥1.40bn | ¥1.53bn | ¥1.73bn | ¥1.61bn | ¥1.44bn |
| Research and development | ¥710.3m | ¥610.1m | ¥385.5m | ¥393.6m | ¥274.6m | ¥180.3m | ¥201.0m | ¥273.2m | ¥328.2m | ¥166.3m |
| Operating income | ¥492.9m | ¥293.6m | ¥395.0m | ¥815.8m | ¥449.0m | ¥85.4m | ¥157.6m | ¥337.7m | ¥208.4m | ¥224.1m |
| Net income | ¥300.2m | ¥371.7m | ¥307.3m | ¥622.1m | ¥377.4m | ¥120.2m | ¥81.0m | ¥234.8m | ¥273.4m | ¥227.7m |
| Diluted earnings per share | 59.73 | 74.11 | 61.38 | 123.39 | 74.53 | 23.77 | 15.86 | 45.88 | 53.46 | 44.54 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥13.81bn | ¥8.54bn | ¥8.35bn | ¥7.98bn | ¥7.24bn | ¥6.91bn | ¥6.26bn | ¥6.33bn | ¥6.04bn | ¥5.76bn |
| Cash and short-term investments | ¥4.15bn | ¥1.52bn | ¥1.77bn | ¥1.97bn | ¥1.68bn | ¥1.85bn | ¥1.25bn | ¥1.21bn | ¥1.26bn | ¥1.33bn |
| Total liabilities | ¥8.88bn | ¥3.89bn | ¥4.09bn | ¥3.86bn | ¥3.70bn | ¥3.80bn | ¥3.23bn | ¥3.34bn | ¥3.26bn | ¥3.23bn |
| Debt | ¥7.52bn | ¥1.82bn | ¥2.53bn | ¥2.09bn | ¥2.24bn | ¥2.50bn | ¥2.02bn | ¥2.17bn | ¥2.03bn | ¥2.27bn |
| Shareholders' equity | ¥4.93bn | ¥4.65bn | ¥4.25bn | ¥4.11bn | ¥3.53bn | ¥3.11bn | ¥3.03bn | ¥2.99bn | ¥2.78bn | ¥2.53bn |
| Shares outstanding | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥410.0m | ¥799.9m | ¥697.5m | ¥838.0m | ¥399.3m | ¥652.1m | ¥447.2m | ¥121.0m | ¥200.4m | ¥178.0m |
| Capital spending | −¥1.54bn | −¥475.3m | −¥1.05bn | −¥589.8m | −¥265.4m | −¥425.8m | −¥155.4m | −¥269.3m | −¥420.3m | −¥188.1m |
| Free cash flow | −¥1.13bn | ¥324.6m | −¥357.2m | ¥248.2m | ¥133.9m | ¥226.3m | ¥291.8m | −¥148.4m | −¥219.9m | −¥10.0m |
| Dividends paid | −¥40.2m | −¥40.1m | −¥80.9m | −¥40.2m | −¥37.7m | −¥38.2m | −¥38.3m | −¥38.2m | −¥38.2m | −¥38.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.46bn | ¥2.79bn | ¥2.49bn | ¥2.32bn | ¥1.96bn | ¥2.16bn | ¥2.25bn | ¥2.01bn |
| Gross profit | ¥1.14bn | ¥1.06bn | ¥882.2m | ¥760.7m | ¥638.6m | ¥625.9m | ¥692.7m | ¥595.9m |
| Operating income | ¥462.0m | ¥424.0m | ¥299.9m | ¥168.2m | ¥78.6m | ¥77.9m | ¥168.1m | ¥36.7m |
| Net income | ¥317.9m | ¥283.3m | ¥210.7m | ¥90.2m | ¥80.0m | ¥34.9m | ¥95.2m | ¥29.3m |
| Diluted earnings per share | 62.96 | 56.12 | 41.91 | 17.95 | 15.91 | 6.93 | 18.98 | 5.85 |
| Cash from operations | — | — | — | ¥409.0m | — | — | — | — |
| Capital spending | — | — | — | −¥1.54bn | — | — | — | — |
| Free cash flow | — | — | — | −¥1.13bn | — | — | — | — |
| Total assets | ¥17.67bn | ¥17.10bn | ¥16.86bn | ¥13.81bn | ¥13.40bn | ¥11.09bn | ¥10.68bn | ¥8.54bn |
| Cash and short-term investments | ¥4.47bn | ¥4.89bn | ¥6.21bn | ¥4.15bn | ¥4.36bn | ¥2.38bn | ¥2.86bn | ¥1.52bn |
| Debt | ¥2.15bn | ¥9.94bn | ¥2.68bn | ¥7.52bn | ¥206.0m | ¥3.51bn | ¥206.0m | ¥337.1m |
| Shareholders' equity | ¥5.87bn | ¥5.45bn | ¥5.09bn | ¥4.93bn | ¥4.82bn | ¥4.74bn | ¥4.71bn | ¥4.65bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 31.3% | 29.2% | 27.2% | 30.9% | 23.6% | 18.9% |
| Operating margin | 5.7% | 6.9% | 4.8% | 9.5% | 5.6% | 1.2% |
| Net margin | 3.5% | 4.7% | 3.7% | 7.2% | 4.7% | 1.6% |
| Return on equity | 6.1% | 8.0% | 7.2% | 15.1% | 10.7% | 3.9% |
| Return on assets | 2.2% | 4.4% | 3.7% | 7.8% | 5.2% | 1.7% |
| Free cash flow yield | 12.6% | 8.2% | 11.3% | 9.2% | 4.3% | 6.9% |
| Revenue growth | 9.0% | -3.8% | -3.6% | 6.5% | 8.9% | -23.9% |
| Earnings growth | -19.2% | 20.9% | -50.6% | 64.9% | 213.9% | 48.3% |
| Current ratio | 2.57x | 1.95x | 1.66x | 1.95x | 1.53x | 1.37x |
| Debt to equity | 1.53x | 0.39x | 0.59x | 0.51x | 0.62x | 0.79x |
| Equity ratio | 35.7% | 54.4% | 50.9% | 51.5% | 48.8% | 45.0% |
| Interest coverage | 4.51x | 14.64x | 12.50x | 28.07x | 12.99x | 2.52x |
| R&D as a share of sales | 8.2% | 7.7% | 4.7% | 4.6% | 3.4% | 2.4% |
| Buybacks as a share of market value | -0.2% | -0.2% | 0.7% | 0.4% | -0.1% | 1.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 0.4% | 3.2% | -0.3% |
| Operating income | -15.5% | 42.0% | 10.1% |
| Net income | -21.6% | 20.1% | 9.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.3% | 29.7% | 27.1% | 22.7% |
| Operating margin | 4.7% | 6.0% | 5.2% | 3.9% |
| Net margin | 4.0% | 4.8% | 4.3% | 3.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 43.4 | 10.9 | 20.3 | 11.6 | 15.9 | 70.0 | 45.4 | 13.1 | 16.8 | 15.2 |
| Price to sales | 1.5 | 0.5 | 0.8 | 0.8 | 0.7 | 1.1 | 0.4 | 0.3 | 0.6 | 0.4 |
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 | 16.00 | 8.00 | 8.00 | 16.00 | 8.00 | 7.50 | 7.50 | 7.50 |
- 2-for-1 split · 28 Jan 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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