S 
2,422
+1.98%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥64.26bn
FY2021FY2026
Net income
¥6.05bn
FY2021FY2026
Free cash flow
−¥4.0m
FY2021FY2026
Shareholders' equity
¥28.75bn
FY2021FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | ¥64.26bn | ¥41.92bn | ¥54.15bn | ¥39.57bn | ¥29.56bn | ¥12.00bn |
| Gross profit | ¥13.87bn | ¥10.39bn | ¥8.25bn | ¥7.11bn | ¥5.42bn | ¥2.22bn |
| Operating income | ¥9.73bn | ¥6.73bn | ¥5.31bn | ¥4.03bn | ¥3.28bn | ¥397.0m |
| Net income | ¥6.05bn | ¥4.39bn | ¥3.45bn | ¥2.44bn | ¥10.36bn | −¥7.65bn |
| Diluted earnings per share | 371.90 | 269.77 | 219.31 | 157.07 | 666.28 | -469.92 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total assets | ¥112.26bn | ¥105.85bn | ¥75.71bn | ¥48.36bn | ¥31.36bn | ¥40.85bn |
| Cash and short-term investments | ¥83.46bn | ¥60.71bn | ¥63.64bn | ¥35.58bn | ¥20.24bn | ¥9.12bn |
| Total liabilities | ¥83.51bn | ¥80.68bn | ¥54.59bn | ¥30.58bn | ¥18.20bn | ¥38.47bn |
| Debt | ¥72.37bn | ¥72.40bn | ¥48.90bn | ¥23.21bn | ¥15.12bn | ¥37.33bn |
| Shareholders' equity | ¥28.75bn | ¥25.17bn | ¥21.11bn | ¥17.78bn | ¥13.16bn | ¥2.38bn |
| Shares outstanding | 16m | 16m | 16m | 16m | 16m | 16m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash from operations | ¥13.0m | −¥26.51bn | −¥26.65bn | ¥3.71bn | −¥772.0m | ¥2.75bn |
| Capital spending | −¥17.0m | −¥3.0m | −¥3.0m | −¥8.23bn | −¥42.0m | −¥6.0m |
| Free cash flow | −¥4.0m | −¥26.51bn | −¥26.66bn | −¥4.52bn | −¥814.0m | ¥2.74bn |
| Dividends paid | −¥1.73bn | −¥776.0m | −¥77.0m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥22.26bn | ¥14.65bn | ¥23.23bn | ¥15.95bn | ¥10.42bn | ¥9.65bn | ¥11.88bn | ¥17.91bn |
| Gross profit | ¥5.26bn | ¥2.62bn | ¥3.65bn | ¥3.68bn | ¥3.92bn | ¥2.90bn | ¥2.83bn | ¥2.48bn |
| Operating income | ¥3.96bn | ¥1.75bn | ¥2.68bn | ¥2.73bn | ¥2.57bn | ¥1.90bn | ¥1.85bn | ¥1.76bn |
| Net income | ¥2.54bn | ¥1.05bn | ¥1.70bn | ¥1.74bn | ¥1.57bn | ¥1.30bn | ¥1.19bn | ¥1.08bn |
| Diluted earnings per share | 156.17 | 64.29 | 104.58 | 106.73 | 96.40 | 79.92 | 75.46 | 69.03 |
| Total assets | ¥99.59bn | ¥112.26bn | ¥105.09bn | ¥100.52bn | ¥108.51bn | ¥105.85bn | ¥104.80bn | ¥87.32bn |
| Cash and short-term investments | ¥80.49bn | ¥83.46bn | ¥73.55bn | ¥63.19bn | ¥60.01bn | ¥60.71bn | ¥60.67bn | ¥68.24bn |
| Debt | ¥35.50bn | ¥72.37bn | ¥46.50bn | ¥66.71bn | ¥67.25bn | ¥72.40bn | ¥68.43bn | ¥59.55bn |
| Shareholders' equity | ¥30.58bn | ¥28.75bn | ¥27.36bn | ¥26.54bn | ¥25.62bn | ¥25.17bn | ¥22.47bn | ¥22.68bn |
Financial ratios
Data as of 17 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 21.6% | 24.8% | 15.2% | 18.0% | 18.3% | 18.5% |
| Operating margin | 15.1% | 16.1% | 9.8% | 10.2% | 11.1% | 3.3% |
| Net margin | 9.4% | 10.5% | 6.4% | 6.2% | 35.1% | -63.7% |
| Return on equity | 21.0% | 17.4% | 16.3% | 13.7% | 78.8% | -320.9% |
| Return on assets | 5.4% | 4.1% | 4.6% | 5.1% | 33.1% | -18.7% |
| Free cash flow yield | 0.1% | -58.6% | -61.0% | 27.6% | -1.7% | — |
| Revenue growth | 53.3% | -22.6% | 36.8% | 33.9% | 146.3% | — |
| Earnings growth | 37.9% | 27.3% | 41.1% | -76.4% | -235.5% | — |
| Current ratio | 1.72x | 1.34x | 1.58x | 2.24x | 1.70x | 0.89x |
| Debt to equity | 2.52x | 2.88x | 2.32x | 1.31x | 1.15x | 15.67x |
| Equity ratio | 25.6% | 23.8% | 27.9% | 36.8% | 42.0% | 5.8% |
| Interest coverage | 7.72x | 7.45x | 11.00x | 10.48x | 5.25x | 0.78x |
| Buybacks as a share of market value | -0.0% | -3.5% | -1.1% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.2% | 40.5% | — |
| Operating income | 34.2% | 89.6% | — |
| Net income | 35.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.8% | 19.8% | 19.6% | — |
| Operating margin | 15.5% | 12.9% | 12.2% | — |
| Net margin | 9.8% | 8.2% | 7.9% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Price to earnings | 6.7 | 10.8 | 6.5 | 8.1 | 2.2 |
| Price to sales | 0.7 | 1.2 | 0.4 | 0.5 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | |
|---|---|---|---|
| Paid in the year | 200.00 | 50.00 | 5.00 |
- 2-for-1 split · 30 Mar 2026
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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