L 
132
+5.60%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥906.3m
FY2016FY2025
Net income
−¥198.0m
FY2016FY2025
Free cash flow
−¥150.0m
FY2016FY2025
Shareholders' equity
¥810.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥906.3m | ¥968.2m | ¥891.2m | ¥765.1m | ¥670.1m | ¥1.43bn | ¥2.72bn | ¥2.77bn | ¥2.65bn | ¥2.14bn |
| Research and development | — | ¥944,000 | — | — | — | — | — | — | — | — |
| Operating income | −¥87.8m | −¥124.0m | −¥249.4m | −¥304.2m | −¥317.5m | ¥50.5m | ¥1.03bn | ¥735.4m | ¥464.8m | ¥289.7m |
| Net income | −¥198.0m | −¥124.5m | −¥266.0m | −¥312.2m | −¥376.0m | ¥6.0m | ¥632.6m | ¥459.0m | ¥313.0m | ¥189.9m |
| Diluted earnings per share | -10.56 | -6.65 | -14.22 | -16.70 | -20.17 | 0.32 | 33.92 | 24.68 | 16.52 | 10.12 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.12bn | ¥1.32bn | ¥1.47bn | ¥1.69bn | ¥1.94bn | ¥2.27bn | ¥2.70bn | ¥2.08bn | ¥1.84bn | ¥1.50bn |
| Cash and short-term investments | ¥914.3m | ¥1.07bn | ¥1.15bn | ¥1.56bn | ¥1.83bn | ¥1.82bn | ¥2.28bn | ¥1.66bn | ¥1.46bn | ¥1.16bn |
| Total liabilities | ¥310.6m | ¥309.6m | ¥337.9m | ¥295.0m | ¥251.7m | ¥203.4m | ¥633.3m | ¥650.9m | ¥616.0m | ¥443.7m |
| Debt | ¥109.2m | ¥112.5m | ¥116.1m | ¥119.2m | ¥120.0m | — | — | — | — | — |
| Shareholders' equity | ¥810.2m | ¥1.01bn | ¥1.13bn | ¥1.39bn | ¥1.69bn | ¥2.07bn | ¥2.06bn | ¥1.43bn | ¥1.22bn | ¥1.05bn |
| Shares outstanding | 19m | 19m | 19m | 19m | 19m | 19m | 19m | 19m | 19m | 19m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥121.5m | −¥112.2m | −¥233.7m | −¥269.3m | −¥149.2m | −¥431.7m | ¥669.0m | ¥461.0m | ¥433.0m | ¥251.5m |
| Capital spending | −¥28.5m | −¥2.5m | −¥111.3m | −¥252,000 | −¥7.7m | −¥33.8m | −¥2.0m | −¥5.0m | −¥14.0m | −¥8.1m |
| Free cash flow | −¥150.0m | −¥114.6m | −¥345.1m | −¥269.5m | −¥156.9m | −¥465.5m | ¥667.0m | ¥456.0m | ¥419.0m | ¥243.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥242.8m | ¥235.1m | ¥258.9m | ¥238.7m | ¥225.1m | ¥213.1m | ¥229.3m | ¥232.0m |
| Operating income | −¥22.5m | −¥10.2m | ¥11.4m | ¥5.8m | −¥31.9m | −¥36.1m | −¥26.7m | −¥28.8m |
| Net income | −¥22.5m | −¥9.0m | ¥10.8m | ¥10.1m | −¥143.3m | −¥36.6m | −¥28.2m | −¥28.0m |
| Diluted earnings per share | -1.20 | -0.48 | 0.58 | 0.54 | -7.65 | -1.95 | -1.51 | -1.50 |
| Cash from operations | — | — | — | −¥121.0m | — | — | — | — |
| Capital spending | — | — | — | −¥28.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥149.0m | — | — | — | — |
| Total assets | ¥1.11bn | ¥1.14bn | ¥1.12bn | ¥1.12bn | ¥1.08bn | ¥1.23bn | ¥1.28bn | ¥1.32bn |
| Cash and short-term investments | ¥909.6m | ¥931.4m | ¥916.0m | ¥914.3m | ¥903.7m | ¥938.8m | ¥972.2m | ¥1.07bn |
| Debt | ¥23.3m | ¥107.5m | ¥15.0m | ¥109.2m | ¥5.0m | ¥110.9m | ¥3.3m | ¥3.3m |
| Shareholders' equity | ¥793.6m | ¥816.1m | ¥821.5m | ¥810.2m | ¥800.8m | ¥944.1m | ¥978.6m | ¥1.01bn |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -22.2% | -12.7% | -29.3% | -39.1% | -51.7% | 3.5% |
| Net margin | -21.8% | -12.9% | -29.9% | -40.8% | -56.1% | 0.4% |
| Return on equity | -24.4% | -12.4% | -23.5% | -22.4% | -22.2% | 0.3% |
| Return on assets | -17.7% | -9.5% | -18.1% | -18.5% | -19.3% | 0.3% |
| Free cash flow yield | -4.8% | -4.4% | -9.3% | -10.7% | -5.9% | -17.2% |
| Revenue growth | -6.4% | 8.6% | 16.5% | 14.2% | -53.1% | -47.5% |
| Earnings growth | 59.0% | -53.2% | -14.8% | -17.0% | -6373.6% | -99.1% |
| Current ratio | 6.18x | 7.32x | 7.02x | 10.60x | 16.99x | 11.76x |
| Debt to equity | 0.13x | 0.11x | 0.10x | 0.09x | 0.07x | 0.00x |
| Equity ratio | 72.3% | 76.5% | 77.0% | 82.5% | 87.1% | 91.0% |
| Interest coverage | -248.45x | -313.47x | -6064.58x | -5746.69x | -69233.20x | — |
| R&D as a share of sales | — | 0.1% | — | — | — | — |
| Buybacks as a share of market value | -0.1% | -0.1% | -0.1% | -0.3% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.8% | -8.7% | -6.2% |
| Operating income | -33.9% | — | — |
| Net income | -14.1% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -11.3% | -21.7% | -18.3% | 9.9% |
| Net margin | -17.2% | -25.5% | -22.6% | 2.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -13.8 | -20.6 | -12.2 | -11.7 | -13.6 | — | 12.0 | 51.9 | 28.2 | 24.4 |
| Price to sales | 3.0 | 2.6 | 3.6 | 4.8 | 7.7 | 3.6 | 2.8 | 8.6 | 3.3 | 2.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 6-for-1 split · 29 Oct 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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