I 
224
+1.82%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.67bn
FY2016FY2025
Net income
¥169.7m
FY2016FY2025
Free cash flow
—
FY2016FY2025
Shareholders' equity
¥9.22bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.67bn | ¥3.95bn | ¥3.94bn | ¥3.96bn | ¥4.27bn | ¥3.86bn | ¥4.38bn | ¥4.49bn | ¥3.94bn | ¥3.46bn |
| Gross profit | ¥3.22bn | ¥3.47bn | ¥3.42bn | ¥3.41bn | ¥3.74bn | ¥3.31bn | ¥3.83bn | ¥4.04bn | ¥3.30bn | ¥2.88bn |
| Operating income | ¥260.5m | −¥196.1m | ¥387.4m | −¥197.5m | ¥1.31bn | ¥1.14bn | ¥1.44bn | ¥2.00bn | ¥1.72bn | ¥1.37bn |
| Net income | ¥169.7m | ¥37.9m | ¥285.8m | −¥337.1m | ¥824.8m | ¥317.9m | ¥920.1m | ¥1.09bn | ¥1.11bn | ¥889.0m |
| Diluted earnings per share | 8.36 | 1.86 | 14.09 | -16.62 | 39.39 | 15.15 | 43.95 | 52.33 | 43.73 | 42.46 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥9.92bn | ¥9.32bn | ¥9.62bn | ¥9.04bn | ¥10.06bn | ¥8.92bn | ¥8.85bn | ¥7.81bn | ¥6.48bn | ¥5.57bn |
| Cash and short-term investments | ¥7.34bn | ¥6.86bn | ¥8.36bn | ¥7.65bn | ¥8.78bn | ¥7.56bn | ¥7.57bn | ¥6.68bn | ¥5.51bn | ¥4.30bn |
| Total liabilities | ¥709.0m | ¥451.5m | ¥714.4m | ¥436.2m | ¥897.4m | ¥576.4m | ¥835.6m | ¥938.6m | ¥904.4m | ¥1.18bn |
| Debt | ¥9.4m | ¥13.8m | ¥6.6m | ¥9.5m | ¥12.3m | ¥20.6m | — | ¥16.0m | ¥30.0m | ¥94.0m |
| Shareholders' equity | ¥9.22bn | ¥8.87bn | ¥8.91bn | ¥8.60bn | ¥9.16bn | ¥8.34bn | ¥8.02bn | ¥6.87bn | ¥5.58bn | ¥4.39bn |
| Shares outstanding | 20m | 20m | 20m | 20m | 21m | 21m | 21m | 21m | 25m | 21m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥799.4m | −¥458.3m | ¥1.09bn | −¥716.8m | ¥1.30bn | ¥778.9m | ¥898.1m | ¥1.26bn | ¥1.31bn | ¥853.0m |
| Capital spending | −¥799.4m | −¥19.9m | −¥530,000 | −¥74.2m | −¥38.1m | −¥113.0m | −¥1.1m | −¥38.0m | — | — |
| Free cash flow | — | −¥478.2m | ¥1.09bn | −¥791.0m | ¥1.26bn | ¥665.9m | ¥897.0m | ¥1.23bn | ¥1.31bn | ¥853.0m |
| Dividends paid | — | — | — | −¥2.0m | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥938.6m | ¥965.0m | ¥730.1m | ¥637.7m | ¥1.10bn | ¥1.14bn | ¥795.0m | ¥667.9m |
| Gross profit | ¥827.7m | ¥867.7m | ¥643.2m | ¥530.7m | ¥992.0m | ¥1.04bn | ¥701.0m | ¥546.2m |
| Operating income | ¥228.9m | ¥192.8m | ¥50.2m | −¥131.4m | ¥205.0m | ¥149.9m | ¥37.0m | −¥143.7m |
| Net income | ¥171.2m | ¥142.2m | ¥43.5m | −¥79.5m | ¥131.6m | ¥98.1m | ¥19.5m | ¥83.6m |
| Diluted earnings per share | 8.41 | 6.98 | 2.14 | -3.92 | 6.49 | 4.84 | 0.96 | 4.09 |
| Total assets | ¥10.24bn | ¥10.15bn | ¥9.66bn | ¥9.92bn | ¥9.92bn | ¥9.60bn | ¥9.32bn | ¥9.32bn |
| Cash and short-term investments | ¥7.44bn | ¥7.21bn | ¥7.08bn | ¥7.34bn | ¥7.21bn | ¥6.88bn | ¥6.76bn | ¥6.86bn |
| Debt | — | — | — | ¥2.9m | — | — | — | ¥2.9m |
| Shareholders' equity | ¥9.62bn | ¥9.45bn | ¥9.26bn | ¥9.22bn | ¥9.18bn | ¥8.95bn | ¥8.91bn | ¥8.87bn |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 87.6% | 87.9% | 86.9% | 86.1% | 87.6% | 85.8% |
| Operating margin | 9.9% | 0.8% | 13.2% | -8.9% | 30.6% | 29.5% |
| Net margin | 4.6% | 1.0% | 7.3% | -8.5% | 19.3% | 8.2% |
| Return on equity | 1.8% | 0.4% | 3.2% | -3.9% | 9.0% | 3.8% |
| Return on assets | 1.7% | 0.4% | 3.0% | -3.7% | 8.2% | 3.6% |
| Free cash flow yield | 32.0% | -8.7% | 21.9% | -12.9% | 26.0% | 17.3% |
| Revenue growth | -7.1% | 0.2% | -0.4% | -7.3% | 10.5% | -11.9% |
| Earnings growth | 347.2% | -86.7% | -184.8% | -140.9% | 159.5% | -65.5% |
| Current ratio | 12.59x | 20.40x | 13.25x | 22.35x | 11.30x | 15.87x |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity ratio | 92.9% | 95.2% | 92.6% | 95.2% | 91.1% | 93.5% |
| Interest coverage | 4361.83x | 285.12x | 4528.03x | -3064.73x | 2466.35x | 1.13x |
| Buybacks as a share of market value | 0.8% | -0.8% | 0.0% | 3.1% | 0.2% | -0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.5% | -1.0% | 0.3% |
| Operating income | — | -25.6% | -12.2% |
| Net income | — | -11.8% | -12.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 87.8% | 87.1% | 87.0% | 84.6% |
| Operating margin | 0.8% | 1.6% | 11.4% | 23.4% |
| Net margin | 2.7% | 1.0% | 5.5% | 13.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 31.4 | 134.7 | 23.3 | -15.9 | 12.3 | 84.9 | 32.2 | 59.0 | 69.3 | 35.2 |
| Price to sales | 1.4 | 1.3 | 1.7 | 1.4 | 2.4 | 7.0 | 6.8 | 14.3 | 19.6 | 9.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-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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