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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.33bn
FY2017FY2026
Net income
−¥360.4m
FY2017FY2026
Free cash flow
¥343.7m
FY2017FY2026
Shareholders' equity
¥1.04bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.33bn | ¥3.09bn | ¥2.50bn | ¥2.66bn | ¥2.63bn | ¥2.32bn | ¥3.67bn | ¥3.37bn | ¥3.07bn | ¥2.84bn |
| Gross profit | ¥254.0m | ¥557.8m | ¥434.1m | ¥406.9m | ¥410.8m | ¥370.0m | ¥810.2m | ¥918.5m | ¥655.6m | ¥601.2m |
| Research and development | — | — | ¥13.5m | ¥368,000 | ¥9.0m | ¥113.6m | ¥13.9m | ¥33.3m | ¥21.9m | ¥37.1m |
| Operating income | −¥260.1m | ¥77.8m | −¥97.6m | −¥228.2m | −¥239.8m | −¥375.6m | ¥129.5m | ¥297.8m | ¥89.2m | ¥81.2m |
| Net income | −¥360.4m | ¥57.3m | −¥33.0m | −¥111.5m | −¥144.6m | −¥378.6m | ¥85.6m | ¥219.0m | ¥46.9m | ¥23.6m |
| Diluted earnings per share | -81.23 | 12.91 | -7.44 | -25.12 | -32.60 | -85.32 | 19.29 | 49.35 | 10.53 | 5.22 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥3.24bn | ¥3.94bn | ¥3.73bn | ¥4.19bn | ¥4.14bn | ¥4.09bn | ¥4.61bn | ¥5.10bn | ¥4.60bn | ¥4.38bn |
| Cash and short-term investments | ¥795.9m | ¥847.2m | ¥1.02bn | ¥1.42bn | ¥756.7m | ¥780.7m | ¥920.0m | ¥1.84bn | ¥1.34bn | ¥1.16bn |
| Total liabilities | ¥2.20bn | ¥2.53bn | ¥2.38bn | ¥2.76bn | ¥2.54bn | ¥2.32bn | ¥2.50bn | ¥2.98bn | ¥2.60bn | ¥2.44bn |
| Debt | ¥1.63bn | ¥1.96bn | ¥1.84bn | ¥2.17bn | ¥1.81bn | ¥1.73bn | ¥1.83bn | ¥2.01bn | ¥1.94bn | ¥1.80bn |
| Shareholders' equity | ¥1.04bn | ¥1.41bn | ¥1.35bn | ¥1.43bn | ¥1.60bn | ¥1.77bn | ¥2.10bn | ¥2.12bn | ¥2.00bn | ¥1.94bn |
| Shares outstanding | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 5m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥466.4m | ¥42.0m | ¥16.8m | ¥146.7m | −¥73.4m | ¥270.9m | −¥560.1m | ¥604.7m | ¥25.7m | ¥416.4m |
| Capital spending | −¥122.7m | −¥119.7m | −¥181.0m | −¥131.6m | −¥113.6m | −¥166.1m | −¥106.5m | −¥60.7m | −¥42.5m | −¥41.9m |
| Free cash flow | ¥343.7m | −¥77.6m | −¥164.2m | ¥15.1m | −¥187.1m | ¥104.9m | −¥666.7m | ¥543.9m | −¥16.8m | ¥374.5m |
| Dividends paid | −¥44.4m | −¥44.4m | −¥44.4m | −¥44.4m | −¥66.6m | −¥44.4m | −¥22.2m | −¥22.0m | −¥22.0m | −¥22.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥496.3m | ¥540.8m | ¥521.0m | ¥684.2m | ¥581.9m | ¥803.5m | ¥724.9m | ¥920.0m |
| Gross profit | ¥81.3m | ¥75.5m | ¥22.6m | ¥71.8m | ¥84.1m | ¥111.5m | ¥129.1m | ¥186.0m |
| Operating income | −¥51.1m | −¥63.4m | −¥106.0m | −¥58.6m | −¥32.2m | ¥1.1m | ¥20.2m | ¥56.2m |
| Net income | −¥26.6m | −¥129.5m | −¥112.4m | −¥81.4m | −¥37.1m | −¥1.9m | ¥22.2m | ¥38.5m |
| Diluted earnings per share | -6.01 | -29.19 | -25.33 | -18.34 | -8.36 | -0.43 | 4.99 | 8.68 |
| Total assets | ¥3.73bn | ¥3.24bn | ¥3.59bn | ¥3.54bn | ¥3.68bn | ¥3.94bn | ¥4.07bn | ¥3.96bn |
| Cash and short-term investments | ¥1.16bn | ¥795.9m | ¥917.8m | ¥719.4m | ¥755.2m | ¥847.2m | ¥1.04bn | ¥1.05bn |
| Debt | ¥1.67bn | ¥1.50bn | ¥1.40bn | ¥1.67bn | ¥1.39bn | ¥1.84bn | ¥1.74bn | ¥1.77bn |
| Shareholders' equity | ¥1.01bn | ¥1.04bn | ¥1.13bn | ¥1.21bn | ¥1.29bn | ¥1.41bn | ¥1.35bn | ¥1.40bn |
Financial ratios
Data as of 3 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 10.9% | 18.0% | 17.4% | 15.3% | 15.6% | 16.0% | — | — |
| Operating margin | -11.2% | 2.5% | -3.9% | -8.6% | -9.1% | -16.2% | — | — |
| Net margin | -15.5% | 1.9% | -1.3% | -4.2% | -5.5% | -16.3% | — | — |
| Return on equity | -34.6% | 4.1% | -2.4% | -7.8% | -9.0% | -21.3% | — | — |
| Return on assets | -11.1% | 1.5% | -0.9% | -2.7% | -3.5% | -9.2% | — | — |
| Free cash flow yield | 80.0% | 22.0% | 26.8% | 37.8% | 5.5% | 59.3% | — | — |
| Revenue growth | -24.8% | 24.0% | -6.0% | 0.8% | 13.7% | -36.8% | — | — |
| Earnings growth | -728.9% | -273.6% | -70.4% | -22.9% | -61.8% | -542.2% | — | — |
| Current ratio | 0.94x | 1.17x | 1.05x | 1.12x | 1.25x | 1.17x | — | — |
| Debt to equity | 1.44x | 1.30x | 1.36x | 1.52x | 1.13x | 0.97x | — | — |
| Equity ratio | 32.2% | 35.8% | 36.1% | 34.1% | 38.7% | 43.4% | — | — |
| Interest coverage | -7.68x | 3.60x | -6.90x | -17.44x | -17.55x | -24.27x | — | — |
| R&D as a share of sales | — | — | 0.5% | 0.0% | 0.3% | 4.9% | 0.4% | 1.0% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.3% | 0.1% | -3.5% |
| Operating income | 4.5% | -7.1% | — |
| Net income | 47.9% | -1.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.0% | 15.6% | 15.7% | 19.2% |
| Operating margin | -3.4% | -4.8% | -7.2% | -1.0% |
| Net margin | -5.6% | -4.2% | -6.3% | -1.6% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.0 | 25.2 | -41.1 | -13.5 | -10.5 | -4.6 | 19.8 | 8.4 | 33.9 | 97.2 |
| Price to sales | 0.3 | 0.5 | 0.5 | 0.6 | 0.6 | 0.8 | 0.5 | 0.5 | 0.5 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 8 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 20.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 5.00 | 5.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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