B 
869
+0.23%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥5.20bn
FY2016FY2025
Net income
¥656.9m
FY2016FY2025
Free cash flow
¥593.3m
FY2016FY2025
Shareholders' equity
¥5.97bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥5.20bn | ¥4.82bn | ¥4.56bn | ¥3.36bn | ¥3.29bn | ¥2.78bn | ¥3.39bn | ¥3.37bn | ¥3.16bn | ¥2.82bn |
| Gross profit | ¥3.75bn | ¥3.60bn | ¥3.25bn | ¥2.39bn | ¥2.44bn | ¥2.02bn | ¥2.52bn | ¥2.15bn | ¥2.06bn | ¥1.88bn |
| Operating income | ¥1.15bn | ¥951.4m | ¥604.1m | ¥255.9m | ¥350.4m | ¥3.3m | ¥518.9m | −¥233.7m | ¥384.0m | ¥502.7m |
| Net income | ¥656.9m | ¥606.8m | ¥579.5m | ¥178.6m | ¥213.6m | −¥381.0m | ¥633.9m | −¥519.6m | ¥188.4m | ¥351.2m |
| Diluted earnings per share | 47.02 | 44.88 | 41.63 | 12.83 | 15.34 | -27.37 | 44.39 | -35.23 | 13.14 | 23.41 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥9.47bn | ¥5.37bn | ¥3.88bn | ¥2.57bn | ¥3.85bn | ¥3.81bn | ¥3.63bn | ¥3.14bn | ¥3.45bn | ¥3.48bn |
| Cash and short-term investments | ¥1.77bn | ¥1.39bn | ¥1.86bn | ¥956.7m | ¥1.43bn | ¥1.62bn | ¥856.4m | ¥1.36bn | ¥1.48bn | ¥1.80bn |
| Total liabilities | ¥3.38bn | ¥1.73bn | ¥1.63bn | ¥956.9m | ¥1.26bn | ¥1.43bn | ¥753.6m | ¥682.9m | ¥622.7m | ¥378.3m |
| Debt | ¥758.7m | ¥440.2m | ¥749.0m | ¥466.1m | ¥752.8m | ¥1.04bn | ¥405.0m | ¥130.0m | ¥100.0m | — |
| Shareholders' equity | ¥5.97bn | ¥3.56bn | ¥2.20bn | ¥1.62bn | ¥2.59bn | ¥2.37bn | ¥2.87bn | ¥2.46bn | ¥2.83bn | ¥3.06bn |
| Shares outstanding | 14m | 14m | 14m | 14m | 14m | 14m | 14m | 15m | 14m | 15m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥602.8m | ¥276.7m | ¥617.1m | −¥150.2m | ¥136.8m | ¥264.8m | ¥102.5m | −¥290.3m | ¥24.5m | ¥40.2m |
| Capital spending | −¥9.5m | −¥20.5m | −¥14.1m | −¥12.1m | −¥13.8m | −¥18.8m | −¥13.6m | −¥11.5m | −¥1.8m | −¥10.1m |
| Free cash flow | ¥593.3m | ¥256.2m | ¥602.9m | −¥162.3m | ¥122.9m | ¥246.0m | ¥89.0m | −¥301.7m | ¥22.7m | ¥30.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.23bn | ¥1.33bn | ¥1.15bn | ¥1.39bn | ¥1.22bn | ¥1.37bn | ¥1.23bn | ¥1.32bn |
| Gross profit | ¥868.3m | ¥990.7m | ¥812.0m | ¥1.04bn | ¥896.8m | ¥961.0m | ¥863.3m | ¥978.0m |
| Operating income | ¥276.8m | ¥362.1m | ¥205.2m | ¥401.5m | ¥226.8m | ¥300.2m | ¥223.3m | ¥289.0m |
| Net income | ¥171.4m | ¥1.60bn | ¥112.0m | ¥204.1m | ¥134.4m | ¥182.8m | ¥135.6m | ¥190.8m |
| Diluted earnings per share | 11.85 | 110.26 | 8.02 | 14.61 | 9.62 | 13.08 | 10.03 | 14.12 |
| Cash from operations | — | — | — | ¥602.0m | — | — | — | — |
| Capital spending | — | — | — | −¥9.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥593.0m | — | — | — | — |
| Total assets | ¥8.03bn | ¥8.92bn | ¥9.00bn | ¥9.47bn | ¥7.43bn | ¥5.81bn | ¥5.10bn | ¥5.37bn |
| Cash and short-term investments | ¥3.52bn | ¥4.87bn | ¥2.25bn | ¥1.77bn | ¥1.70bn | ¥1.23bn | ¥1.12bn | ¥1.39bn |
| Debt | ¥233.2m | ¥591.8m | ¥297.1m | ¥758.7m | ¥383.1m | ¥410.3m | ¥324.9m | ¥339.9m |
| Shareholders' equity | ¥6.06bn | ¥6.68bn | ¥6.62bn | ¥5.97bn | ¥5.05bn | ¥4.22bn | ¥3.89bn | ¥3.56bn |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 72.2% | 74.6% | 71.3% | 71.1% | 74.0% | 72.6% |
| Operating margin | 22.2% | 19.7% | 13.3% | 7.6% | 10.6% | 0.1% |
| Net margin | 12.6% | 12.6% | 12.7% | 5.3% | 6.5% | -13.7% |
| Return on equity | 11.0% | 17.0% | 26.4% | 11.0% | 8.3% | -16.1% |
| Return on assets | 6.9% | 11.3% | 14.9% | 6.9% | 5.5% | -10.0% |
| Free cash flow yield | 4.5% | 2.2% | 4.6% | -1.0% | 1.1% | 2.1% |
| Revenue growth | 7.8% | 5.8% | 35.7% | 2.1% | 18.4% | -18.1% |
| Earnings growth | 8.3% | 4.7% | 224.5% | -16.4% | -156.0% | -160.1% |
| Current ratio | 3.22x | 2.61x | 2.36x | 2.21x | 3.78x | 4.19x |
| Debt to equity | 0.13x | 0.12x | 0.34x | 0.29x | 0.29x | 0.44x |
| Equity ratio | 63.0% | 66.4% | 56.5% | 62.8% | 67.2% | 62.3% |
| Interest coverage | 224.51x | 219.47x | 179.56x | 70.50x | 66.37x | 0.89x |
| Buybacks as a share of market value | -3.3% | 2.9% | 0.0% | -0.0% | -0.0% | 2.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.6% | 13.3% | 8.9% |
| Operating income | 65.1% | 223.2% | 13.9% |
| Net income | 54.4% | — | 13.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 73.3% | 72.4% | 72.6% | 70.8% |
| Operating margin | 21.0% | 16.5% | 13.8% | 12.3% |
| Net margin | 12.6% | 11.3% | 7.7% | 6.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.9 | 17.5 | 17.2 | 32.0 | 23.4 | -16.6 | 17.9 | -21.2 | 126.7 | 91.4 |
| Price to sales | 1.9 | 2.2 | 2.2 | 1.7 | 1.5 | 2.3 | 3.3 | 3.3 | 7.5 | 11.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 29 Sept 2025.
| FY2026 | |
|---|---|
| Paid in the year | 10.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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