P 
236
-3.28%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.57bn
FY2017FY2026
Net income
¥125.2m
FY2017FY2026
Free cash flow
¥56.4m
FY2017FY2026
Shareholders' equity
¥1.55bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.57bn | ¥1.54bn | ¥1.72bn | ¥2.12bn | ¥1.32bn | ¥1.01bn | ¥1.31bn | ¥1.23bn | ¥902.4m | ¥1.23bn |
| Research and development | ¥191.4m | ¥273.8m | ¥206.9m | ¥205.5m | ¥219.8m | ¥221.1m | ¥238.0m | ¥345.6m | ¥176.1m | ¥140.6m |
| Operating income | ¥82.8m | −¥135.2m | ¥11.1m | ¥509.4m | −¥392.1m | −¥276.9m | −¥415.0m | −¥311.9m | −¥268.6m | ¥350.2m |
| Net income | ¥125.2m | −¥445.6m | ¥26.4m | ¥493.3m | −¥388.0m | −¥238.0m | −¥415.0m | −¥297.5m | −¥270.8m | ¥128.3m |
| Diluted earnings per share | 30.77 | -109.49 | 6.37 | 130.99 | -68.65 | -71.97 | -126.21 | -101.40 | -96.86 | 41.75 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.19bn | ¥2.31bn | ¥2.74bn | ¥3.02bn | ¥2.28bn | ¥2.52bn | ¥2.78bn | ¥1.91bn | ¥2.17bn | ¥2.39bn |
| Cash and short-term investments | ¥1.15bn | ¥1.15bn | ¥1.39bn | ¥1.56bn | ¥1.33bn | ¥1.33bn | ¥1.78bn | ¥656.7m | ¥932.9m | ¥1.64bn |
| Total liabilities | ¥640.1m | ¥944.8m | ¥946.6m | ¥1.50bn | ¥1.45bn | ¥1.42bn | ¥1.62bn | ¥362.6m | ¥311.9m | ¥281.6m |
| Debt | ¥486.6m | ¥565.4m | ¥723.9m | ¥1.13bn | ¥1.04bn | ¥1.04bn | ¥1.32bn | ¥80.9m | ¥139.7m | ¥187.0m |
| Shareholders' equity | ¥1.55bn | ¥1.37bn | ¥1.80bn | ¥1.51bn | ¥828.2m | ¥1.09bn | ¥1.16bn | ¥1.54bn | ¥1.86bn | ¥2.10bn |
| Shares outstanding | 4m | 4m | 4m | 4m | 6m | 3m | 3m | 3m | 3m | 3m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥68.9m | −¥73.0m | −¥79.3m | ¥277.5m | ¥16.4m | −¥101.9m | −¥12.0m | −¥159.0m | −¥187.0m | ¥44.0m |
| Capital spending | −¥12.4m | −¥21.2m | −¥38.8m | −¥12.4m | −¥6.8m | −¥182.3m | −¥30.0m | −¥64.0m | −¥5.0m | −¥9.0m |
| Free cash flow | ¥56.4m | −¥94.2m | −¥118.1m | ¥265.1m | ¥9.6m | −¥284.2m | −¥42.0m | −¥223.0m | −¥192.0m | ¥35.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥259.0m | ¥364.8m | ¥444.4m | ¥356.1m | ¥400.3m | ¥398.1m | ¥355.0m | ¥339.0m |
| Operating income | −¥93.4m | ¥14.2m | ¥62.9m | −¥18.1m | ¥23.7m | ¥11.3m | −¥54.5m | ¥49.4m |
| Net income | −¥91.1m | ¥32.0m | ¥80.9m | −¥6.9m | ¥19.2m | −¥294.9m | −¥26.0m | −¥147.0m |
| Diluted earnings per share | -22.38 | 7.86 | 19.88 | -1.69 | 4.72 | -72.45 | -6.28 | -35.50 |
| Total assets | ¥2.07bn | ¥2.19bn | ¥2.20bn | ¥2.10bn | ¥2.23bn | ¥2.31bn | ¥2.51bn | ¥2.53bn |
| Cash and short-term investments | ¥1.10bn | ¥1.15bn | ¥1.05bn | ¥912.4m | ¥1.04bn | ¥1.15bn | ¥1.14bn | ¥1.21bn |
| Debt | ¥180.0m | ¥360.1m | ¥180.0m | ¥360.0m | ¥180.0m | ¥432.1m | ¥180.0m | ¥440.0m |
| Shareholders' equity | ¥1.46bn | ¥1.55bn | ¥1.52bn | ¥1.38bn | ¥1.37bn | ¥1.37bn | ¥1.67bn | ¥1.69bn |
Financial ratios
Data as of 30 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | 5.3% | -27.5% | 3.7% | 24.2% | -29.6% | -22.0% |
| Net margin | 8.0% | -28.9% | 1.5% | 23.2% | -29.3% | -23.5% |
| Return on equity | 8.1% | -32.6% | 1.5% | 32.6% | -46.8% | -21.8% |
| Return on assets | 5.7% | -19.3% | 1.0% | 16.3% | -17.0% | -9.5% |
| Free cash flow yield | 7.2% | -4.6% | -3.5% | 27.7% | 1.5% | 8.7% |
| Revenue growth | 1.6% | -10.1% | -19.2% | 60.3% | 30.7% | -22.6% |
| Earnings growth | -128.1% | -1789.5% | -94.7% | -227.2% | 63.0% | -42.7% |
| Current ratio | 4.40x | 3.03x | 5.06x | 1.78x | 4.23x | 4.51x |
| Debt to equity | 0.23x | 0.32x | 0.30x | 0.60x | 1.12x | 0.85x |
| Equity ratio | 70.8% | 59.1% | 65.5% | 50.2% | 36.3% | 43.5% |
| Interest coverage | 17.25x | -80.88x | 21.43x | 167.23x | -411.82x | -190.84x |
| R&D as a share of sales | 12.2% | 17.8% | 12.1% | 9.7% | 16.6% | 21.8% |
| Buybacks as a share of market value | 0.0% | 1.7% | -9.9% | 33.4% | -70.9% | -0.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.7% | 9.1% | 2.6% |
| Operating income | -45.4% | — | -8.0% |
| Net income | -36.7% | — | 0.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -1.7% | 6.7% | -2.2% | -4.3% |
| Net margin | -10.3% | 2.9% | -4.6% | -7.6% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.2 | -4.4 | 51.8 | 3.6 | -9.9 | -7.1 | -4.7 | -8.2 | -6.9 | 26.9 |
| Price to sales | 0.7 | 1.3 | 0.8 | 0.8 | 2.9 | 1.7 | 1.5 | 2.0 | 2.1 | 2.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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