H 
196
+1.55%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.63bn
FY2017FY2026
Net income
¥264.4m
FY2017FY2026
Free cash flow
¥184.1m
FY2017FY2026
Shareholders' equity
¥1.05bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.63bn | ¥3.14bn | ¥2.55bn | ¥2.16bn | ¥47.51bn | ¥34.62bn | ¥14.41bn | ¥3.86bn | ¥2.27bn | ¥1.77bn |
| Operating income | ¥344.8m | ¥291.6m | ¥228.1m | ¥181.2m | −¥22.20bn | −¥6.90bn | ¥1.02bn | ¥89.8m | −¥121.8m | ¥25.6m |
| Net income | ¥264.4m | ¥358.0m | ¥261.9m | ¥5.03bn | −¥26.31bn | −¥6.98bn | ¥665.0m | ¥75.6m | −¥128.5m | ¥17.9m |
| Diluted earnings per share | 19.50 | 24.41 | 16.50 | 305.85 | -2,218.18 | -622.47 | 105.93 | 13.55 | -23.06 | 3.22 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.67bn | ¥2.15bn | ¥1.98bn | ¥2.34bn | ¥1.43bn | ¥10.96bn | ¥6.52bn | ¥2.74bn | ¥1.95bn | ¥1.68bn |
| Cash and short-term investments | ¥1.15bn | ¥977.6m | ¥1.02bn | ¥1.51bn | ¥917.1m | ¥1.93bn | ¥1.30bn | ¥494.8m | ¥443.1m | ¥368.5m |
| Total liabilities | ¥1.62bn | ¥995.3m | ¥981.3m | ¥1.60bn | ¥7.04bn | ¥13.46bn | ¥5.26bn | ¥2.22bn | ¥1.51bn | ¥1.11bn |
| Debt | ¥582.9m | ¥139.7m | ¥199.6m | ¥797.3m | ¥1.60bn | ¥1.90bn | ¥1.59bn | ¥523.3m | ¥180.0m | ¥9.6m |
| Shareholders' equity | ¥1.05bn | ¥1.16bn | ¥1.00bn | ¥742.1m | −¥5.60bn | −¥2.50bn | ¥1.26bn | ¥527.7m | ¥446.0m | ¥571.8m |
| Shares outstanding | 14m | 15m | 16m | 16m | 12m | 11m | 6m | 6m | 6m | 6m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥229.6m | ¥229.9m | ¥143.9m | ¥93.1m | ¥266.1m | −¥2.85bn | −¥119.0m | −¥257.7m | −¥72.0m | −¥76.0m |
| Capital spending | −¥45.5m | −¥29.9m | −¥16.5m | −¥6.5m | −¥27.5m | −¥20.9m | −¥208.2m | −¥1.2m | −¥8.0m | −¥4.0m |
| Free cash flow | ¥184.1m | ¥200.0m | ¥127.4m | ¥86.6m | ¥238.7m | −¥2.87bn | −¥327.2m | −¥258.9m | −¥80.0m | −¥80.0m |
| Dividends paid | — | — | — | −¥9,000 | — | −¥89.5m | −¥89.0m | −¥89.0m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥687.5m | ¥1.22bn | ¥856.3m | ¥838.7m | ¥715.7m | ¥1.05bn | ¥779.0m | ¥674.0m |
| Operating income | −¥93.4m | ¥189.5m | ¥58.0m | ¥93.3m | ¥4.0m | ¥130.3m | ¥97.0m | ¥53.0m |
| Net income | −¥111.4m | ¥182.9m | ¥41.5m | ¥58.5m | −¥18.5m | ¥121.6m | ¥186.0m | ¥48.0m |
| Diluted earnings per share | -8.21 | 13.48 | 2.83 | 3.99 | -1.26 | 8.29 | 11.72 | 3.02 |
| Total assets | ¥2.15bn | ¥2.67bn | ¥2.28bn | ¥2.40bn | ¥2.27bn | ¥2.15bn | ¥1.84bn | ¥1.91bn |
| Cash and short-term investments | ¥790.4m | ¥1.15bn | ¥1.15bn | ¥1.23bn | ¥948.0m | ¥977.6m | ¥959.6m | ¥937.2m |
| Debt | ¥183.3m | ¥582.9m | ¥292.5m | ¥626.4m | ¥242.7m | ¥139.7m | ¥100.0m | ¥219.1m |
| Shareholders' equity | ¥887.7m | ¥1.05bn | ¥974.0m | ¥1.03bn | ¥1.08bn | ¥1.16bn | ¥1.09bn | ¥959.2m |
Financial ratios
Data as of 22 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | 9.2% | 13.0% | 9.0% | 232.6% | -55.2% | -20.0% |
| Net margin | 7.3% | 11.4% | 10.3% | 233.1% | -55.4% | -20.2% |
| Return on equity | 25.1% | 31.0% | 26.1% | 677.7% | 469.6% | 279.3% |
| Return on assets | 9.9% | 16.7% | 13.2% | 215.0% | -1836.0% | -63.7% |
| Free cash flow yield | 10.2% | 8.9% | 5.1% | 3.0% | 12.4% | -126.7% |
| Revenue growth | 15.6% | 23.0% | 18.4% | -95.5% | 37.2% | 140.3% |
| Earnings growth | -26.1% | 36.7% | -94.8% | -119.1% | 277.0% | -1149.5% |
| Current ratio | 1.66x | 1.87x | 1.81x | 1.59x | 1.42x | 0.81x |
| Debt to equity | 0.55x | 0.12x | 0.20x | 1.07x | -0.07x | -0.76x |
| Equity ratio | 39.5% | 53.9% | 50.6% | 31.7% | -391.0% | -22.8% |
| Interest coverage | 58.10x | 1147.35x | 136.18x | 431.26x | -318.13x | -619.58x |
| Buybacks as a share of market value | 7.5% | 7.6% | 3.5% | -38.6% | -5.8% | -78.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 19.0% | -36.3% | 8.6% |
| Operating income | 23.9% | — | 9.0% |
| Net income | -62.5% | — | 11.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 9.4% | 9.1% | -30.0% | -22.9% |
| Net margin | 9.2% | 51.5% | -29.2% | -22.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.2 | 8.5 | 11.9 | 0.8 | -0.2 | -0.4 | 42.4 | 237.6 | -9.9 | 88.2 |
| Price to sales | 0.7 | 1.0 | 1.2 | 1.9 | 0.1 | 0.1 | 2.0 | 4.7 | 0.6 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Jun 2020.
| FY2021 | |
|---|---|
| Paid in the year | 15.00 |
- 4-for-1 split · 27 Dec 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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