I 
1,423
+1.50%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥18.47bn
FY2017FY2026
Net income
¥637.0m
FY2017FY2026
Free cash flow
−¥4.14bn
FY2017FY2026
Shareholders' equity
¥6.13bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥18.47bn | ¥16.20bn | ¥13.60bn | ¥12.59bn | ¥12.08bn | ¥11.38bn | ¥12.23bn | ¥11.76bn | ¥13.84bn | ¥9.76bn |
| Gross profit | ¥3.24bn | ¥2.50bn | ¥1.87bn | ¥1.72bn | ¥1.66bn | ¥1.53bn | ¥1.75bn | ¥1.71bn | ¥1.67bn | ¥1.05bn |
| Research and development | — | ¥393.0m | ¥315.7m | ¥317.1m | ¥321.8m | ¥335.7m | ¥341.0m | ¥324.4m | ¥359.6m | ¥384.3m |
| Operating income | ¥1.31bn | ¥692.6m | ¥253.7m | ¥246.7m | ¥233.0m | ¥220.6m | ¥259.0m | ¥220.8m | ¥409.2m | ¥152.9m |
| Net income | ¥637.0m | ¥423.6m | ¥252.0m | ¥167.1m | ¥143.4m | ¥124.1m | ¥149.1m | ¥100.1m | ¥620.8m | ¥93.1m |
| Diluted earnings per share | 102.13 | 67.91 | 39.50 | 26.19 | 22.48 | 19.45 | 23.38 | 15.69 | 97.31 | 14.59 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥27.02bn | ¥20.84bn | ¥16.80bn | ¥15.03bn | ¥16.41bn | ¥14.36bn | ¥14.40bn | ¥11.98bn | ¥13.46bn | ¥10.65bn |
| Cash and short-term investments | ¥694.0m | ¥932.8m | ¥954.9m | ¥1.13bn | ¥921.9m | ¥850.9m | ¥938.0m | ¥573.1m | ¥950.5m | ¥303.4m |
| Total liabilities | ¥20.89bn | ¥15.45bn | ¥11.90bn | ¥10.67bn | ¥12.24bn | ¥10.50bn | ¥10.81bn | ¥8.55bn | ¥10.08bn | ¥7.95bn |
| Debt | ¥13.22bn | ¥9.08bn | ¥6.26bn | ¥4.13bn | ¥5.04bn | ¥6.41bn | ¥6.55bn | ¥4.14bn | ¥5.14bn | ¥3.83bn |
| Shareholders' equity | ¥6.13bn | ¥5.39bn | ¥4.90bn | ¥4.37bn | ¥4.16bn | ¥3.85bn | ¥3.59bn | ¥3.43bn | ¥3.38bn | ¥2.70bn |
| Shares outstanding | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 6m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥3.44bn | −¥2.17bn | −¥1.90bn | ¥1.29bn | ¥1.89bn | ¥198.1m | −¥2.21bn | ¥766.0m | ¥3.60bn | −¥2.15bn |
| Capital spending | −¥699.0m | −¥588.8m | −¥374.5m | −¥202.2m | −¥438.3m | −¥231.8m | −¥100.8m | −¥106.2m | −¥134.4m | −¥197.6m |
| Free cash flow | −¥4.14bn | −¥2.75bn | −¥2.27bn | ¥1.08bn | ¥1.45bn | −¥33.7m | −¥2.31bn | ¥659.8m | ¥3.47bn | −¥2.35bn |
| Dividends paid | −¥63.0m | — | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.78bn | ¥6.82bn | ¥4.21bn | ¥3.84bn | ¥3.61bn | ¥5.78bn | ¥4.36bn | ¥3.47bn |
| Gross profit | ¥761.0m | ¥1.05bn | ¥870.4m | ¥666.6m | ¥651.0m | ¥764.2m | ¥647.0m | ¥701.0m |
| Operating income | ¥317.0m | ¥397.0m | ¥442.7m | ¥233.3m | ¥235.0m | ¥140.6m | ¥232.6m | ¥307.4m |
| Net income | ¥228.0m | ¥200.0m | ¥299.3m | −¥22.3m | ¥160.0m | ¥52.6m | ¥155.2m | ¥197.8m |
| Diluted earnings per share | 36.55 | 32.07 | 47.98 | -3.57 | 25.65 | 8.43 | 24.33 | 31.01 |
| Total assets | ¥25.21bn | ¥27.02bn | ¥26.76bn | ¥23.66bn | ¥21.43bn | ¥20.84bn | ¥22.26bn | ¥19.55bn |
| Cash and short-term investments | ¥805.0m | ¥694.0m | ¥791.0m | ¥658.8m | ¥612.0m | ¥932.8m | ¥899.0m | ¥1.05bn |
| Debt | ¥10.61bn | ¥13.22bn | ¥13.03bn | ¥12.49bn | ¥9.23bn | ¥9.01bn | ¥9.38bn | ¥8.41bn |
| Shareholders' equity | ¥6.16bn | ¥6.13bn | ¥5.91bn | ¥5.42bn | ¥5.56bn | ¥5.39bn | ¥5.45bn | ¥5.26bn |
Financial ratios
Data as of 1 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 17.5% | 15.4% | 13.7% | 13.6% | 13.8% | 13.4% | — |
| Operating margin | 7.1% | 4.3% | 1.9% | 2.0% | 1.9% | 1.9% | — |
| Net margin | 3.4% | 2.6% | 1.9% | 1.3% | 1.2% | 1.1% | — |
| Return on equity | 10.4% | 7.9% | 5.1% | 3.8% | 3.4% | 3.2% | — |
| Return on assets | 2.4% | 2.0% | 1.5% | 1.1% | 0.9% | 0.9% | — |
| Free cash flow yield | -24.6% | -14.2% | -13.4% | 13.1% | 20.5% | 3.8% | — |
| Revenue growth | 14.0% | 19.2% | 8.0% | 4.2% | 6.1% | -6.9% | — |
| Earnings growth | 50.4% | 68.1% | 50.8% | 16.5% | 15.6% | -16.8% | — |
| Current ratio | 1.20x | 1.22x | 1.21x | 1.28x | 1.26x | 1.31x | — |
| Debt to equity | 2.16x | 1.67x | 1.27x | 0.94x | 1.20x | 1.64x | — |
| Equity ratio | 22.7% | 25.8% | 29.2% | 29.0% | 25.4% | 26.8% | — |
| Interest coverage | 7.98x | 7.70x | 6.78x | 6.27x | 4.51x | 3.66x | — |
| R&D as a share of sales | — | 2.4% | 2.3% | 2.5% | 2.7% | 2.9% | 2.8% |
| Buybacks as a share of market value | 0.0% | 2.2% | 0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 13.6% | 10.2% | 7.8% |
| Operating income | 74.4% | 42.8% | 30.9% |
| Net income | 56.2% | 38.7% | 26.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.5% | 15.3% | 14.8% | 14.2% |
| Operating margin | 5.8% | 4.1% | 3.5% | 2.9% |
| Net margin | 3.1% | 2.4% | 2.1% | 2.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 15.2 | 21.6 | 34.9 | 42.4 | 67.8 | 71.7 | 83.6 | 113.7 | 11.5 | 243.7 |
| Price to sales | 0.5 | 0.6 | 0.7 | 0.6 | 0.8 | 0.8 | 1.0 | 1.0 | 0.5 | 2.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | |
|---|---|
| Paid in the year | 25.00 |
- 10-to-1 reverse split · 28 Sept 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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