M 
1,323
+4.50%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥20.43bn
FY2017FY2026
Net income
¥3.46bn
FY2017FY2026
Free cash flow
¥1.84bn
FY2017FY2026
Shareholders' equity
¥16.87bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥20.43bn | ¥11.40bn | ¥4.75bn | ¥6.87bn | ¥8.59bn | ¥5.37bn | ¥4.39bn | ¥4.02bn | ¥4.59bn | ¥3.04bn |
| Gross profit | ¥6.26bn | ¥3.55bn | ¥832.0m | ¥1.58bn | ¥3.16bn | ¥1.82bn | ¥1.38bn | ¥1.07bn | ¥1.78bn | ¥1.11bn |
| Research and development | — | — | ¥55.0m | ¥84.5m | ¥137.2m | ¥62.2m | ¥28.3m | ¥25.8m | ¥40.3m | ¥51.6m |
| Operating income | ¥4.13bn | ¥2.10bn | ¥156.5m | ¥859.5m | ¥2.36bn | ¥1.21bn | ¥896.2m | ¥495.6m | ¥1.23bn | ¥764.9m |
| Net income | ¥3.46bn | ¥1.36bn | ¥19.6m | ¥706.6m | ¥1.82bn | ¥902.7m | ¥690.6m | ¥436.6m | ¥866.1m | ¥538.7m |
| Diluted earnings per share | 123.60 | 17.85 | 0.26 | 9.32 | 23.98 | 11.75 | 8.99 | 5.57 | 11.06 | 7.54 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥31.55bn | ¥25.42bn | ¥11.47bn | ¥11.62bn | ¥12.56bn | ¥9.75bn | ¥8.90bn | ¥8.34bn | ¥8.11bn | ¥5.42bn |
| Cash and short-term investments | ¥7.54bn | ¥4.25bn | ¥3.03bn | ¥3.50bn | ¥3.01bn | ¥2.51bn | ¥2.54bn | ¥2.26bn | ¥2.61bn | ¥2.43bn |
| Total liabilities | ¥14.67bn | ¥17.27bn | ¥4.31bn | ¥4.15bn | ¥5.26bn | ¥3.42bn | ¥3.20bn | ¥3.03bn | ¥2.97bn | ¥2.28bn |
| Debt | ¥8.97bn | ¥13.53bn | ¥3.48bn | ¥3.52bn | ¥3.25bn | ¥2.35bn | ¥2.36bn | ¥2.64bn | ¥2.29bn | ¥1.59bn |
| Shareholders' equity | ¥16.87bn | ¥8.15bn | ¥7.16bn | ¥7.47bn | ¥7.30bn | ¥6.33bn | ¥5.71bn | ¥5.31bn | ¥5.13bn | ¥3.14bn |
| Shares outstanding | 28m | 76m | 76m | 76m | 76m | 77m | 77m | 78m | 78m | 71m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥2.93bn | ¥3.06bn | ¥431.8m | ¥2.25bn | ¥2.23bn | ¥1.06bn | ¥1.19bn | ¥1.05bn | ¥829.4m | ¥626.1m |
| Capital spending | −¥1.08bn | −¥1.50bn | −¥501.0m | −¥1.49bn | −¥1.74bn | −¥813.5m | −¥341.6m | −¥1.50bn | −¥2.46bn | −¥683.5m |
| Free cash flow | ¥1.84bn | ¥1.56bn | −¥69.2m | ¥762.7m | ¥483.3m | ¥248.7m | ¥848.9m | −¥443.5m | −¥1.63bn | −¥57.3m |
| Dividends paid | −¥798.0m | −¥443.0m | −¥353.5m | −¥555.3m | −¥462.5m | −¥281.2m | −¥131.7m | −¥258.6m | −¥190.2m | −¥84.3m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥6.41bn | ¥5.31bn | ¥4.47bn | ¥4.24bn | ¥4.13bn | ¥3.36bn | ¥2.00bn | ¥1.91bn |
| Gross profit | ¥1.90bn | ¥1.75bn | ¥1.35bn | ¥1.26bn | ¥1.20bn | ¥1.00bn | ¥697.3m | ¥647.4m |
| Operating income | ¥1.49bn | ¥1.08bn | ¥868.0m | ¥701.0m | ¥653.7m | ¥497.2m | ¥506.1m | ¥444.8m |
| Net income | ¥1.03bn | ¥760.0m | ¥1.24bn | ¥434.0m | ¥416.1m | ¥275.7m | ¥356.1m | ¥308.2m |
| Diluted earnings per share | 36.86 | 27.12 | 44.14 | 5.71 | 5.48 | 3.63 | 4.69 | 4.06 |
| Total assets | ¥31.55bn | ¥33.96bn | ¥26.59bn | ¥25.76bn | ¥25.42bn | ¥25.03bn | ¥13.14bn | ¥11.62bn |
| Cash and short-term investments | ¥7.54bn | ¥10.86bn | ¥5.12bn | ¥4.18bn | ¥4.25bn | ¥4.10bn | ¥3.71bn | ¥2.53bn |
| Debt | ¥748.0m | ¥1.44bn | ¥12.69bn | ¥1.51bn | ¥13.52bn | ¥1.56bn | ¥4.35bn | ¥575.1m |
| Shareholders' equity | ¥16.87bn | ¥15.18bn | ¥9.62bn | ¥8.30bn | ¥8.15bn | ¥7.19bn | ¥7.59bn | ¥7.22bn |
Financial ratios
Data as of 19 Sept 2026
| FY2025 | FY2025 | FY2024 | FY2024 | FY2023 | FY2023 | FY2022 | FY2022 | FY2021 | FY2021 | FY2020 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | 31.1% | — | 17.5% | — | 23.1% | — | 36.8% | — | 33.8% | — | 31.5% | — |
| Operating margin | — | 17.9% | — | 1.4% | — | 14.9% | — | 28.6% | — | 23.1% | — | 22.7% | — |
| Net margin | — | 11.9% | — | 0.4% | — | 10.3% | — | 21.2% | — | 16.8% | — | 15.7% | — |
| Return on equity | — | 16.6% | — | 0.3% | — | 9.5% | — | 24.9% | — | 14.3% | — | 12.1% | — |
| Return on assets | — | 5.3% | — | 0.2% | — | 6.1% | — | 14.5% | — | 9.3% | — | 7.8% | — |
| Revenue growth | — | 140.1% | — | -30.9% | — | -20.0% | — | 59.9% | — | 22.4% | — | 9.2% | — |
| Earnings growth | — | 6820.8% | — | -97.2% | — | -61.1% | — | 101.3% | — | 30.7% | — | 58.2% | — |
| Current ratio | — | 2.27x | — | 4.13x | — | 4.68x | — | 2.63x | — | 3.31x | — | 3.69x | — |
| Debt to equity | — | 1.66x | — | 0.48x | — | 0.47x | — | 0.44x | — | 0.37x | — | 0.41x | — |
| Equity ratio | — | 32.1% | — | 62.5% | — | 64.3% | — | 58.1% | — | 64.9% | — | 64.1% | — |
| Interest coverage | — | 19.32x | — | 2.85x | — | 43.33x | — | 124.15x | — | 76.31x | — | 55.39x | — |
| R&D as a share of sales | — | — | — | 1.2% | — | 1.2% | — | 1.6% | — | 1.2% | — | 0.6% | 0.6% |
| Buybacks as a share of market value | -0.1% | — | -0.1% | — | -0.1% | — | 1.4% | — | 0.0% | — | 1.9% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 43.8% | 30.6% | 24.7% |
| Operating income | 68.8% | 27.9% | 23.8% |
| Net income | 69.9% | 30.9% | 25.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.8% | 28.1% | 30.0% | 30.8% |
| Operating margin | 19.6% | 16.7% | 18.8% | 19.4% |
| Net margin | 15.1% | 12.8% | 14.4% | 14.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.8 | 64.4 | — | 111.8 | 32.3 | 133.2 | 75.1 | 93.1 | 29.8 | 114.8 |
| Price to sales | 1.8 | 7.7 | 13.0 | 11.5 | 6.8 | 22.4 | 11.8 | 10.1 | 5.6 | 20.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 11 years. Last went ex-dividend on 28 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 45.00 | 30.00 | 14.00 | 22.00 | 18.00 | 11.00 | 5.00 | 10.00 |
- 2-for-1 split · 30 Mar 2026
- 2-for-1 split · 24 Feb 2017
- 3-for-1 split · 27 Aug 2015
- 100-for-1 split · 26 Feb 2014
- 2-for-1 split · 27 Nov 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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