S 
275
+1.85%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.06bn
FY2017FY2026
Net income
−¥731.2m
FY2017FY2026
Free cash flow
¥30.0m
FY2017FY2026
Shareholders' equity
¥1.71bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.06bn | ¥2.31bn | ¥2.29bn | ¥1.73bn | ¥4.14bn | ¥4.03bn | ¥4.70bn | ¥4.93bn | ¥4.40bn | ¥4.03bn |
| Gross profit | ¥1.01bn | ¥1.13bn | ¥1.19bn | ¥742.6m | ¥1.73bn | ¥1.35bn | ¥1.55bn | ¥1.68bn | ¥1.40bn | ¥1.31bn |
| Research and development | — | — | ¥118.0m | ¥143.9m | ¥114.9m | ¥208.0m | — | — | ¥102.0m | ¥77.0m |
| Operating income | −¥140.6m | −¥112.4m | ¥56.6m | −¥519.8m | ¥3.5m | −¥234.0m | ¥21.9m | ¥233.0m | ¥84.3m | ¥99.5m |
| Net income | −¥731.2m | −¥162.6m | ¥90.4m | −¥425.2m | ¥7.2m | −¥103.4m | −¥61.8m | ¥355.1m | ¥19.9m | −¥918.5m |
| Diluted earnings per share | -156.79 | -35.00 | 19.46 | -92.06 | 1.56 | -23.88 | -14.49 | 83.67 | 4.70 | -214.91 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.58bn | ¥3.19bn | ¥3.36bn | ¥3.11bn | ¥3.96bn | ¥4.00bn | ¥4.19bn | ¥4.74bn | ¥4.40bn | ¥4.39bn |
| Cash and short-term investments | ¥1.09bn | ¥1.02bn | ¥1.08bn | ¥1.25bn | ¥1.84bn | ¥1.31bn | ¥1.31bn | ¥2.37bn | ¥1.86bn | ¥2.00bn |
| Total liabilities | ¥791.4m | ¥645.6m | ¥612.0m | ¥467.1m | ¥883.6m | ¥1.03bn | ¥1.14bn | ¥1.57bn | ¥1.54bn | ¥1.49bn |
| Debt | ¥278.7m | ¥90.9m | ¥1.6m | ¥2.3m | ¥206.1m | ¥5.3m | ¥11.7m | ¥47.9m | ¥52.5m | ¥19.0m |
| Shareholders' equity | ¥1.71bn | ¥2.47bn | ¥2.69bn | ¥2.60bn | ¥3.05bn | ¥2.97bn | ¥3.05bn | ¥3.17bn | ¥2.85bn | ¥2.90bn |
| Shares outstanding | 5m | 5m | 5m | 5m | 5m | 4m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥36.5m | ¥240.7m | −¥106.2m | −¥545.1m | −¥213.7m | ¥228.9m | −¥873.8m | ¥58.0m | −¥59.0m | ¥318.0m |
| Capital spending | −¥6.5m | −¥162.0m | −¥106.5m | −¥301.4m | −¥228.8m | −¥65.0m | −¥55.1m | −¥15.0m | −¥14.0m | −¥13.1m |
| Free cash flow | ¥30.0m | ¥78.7m | −¥212.8m | −¥846.5m | −¥442.4m | ¥163.9m | −¥928.9m | ¥43.0m | −¥73.0m | ¥304.9m |
| Dividends paid | −¥48.2m | −¥47.0m | −¥47.8m | −¥47.4m | −¥32.2m | −¥42.6m | −¥42.4m | −¥21.0m | −¥53.0m | −¥43.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥359.3m | ¥568.9m | ¥655.4m | ¥436.7m | ¥552.5m | ¥420.2m | ¥585.0m | ¥451.0m |
| Gross profit | ¥192.0m | ¥304.3m | ¥295.1m | ¥203.4m | ¥250.0m | ¥258.9m | ¥286.0m | ¥234.4m |
| Operating income | ¥18.9m | ¥85.8m | ¥10.5m | −¥73.8m | −¥40.7m | −¥36.6m | −¥31.0m | −¥70.0m |
| Net income | ¥26.7m | ¥365.2m | −¥117.9m | −¥46.3m | −¥487.8m | −¥79.1m | −¥90.0m | −¥88.0m |
| Diluted earnings per share | 5.72 | 78.30 | -25.38 | -9.97 | -105.00 | -17.03 | -19.39 | -18.96 |
| Total assets | ¥2.83bn | ¥2.87bn | ¥2.58bn | ¥2.65bn | ¥2.69bn | ¥3.02bn | ¥3.19bn | ¥3.23bn |
| Cash and short-term investments | ¥1.43bn | ¥1.36bn | ¥1.09bn | ¥901.9m | ¥788.4m | ¥687.2m | ¥1.02bn | ¥852.7m |
| Debt | ¥289.3m | ¥231.8m | ¥271.9m | ¥222.1m | ¥280.5m | ¥20.7m | ¥20.7m | ¥20.2m |
| Shareholders' equity | ¥2.11bn | ¥2.07bn | ¥1.71bn | ¥1.82bn | ¥1.85bn | ¥2.34bn | ¥2.47bn | ¥2.54bn |
Financial ratios
Data as of 4 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 48.8% | 49.0% | 52.0% | 42.9% | 41.7% | 33.6% | — | — | — | — |
| Operating margin | -34.7% | -4.7% | 5.7% | -22.0% | 3.1% | -3.6% | — | — | — | — |
| Net margin | -35.4% | -7.0% | 4.0% | -24.6% | 0.2% | -2.6% | — | — | — | — |
| Return on equity | -42.9% | -6.6% | 3.4% | -16.3% | 0.2% | -3.5% | — | — | — | — |
| Return on assets | -28.4% | -5.1% | 2.7% | -13.7% | 0.2% | -2.6% | — | — | — | — |
| Free cash flow yield | 3.2% | 29.8% | 0.0% | -18.1% | 1.1% | 23.3% | — | — | — | — |
| Revenue growth | -10.8% | 1.2% | 32.3% | -58.2% | 2.8% | -14.4% | — | — | — | — |
| Earnings growth | 349.7% | -280.0% | -121.3% | -6025.1% | -106.9% | 67.2% | — | — | — | — |
| Current ratio | 3.33x | 4.65x | 4.68x | 5.48x | 3.59x | 3.17x | — | — | — | — |
| Debt to equity | 0.16x | 0.04x | 0.00x | 0.00x | 0.07x | 0.00x | — | — | — | — |
| Equity ratio | 66.2% | 77.4% | 80.1% | 83.6% | 77.1% | 74.3% | — | — | — | — |
| Interest coverage | -288.94x | -134.97x | — | -1744.86x | 289.60x | — | 12.30x | 125.47x | — | — |
| R&D as a share of sales | — | — | 5.2% | 8.3% | 2.8% | 5.2% | — | — | 2.3% | 1.9% |
| Buybacks as a share of market value | -0.4% | -0.1% | -0.5% | -0.4% | -6.2% | -1.4% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.1% | -12.5% | -5.9% |
| Operating income | -35.3% | -9.7% | — |
| Net income | 19.8% | 47.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 48.9% | 48.5% | 43.2% | 37.1% |
| Operating margin | -5.8% | -8.5% | -5.7% | -1.1% |
| Net margin | -20.4% | -14.6% | -8.0% | -4.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.9 | -9.2 | 15.8 | -3.8 | 184.6 | -14.8 | -27.0 | 5.3 | 100.0 | -1.9 |
| Price to sales | 0.7 | 0.6 | 0.6 | 0.9 | 0.3 | 0.4 | 0.3 | 0.4 | 0.5 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 29 Dec 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 20.00 | 10.00 | 10.00 | 10.00 | 17.50 | 10.00 | 5.00 | 10.00 |
- 11-for-10 split · 27 Mar 1990
- 11-for-10 split · 14 Sept 1989
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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