O 
2,468
+0.57%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥10.04bn
FY2019FY2026
Net income
−¥538.1m
FY2019FY2026
Free cash flow
¥2.20bn
FY2019FY2026
Shareholders' equity
¥4.69bn
FY2019FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥10.04bn | ¥8.39bn | ¥6.61bn | ¥5.75bn | ¥4.76bn | ¥3.58bn | ¥3.07bn | ¥2.61bn |
| Gross profit | ¥3.37bn | ¥3.01bn | ¥1.64bn | ¥2.25bn | ¥1.61bn | ¥1.00bn | ¥633.1m | ¥725.6m |
| Research and development | ¥1.20bn | ¥1.30bn | ¥1.05bn | ¥675.2m | ¥315.2m | ¥154.9m | ¥131.3m | ¥270.1m |
| Operating income | ¥542.7m | ¥126.3m | −¥983.1m | ¥537.1m | ¥596.8m | ¥365.8m | ¥123.0m | ¥103.3m |
| Net income | −¥538.1m | −¥2.70bn | −¥422.3m | ¥557.4m | ¥495.7m | ¥310.5m | ¥77.0m | ¥140.6m |
| Diluted earnings per share | -44.58 | -233.98 | -37.91 | 50.65 | 50.21 | 31.72 | 6.38 | 11.65 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥14.77bn | ¥18.21bn | ¥19.25bn | ¥10.79bn | ¥8.71bn | ¥6.57bn | ¥5.70bn | ¥5.19bn |
| Cash and short-term investments | ¥2.29bn | ¥2.25bn | ¥1.63bn | ¥1.44bn | ¥2.15bn | ¥1.18bn | ¥675.5m | ¥1.02bn |
| Total liabilities | ¥10.08bn | ¥12.79bn | ¥11.64bn | ¥5.56bn | ¥4.12bn | ¥5.05bn | ¥4.51bn | ¥4.15bn |
| Debt | ¥7.54bn | ¥10.37bn | ¥9.21bn | ¥3.68bn | ¥2.62bn | ¥3.79bn | ¥3.54bn | ¥3.27bn |
| Shareholders' equity | ¥4.69bn | ¥5.41bn | ¥7.61bn | ¥5.23bn | ¥4.59bn | ¥1.51bn | ¥1.19bn | ¥1.04bn |
| Shares outstanding | 12m | 12m | 11m | 11m | 10m | 10m | 12m | 12m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥2.85bn | ¥885.2m | −¥953.8m | −¥119.3m | ¥443.4m | ¥568.3m | −¥126.1m | ¥265.6m |
| Capital spending | −¥648.0m | −¥1.66bn | −¥1.68bn | −¥1.50bn | −¥826.2m | −¥244.9m | −¥498.2m | −¥774.6m |
| Free cash flow | ¥2.20bn | −¥775.4m | −¥2.63bn | −¥1.62bn | −¥382.8m | ¥323.4m | −¥624.3m | −¥509.0m |
| Dividends paid | — | — | — | −¥1.80bn | −¥853.1m | −¥189,000 | — | — |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.74bn | ¥2.19bn | ¥3.68bn | ¥2.21bn | ¥2.36bn | ¥1.79bn | ¥2.67bn | ¥2.32bn |
| Gross profit | ¥1.12bn | ¥811.7m | ¥1.42bn | ¥627.5m | ¥516.4m | ¥801.1m | ¥1.23bn | ¥804.9m |
| Operating income | ¥442.1m | ¥199.0m | ¥801.1m | −¥68.5m | −¥117.7m | −¥72.2m | ¥482.6m | ¥39.9m |
| Net income | ¥500.7m | ¥70.3m | −¥224.6m | −¥43.3m | ¥4.6m | −¥274.9m | ¥254.2m | −¥2.72bn |
| Diluted earnings per share | 41.49 | 5.83 | -18.60 | -3.75 | 0.40 | -23.79 | 22.00 | -243.78 |
| Cash from operations | — | — | — | — | ¥479.0m | — | — | — |
| Capital spending | — | — | — | — | −¥344.0m | — | — | — |
| Free cash flow | — | — | — | — | ¥135.0m | — | — | — |
| Total assets | ¥15.39bn | ¥14.52bn | ¥14.77bn | ¥17.33bn | ¥17.29bn | ¥17.51bn | ¥18.21bn | ¥17.70bn |
| Cash and short-term investments | ¥1.92bn | ¥1.95bn | ¥2.29bn | ¥2.65bn | ¥2.43bn | ¥2.56bn | ¥2.25bn | ¥2.26bn |
| Debt | ¥3.31bn | ¥3.62bn | ¥7.54bn | ¥3.97bn | ¥3.96bn | ¥4.14bn | ¥4.01bn | ¥4.02bn |
| Shareholders' equity | ¥5.35bn | ¥4.78bn | ¥4.69bn | ¥5.32bn | ¥5.28bn | ¥5.05bn | ¥5.41bn | ¥5.00bn |
Financial ratios
Data as of 18 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 33.6% | 35.9% | 24.9% | 39.1% | 33.8% | 28.0% |
| Operating margin | 5.4% | 1.5% | -14.9% | 9.3% | 12.5% | 10.2% |
| Net margin | -5.4% | -32.2% | -6.4% | 9.7% | 10.4% | 8.7% |
| Return on equity | -11.5% | -49.9% | -5.5% | 10.7% | 10.8% | 20.5% |
| Return on assets | -3.6% | -14.9% | -2.2% | 5.2% | 5.7% | 4.7% |
| Free cash flow yield | 8.7% | 6.6% | 1.9% | 3.8% | 3.9% | 2.5% |
| Revenue growth | 19.6% | 27.1% | 14.9% | 20.9% | 32.9% | 16.8% |
| Earnings growth | -80.1% | 540.2% | -175.8% | 12.4% | 59.7% | 303.4% |
| Current ratio | 1.18x | 1.34x | 1.64x | 1.80x | 2.67x | 1.42x |
| Debt to equity | 1.61x | 1.92x | 1.21x | 0.70x | 0.57x | 2.50x |
| Equity ratio | 31.8% | 29.7% | 39.5% | 48.4% | 52.7% | 23.0% |
| Interest coverage | 3.33x | 0.85x | -7.27x | 15.79x | 11.86x | 7.54x |
| R&D as a share of sales | 12.0% | 15.4% | 15.9% | 11.7% | 6.6% | 4.3% |
| Buybacks as a share of market value | -4.4% | -3.7% | -1.2% | -11.5% | -0.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 20.4% | 22.9% | — |
| Operating income | 0.4% | 8.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 34.6% | 33.4% | 32.9% | — |
| Operating margin | 3.6% | 0.7% | 3.0% | — |
| Net margin | -17.6% | -10.1% | -5.9% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | -59.1 | -6.5 | -41.0 | 63.2 | 76.3 | 115.5 |
| Price to sales | 3.2 | 2.1 | 2.6 | 6.1 | 8.0 | 10.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 27 Feb 2023
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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