M 
568
+2.53%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥391.0m
FY2017FY2026
Net income
−¥1.94bn
FY2017FY2026
Free cash flow
−¥1.28bn
FY2017FY2026
Shareholders' equity
¥24.52bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥391.0m | ¥1.03bn | ¥1.14bn | ¥1.32bn | ¥1.41bn | ¥1.62bn | ¥1.49bn | ¥1.47bn | ¥1.34bn | ¥1.24bn |
| Operating income | −¥1.28bn | ¥285.0m | ¥422.0m | ¥466.0m | ¥499.0m | ¥1.04bn | ¥973.0m | ¥1.03bn | ¥900.0m | ¥723.0m |
| Net income | −¥1.94bn | ¥365.0m | ¥536.0m | ¥501.0m | ¥658.0m | ¥756.0m | ¥589.0m | ¥688.0m | ¥487.0m | ¥376.0m |
| Diluted earnings per share | -48.41 | 9.12 | 13.40 | 12.52 | 16.44 | 18.89 | 14.72 | 17.19 | 12.17 | 12.53 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥26.51bn | ¥28.86bn | ¥27.71bn | ¥26.87bn | ¥26.20bn | ¥24.78bn | ¥23.90bn | ¥23.30bn | ¥15.46bn | ¥15.11bn |
| Cash and short-term investments | ¥11.36bn | ¥11.84bn | ¥11.00bn | ¥9.98bn | ¥9.40bn | ¥8.18bn | ¥7.45bn | ¥6.78bn | ¥6.51bn | ¥5.38bn |
| Total liabilities | ¥412.0m | ¥867.0m | ¥1.06bn | ¥1.19bn | ¥1.30bn | ¥1.52bn | ¥1.56bn | ¥1.50bn | ¥1.81bn | ¥7.11bn |
| Debt | — | — | — | — | — | — | — | — | ¥236.0m | ¥5.84bn |
| Shareholders' equity | ¥24.52bn | ¥26.32bn | ¥25.16bn | ¥24.30bn | ¥23.65bn | ¥22.22bn | ¥21.40bn | ¥20.91bn | ¥12.78bn | ¥7.29bn |
| Shares outstanding | 40m | 40m | 40m | 40m | 40m | 40m | 40m | 40m | 40m | 30m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥906.0m | ¥473.0m | ¥744.0m | ¥630.0m | ¥539.0m | ¥947.0m | ¥1.01bn | ¥665.0m | ¥990.0m | −¥135.0m |
| Capital spending | −¥374.0m | −¥343.0m | −¥42.0m | −¥209.0m | −¥1.0m | −¥1.0m | −¥3.0m | −¥3.0m | −¥1.0m | −¥1.0m |
| Free cash flow | −¥1.28bn | ¥130.0m | ¥702.0m | ¥421.0m | ¥538.0m | ¥946.0m | ¥1.01bn | ¥662.0m | ¥989.0m | −¥136.0m |
| Dividends paid | — | — | — | −¥199.0m | −¥199.0m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | ¥7.0m | ¥80.0m | ¥141.0m | ¥163.0m | ¥214.0m | ¥246.0m | ¥293.0m |
| Operating income | −¥212.0m | −¥175.0m | −¥119.0m | −¥32.0m | −¥7.0m | ¥22.0m | ¥62.0m | ¥110.0m |
| Net income | −¥84.0m | −¥998.0m | −¥1.01bn | ¥49.0m | ¥21.0m | ¥18.0m | ¥142.0m | ¥61.0m |
| Diluted earnings per share | -2.10 | -24.94 | -25.22 | 1.22 | 0.52 | 0.45 | 3.55 | 1.52 |
| Total assets | ¥26.73bn | ¥26.51bn | ¥26.98bn | ¥27.91bn | ¥28.13bn | ¥28.86bn | ¥28.23bn | ¥29.08bn |
| Cash and short-term investments | ¥11.26bn | ¥11.36bn | ¥11.05bn | ¥10.94bn | ¥11.26bn | ¥11.84bn | ¥11.50bn | ¥12.11bn |
| Shareholders' equity | ¥24.71bn | ¥24.52bn | ¥24.93bn | ¥25.69bn | ¥25.86bn | ¥26.32bn | ¥25.70bn | ¥26.33bn |
Financial ratios
Data as of 21 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2014 | FY2010 | FY2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | -326.6% | 27.7% | 37.1% | 35.3% | 35.5% | 64.4% | — | — | — | — | — | — | — | — |
| Net margin | -495.4% | 35.4% | 47.1% | 38.0% | 46.8% | 46.7% | — | — | — | — | — | — | — | — |
| Return on equity | -7.9% | 1.4% | 2.1% | 2.1% | 2.8% | 3.4% | — | — | — | — | — | — | — | — |
| Return on assets | -7.3% | 1.3% | 1.9% | 1.9% | 2.5% | 3.1% | — | — | — | — | — | — | — | — |
| Free cash flow yield | -2.0% | 3.0% | 2.9% | 3.1% | 2.0% | 3.5% | — | — | — | — | — | — | — | — |
| Revenue growth | -62.0% | -9.4% | -13.8% | -6.3% | -13.1% | 8.7% | — | — | — | — | — | — | — | — |
| Earnings growth | -630.7% | -31.9% | 7.0% | -23.9% | -13.0% | 28.4% | — | — | — | — | — | — | — | — |
| Current ratio | 63.68x | 35.74x | 43.40x | 28.83x | 26.45x | 25.30x | — | — | — | — | — | — | — | — |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.00x | — | — | 0.02x | 0.80x | 1.41x | — | — | — |
| Equity ratio | 92.5% | 91.2% | 90.8% | 90.4% | 90.3% | 89.7% | — | — | — | — | — | — | — | — |
| Interest coverage | — | — | — | 1.84x | 2.00x | 7.14x | 8.85x | 38.04x | 52.94x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | — | — | — | — | — | 0.9% | 0.1% | 0.1% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% | — | — | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -33.3% | -24.7% | -11.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -69.8% | -2.7% | 20.8% | 41.2% |
| Net margin | -110.6% | -13.8% | 12.7% | 26.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -12.6 | 88.8 | 144.2 | 86.3 | 44.1 | 55.4 | 45.3 | 67.9 | 77.6 | 54.1 |
| Price to sales | 62.2 | 31.5 | 68.0 | 32.8 | 20.6 | 25.9 | 17.9 | 31.9 | 28.1 | 16.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 Mar 2022.
| FY2023 | |
|---|---|
| Paid in the year | 5.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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