J 
304
+2.01%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥17.00bn
FY2017FY2026
Net income
¥1.80bn
FY2017FY2026
Free cash flow
−¥8.64bn
FY2017FY2026
Shareholders' equity
¥18.95bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥17.00bn | ¥6.86bn | ¥12.74bn | ¥4.96bn | ¥2.78bn | ¥2.72bn | ¥1.72bn | ¥1.16bn | ¥552.8m | ¥418.1m |
| Research and development | — | — | — | — | — | ¥65.0m | — | — | — | — |
| Operating income | ¥4.87bn | ¥2.36bn | ¥6.36bn | ¥3.23bn | ¥1.65bn | ¥1.27bn | ¥1.07bn | ¥643.4m | ¥179.0m | ¥115.0m |
| Net income | ¥1.80bn | ¥65.8m | ¥4.16bn | ¥1.82bn | ¥906.9m | ¥1.06bn | ¥565.0m | ¥409.0m | ¥409.9m | ¥154.7m |
| Diluted earnings per share | 16.29 | 0.60 | 38.56 | 17.22 | 8.58 | 9.94 | 5.67 | 4.77 | 6.80 | 2.93 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥91.70bn | ¥77.73bn | ¥72.67bn | ¥56.13bn | ¥48.52bn | ¥36.50bn | ¥27.69bn | ¥19.50bn | ¥14.28bn | ¥6.75bn |
| Cash and short-term investments | ¥7.05bn | ¥3.96bn | ¥2.58bn | ¥3.12bn | ¥1.36bn | ¥1.98bn | ¥509.2m | ¥712.0m | ¥741.4m | ¥515.9m |
| Total liabilities | ¥72.75bn | ¥58.68bn | ¥53.53bn | ¥40.51bn | ¥34.51bn | ¥22.62bn | ¥18.48bn | ¥10.77bn | ¥10.39bn | ¥3.65bn |
| Debt | ¥63.93bn | ¥50.88bn | ¥45.22bn | ¥34.49bn | ¥30.05bn | ¥19.47bn | ¥17.02bn | ¥9.81bn | ¥9.72bn | ¥3.18bn |
| Shareholders' equity | ¥18.95bn | ¥19.04bn | ¥19.15bn | ¥15.62bn | ¥14.01bn | ¥13.88bn | ¥9.21bn | ¥8.73bn | ¥3.89bn | ¥3.11bn |
| Shares outstanding | 111m | 110m | 108m | 106m | 106m | 107m | 100m | 86m | 60m | 53m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥8.59bn | ¥684.5m | ¥8.60bn | ¥3.48bn | −¥2.43bn | ¥219.6m | −¥1.68bn | ¥668.0m | −¥21.0m | ¥642.0m |
| Capital spending | −¥17.23bn | −¥6.09bn | −¥11.85bn | −¥8.47bn | −¥11.00bn | −¥7.92bn | −¥6.00bn | −¥5.45bn | −¥8.75bn | −¥900.0m |
| Free cash flow | −¥8.64bn | −¥5.41bn | −¥3.25bn | −¥4.99bn | −¥13.43bn | −¥7.70bn | −¥7.68bn | −¥4.78bn | −¥8.77bn | −¥258.0m |
| Dividends paid | −¥1.99bn | −¥1.90bn | −¥632.0m | −¥211.9m | −¥217.8m | −¥217.0m | −¥217.0m | −¥217.0m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.51bn | ¥10.12bn | ¥1.43bn | ¥4.24bn | ¥1.21bn | ¥1.25bn | ¥1.18bn | ¥1.91bn |
| Operating income | ¥577.5m | ¥3.06bn | ¥536.5m | ¥783.6m | ¥500.1m | ¥613.5m | ¥551.0m | ¥574.0m |
| Net income | −¥94.2m | ¥1.59bn | −¥72.1m | ¥299.1m | −¥20.3m | −¥52.4m | −¥123.0m | ¥21.0m |
| Diluted earnings per share | -0.85 | 14.42 | -0.65 | 2.71 | -0.18 | -0.48 | -1.14 | 0.19 |
| Total assets | ¥95.55bn | ¥91.70bn | ¥93.39bn | ¥79.05bn | ¥76.00bn | ¥77.73bn | ¥78.33bn | ¥78.11bn |
| Cash and short-term investments | ¥2.10bn | ¥7.05bn | ¥2.14bn | ¥3.37bn | ¥1.50bn | ¥3.96bn | ¥2.68bn | ¥3.59bn |
| Debt | ¥14.36bn | ¥63.93bn | ¥9.54bn | ¥54.25bn | ¥5.65bn | ¥50.88bn | ¥7.10bn | ¥52.32bn |
| Shareholders' equity | ¥16.84bn | ¥18.95bn | ¥17.28bn | ¥17.35bn | ¥17.03bn | ¥19.04bn | ¥19.10bn | ¥18.22bn |
Financial ratios
Data as of 18 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 28.6% | 34.5% | 49.9% | 65.1% | 59.3% | 46.8% | — | — | — | — | — |
| Net margin | 10.6% | 1.0% | 32.6% | 36.7% | 32.6% | 39.1% | — | — | — | — | — |
| Return on equity | 9.5% | 0.3% | 21.7% | 11.7% | 6.5% | 7.7% | — | — | — | — | — |
| Return on assets | 2.0% | 0.1% | 5.7% | 3.2% | 1.9% | 2.9% | — | — | — | — | — |
| Free cash flow yield | 63.5% | 16.7% | 51.6% | 30.7% | 22.0% | 20.7% | — | — | — | — | — |
| Revenue growth | 147.8% | -46.2% | 156.6% | 78.4% | 2.4% | 57.6% | — | — | — | — | — |
| Earnings growth | 2637.5% | -98.4% | 128.2% | 100.8% | -14.6% | 88.0% | — | — | — | — | — |
| Current ratio | 2.36x | 1.87x | 3.02x | 1.69x | 1.57x | 1.65x | — | — | — | — | — |
| Debt to equity | 3.37x | 2.67x | 2.36x | 2.21x | 2.15x | 1.40x | — | — | — | — | — |
| Equity ratio | 20.7% | 24.5% | 26.3% | 27.8% | 28.9% | 38.0% | — | — | — | — | — |
| Interest coverage | 1.90x | 1.25x | 4.40x | 2.96x | 2.58x | 2.53x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | 2.4% | 1.5% | 1.8% | 2.0% | 1.7% | 2.5% |
| Buybacks as a share of market value | -0.2% | -2.4% | -1.9% | 0.0% | 1.0% | -7.2% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 50.7% | 44.3% | 40.5% |
| Operating income | 14.6% | 30.8% | 36.7% |
| Net income | -0.4% | 11.1% | 31.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 30.3% | 40.5% | 42.0% | 42.7% |
| Net margin | 7.8% | 18.9% | 20.9% | 22.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 19.8 | — | 9.8 | 13.5 | 30.8 | 15.2 | 36.1 | 47.2 | 21.9 | 35.5 |
| Price to sales | 2.1 | 6.6 | 3.2 | 4.9 | 10.0 | 5.9 | 11.8 | 16.7 | 16.3 | 13.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Paid in the year | 36.00 | 18.00 | 6.00 | 2.00 | 2.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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