Z 
770
+5.05%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥17.44bn
FY2016FY2025
Net income
−¥1.73bn
FY2016FY2025
Free cash flow
¥203.0m
FY2016FY2025
Shareholders' equity
¥5.64bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥17.44bn | ¥18.07bn | ¥17.90bn | ¥13.24bn | ¥13.42bn | ¥10.42bn | ¥8.61bn | ¥7.71bn | ¥6.30bn | ¥5.97bn |
| Gross profit | ¥6.47bn | ¥6.93bn | ¥7.07bn | ¥5.22bn | ¥5.70bn | ¥4.29bn | ¥3.06bn | ¥2.63bn | ¥2.19bn | ¥1.95bn |
| Research and development | — | — | ¥898.0m | ¥947.0m | ¥1.33bn | ¥1.07bn | ¥947.7m | — | ¥738.0m | ¥760.0m |
| Operating income | −¥57.0m | ¥647.0m | ¥573.6m | ¥689.9m | ¥1.26bn | ¥755.3m | ¥247.0m | ¥260.4m | ¥375.6m | ¥221.0m |
| Net income | −¥1.73bn | ¥40.9m | ¥88.9m | ¥377.5m | ¥854.1m | ¥502.8m | ¥251.0m | ¥318.7m | ¥288.6m | ¥179.3m |
| Diluted earnings per share | -398.75 | 9.39 | 20.45 | 87.94 | 198.82 | 110.58 | 54.16 | 68.85 | 61.55 | 44.87 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥18.74bn | ¥20.09bn | ¥19.26bn | ¥13.69bn | ¥10.85bn | ¥10.22bn | ¥7.86bn | ¥7.94bn | ¥6.80bn | ¥6.12bn |
| Cash and short-term investments | ¥3.09bn | ¥3.32bn | ¥2.85bn | ¥2.17bn | ¥2.07bn | ¥2.73bn | ¥2.34bn | ¥2.94bn | ¥3.51bn | ¥3.32bn |
| Total liabilities | ¥11.32bn | ¥11.47bn | ¥11.34bn | ¥7.10bn | ¥4.94bn | ¥5.08bn | ¥2.99bn | ¥3.21bn | ¥2.28bn | ¥2.08bn |
| Debt | ¥8.41bn | ¥8.16bn | ¥7.93bn | ¥3.73bn | ¥2.61bn | ¥2.78bn | ¥1.31bn | ¥1.18bn | ¥678.0m | ¥698.9m |
| Shareholders' equity | ¥5.64bn | ¥7.17bn | ¥6.66bn | ¥6.49bn | ¥5.84bn | ¥5.12bn | ¥4.87bn | ¥4.73bn | ¥4.52bn | ¥4.04bn |
| Shares outstanding | 4m | 4m | 4m | 4m | 4m | 5m | 5m | 5m | 5m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥601.0m | ¥584.6m | ¥817.1m | −¥586.6m | ¥637.1m | ¥990.1m | −¥53.5m | −¥151.8m | ¥364.4m | ¥394.3m |
| Capital spending | −¥398.0m | −¥238.5m | −¥229.0m | −¥267.2m | −¥228.8m | −¥194.3m | −¥268.0m | −¥315.2m | −¥253.2m | −¥212.1m |
| Free cash flow | ¥203.0m | ¥346.1m | ¥588.1m | −¥853.7m | ¥408.3m | ¥795.8m | −¥321.5m | −¥467.0m | ¥111.2m | ¥182.2m |
| Dividends paid | −¥135.0m | −¥129.0m | −¥214.0m | −¥218.0m | −¥138.7m | −¥82.4m | −¥92.7m | −¥90.2m | −¥40.0m | −¥40.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.65bn | ¥4.45bn | ¥5.34bn | ¥4.11bn | ¥4.19bn | ¥3.79bn | ¥5.95bn | ¥3.90bn |
| Gross profit | ¥2.00bn | ¥1.73bn | ¥2.03bn | ¥1.50bn | ¥1.47bn | ¥1.47bn | ¥2.25bn | ¥1.41bn |
| Operating income | ¥399.3m | ¥216.0m | ¥225.2m | −¥133.3m | −¥89.6m | −¥58.3m | ¥628.0m | −¥155.0m |
| Net income | ¥313.6m | −¥34.1m | −¥1.04bn | −¥268.3m | −¥236.4m | −¥182.0m | ¥504.0m | −¥200.0m |
| Diluted earnings per share | 72.55 | -7.89 | -240.20 | -61.94 | -54.59 | -42.02 | 115.77 | -45.94 |
| Cash from operations | ¥574.0m | — | — | — | — | — | — | — |
| Capital spending | −¥17.0m | — | — | — | — | — | — | — |
| Free cash flow | ¥557.0m | — | — | — | — | — | — | — |
| Total assets | ¥18.94bn | ¥18.38bn | ¥18.74bn | ¥19.20bn | ¥18.84bn | ¥18.58bn | ¥20.09bn | ¥18.29bn |
| Cash and short-term investments | ¥3.86bn | ¥3.45bn | ¥3.09bn | ¥3.12bn | ¥3.32bn | ¥2.90bn | ¥3.32bn | ¥2.59bn |
| Debt | ¥7.35bn | ¥5.58bn | ¥7.48bn | ¥5.36bn | ¥7.18bn | ¥4.61bn | ¥4.74bn | ¥4.33bn |
| Shareholders' equity | ¥5.91bn | ¥5.51bn | ¥5.64bn | ¥6.30bn | ¥6.38bn | ¥6.56bn | ¥7.17bn | ¥6.18bn |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 37.1% | 38.3% | 39.5% | 39.5% | 42.5% | 41.2% | — | — |
| Operating margin | -6.3% | 3.6% | 4.1% | 5.5% | 9.3% | 6.3% | — | — |
| Net margin | -9.9% | 0.2% | 0.5% | 2.9% | 6.4% | 4.8% | — | — |
| Return on equity | -30.6% | 0.6% | 1.3% | 5.8% | 14.6% | 9.8% | — | — |
| Return on assets | -9.2% | 0.2% | 0.5% | 2.8% | 7.9% | 4.9% | — | — |
| Free cash flow yield | 29.5% | 24.2% | 30.8% | -9.5% | 25.8% | 33.3% | — | — |
| Revenue growth | -3.5% | 1.0% | 35.3% | -1.4% | 28.8% | 21.0% | — | — |
| Earnings growth | -4325.0% | -54.0% | -76.4% | -55.8% | 69.9% | 100.4% | — | — |
| Current ratio | 1.81x | 1.93x | 1.92x | 1.84x | 2.19x | 1.97x | — | — |
| Debt to equity | 1.33x | 1.01x | 1.05x | 0.56x | 0.44x | 0.53x | — | — |
| Equity ratio | 30.1% | 35.7% | 34.6% | 47.4% | 53.8% | 50.1% | — | — |
| Interest coverage | -8.77x | 6.97x | 7.27x | 16.31x | 42.04x | 21.83x | — | — |
| R&D as a share of sales | — | — | 5.0% | 7.2% | 9.9% | 10.3% | 11.0% | 11.7% |
| Buybacks as a share of market value | 0.5% | -0.1% | -1.3% | 0.1% | 5.5% | 1.9% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.6% | 10.8% | 11.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.7% | 38.5% | 39.4% | 38.0% |
| Operating margin | 1.7% | 2.8% | 4.3% | 4.2% |
| Net margin | -4.7% | -1.8% | 0.2% | 1.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.6 | 69.8 | 46.1 | 12.5 | 9.1 | 7.4 | 13.1 | 9.0 | 22.5 |
| Price to sales | 0.2 | 0.2 | 0.2 | 0.4 | 0.6 | 0.4 | 0.4 | 0.4 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 9 years. Last went ex-dividend on 29 Dec 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 63.00 | 30.00 | 50.00 | 51.00 | 20.00 | 17.00 | 21.50 | 20.00 |
- 2-for-1 split · 29 Dec 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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