T 
864
+1.77%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.64bn
FY2016FY2025
Net income
−¥334.3m
FY2016FY2025
Free cash flow
−¥733.2m
FY2016FY2025
Shareholders' equity
¥8.82bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.64bn | ¥4.61bn | ¥5.02bn | ¥5.46bn | ¥4.44bn | ¥2.88bn | ¥4.88bn | ¥3.21bn | ¥3.17bn | ¥2.90bn |
| Gross profit | ¥2.29bn | ¥2.53bn | ¥2.44bn | ¥2.99bn | ¥2.55bn | ¥1.46bn | ¥2.61bn | ¥1.92bn | ¥1.94bn | ¥1.81bn |
| Research and development | — | ¥1.15bn | ¥1.10bn | ¥1.01bn | ¥801.8m | ¥904.5m | ¥1.04bn | ¥983.1m | ¥1.51bn | ¥1.22bn |
| Operating income | −¥342.8m | ¥28.0m | −¥40.4m | ¥601.5m | ¥486.0m | −¥707.2m | ¥194.4m | ¥32.1m | −¥490.8m | −¥181.7m |
| Net income | −¥334.3m | ¥339.8m | −¥69.8m | ¥820.2m | ¥727.8m | −¥697.2m | ¥184.9m | ¥107.2m | −¥523.3m | −¥303.5m |
| Diluted earnings per share | -31.20 | 31.64 | -6.47 | 74.76 | 67.28 | -64.50 | 17.10 | 9.91 | -49.18 | -28.67 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥9.67bn | ¥10.34bn | ¥10.41bn | ¥10.79bn | ¥9.87bn | ¥8.79bn | ¥9.84bn | ¥9.12bn | ¥9.05bn | ¥9.46bn |
| Cash and short-term investments | ¥6.45bn | ¥7.31bn | ¥7.38bn | ¥7.30bn | ¥7.74bn | ¥6.73bn | ¥5.33bn | ¥5.52bn | ¥6.01bn | ¥6.22bn |
| Total liabilities | ¥748.1m | ¥748.8m | ¥972.1m | ¥1.05bn | ¥809.5m | ¥486.2m | ¥761.9m | ¥709.1m | ¥497.9m | ¥324.8m |
| Shareholders' equity | ¥8.82bn | ¥9.46bn | ¥9.36bn | ¥9.68bn | ¥9.02bn | ¥8.27bn | ¥9.07bn | ¥8.41bn | ¥8.55bn | ¥9.13bn |
| Shares outstanding | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 11m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥707.6m | −¥73.7m | ¥451.4m | −¥167.5m | ¥371.0m | −¥489.8m | ¥147.7m | ¥71.4m | −¥162.7m | −¥105.6m |
| Capital spending | −¥25.6m | −¥73.5m | −¥116.5m | −¥146.2m | −¥7.2m | −¥44.0m | −¥17.1m | −¥11.9m | −¥55.8m | −¥26.0m |
| Free cash flow | −¥733.2m | −¥147.2m | ¥334.9m | −¥313.7m | ¥363.8m | −¥533.9m | ¥130.6m | ¥59.6m | −¥218.5m | −¥131.6m |
| Dividends paid | −¥160.2m | −¥160.5m | −¥162.7m | −¥129.8m | −¥97.3m | −¥97.3m | −¥97.3m | −¥95.8m | −¥95.4m | −¥94.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.28bn | ¥949.6m | ¥2.03bn | ¥1.10bn | ¥811.7m | ¥703.2m | ¥1.61bn | ¥953.3m |
| Gross profit | ¥728.8m | ¥329.4m | ¥871.3m | ¥544.1m | ¥455.7m | ¥414.2m | ¥863.1m | ¥578.8m |
| Operating income | ¥97.9m | −¥410.9m | ¥127.7m | −¥101.2m | −¥163.6m | −¥205.8m | ¥229.7m | −¥99.7m |
| Net income | ¥294.2m | −¥379.6m | ¥195.3m | −¥73.2m | −¥195.3m | −¥261.2m | ¥536.2m | −¥355.9m |
| Diluted earnings per share | 28.00 | -36.12 | 18.23 | -6.83 | -18.23 | -24.38 | 49.93 | -33.14 |
| Cash from operations | −¥81.0m | ¥634.0m | −¥274.0m | −¥395.0m | −¥366.0m | ¥328.0m | −¥76.0m | −¥109.0m |
| Capital spending | −¥4.0m | −¥7.0m | −¥7.0m | −¥4.0m | −¥3.0m | −¥10.0m | −¥3.0m | — |
| Free cash flow | −¥85.0m | ¥627.0m | −¥281.0m | −¥399.0m | −¥369.0m | ¥318.0m | −¥79.0m | — |
| Total assets | ¥10.36bn | ¥9.51bn | ¥9.67bn | ¥9.76bn | ¥9.80bn | ¥10.12bn | ¥10.34bn | ¥9.71bn |
| Cash and short-term investments | ¥7.05bn | ¥6.95bn | ¥6.45bn | ¥6.79bn | ¥7.14bn | ¥7.46bn | ¥7.31bn | ¥7.15bn |
| Shareholders' equity | ¥8.75bn | ¥8.36bn | ¥8.82bn | ¥8.83bn | ¥8.95bn | ¥9.34bn | ¥9.46bn | ¥8.91bn |
Financial ratios
Data as of 7 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 49.3% | 54.8% | 48.5% | 54.8% | 57.4% | 50.7% | — |
| Operating margin | -5.5% | 8.7% | 1.5% | 18.2% | 16.5% | -24.6% | — |
| Net margin | -7.2% | 7.4% | -1.4% | 15.0% | 16.4% | -24.2% | — |
| Return on equity | -3.8% | 3.6% | -0.7% | 8.5% | 8.1% | -8.4% | — |
| Return on assets | -3.5% | 3.3% | -0.7% | 7.6% | 7.4% | -7.9% | — |
| Free cash flow yield | -5.1% | -0.0% | 4.2% | -0.2% | 2.8% | -3.3% | — |
| Revenue growth | 0.5% | -8.1% | -8.0% | 22.9% | 54.2% | -41.0% | — |
| Earnings growth | -198.4% | -586.8% | -108.5% | 12.7% | -204.4% | -477.1% | — |
| Current ratio | 15.10x | 16.04x | 14.08x | 12.24x | 13.62x | 21.73x | — |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.00x | — |
| Equity ratio | 91.3% | 91.5% | 89.9% | 89.8% | 91.4% | 94.1% | — |
| Interest coverage | -4633.44x | 2195.17x | 319.49x | 2478.38x | 3250.66x | -8128.31x | — |
| R&D as a share of sales | — | 25.0% | 22.0% | 18.5% | 18.1% | 31.4% | 21.2% |
| Buybacks as a share of market value | 0.2% | 0.4% | 1.7% | -1.4% | -0.1% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.3% | 10.0% | 2.9% |
| Operating income | — | -13.5% | — |
| Net income | — | -13.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 52.0% | 51.9% | 52.7% | 55.6% |
| Operating margin | -3.4% | 1.2% | 0.1% | -0.2% |
| Net margin | 0.1% | 3.8% | 2.9% | 1.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -25.4 | 28.6 | -130.2 | 11.7 | 17.6 | -10.9 | 66.7 | 85.2 | -23.3 | -36.8 |
| Price to sales | 1.8 | 2.1 | 1.8 | 1.8 | 2.9 | 2.6 | 2.5 | 2.9 | 3.9 | 3.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 14 years. Last went ex-dividend on 29 Dec 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 30.00 | 15.00 | 15.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 |
- 100-for-1 split · 26 Dec 2012
- 3-for-1 split · 25 Dec 2002
- 3-for-1 split · 25 Dec 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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