M 
2,630
+2.69%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥36.57bn
FY2017FY2026
Net income
¥2.11bn
FY2017FY2026
Free cash flow
−¥6.32bn
FY2017FY2026
Shareholders' equity
¥8.08bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥36.57bn | ¥24.54bn | ¥19.02bn | ¥22.60bn | ¥24.58bn | ¥15.92bn | ¥12.08bn | ¥15.85bn | ¥13.89bn | ¥7.98bn |
| Gross profit | ¥8.59bn | ¥4.32bn | ¥4.82bn | ¥4.44bn | ¥4.14bn | ¥2.67bn | ¥1.66bn | ¥1.51bn | ¥1.42bn | ¥1.24bn |
| Research and development | — | — | ¥31.0m | ¥17.0m | ¥35.8m | ¥49.7m | ¥42.0m | — | ¥11.0m | ¥10.0m |
| Operating income | ¥4.17bn | ¥767.2m | ¥2.29bn | ¥908.4m | ¥868.4m | ¥250.0m | ¥306.0m | ¥237.3m | ¥252.0m | ¥119.6m |
| Net income | ¥2.11bn | ¥373.8m | ¥1.48bn | ¥590.7m | ¥673.8m | ¥467.2m | ¥279.0m | ¥105.9m | ¥151.6m | ¥11.3m |
| Diluted earnings per share | 283.81 | 50.18 | 199.43 | 78.94 | 88.52 | 61.44 | 35.79 | 14.21 | 20.35 | 1.53 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥32.11bn | ¥17.55bn | ¥16.82bn | ¥14.38bn | ¥15.37bn | ¥12.63bn | ¥8.49bn | ¥9.82bn | ¥9.13bn | ¥6.68bn |
| Cash and short-term investments | ¥4.00bn | ¥2.88bn | ¥2.90bn | ¥3.75bn | ¥2.88bn | ¥2.55bn | ¥1.90bn | ¥3.35bn | ¥3.10bn | ¥2.27bn |
| Total liabilities | ¥24.03bn | ¥11.64bn | ¥11.07bn | ¥10.00bn | ¥11.40bn | ¥9.11bn | ¥5.49bn | ¥7.26bn | ¥6.69bn | ¥4.47bn |
| Debt | ¥16.87bn | ¥9.07bn | ¥7.67bn | ¥7.10bn | ¥7.56bn | ¥6.14bn | ¥3.91bn | ¥6.06bn | ¥5.76bn | ¥3.67bn |
| Shareholders' equity | ¥8.08bn | ¥5.91bn | ¥5.75bn | ¥4.34bn | ¥3.92bn | ¥3.51bn | ¥3.00bn | ¥2.54bn | ¥2.42bn | ¥2.20bn |
| Shares outstanding | 7m | 7m | 7m | 7m | 8m | 8m | 8m | 7m | 7m | 7m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥6.13bn | ¥92.4m | ¥144.0m | ¥1.77bn | −¥455.0m | ¥329.4m | ¥709.0m | ¥531.0m | −¥1.11bn | −¥702.0m |
| Capital spending | −¥182.6m | −¥882.2m | −¥2.16bn | −¥241.6m | −¥203.8m | −¥381.5m | −¥115.0m | −¥69.0m | −¥166.0m | −¥128.0m |
| Free cash flow | −¥6.32bn | −¥789.8m | −¥2.02bn | ¥1.53bn | −¥658.7m | −¥52.1m | ¥594.0m | ¥462.0m | −¥1.27bn | −¥830.0m |
| Dividends paid | −¥103.7m | −¥104.0m | −¥74.6m | −¥67.8m | −¥69.5m | −¥29.5m | −¥14.9m | −¥15.0m | −¥15.0m | −¥15.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥23.03bn | ¥12.32bn | ¥11.74bn | ¥7.33bn | ¥5.19bn | ¥6.30bn | ¥6.37bn | ¥7.18bn |
| Gross profit | ¥6.27bn | ¥3.10bn | ¥2.80bn | ¥1.60bn | ¥1.09bn | ¥974.4m | ¥1.07bn | ¥1.33bn |
| Operating income | ¥4.77bn | ¥1.81bn | ¥1.72bn | ¥563.7m | ¥136.0m | ¥98.0m | ¥204.0m | ¥413.0m |
| Net income | ¥3.26bn | ¥535.1m | ¥1.16bn | ¥372.5m | ¥39.0m | −¥18.8m | ¥157.0m | ¥198.0m |
| Diluted earnings per share | 438.87 | 72.04 | 155.78 | 50.01 | 5.24 | -2.53 | 21.11 | 26.62 |
| Total assets | ¥44.60bn | ¥32.11bn | ¥25.23bn | ¥19.88bn | ¥18.43bn | ¥17.55bn | ¥17.71bn | ¥18.87bn |
| Cash and short-term investments | ¥8.83bn | ¥4.00bn | ¥4.03bn | ¥3.74bn | ¥3.15bn | ¥2.88bn | ¥3.21bn | ¥3.39bn |
| Debt | ¥17.13bn | ¥16.87bn | ¥10.91bn | ¥10.26bn | ¥7.77bn | ¥9.07bn | ¥7.18bn | ¥10.00bn |
| Shareholders' equity | ¥11.65bn | ¥8.08bn | ¥7.51bn | ¥6.37bn | ¥5.88bn | ¥5.91bn | ¥5.98bn | ¥5.89bn |
Financial ratios
Data as of 25 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 23.5% | 17.6% | 25.3% | 19.7% | 16.9% | 16.7% | — | — |
| Operating margin | 11.4% | 3.1% | 12.1% | 4.0% | 3.5% | 1.6% | — | — |
| Net margin | 5.8% | 1.5% | 7.8% | 2.6% | 2.7% | 2.9% | — | — |
| Return on equity | 26.1% | 6.3% | 25.8% | 13.6% | 17.2% | 13.3% | — | — |
| Return on assets | 6.6% | 2.1% | 8.8% | 4.1% | 4.4% | 3.7% | — | — |
| Free cash flow yield | -14.1% | 2.3% | 5.5% | 4.7% | -0.6% | 1.6% | — | — |
| Revenue growth | 49.0% | 29.0% | -15.8% | -8.1% | 54.4% | 31.8% | — | — |
| Earnings growth | 463.9% | -74.8% | 151.1% | -12.3% | 44.2% | 67.5% | — | — |
| Current ratio | 1.27x | 1.27x | 1.30x | 1.35x | 1.33x | 1.45x | — | — |
| Debt to equity | 2.09x | 1.54x | 1.33x | 1.64x | 1.93x | 1.75x | — | — |
| Equity ratio | 25.2% | 33.7% | 34.2% | 30.2% | 25.5% | 27.8% | — | — |
| Interest coverage | 32.01x | 7.45x | 76.96x | 26.56x | 25.03x | 8.35x | — | — |
| R&D as a share of sales | — | — | 0.2% | 0.1% | 0.1% | 0.3% | 0.3% | 0.1% |
| Buybacks as a share of market value | 0.3% | -0.1% | 0.6% | 1.7% | -0.1% | 2.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.4% | 18.1% | 33.0% |
| Operating income | 66.2% | 75.6% | — |
| Net income | 52.8% | 35.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 21.1% | 21.6% | 20.2% | 18.2% |
| Operating margin | 8.1% | 7.9% | 6.5% | 5.2% |
| Net margin | 4.1% | 4.4% | 4.0% | 3.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.6 | 29.0 | 4.0 | 17.4 | 4.7 | 8.0 | 11.9 | 31.8 | 13.2 | 338.9 |
| Price to sales | 0.6 | 0.4 | 0.3 | 0.5 | 0.1 | 0.2 | 0.3 | 0.2 | 0.1 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 7 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 29.00 | 12.00 | 10.00 | 9.00 | 6.00 | 4.00 | 2.00 |
- 5-to-1 reverse split · 27 Sept 2017
- 11-for-10 split · 27 Mar 1990
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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