I 
640
-4.48%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.13bn
FY2016FY2026
Net income
−¥232.9m
FY2016FY2026
Free cash flow
¥52.1m
FY2016FY2026
Shareholders' equity
¥1.40bn
FY2016FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.13bn | ¥2.54bn | ¥3.32bn | ¥3.29bn | ¥2.77bn | ¥2.00bn | ¥2.98bn | ¥2.95bn | ¥1.97bn | ¥1.34bn |
| Gross profit | ¥343.3m | ¥482.1m | ¥891.0m | ¥961.3m | ¥669.2m | ¥532.6m | ¥434.4m | ¥242.3m | ¥267.3m | ¥151.4m |
| Operating income | −¥171.2m | ¥21.4m | ¥330.2m | ¥394.5m | ¥291.3m | ¥277.6m | ¥211.8m | ¥51.3m | ¥108.1m | ¥6.3m |
| Net income | −¥232.9m | −¥414.6m | ¥208.3m | ¥254.5m | ¥182.9m | ¥179.4m | ¥140.9m | ¥19.7m | ¥74.1m | ¥4.6m |
| Diluted earnings per share | -93.43 | -175.20 | 85.35 | 98.49 | 66.33 | 72.00 | 56.54 | 9.92 | 41.68 | 2.93 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.54bn | ¥2.84bn | ¥3.89bn | ¥4.11bn | ¥3.83bn | ¥2.05bn | ¥910.1m | ¥752.0m | ¥617.4m | ¥382.5m |
| Cash and short-term investments | ¥1.34bn | ¥1.41bn | ¥1.70bn | ¥2.04bn | ¥1.66bn | ¥1.57bn | ¥514.3m | ¥272.8m | ¥250.5m | ¥157.5m |
| Total liabilities | ¥815.4m | ¥860.2m | ¥1.21bn | ¥1.47bn | ¥1.48bn | ¥415.3m | ¥455.7m | ¥438.3m | ¥427.9m | ¥294.2m |
| Debt | ¥508.0m | ¥652.0m | ¥696.0m | ¥840.0m | ¥984.0m | ¥130.8m | ¥197.6m | ¥239.7m | ¥97.2m | — |
| Shareholders' equity | ¥1.40bn | ¥1.66bn | ¥2.13bn | ¥2.10bn | ¥1.84bn | ¥1.64bn | ¥454.4m | ¥313.7m | ¥189.5m | ¥88.2m |
| Shares outstanding | 2m | 2m | 2m | 3m | 3m | 2m | 2m | 2m | 2m | 2m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥84.8m | ¥75.8m | ¥186.5m | ¥652.5m | ¥234.2m | ¥229.8m | ¥291.0m | −¥123.5m | −¥16.0m | ¥123.6m |
| Capital spending | −¥32.7m | −¥12.5m | −¥149.1m | −¥91.7m | −¥55.2m | −¥49.2m | −¥4.3m | −¥33.5m | −¥650,000 | −¥3.0m |
| Free cash flow | ¥52.1m | ¥63.4m | ¥37.4m | ¥560.8m | ¥179.0m | ¥180.6m | ¥286.7m | −¥157.0m | −¥16.7m | ¥120.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥706.2m | ¥508.2m | ¥533.2m | ¥570.2m | ¥522.0m | ¥580.4m | ¥606.0m | ¥710.0m |
| Gross profit | ¥144.0m | ¥53.7m | ¥103.3m | ¥110.7m | ¥58.8m | ¥106.8m | ¥142.0m | ¥170.0m |
| Operating income | ¥33.9m | −¥138.8m | ¥10.0m | ¥17.7m | −¥60.1m | −¥5.2m | ¥11.0m | ¥28.6m |
| Net income | ¥21.7m | −¥161.1m | ¥6.5m | ¥14.4m | −¥92.7m | −¥402.8m | ¥3.0m | ¥25.0m |
| Diluted earnings per share | 8.72 | -64.63 | 2.75 | 6.10 | -39.18 | -170.24 | 1.23 | 10.24 |
| Total assets | ¥6.64bn | ¥2.54bn | ¥2.69bn | ¥2.66bn | ¥2.69bn | ¥2.84bn | ¥3.55bn | ¥3.71bn |
| Cash and short-term investments | ¥1.59bn | ¥1.34bn | ¥1.47bn | ¥1.56bn | ¥1.40bn | ¥1.41bn | ¥1.63bn | ¥1.55bn |
| Debt | ¥911.0m | ¥508.0m | ¥544.0m | ¥580.0m | ¥544.0m | ¥652.0m | ¥545.0m | ¥725.5m |
| Shareholders' equity | ¥1.67bn | ¥1.40bn | ¥1.56bn | ¥1.54bn | ¥1.53bn | ¥1.66bn | ¥2.08bn | ¥2.14bn |
Financial ratios
Data as of 2 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 16.1% | 18.9% | 26.9% | 29.2% | 24.2% | 26.6% |
| Operating margin | -8.0% | -21.6% | 9.8% | 12.0% | 10.5% | 13.5% |
| Net margin | -10.9% | -16.3% | 6.3% | 7.7% | 6.6% | 9.0% |
| Return on equity | -16.7% | -25.0% | 9.8% | 12.1% | 10.0% | 11.0% |
| Return on assets | -9.2% | -14.6% | 5.4% | 6.2% | 4.8% | 8.7% |
| Free cash flow yield | 7.1% | 5.6% | 20.6% | 43.1% | 15.7% | — |
| Revenue growth | -16.1% | -23.3% | 0.8% | 18.8% | 38.3% | -32.9% |
| Earnings growth | -43.8% | -299.0% | -18.1% | 39.2% | 1.9% | 27.3% |
| Current ratio | 2.32x | 2.78x | 2.71x | 2.63x | 2.48x | 4.55x |
| Debt to equity | 0.36x | 0.39x | 0.33x | 0.40x | 0.54x | 0.08x |
| Equity ratio | 55.0% | 58.2% | 54.7% | 51.2% | 47.9% | 79.8% |
| Interest coverage | -23.05x | -92.41x | 81.16x | 84.70x | 112.51x | 194.99x |
| Buybacks as a share of market value | -5.3% | 3.0% | 5.6% | 6.3% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.5% | 1.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.6% | 23.7% | 24.2% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -7.3 | -3.6 | 10.3 | 10.1 | 18.1 | 14.4 | 28.3 |
| Price to sales | 0.8 | 0.6 | 0.7 | 0.8 | 1.2 | 1.3 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 3-for-1 split · 12 Oct 2022
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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