P 
260
-1.52%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥12.30bn
FY2016FY2025
Net income
¥205.8m
FY2016FY2025
Free cash flow
¥5.15bn
FY2016FY2025
Shareholders' equity
¥6.90bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥12.30bn | ¥4.76bn | ¥2.72bn | ¥2.72bn | ¥3.65bn | ¥3.27bn | ¥2.64bn | ¥1.65bn | ¥1.01bn | ¥515.4m |
| Research and development | — | — | — | ¥6.2m | ¥57.1m | — | — | — | — | — |
| Operating income | ¥4.94bn | ¥995.7m | −¥372.5m | −¥993.7m | ¥726.3m | ¥986.1m | ¥1.07bn | ¥615.0m | ¥274.1m | ¥43.8m |
| Net income | ¥205.8m | ¥319.7m | ¥818.4m | −¥871.2m | ¥533.1m | ¥869.2m | ¥682.7m | ¥381.0m | ¥198.7m | ¥33.1m |
| Diluted earnings per share | 18.85 | 29.28 | 74.95 | -79.78 | 48.40 | 76.80 | 62.91 | 37.23 | 18.18 | 3.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥14.43bn | ¥13.11bn | ¥11.98bn | ¥9.35bn | ¥8.90bn | ¥7.51bn | ¥4.73bn | ¥3.42bn | ¥724.4m | ¥372.6m |
| Cash and short-term investments | ¥12.06bn | ¥11.64bn | ¥5.40bn | ¥4.73bn | ¥4.57bn | ¥5.85bn | ¥4.15bn | ¥3.12bn | ¥564.2m | ¥248.4m |
| Total liabilities | ¥2.53bn | ¥1.79bn | ¥1.91bn | ¥1.83bn | ¥1.04bn | ¥1.20bn | ¥1.06bn | ¥447.2m | ¥377.4m | ¥225.0m |
| Debt | ¥777.0m | ¥996.2m | ¥1.10bn | ¥887.6m | ¥390.8m | ¥496.0m | ¥400.0m | ¥18.0m | ¥48.5m | ¥97.4m |
| Shareholders' equity | ¥6.90bn | ¥6.40bn | ¥6.05bn | ¥5.17bn | ¥6.04bn | ¥6.31bn | ¥3.67bn | ¥2.98bn | ¥347.0m | ¥147.6m |
| Shares outstanding | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 10m | 11m | 11m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥5.41bn | ¥198.6m | −¥493.2m | ¥13.0m | ¥308.0m | ¥596.9m | ¥747.0m | ¥449.0m | ¥360.3m | −¥21.7m |
| Capital spending | −¥261.5m | −¥1.7m | −¥2.1m | −¥29.3m | −¥99.5m | −¥40.1m | −¥16.3m | −¥9.2m | −¥3.9m | −¥9.0m |
| Free cash flow | ¥5.15bn | ¥196.9m | −¥495.3m | −¥16.3m | ¥208.5m | ¥556.8m | ¥730.7m | ¥439.7m | ¥356.5m | −¥30.7m |
| Dividends paid | — | — | — | — | — | −¥176.0m | −¥384.9m | — | — | — |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.00bn | ¥1.28bn | ¥1.89bn | ¥3.93bn | ¥2.67bn | ¥4.77bn | ¥926.8m | ¥761.9m |
| Operating income | −¥332.2m | ¥11.6m | ¥608.6m | ¥1.78bn | ¥711.8m | ¥2.61bn | −¥161.4m | −¥315.3m |
| Net income | −¥227.2m | ¥68.5m | ¥115.1m | ¥227.5m | −¥145.0m | ¥315.9m | −¥192.6m | −¥93.1m |
| Diluted earnings per share | -20.78 | 6.27 | 10.53 | 20.83 | -13.28 | 28.93 | -17.64 | -8.52 |
| Cash from operations | — | — | — | ¥3.49bn | — | ¥958.0m | ¥958.0m | — |
| Capital spending | — | — | — | −¥261.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥3.23bn | — | — | — | — |
| Total assets | ¥13.43bn | ¥13.86bn | ¥13.67bn | ¥14.43bn | ¥14.58bn | ¥14.72bn | ¥13.94bn | ¥13.11bn |
| Cash and short-term investments | ¥10.68bn | ¥11.72bn | ¥11.30bn | ¥12.06bn | ¥12.06bn | ¥12.76bn | ¥4.83bn | ¥11.64bn |
| Debt | ¥214.2m | ¥667.4m | ¥219.2m | ¥777.0m | ¥219.2m | ¥886.6m | ¥219.2m | ¥219.2m |
| Shareholders' equity | ¥6.83bn | ¥7.06bn | ¥6.98bn | ¥6.90bn | ¥7.01bn | ¥6.82bn | ¥6.21bn | ¥6.40bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 40.3% | 26.9% | 169.2% | -36.6% | 14.4% | 30.1% |
| Net margin | 1.7% | 6.7% | 30.1% | -32.0% | 14.6% | 26.6% |
| Return on equity | 3.0% | 5.0% | 13.5% | -16.9% | 8.8% | 13.8% |
| Return on assets | 1.4% | 2.4% | 6.8% | -9.3% | 6.0% | 11.6% |
| Free cash flow yield | 163.9% | 5.8% | -14.2% | 1.2% | 11.7% | 17.8% |
| Revenue growth | 158.7% | 75.1% | -0.1% | -25.5% | 11.6% | 23.8% |
| Earnings growth | -35.6% | -60.9% | -193.9% | -263.4% | -38.7% | 27.3% |
| Current ratio | 7.68x | 13.24x | 6.71x | 5.47x | 6.60x | 7.60x |
| Debt to equity | 0.11x | 0.16x | 0.18x | 0.17x | 0.06x | 0.08x |
| Equity ratio | 47.8% | 48.8% | 50.5% | 55.2% | 67.9% | 84.0% |
| Interest coverage | 579.42x | 246.70x | 1263.58x | -540.92x | 544.96x | 2595.11x |
| R&D as a share of sales | — | — | — | 0.2% | 1.6% | — |
| Buybacks as a share of market value | -0.0% | 0.0% | 0.0% | 0.9% | 2.7% | -4.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 65.4% | 30.4% | — |
| Operating income | — | 38.0% | — |
| Net income | — | -25.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 31.1 | 13.9 | 4.5 | -6.3 | 21.2 | 47.5 | 67.0 | 48.8 |
| Price to sales | 0.5 | 0.9 | 1.4 | 2.0 | 3.1 | 12.7 | 17.3 | 11.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 9 Jan 2020
- 2-for-1 split · 7 Jun 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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