P 
1,696
+1.01%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥29.10bn
FY2017FY2026
Net income
¥2.72bn
FY2017FY2026
Free cash flow
¥4.65bn
FY2017FY2026
Shareholders' equity
¥10.55bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥29.10bn | ¥21.96bn | ¥15.58bn | ¥11.36bn | ¥6.99bn | ¥4.69bn | ¥4.10bn | ¥3.04bn | ¥1.93bn | ¥942.0m |
| Operating income | ¥3.69bn | ¥2.69bn | ¥2.40bn | ¥1.70bn | ¥599.0m | ¥175.0m | −¥28.0m | ¥542.0m | −¥132.0m | −¥329.0m |
| Net income | ¥2.72bn | ¥1.89bn | ¥1.46bn | ¥1.07bn | ¥332.0m | ¥160.0m | ¥382.0m | ¥549.0m | −¥137.0m | −¥294.0m |
| Diluted earnings per share | 204.86 | 142.05 | 107.51 | 79.91 | 28.90 | 13.82 | 33.99 | 49.19 | -11.94 | -22.16 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥36.03bn | ¥22.73bn | ¥16.23bn | ¥11.44bn | ¥10.32bn | ¥6.75bn | ¥3.96bn | ¥3.48bn | ¥1.29bn | ¥675.0m |
| Cash and short-term investments | ¥7.16bn | ¥2.54bn | ¥3.80bn | ¥3.87bn | ¥3.96bn | ¥2.41bn | ¥2.76bn | ¥2.40bn | ¥631.0m | ¥287.0m |
| Total liabilities | ¥25.20bn | ¥14.22bn | ¥9.48bn | ¥7.41bn | ¥7.33bn | ¥4.73bn | ¥1.84bn | ¥1.39bn | ¥768.0m | ¥634.0m |
| Debt | ¥13.76bn | ¥8.44bn | ¥6.18bn | ¥5.42bn | ¥5.28bn | ¥2.89bn | ¥1.05bn | ¥738.0m | ¥266.0m | ¥315.0m |
| Shareholders' equity | ¥10.55bn | ¥8.51bn | ¥6.75bn | ¥3.24bn | ¥2.37bn | ¥2.02bn | ¥2.12bn | ¥2.09bn | ¥520.0m | ¥38.0m |
| Shares outstanding | 13m | 13m | 14m | 13m | 11m | 12m | 11m | 11m | 11m | 13m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥5.74bn | ¥2.07bn | ¥1.03bn | ¥1.34bn | ¥614.0m | ¥187.0m | ¥668.0m | ¥484.0m | ¥484.0m | ¥484.0m |
| Capital spending | −¥1.09bn | −¥664.0m | −¥1.29bn | −¥469.0m | −¥72.0m | −¥25.0m | −¥279.0m | −¥17.0m | −¥12.0m | −¥75.0m |
| Free cash flow | ¥4.65bn | ¥1.40bn | −¥256.0m | ¥870.0m | ¥542.0m | ¥162.0m | ¥389.0m | ¥467.0m | ¥472.0m | ¥409.0m |
| Dividends paid | −¥33.0m | −¥26.0m | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥9.09bn | ¥8.91bn | ¥7.25bn | ¥6.36bn | ¥6.58bn | ¥6.81bn | ¥5.24bn | ¥5.16bn |
| Operating income | ¥1.15bn | ¥842.0m | ¥1.03bn | ¥1.01bn | ¥803.0m | ¥802.0m | ¥591.0m | ¥630.0m |
| Net income | ¥631.0m | ¥554.0m | ¥902.0m | ¥690.0m | ¥572.0m | ¥576.0m | ¥360.0m | ¥389.0m |
| Diluted earnings per share | 47.56 | 41.76 | 67.90 | 51.94 | 43.06 | 43.36 | 26.58 | 28.72 |
| Cash from operations | ¥450.0m | ¥1.31bn | ¥1.41bn | ¥2.15bn | ¥864.0m | −¥472.0m | ¥646.0m | ¥946.0m |
| Capital spending | −¥791.0m | −¥202.0m | −¥290.0m | −¥150.0m | −¥452.0m | −¥344.0m | −¥200.0m | −¥54.0m |
| Free cash flow | −¥341.0m | ¥1.11bn | ¥1.12bn | ¥2.00bn | ¥412.0m | −¥816.0m | ¥446.0m | ¥892.0m |
| Total assets | ¥34.20bn | ¥36.03bn | ¥31.07bn | ¥26.65bn | ¥23.54bn | ¥22.73bn | ¥20.34bn | ¥19.13bn |
| Cash and short-term investments | ¥5.26bn | ¥7.16bn | ¥4.99bn | ¥5.76bn | ¥3.51bn | ¥2.54bn | ¥3.74bn | ¥3.93bn |
| Debt | ¥4.12bn | ¥11.94bn | ¥3.69bn | ¥9.91bn | ¥2.67bn | ¥7.48bn | ¥2.35bn | ¥7.02bn |
| Shareholders' equity | ¥10.98bn | ¥10.55bn | ¥10.17bn | ¥9.45bn | ¥8.95bn | ¥8.51bn | ¥8.32bn | ¥7.64bn |
Financial ratios
Data as of 22 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | 12.7% | 12.3% | 15.4% | 15.0% | 8.6% | 3.7% |
| Net margin | 9.3% | 8.6% | 9.3% | 9.5% | 4.7% | 3.4% |
| Return on equity | 25.8% | 22.2% | 21.6% | 33.1% | 14.0% | 7.9% |
| Return on assets | 7.5% | 8.3% | 9.0% | 9.4% | 3.2% | 2.4% |
| Free cash flow yield | 23.6% | 9.4% | 7.8% | 6.2% | 2.7% | 0.8% |
| Revenue growth | 32.5% | 41.0% | 37.1% | 62.5% | 49.2% | 14.3% |
| Earnings growth | 44.0% | 29.6% | 35.6% | 223.5% | 107.5% | -58.1% |
| Current ratio | 0.93x | 1.07x | 1.65x | 1.94x | 1.92x | 1.80x |
| Debt to equity | 1.13x | 0.88x | 0.82x | 1.50x | 2.13x | 1.29x |
| Equity ratio | 29.3% | 37.4% | 41.6% | 28.4% | 22.9% | 29.9% |
| Interest coverage | 23.81x | 32.46x | 33.40x | 33.31x | 14.26x | 5.00x |
| Buybacks as a share of market value | 0.1% | 1.9% | -0.8% | -17.0% | 0.8% | -3.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 36.8% | 44.1% | — |
| Operating income | 29.5% | 84.0% | — |
| Net income | 36.3% | 76.2% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.7 | 14.9 | 17.7 | 29.5 | 36.9 | 102.9 | 17.8 | 19.1 | -94.7 |
| Price to sales | 0.8 | 1.3 | 1.7 | 2.8 | 1.8 | 3.5 | 1.7 | 3.5 | 6.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | |
|---|---|---|
| Paid in the year | 14.50 | 2.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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