J 
427
+4.40%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥14.17bn
FY2017FY2025
Net income
¥278.0m
FY2017FY2025
Free cash flow
−¥1.32bn
FY2017FY2025
Shareholders' equity
¥3.68bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥14.17bn | ¥12.12bn | ¥9.87bn | ¥7.89bn | ¥6.02bn | ¥4.92bn | ¥4.19bn | ¥3.02bn | ¥1.90bn |
| Gross profit | ¥1.84bn | ¥2.11bn | ¥1.92bn | ¥1.58bn | ¥1.12bn | ¥860.2m | ¥989.8m | ¥641.6m | ¥351.6m |
| Operating income | ¥849.0m | ¥1.29bn | ¥1.28bn | ¥959.3m | ¥598.2m | ¥358.5m | ¥501.2m | ¥242.8m | ¥49.7m |
| Net income | ¥278.0m | ¥639.6m | ¥681.9m | ¥454.7m | ¥240.8m | ¥107.1m | ¥297.9m | ¥149.5m | −¥60.5m |
| Diluted earnings per share | 33.40 | 76.33 | 84.28 | 56.25 | 29.83 | 13.38 | 34.33 | 21.07 | -7.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥18.92bn | ¥18.31bn | ¥15.16bn | ¥11.45bn | ¥9.15bn | ¥6.30bn | ¥4.69bn | ¥3.31bn | ¥3.18bn |
| Cash and short-term investments | ¥2.01bn | ¥1.53bn | ¥1.88bn | ¥1.51bn | ¥1.04bn | ¥959.5m | ¥827.7m | ¥386.2m | ¥426.8m |
| Total liabilities | ¥15.25bn | ¥14.86bn | ¥12.47bn | ¥9.41bn | ¥7.61bn | ¥5.04bn | ¥3.64bn | ¥2.95bn | ¥2.96bn |
| Debt | ¥13.18bn | ¥13.19bn | ¥10.89bn | ¥8.09bn | ¥6.67bn | ¥4.37bn | ¥2.94bn | ¥2.43bn | ¥2.57bn |
| Shareholders' equity | ¥3.68bn | ¥3.45bn | ¥2.69bn | ¥2.01bn | ¥1.54bn | ¥1.26bn | ¥1.05bn | ¥363.7m | ¥214.2m |
| Shares outstanding | 8m | 8m | 8m | 8m | 8m | 8m | 9m | 7m | 8m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥1.05bn | ¥835.7m | ¥1.13bn | ¥873.8m | ¥467.1m | ¥236.2m | ¥322.6m | ¥240.7m | ¥4.7m |
| Capital spending | −¥2.37bn | −¥3.10bn | −¥2.00bn | −¥533.1m | −¥1.91bn | −¥494.3m | −¥76.1m | −¥86.4m | −¥72.3m |
| Free cash flow | −¥1.32bn | −¥2.27bn | −¥865.3m | ¥340.8m | −¥1.45bn | −¥258.1m | ¥246.5m | ¥154.3m | −¥67.6m |
| Dividends paid | −¥124.0m | — | −¥2,000 | — | −¥1.78bn | −¥487.3m | −¥28.5m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.79bn | ¥3.82bn | ¥3.81bn | ¥3.67bn | ¥3.46bn | ¥3.24bn | ¥3.24bn | ¥3.19bn |
| Gross profit | ¥523.0m | ¥534.1m | ¥502.2m | ¥611.6m | ¥450.2m | ¥277.0m | ¥609.0m | ¥631.0m |
| Operating income | ¥274.3m | ¥264.7m | ¥148.1m | ¥410.2m | ¥220.5m | ¥70.1m | ¥342.0m | ¥447.0m |
| Net income | ¥87.4m | ¥79.6m | −¥26.3m | ¥188.7m | ¥60.6m | ¥55.0m | ¥202.0m | ¥212.0m |
| Diluted earnings per share | 10.33 | 9.40 | -3.16 | 22.67 | 7.28 | 6.61 | 24.11 | 25.30 |
| Total assets | ¥18.75bn | ¥18.58bn | ¥18.92bn | ¥17.75bn | ¥17.98bn | ¥17.94bn | ¥18.31bn | ¥17.63bn |
| Cash and short-term investments | ¥1.93bn | ¥1.78bn | ¥2.01bn | ¥1.34bn | ¥1.40bn | ¥1.42bn | ¥1.53bn | ¥1.49bn |
| Debt | ¥3.42bn | ¥1.28bn | ¥4.93bn | ¥1.52bn | ¥4.34bn | ¥1.47bn | ¥1.60bn | ¥1.77bn |
| Shareholders' equity | ¥3.66bn | ¥3.56bn | ¥3.68bn | ¥3.70bn | ¥3.52bn | ¥3.45bn | ¥3.45bn | ¥3.23bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 13.0% | 17.4% | 19.5% | 20.0% | 18.6% | 17.5% |
| Operating margin | 6.0% | 10.6% | 14.0% | 13.5% | 10.4% | 7.4% |
| Net margin | 2.0% | 5.3% | 6.9% | 5.8% | 4.0% | 2.2% |
| Return on equity | 7.6% | 18.6% | 25.3% | 22.6% | 15.7% | 8.5% |
| Return on assets | 1.5% | 3.5% | 4.5% | 4.0% | 2.6% | 1.7% |
| Free cash flow yield | 88.6% | 101.5% | 83.5% | 37.6% | 63.7% | 19.7% |
| Revenue growth | 17.0% | 22.7% | 25.1% | 31.2% | 22.4% | 17.2% |
| Earnings growth | -56.5% | -6.2% | 50.0% | 88.8% | 124.9% | -64.1% |
| Current ratio | 1.34x | 1.27x | 1.91x | 1.75x | 1.06x | 1.74x |
| Debt to equity | 1.34x | 1.37x | 1.12x | 1.28x | 1.84x | 0.95x |
| Equity ratio | 19.4% | 18.8% | 17.8% | 17.6% | 16.8% | 20.0% |
| Interest coverage | 1.84x | 2.98x | 3.93x | 3.77x | 3.03x | 2.31x |
| Buybacks as a share of market value | 0.7% | -3.6% | -0.1% | -0.1% | -0.9% | 7.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 23.2% | 23.6% | — |
| Operating income | -4.0% | 18.8% | — |
| Net income | -15.1% | 21.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.0% | 16.9% | 17.2% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 33.5 | 18.2 | 26.9 | 45.9 | 77.4 | 127.6 | 73.1 |
| Price to sales | 0.7 | 1.0 | 1.9 | 2.9 | 3.2 | 2.9 | 5.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 29 Dec 2025.
| FY2025 | |
|---|---|
| Paid in the year | 40.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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