C 
425
+4.42%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥7.13bn
FY2017FY2025
Net income
¥386.0m
FY2017FY2025
Free cash flow
¥266.9m
FY2017FY2025
Shareholders' equity
¥752.5m
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥7.13bn | ¥7.46bn | ¥5.76bn | ¥4.27bn | ¥3.17bn | ¥3.00bn | ¥2.94bn | ¥2.45bn | ¥1.87bn |
| Gross profit | ¥2.55bn | ¥2.74bn | ¥2.35bn | ¥2.09bn | ¥1.62bn | ¥1.69bn | ¥1.74bn | ¥1.30bn | ¥926.0m |
| Research and development | — | — | — | — | ¥4.3m | ¥21.3m | ¥28.6m | ¥25.3m | — |
| Operating income | ¥349.6m | −¥1.72bn | ¥391.4m | ¥143.8m | ¥2.7m | ¥201.9m | ¥423.7m | ¥233.7m | ¥141.6m |
| Net income | ¥386.0m | −¥1.95bn | ¥205.4m | ¥85.7m | −¥73.9m | ¥168.3m | ¥276.9m | ¥165.1m | ¥82.7m |
| Diluted earnings per share | 47.93 | -242.64 | 25.53 | 10.67 | -9.28 | 22.25 | 34.39 | 20.05 | 10.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥3.12bn | ¥2.79bn | ¥5.10bn | ¥2.62bn | ¥2.22bn | ¥2.38bn | ¥2.21bn | ¥1.16bn | ¥815.1m |
| Cash and short-term investments | ¥1.28bn | ¥528.7m | ¥1.37bn | ¥1.45bn | ¥1.32bn | ¥1.64bn | ¥1.51bn | ¥524.6m | ¥348.9m |
| Total liabilities | ¥2.37bn | ¥2.43bn | ¥2.85bn | ¥624.5m | ¥396.2m | ¥381.4m | ¥473.9m | ¥482.3m | ¥301.6m |
| Debt | ¥1.22bn | ¥1.17bn | ¥438.0m | ¥2.8m | — | — | — | — | — |
| Shareholders' equity | ¥752.5m | ¥352.5m | ¥2.26bn | ¥1.99bn | ¥1.82bn | ¥2.00bn | ¥1.74bn | ¥678.6m | ¥513.5m |
| Shares outstanding | 8m | 8m | 8m | 8m | 8m | 8m | 8m | 8m | 8m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥273.0m | −¥933.7m | −¥70.5m | ¥225.9m | −¥73.2m | ¥142.1m | ¥227.3m | ¥197.0m | ¥87.8m |
| Capital spending | −¥6.1m | −¥169.3m | −¥2.2m | −¥33.6m | −¥20.0m | −¥47.3m | −¥20.8m | −¥16.1m | −¥33.4m |
| Free cash flow | ¥266.9m | −¥1.10bn | −¥72.7m | ¥192.3m | −¥93.2m | ¥94.9m | ¥206.5m | ¥180.9m | ¥54.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.97bn | ¥2.15bn | ¥2.01bn | ¥1.96bn | ¥1.68bn | ¥1.50bn | ¥1.99bn | ¥1.74bn |
| Gross profit | ¥714.1m | ¥828.2m | ¥764.5m | ¥692.1m | ¥649.4m | ¥559.3m | ¥731.9m | ¥634.6m |
| Operating income | ¥88.8m | ¥217.1m | ¥176.9m | ¥155.9m | ¥83.1m | −¥571,000 | ¥111.2m | ¥22.4m |
| Net income | ¥55.6m | ¥163.3m | ¥100.3m | ¥280.6m | ¥39.9m | −¥7.8m | ¥73.3m | ¥27.2m |
| Diluted earnings per share | 6.75 | 19.83 | 12.46 | 34.84 | 4.95 | -0.97 | 9.10 | 3.38 |
| Cash from operations | — | — | — | ¥272.0m | — | — | — | — |
| Capital spending | — | — | — | −¥6.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥266.0m | — | — | — | — |
| Total assets | ¥3.39bn | ¥3.54bn | ¥3.04bn | ¥3.12bn | ¥2.63bn | ¥2.73bn | ¥2.79bn | ¥2.79bn |
| Cash and short-term investments | ¥1.81bn | ¥1.46bn | ¥989.6m | ¥1.28bn | ¥1.09bn | ¥972.1m | ¥839.3m | ¥528.7m |
| Debt | ¥742.1m | ¥937.9m | ¥494.6m | ¥1.22bn | ¥608.0m | ¥1.27bn | ¥938.0m | ¥958.0m |
| Shareholders' equity | ¥1.13bn | ¥1.07bn | ¥858.1m | ¥752.5m | ¥467.8m | ¥422.6m | ¥425.0m | ¥352.5m |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 35.7% | 36.8% | 40.8% | 48.9% | 51.1% | 56.2% | — | — |
| Operating margin | 5.9% | -23.8% | 6.1% | 4.2% | -2.2% | 6.7% | — | — |
| Net margin | 5.4% | -26.2% | 3.6% | 2.0% | -2.3% | 5.6% | — | — |
| Return on equity | 51.3% | -554.5% | 9.1% | 4.3% | -4.1% | 8.4% | — | — |
| Return on assets | 12.4% | -70.2% | 4.0% | 3.3% | -3.3% | 7.1% | — | — |
| Free cash flow yield | 6.5% | -17.7% | -1.6% | 6.0% | -1.2% | 4.7% | — | — |
| Revenue growth | -4.4% | 29.6% | 34.9% | 34.6% | 5.9% | 1.8% | — | — |
| Earnings growth | -119.7% | -1051.3% | 139.7% | -216.0% | -143.9% | -39.2% | — | — |
| Current ratio | 1.44x | 0.75x | 1.77x | 3.54x | 4.96x | 5.67x | — | — |
| Debt to equity | 1.62x | 3.33x | 0.19x | 0.00x | 0.00x | 0.00x | — | — |
| Equity ratio | 24.1% | 12.7% | 44.2% | 76.1% | 82.1% | 84.0% | — | — |
| Interest coverage | 21.15x | -215.14x | 149.53x | 4.62x | -0.47x | 8.02x | — | — |
| R&D as a share of sales | — | — | — | — | 0.1% | 0.7% | 1.0% | 1.0% |
| Buybacks as a share of market value | 0.0% | -0.1% | -0.2% | -0.9% | -5.3% | 6.1% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.7% | 18.9% | — |
| Operating income | 34.5% | 11.6% | — |
| Net income | 65.1% | 18.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 36.3% | 39.5% | 42.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 7.9 | -1.5 | 23.9 | 63.4 | -51.2 | 49.5 | 84.9 |
| Price to sales | 0.4 | 0.4 | 0.8 | 1.3 | 1.2 | 2.8 | 8.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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