A 
970
+1.25%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.02bn
FY2018FY2026
Net income
−¥272.5m
FY2018FY2026
Free cash flow
−¥159.6m
FY2018FY2026
Shareholders' equity
¥1.39bn
FY2018FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.02bn | ¥888.4m | ¥610.0m | ¥685.5m | ¥649.7m | ¥611.0m | ¥743.9m | ¥694.1m | ¥445.0m |
| Gross profit | ¥427.7m | ¥429.9m | ¥341.0m | ¥462.9m | ¥494.0m | ¥462.3m | ¥639.5m | ¥624.8m | ¥393.9m |
| Research and development | — | ¥6.0m | — | — | — | — | — | — | — |
| Operating income | −¥94.6m | ¥43.4m | ¥90.3m | ¥202.7m | ¥220.4m | ¥223.3m | ¥350.6m | ¥349.9m | ¥199.2m |
| Net income | −¥272.5m | ¥57.3m | ¥102.6m | ¥140.2m | ¥205.2m | ¥189.5m | ¥226.1m | ¥232.3m | ¥131.7m |
| Diluted earnings per share | -146.33 | 31.69 | 55.04 | 75.31 | 93.58 | 86.23 | 102.78 | 110.52 | 70.75 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.84bn | ¥1.84bn | ¥1.67bn | ¥1.56bn | ¥1.81bn | ¥1.58bn | ¥1.39bn | ¥977.2m | ¥651.2m |
| Cash and short-term investments | ¥455.4m | ¥743.4m | ¥838.8m | ¥1.19bn | ¥1.35bn | ¥1.17bn | ¥861.3m | ¥513.7m | ¥281.1m |
| Total liabilities | ¥451.8m | ¥181.0m | ¥82.0m | ¥72.9m | ¥120.7m | ¥103.5m | ¥103.8m | ¥151.0m | ¥87.5m |
| Debt | ¥300.0m | — | ¥19.4m | ¥8.2m | — | — | — | — | −¥404,000 |
| Shareholders' equity | ¥1.39bn | ¥1.66bn | ¥1.59bn | ¥1.49bn | ¥1.69bn | ¥1.48bn | ¥1.29bn | ¥826.1m | ¥563.7m |
| Shares outstanding | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥158.0m | ¥255.3m | ¥132.2m | ¥185.0m | ¥179.0m | ¥310.8m | ¥129.9m | ¥203.4m | ¥61.6m |
| Capital spending | −¥1.7m | −¥789,000 | −¥1.3m | −¥4.8m | −¥466,000 | −¥1.0m | −¥516,000 | −¥1.0m | −¥1.0m |
| Free cash flow | −¥159.6m | ¥254.5m | ¥130.8m | ¥180.2m | ¥178.6m | ¥309.7m | ¥129.3m | ¥202.4m | ¥60.6m |
| Dividends paid | — | — | — | — | — | — | −¥384.6m | — | — |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥267.6m | ¥272.1m | ¥257.9m | ¥248.2m | ¥262.4m | ¥247.5m | ¥199.0m | ¥237.4m |
| Gross profit | ¥149.5m | ¥133.1m | ¥90.3m | ¥110.1m | ¥119.9m | ¥98.6m | ¥81.9m | ¥114.1m |
| Operating income | ¥31.2m | ¥17.7m | −¥40.1m | −¥5.4m | −¥54.7m | −¥8.1m | −¥18.5m | ¥14.2m |
| Net income | ¥20.3m | ¥7.8m | −¥213.2m | −¥2.1m | −¥54.1m | −¥16.8m | −¥13.1m | ¥6.6m |
| Diluted earnings per share | 10.89 | 4.21 | -114.50 | -1.18 | -29.93 | -9.28 | -7.25 | 3.54 |
| Total assets | ¥1.65bn | ¥1.88bn | ¥1.84bn | ¥2.23bn | ¥2.07bn | ¥1.89bn | ¥1.84bn | ¥1.83bn |
| Cash and short-term investments | ¥700.1m | ¥518.8m | ¥455.4m | ¥345.5m | ¥487.1m | ¥395.1m | ¥743.4m | ¥769.0m |
| Debt | — | ¥300.0m | ¥300.0m | ¥500.0m | ¥300.0m | ¥100.0m | — | — |
| Shareholders' equity | ¥1.42bn | ¥1.40bn | ¥1.39bn | ¥1.60bn | ¥1.60bn | ¥1.64bn | ¥1.66bn | ¥1.67bn |
Financial ratios
Data as of 30 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 42.1% | 48.4% | 55.9% | 67.5% | 76.0% | 75.7% | — | — |
| Operating margin | -9.3% | 4.9% | 14.8% | 29.6% | 33.9% | 36.6% | — | — |
| Net margin | -26.8% | 6.4% | 16.8% | 20.4% | 31.6% | 31.0% | — | — |
| Return on equity | -19.6% | 3.4% | 6.4% | 9.4% | 12.2% | 12.8% | — | — |
| Return on assets | -14.8% | 3.1% | 6.1% | 9.0% | 11.4% | 12.0% | — | — |
| Free cash flow yield | -8.4% | 14.3% | 7.2% | 10.3% | 8.2% | 14.3% | — | — |
| Revenue growth | 14.4% | 45.7% | -11.0% | 5.5% | 6.3% | -17.9% | — | — |
| Earnings growth | -575.9% | -44.2% | -26.8% | -31.7% | 8.3% | -16.2% | — | — |
| Current ratio | 4.00x | 9.55x | 21.44x | 20.65x | 13.87x | 13.25x | — | — |
| Debt to equity | 0.22x | — | 0.01x | 0.01x | 0.00x | 0.00x | — | -0.00x |
| Equity ratio | 75.5% | 90.2% | 95.1% | 95.3% | 93.3% | 93.4% | — | — |
| Interest coverage | -24.44x | — | — | 20.42x | 2.74x | 2.04x | 15.44x | — |
| R&D as a share of sales | — | 0.7% | — | — | — | — | — | — |
| Buybacks as a share of market value | -3.0% | 3.1% | -0.2% | 15.1% | 0.2% | 0.1% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.0% | 10.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 45.0% | 51.9% | 58.7% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.7 | 34.8 | 18.1 | 13.6 | 9.8 | 10.8 | 22.0 | 29.7 |
| Price to sales | 1.8 | 2.3 | 3.0 | 2.8 | 3.1 | 3.4 | 6.7 | 9.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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