A 
1,581
+2.33%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥6.66bn
FY2017FY2025
Net income
¥1.0m
FY2017FY2025
Free cash flow
−¥88.3m
FY2017FY2025
Shareholders' equity
¥1.18bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥6.66bn | ¥6.28bn | ¥5.92bn | ¥4.90bn | ¥4.11bn | ¥4.09bn | ¥4.12bn | ¥3.46bn | ¥3.05bn |
| Gross profit | ¥701.3m | ¥678.4m | ¥506.7m | ¥243.3m | ¥163.5m | ¥464.4m | ¥541.1m | ¥351.9m | ¥279.3m |
| Operating income | ¥99.8m | ¥120.2m | ¥13.3m | −¥239.9m | −¥234.4m | ¥106.8m | ¥243.2m | ¥67.9m | ¥6.5m |
| Net income | ¥1.0m | ¥98.3m | ¥67.9m | −¥253.9m | ¥1.3m | ¥102.8m | ¥178.7m | ¥68.0m | −¥36.4m |
| Diluted earnings per share | 0.49 | 44.60 | 31.74 | -121.38 | 0.62 | 49.16 | 86.74 | 32.07 | -24.26 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥6.09bn | ¥5.80bn | ¥5.25bn | ¥5.21bn | ¥4.73bn | ¥3.84bn | ¥2.05bn | ¥1.61bn | — |
| Cash and short-term investments | ¥2.44bn | ¥2.42bn | ¥2.05bn | ¥2.06bn | ¥2.49bn | ¥2.29bn | ¥667.8m | ¥357.7m | — |
| Total liabilities | ¥4.91bn | ¥4.60bn | ¥4.09bn | ¥4.12bn | ¥3.40bn | ¥2.49bn | ¥1.78bn | ¥1.52bn | — |
| Debt | ¥4.20bn | ¥3.90bn | ¥3.56bn | ¥3.56bn | ¥2.93bn | ¥2.03bn | ¥1.28bn | ¥1.13bn | ¥432.6m |
| Shareholders' equity | ¥1.18bn | ¥1.20bn | ¥1.16bn | ¥1.09bn | ¥1.33bn | ¥1.36bn | ¥269.9m | ¥91.2m | — |
| Shares outstanding | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 1m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥192.5m | ¥439.5m | ¥98.0m | −¥102.7m | −¥12.3m | ¥8.4m | ¥269.6m | ¥69.9m | — |
| Capital spending | −¥280.8m | −¥224.1m | −¥364.1m | −¥633.7m | −¥858.1m | −¥167.3m | −¥87.8m | −¥93.1m | — |
| Free cash flow | −¥88.3m | ¥215.4m | −¥266.1m | −¥736.4m | −¥870.5m | −¥158.9m | ¥181.9m | −¥23.2m | — |
| Dividends paid | −¥20.7m | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.88bn | ¥1.79bn | ¥1.68bn | ¥1.70bn | ¥1.70bn | ¥1.69bn | ¥1.57bn | ¥1.58bn |
| Gross profit | ¥197.7m | ¥202.8m | ¥162.1m | ¥185.6m | ¥190.4m | ¥186.1m | ¥139.2m | ¥190.8m |
| Operating income | ¥36.9m | ¥36.0m | −¥1.1m | ¥39.6m | ¥41.2m | ¥28.8m | −¥9.8m | ¥9.5m |
| Net income | ¥10.6m | ¥28.1m | −¥6.6m | −¥27.6m | ¥14.6m | ¥18.0m | −¥4.0m | ¥19.6m |
| Diluted earnings per share | 5.00 | 13.24 | -3.12 | -13.19 | 6.99 | 8.59 | -1.90 | 8.91 |
| Total assets | ¥6.29bn | ¥6.19bn | ¥5.91bn | ¥6.09bn | ¥6.50bn | ¥5.97bn | ¥5.66bn | ¥5.80bn |
| Cash and short-term investments | ¥2.07bn | ¥2.18bn | ¥2.26bn | ¥2.44bn | ¥2.77bn | ¥2.44bn | ¥2.26bn | ¥2.42bn |
| Debt | ¥894.9m | ¥4.20bn | ¥770.2m | ¥4.19bn | ¥788.5m | ¥4.01bn | ¥619.0m | ¥571.0m |
| Shareholders' equity | ¥1.15bn | ¥1.17bn | ¥1.14bn | ¥1.18bn | ¥1.24bn | ¥1.22bn | ¥1.18bn | ¥1.20bn |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 10.5% | 10.8% | 8.6% | 5.0% | 4.0% | 11.4% |
| Operating margin | 1.3% | 2.6% | 1.5% | -4.7% | 1.8% | 2.6% |
| Net margin | 0.0% | 1.6% | 1.1% | -5.2% | 0.0% | 2.5% |
| Return on equity | 0.1% | 8.2% | 5.9% | -23.4% | 0.1% | 7.6% |
| Return on assets | 0.0% | 1.7% | 1.3% | -4.9% | 0.0% | 2.7% |
| Free cash flow yield | 15.0% | 19.9% | 14.3% | 16.8% | 26.5% | 5.6% |
| Revenue growth | 6.1% | 6.1% | 20.6% | 19.2% | 0.7% | -0.8% |
| Earnings growth | -99.0% | 44.9% | -126.7% | -19540.4% | -98.7% | -42.5% |
| Current ratio | 2.51x | 2.85x | 3.28x | 2.93x | 3.92x | 3.58x |
| Debt to equity | 3.56x | 3.23x | 3.06x | 3.27x | 2.20x | 1.49x |
| Equity ratio | 19.4% | 20.8% | 22.0% | 20.9% | 28.2% | 35.3% |
| Interest coverage | 3.26x | 11.37x | 7.83x | -23.97x | 7.38x | 9.23x |
| Buybacks as a share of market value | 5.0% | -3.1% | -2.2% | 1.0% | -1.1% | -1.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.7% | 10.3% | — |
| Operating income | — | -1.3% | — |
| Net income | — | -60.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.7% | 9.0% | 8.6% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | — | 25.2 | 20.2 | -5.5 | — | 30.6 |
| Price to sales | 0.3 | 0.4 | 0.2 | 0.3 | 0.3 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 27 Nov 2025.
| FY2025 | |
|---|---|
| Paid in the year | 22.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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