I 
685
+1.03%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥11.53bn
FY2017FY2026
Net income
¥79.0m
FY2017FY2026
Free cash flow
¥140.9m
FY2017FY2026
Shareholders' equity
¥1.01bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥11.53bn | ¥10.09bn | ¥9.23bn | ¥8.38bn | ¥4.42bn | ¥3.43bn | ¥7.99bn | ¥7.08bn | ¥6.15bn | ¥5.42bn |
| Gross profit | ¥7.78bn | ¥6.68bn | ¥6.13bn | ¥5.52bn | ¥2.84bn | ¥2.09bn | ¥5.12bn | ¥4.56bn | ¥3.92bn | ¥3.40bn |
| Operating income | ¥250.2m | −¥74.6m | ¥227.9m | ¥166.9m | ¥268.3m | −¥1.12bn | ¥166.2m | ¥288.5m | ¥244.2m | ¥157.4m |
| Net income | ¥79.0m | −¥172.2m | ¥79.0m | ¥80.0m | ¥189.5m | −¥949.8m | −¥122.2m | ¥122.4m | ¥154.3m | ¥76.2m |
| Diluted earnings per share | 10.74 | -23.44 | 11.07 | 10.96 | 28.02 | -137.89 | -16.63 | 16.66 | 21.00 | 10.36 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥6.52bn | ¥5.71bn | ¥5.38bn | ¥4.77bn | ¥4.66bn | ¥4.26bn | ¥3.43bn | ¥3.36bn | ¥3.64bn | ¥2.96bn |
| Cash and short-term investments | ¥1.86bn | ¥1.45bn | ¥1.58bn | ¥1.18bn | ¥1.09bn | ¥632.2m | ¥693.3m | ¥852.6m | ¥1.35bn | ¥936.7m |
| Total liabilities | ¥5.50bn | ¥4.81bn | ¥4.32bn | ¥3.83bn | ¥4.06bn | ¥3.91bn | ¥2.36bn | ¥2.15bn | ¥2.53bn | ¥2.48bn |
| Debt | ¥3.85bn | ¥3.42bn | ¥3.02bn | ¥2.62bn | ¥2.90bn | ¥3.09bn | ¥1.35bn | ¥1.03bn | ¥1.57bn | ¥1.63bn |
| Shareholders' equity | ¥1.01bn | ¥887.3m | ¥1.05bn | ¥930.0m | ¥598.4m | ¥353.7m | ¥1.07bn | ¥1.22bn | ¥1.11bn | ¥474.3m |
| Shares outstanding | 7m | 7m | 7m | 7m | 7m | 7m | 7m | 7m | 7m | 7m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥562.3m | ¥182.6m | ¥537.0m | ¥483.3m | ¥1.15bn | −¥1.41bn | ¥245.0m | ¥471.6m | ¥402.1m | ¥321.2m |
| Capital spending | −¥421.4m | −¥501.2m | −¥311.0m | −¥289.8m | −¥96.4m | −¥564.9m | −¥677.9m | −¥397.3m | −¥417.3m | −¥463.0m |
| Free cash flow | ¥140.9m | −¥318.6m | ¥226.0m | ¥193.5m | ¥1.06bn | −¥1.98bn | −¥432.9m | ¥74.2m | −¥15.3m | −¥141.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.83bn | ¥2.96bn | ¥3.36bn | ¥2.61bn | ¥2.60bn | ¥2.67bn | ¥2.87bn | ¥2.23bn |
| Gross profit | ¥1.84bn | ¥2.00bn | ¥2.17bn | ¥1.69bn | ¥1.69bn | ¥1.76bn | ¥1.89bn | ¥1.47bn |
| Operating income | −¥101.6m | ¥40.9m | ¥255.5m | −¥28.8m | −¥17.3m | ¥48.5m | ¥94.0m | −¥145.0m |
| Net income | −¥78.5m | −¥17.1m | ¥148.9m | −¥29.5m | −¥23.3m | −¥37.3m | ¥24.0m | −¥104.0m |
| Diluted earnings per share | -10.68 | -2.33 | 20.26 | -4.01 | -3.18 | -5.08 | 3.36 | -14.58 |
| Total assets | ¥7.13bn | ¥6.52bn | ¥6.80bn | ¥6.01bn | ¥5.85bn | ¥5.71bn | ¥6.07bn | ¥5.69bn |
| Cash and short-term investments | ¥2.24bn | ¥1.86bn | ¥1.90bn | ¥1.35bn | ¥1.33bn | ¥1.45bn | ¥1.65bn | ¥1.61bn |
| Debt | ¥1.16bn | ¥3.71bn | ¥956.7m | ¥3.54bn | ¥832.6m | ¥3.33bn | ¥919.1m | ¥3.42bn |
| Shareholders' equity | ¥1.05bn | ¥1.01bn | ¥1.08bn | ¥915.6m | ¥905.9m | ¥887.3m | ¥958.7m | ¥921.1m |
Financial ratios
Data as of 16 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 67.5% | 66.2% | 66.4% | 65.9% | 64.2% | 61.0% |
| Operating margin | 2.2% | -1.9% | 1.7% | 1.6% | 6.1% | -39.2% |
| Net margin | 0.7% | -1.7% | 0.9% | 1.0% | 4.3% | -27.7% |
| Return on equity | 7.8% | -19.4% | 7.5% | 8.6% | 31.7% | -268.5% |
| Return on assets | 1.2% | -3.0% | 1.5% | 1.7% | 4.1% | -22.3% |
| Free cash flow yield | 19.5% | 13.6% | 17.3% | 15.4% | 26.9% | -17.9% |
| Revenue growth | 14.3% | 9.3% | 10.2% | 89.3% | 29.1% | -57.1% |
| Earnings growth | -145.8% | -318.0% | -1.3% | -57.8% | -120.0% | 677.1% |
| Current ratio | 1.18x | 1.11x | 1.08x | 0.97x | 0.90x | 0.95x |
| Debt to equity | 3.68x | 3.75x | 2.78x | 2.81x | 4.84x | 8.73x |
| Equity ratio | 15.5% | 15.5% | 19.6% | 19.5% | 12.8% | 8.3% |
| Interest coverage | 5.47x | -5.78x | 8.86x | 7.17x | 15.33x | -97.34x |
| Buybacks as a share of market value | -0.0% | -3.0% | 2.3% | -8.0% | 1.8% | -11.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.2% | 27.5% | 10.3% |
| Operating income | 14.5% | — | 8.6% |
| Net income | -0.5% | — | 8.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 66.9% | 66.6% | 65.9% | 65.0% |
| Operating margin | 0.8% | 1.5% | -0.6% | 0.9% |
| Net margin | -0.4% | 0.2% | -1.5% | -0.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 64.0 | -29.0 | 59.5 | 60.8 | 22.1 | -3.8 | -32.5 | 58.2 | 29.5 | 241.0 |
| Price to sales | 0.4 | 0.5 | 0.5 | 0.6 | 0.9 | 1.1 | 0.5 | 1.0 | 0.7 | 3.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 27 Sept 2019
- 2-for-1 split · 12 Jun 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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