N 
3,210
+3.55%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥7.11bn
FY2019FY2025
Net income
¥508.3m
FY2019FY2025
Free cash flow
¥933.5m
FY2019FY2025
Shareholders' equity
¥2.32bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥7.11bn | ¥6.61bn | ¥5.97bn | ¥5.46bn | ¥5.07bn | ¥4.90bn | ¥5.05bn |
| Gross profit | ¥1.90bn | ¥1.67bn | ¥1.55bn | ¥1.39bn | ¥1.27bn | ¥1.24bn | ¥1.36bn |
| Research and development | — | — | ¥24.6m | ¥12.4m | ¥19.3m | ¥21.6m | ¥26.2m |
| Operating income | ¥753.4m | ¥505.3m | ¥448.1m | ¥375.7m | ¥316.6m | ¥264.5m | ¥301.0m |
| Net income | ¥508.3m | ¥339.2m | ¥290.3m | ¥239.9m | ¥205.4m | ¥54.9m | ¥181.0m |
| Diluted earnings per share | 384.38 | 256.54 | 219.56 | 181.46 | 155.33 | 41.52 | 136.89 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥4.91bn | ¥4.11bn | ¥3.78bn | ¥3.67bn | ¥3.47bn | ¥3.21bn | ¥3.50bn |
| Cash and short-term investments | ¥2.27bn | ¥1.46bn | ¥1.26bn | ¥1.04bn | ¥863.1m | ¥640.3m | ¥1.01bn |
| Total liabilities | ¥2.56bn | ¥2.20bn | ¥2.13bn | ¥2.28bn | ¥2.21bn | ¥2.15bn | ¥2.46bn |
| Debt | ¥33.6m | ¥78.5m | ¥203.9m | ¥335.9m | ¥493.9m | ¥662.1m | ¥829.7m |
| Shareholders' equity | ¥2.32bn | ¥1.90bn | ¥1.64bn | ¥1.39bn | ¥1.26bn | ¥1.05bn | ¥1.04bn |
| Shares outstanding | 1m | 1m | 1m | 1m | 1m | 1m | 1m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | ¥977.7m | ¥479.1m | ¥450.4m | ¥454.6m | ¥424.7m | −¥121.0m | ¥333.1m |
| Capital spending | −¥44.3m | −¥61.4m | −¥42.3m | −¥3.3m | −¥1.1m | −¥9.9m | −¥68.8m |
| Free cash flow | ¥933.5m | ¥417.8m | ¥408.1m | ¥451.3m | ¥423.6m | −¥130.9m | ¥264.3m |
| Dividends paid | −¥78.0m | −¥68.8m | −¥55.5m | −¥40.4m | −¥11.1m | −¥36.2m | — |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.20bn | ¥2.09bn | ¥1.75bn | ¥1.98bn | ¥1.88bn | ¥1.67bn | ¥1.58bn | ¥1.84bn |
| Gross profit | ¥573.1m | ¥617.5m | ¥522.5m | ¥541.5m | ¥521.9m | ¥443.7m | ¥393.0m | ¥419.9m |
| Operating income | ¥274.0m | ¥328.7m | ¥231.4m | ¥199.3m | ¥242.4m | ¥178.9m | ¥132.8m | ¥106.3m |
| Net income | ¥182.3m | ¥240.8m | ¥167.7m | ¥136.7m | ¥163.8m | ¥124.6m | ¥83.2m | ¥81.0m |
| Diluted earnings per share | 137.84 | 182.08 | 126.81 | 103.42 | 123.88 | 94.19 | 62.89 | 61.24 |
| Cash from operations | — | — | — | ¥977.0m | — | — | — | — |
| Capital spending | — | — | — | −¥44.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥933.0m | — | — | — | — |
| Total assets | ¥5.48bn | ¥4.84bn | ¥4.51bn | ¥4.91bn | ¥4.38bn | ¥3.86bn | ¥3.69bn | ¥4.11bn |
| Cash and short-term investments | ¥2.51bn | ¥1.83bn | ¥1.87bn | ¥2.27bn | ¥1.54bn | ¥1.26bn | ¥1.27bn | ¥1.46bn |
| Debt | ¥10.1m | ¥10.6m | ¥10.9m | ¥11.3m | ¥22.8m | ¥18.0m | ¥25.0m | ¥47.9m |
| Shareholders' equity | ¥2.79bn | ¥2.60bn | ¥2.37bn | ¥2.32bn | ¥2.19bn | ¥2.02bn | ¥1.90bn | ¥1.90bn |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 26.7% | 25.2% | 25.9% | 25.4% | 25.0% | 25.4% | — |
| Operating margin | 10.6% | 7.7% | 7.5% | 6.8% | 6.5% | 3.4% | — |
| Net margin | 7.1% | 5.1% | 4.9% | 4.4% | 4.1% | 1.1% | — |
| Return on equity | 21.9% | 17.9% | 17.7% | 17.2% | 16.3% | 5.2% | — |
| Return on assets | 10.4% | 8.2% | 7.7% | 6.5% | 5.9% | 1.7% | — |
| Free cash flow yield | 21.1% | 11.2% | 10.2% | 9.5% | — | — | — |
| Revenue growth | 7.5% | 10.7% | 9.4% | 7.7% | 3.5% | -2.9% | — |
| Earnings growth | 49.8% | 16.8% | 21.0% | 16.8% | 274.1% | -69.7% | — |
| Current ratio | 1.58x | 1.48x | 1.39x | 1.34x | 1.34x | 1.31x | — |
| Debt to equity | 0.00x | 0.03x | 0.11x | 0.22x | 0.36x | 0.59x | — |
| Equity ratio | 47.3% | 46.1% | 43.4% | 37.9% | 36.2% | 32.9% | — |
| Interest coverage | 860.56x | 466.76x | 342.56x | 194.25x | 125.25x | 49.95x | — |
| R&D as a share of sales | — | — | 0.4% | 0.2% | 0.4% | 0.4% | 0.5% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.2% | 7.7% | — |
| Operating income | 26.1% | 23.3% | — |
| Net income | 28.4% | 56.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 26.0% | 25.8% | 25.7% | — |
| Operating margin | 9.2% | 8.3% | 7.6% | — |
| Net margin | 6.2% | 5.5% | 4.7% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 8.0 | 6.8 | 6.4 | 5.6 | 5.6 |
| Price to sales | 0.6 | 0.3 | 0.3 | 0.3 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 30 Oct 2025.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Paid in the year | 148.00 | 52.00 | 42.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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