R 
110
+1.85%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.63bn
FY2018FY2025
Net income
¥11.7m
FY2018FY2025
Free cash flow
−¥43.0m
FY2018FY2025
Shareholders' equity
¥339.3m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.63bn | ¥1.56bn | ¥1.56bn | ¥1.72bn | ¥1.94bn | ¥2.22bn | ¥2.27bn | ¥1.69bn |
| Gross profit | ¥1.14bn | ¥1.10bn | ¥947.4m | ¥895.1m | ¥1.25bn | ¥1.41bn | ¥1.47bn | ¥977.9m |
| Operating income | ¥19.6m | −¥87.4m | −¥598.5m | −¥847.8m | −¥348.5m | −¥283.5m | ¥100.3m | −¥221.1m |
| Net income | ¥11.7m | −¥79.9m | −¥612.2m | −¥859.7m | −¥358.6m | −¥324.0m | ¥155.8m | −¥230.4m |
| Diluted earnings per share | 0.78 | -5.37 | -41.10 | -66.83 | -30.65 | -28.09 | 10.42 | -15.41 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥932.3m | ¥1.07bn | ¥1.27bn | ¥1.67bn | ¥2.49bn | ¥2.19bn | ¥1.06bn | ¥779.8m |
| Cash and short-term investments | ¥367.8m | ¥660.3m | ¥872.6m | ¥894.6m | ¥629.2m | ¥459.2m | ¥391.4m | ¥279.7m |
| Total liabilities | ¥593.0m | ¥753.0m | ¥878.3m | ¥1.37bn | ¥1.38bn | ¥1.76bn | ¥362.7m | ¥242.9m |
| Debt | ¥454.4m | ¥596.3m | ¥701.6m | ¥1.18bn | ¥378.7m | ¥739.3m | ¥77.5m | ¥826,000 |
| Shareholders' equity | ¥339.3m | ¥314.6m | ¥392.9m | ¥304.9m | ¥1.11bn | ¥429.5m | ¥692.8m | ¥536.9m |
| Shares outstanding | 15m | 15m | 15m | 13m | 12m | 12m | 15m | 15m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥41.1m | −¥105.9m | −¥284.4m | −¥558.2m | −¥439.7m | −¥626.0m | ¥46.1m | −¥285.4m |
| Capital spending | −¥1.9m | −¥1.2m | −¥9.0m | −¥10.5m | −¥4.9m | −¥33.6m | −¥5.3m | −¥2.4m |
| Free cash flow | −¥43.0m | −¥107.1m | −¥293.4m | −¥568.7m | −¥444.7m | −¥659.6m | ¥40.8m | −¥287.9m |
| Dividends paid | — | — | — | — | −¥316.0m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥335.2m | ¥370.1m | ¥424.8m | ¥403.2m | ¥379.7m | ¥400.9m | ¥446.4m | ¥406.6m |
| Gross profit | ¥215.1m | ¥262.9m | ¥286.4m | ¥297.4m | ¥271.0m | ¥288.1m | ¥286.3m | ¥287.4m |
| Operating income | −¥38.7m | ¥8.2m | ¥12.6m | ¥19.2m | −¥18.7m | ¥20.9m | −¥1.9m | ¥1.8m |
| Net income | ¥47.1m | ¥270,000 | ¥7.0m | ¥18.4m | −¥20.5m | ¥17.7m | −¥3.8m | ¥18.2m |
| Diluted earnings per share | 3.15 | 0.02 | 0.47 | 1.23 | -1.37 | 1.18 | -0.26 | 1.22 |
| Cash from operations | — | ¥3.0m | — | −¥41.0m | — | — | — | — |
| Capital spending | — | — | — | −¥109.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥150.0m | — | — | — | — |
| Total assets | ¥976.6m | ¥955.2m | ¥950.9m | ¥932.3m | ¥922.5m | ¥994.5m | ¥1.06bn | ¥1.07bn |
| Cash and short-term investments | ¥389.9m | ¥357.2m | ¥323.7m | ¥367.8m | ¥413.3m | ¥507.6m | ¥585.0m | ¥660.3m |
| Debt | ¥406.7m | ¥485.6m | ¥120.6m | ¥454.4m | ¥133.6m | ¥511.0m | ¥166.5m | ¥173.8m |
| Shareholders' equity | ¥393.7m | ¥346.6m | ¥346.3m | ¥339.3m | ¥320.9m | ¥341.4m | ¥310.8m | ¥314.6m |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 70.1% | 70.2% | 60.9% | 52.2% | 64.5% | 63.5% |
| Operating margin | 1.2% | -5.6% | -38.6% | -49.4% | -18.0% | -12.8% |
| Net margin | 0.7% | -5.1% | -39.3% | -50.1% | -18.5% | -14.6% |
| Return on equity | 3.5% | -25.4% | -155.8% | -281.9% | -32.2% | -75.4% |
| Return on assets | 1.3% | -7.5% | -48.2% | -51.4% | -14.4% | -14.8% |
| Free cash flow yield | -2.2% | -5.7% | -15.3% | -34.7% | -30.1% | -43.4% |
| Revenue growth | 4.4% | 0.4% | -9.3% | -11.5% | -12.5% | -2.3% |
| Earnings growth | -114.7% | -86.9% | -28.8% | 139.7% | 10.7% | -307.9% |
| Current ratio | 2.89x | 3.00x | 3.75x | 1.71x | 4.25x | 1.50x |
| Debt to equity | 1.34x | 1.90x | 1.79x | 3.88x | 0.34x | 1.72x |
| Equity ratio | 36.4% | 29.5% | 30.9% | 18.2% | 44.7% | 19.6% |
| Interest coverage | 3.19x | -11.67x | -66.67x | -88.64x | -44.79x | -79.27x |
| Buybacks as a share of market value | -0.5% | 0.0% | -15.8% | -9.9% | -1.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.7% | -6.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 70.1% | 63.1% | 63.5% | — |
| Operating margin | -2.1% | -23.4% | -20.2% | — |
| Net margin | -2.1% | -23.8% | -20.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 201.5 | -25.7 | -4.2 | -2.8 | -17.6 | -59.4 |
| Price to sales | 1.4 | 1.3 | 1.6 | 1.4 | 3.3 | 8.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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