T 
854
+1.91%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.89bn
FY2018FY2025
Net income
¥82.0m
FY2018FY2025
Free cash flow
−¥691.3m
FY2018FY2025
Shareholders' equity
¥1.41bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.89bn | ¥4.71bn | ¥4.25bn | ¥4.10bn | ¥3.40bn | ¥2.93bn | ¥2.39bn | ¥2.17bn |
| Gross profit | ¥626.3m | ¥664.7m | ¥646.8m | ¥685.8m | ¥599.5m | ¥458.9m | ¥395.6m | ¥283.2m |
| Operating income | ¥32.1m | ¥132.9m | ¥110.5m | ¥193.5m | ¥172.3m | ¥89.0m | ¥111.8m | ¥65.6m |
| Net income | ¥82.0m | ¥113.8m | ¥126.7m | ¥157.5m | ¥138.0m | ¥102.3m | ¥76.5m | ¥78.3m |
| Diluted earnings per share | 53.96 | 75.10 | 83.06 | 103.11 | 90.33 | 66.95 | 50.18 | 51.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.81bn | ¥4.80bn | ¥4.09bn | ¥3.05bn | ¥2.89bn | ¥2.06bn | ¥2.07bn | ¥1.55bn |
| Cash and short-term investments | ¥1.19bn | ¥1.13bn | ¥1.38bn | ¥1.09bn | ¥874.7m | ¥411.8m | ¥417.0m | ¥266.7m |
| Total liabilities | ¥4.39bn | ¥3.49bn | ¥2.90bn | ¥1.96bn | ¥1.96bn | ¥1.82bn | ¥1.93bn | ¥1.49bn |
| Debt | ¥3.58bn | ¥2.81bn | ¥2.26bn | ¥1.22bn | ¥1.43bn | ¥1.44bn | ¥1.50bn | ¥1.17bn |
| Shareholders' equity | ¥1.41bn | ¥1.31bn | ¥1.19bn | ¥1.08bn | ¥927.4m | ¥237.3m | ¥135.0m | ¥58.5m |
| Shares outstanding | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥287.2m | ¥304.5m | ¥238.2m | ¥812.7m | ¥462.2m | ¥124.9m | ¥192.1m | −¥42.3m |
| Capital spending | −¥978.5m | −¥1.09bn | −¥800.4m | −¥495.1m | −¥518.8m | −¥73.4m | −¥364.7m | −¥3.6m |
| Free cash flow | −¥691.3m | −¥780.7m | −¥562.2m | ¥317.6m | −¥56.7m | ¥51.5m | −¥172.6m | −¥45.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.48bn | ¥1.37bn | ¥1.38bn | ¥1.25bn | ¥1.17bn | ¥1.09bn | ¥1.23bn | ¥1.29bn |
| Gross profit | ¥222.8m | ¥172.3m | ¥209.7m | ¥162.8m | ¥155.8m | ¥98.0m | ¥196.9m | ¥201.2m |
| Operating income | ¥59.5m | ¥13.3m | ¥58.1m | ¥8.2m | ¥9.2m | −¥43.5m | ¥64.3m | ¥79.3m |
| Net income | ¥44.4m | ¥7.0m | ¥57.7m | ¥35.8m | ¥17.4m | −¥28.9m | ¥44.6m | ¥53.8m |
| Diluted earnings per share | 29.11 | 4.56 | 37.96 | 23.58 | 11.42 | -19.00 | 29.43 | 35.53 |
| Total assets | ¥5.96bn | ¥6.05bn | ¥5.81bn | ¥5.65bn | ¥5.32bn | ¥5.11bn | ¥4.80bn | ¥4.44bn |
| Cash and short-term investments | ¥829.1m | ¥1.40bn | ¥1.19bn | ¥1.01bn | ¥887.1m | ¥1.08bn | ¥1.13bn | ¥1.09bn |
| Debt | ¥3.67bn | ¥923.0m | ¥3.58bn | ¥1.14bn | ¥3.26bn | ¥1.02bn | ¥1.21bn | ¥965.1m |
| Shareholders' equity | ¥1.48bn | ¥1.42bn | ¥1.41bn | ¥1.36bn | ¥1.32bn | ¥1.30bn | ¥1.31bn | ¥1.27bn |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 12.8% | 14.1% | 15.2% | 16.7% | 17.6% | 15.7% |
| Operating margin | 0.7% | 2.8% | 2.6% | 4.7% | 5.1% | 3.0% |
| Net margin | 1.7% | 2.4% | 3.0% | 3.8% | 4.1% | 3.5% |
| Return on equity | 5.8% | 8.7% | 10.6% | 14.5% | 14.9% | 43.1% |
| Return on assets | 1.4% | 2.4% | 3.1% | 5.2% | 4.8% | 5.0% |
| Free cash flow yield | 98.0% | 107.9% | 80.1% | 100.7% | 75.5% | 15.3% |
| Revenue growth | 3.8% | 10.7% | 3.7% | 20.6% | 16.0% | 22.9% |
| Earnings growth | -28.0% | -10.2% | -19.6% | 14.1% | 34.9% | 33.7% |
| Current ratio | 1.40x | 0.96x | 1.21x | 1.71x | 2.46x | 1.55x |
| Debt to equity | 2.53x | 2.14x | 1.90x | 1.12x | 1.54x | 6.05x |
| Equity ratio | 24.4% | 27.3% | 29.1% | 35.6% | 32.1% | 11.5% |
| Interest coverage | 0.67x | 4.44x | 5.05x | 10.12x | 7.73x | 3.76x |
| Buybacks as a share of market value | -0.3% | 0.7% | 0.2% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.0% | 10.7% | — |
| Operating income | -45.1% | -18.5% | — |
| Net income | -19.6% | -4.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 13.5% | 14.6% | 15.2% | — |
| Operating margin | 1.7% | 2.6% | 3.0% | — |
| Net margin | 2.0% | 2.7% | 3.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 14.8 | 12.3 | 14.4 | 20.6 | 25.7 |
| Price to sales | 0.3 | 0.3 | 0.4 | 0.8 | 1.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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