M 
355
+6.93%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥13.56bn
FY2019FY2026
Net income
−¥27.1m
FY2019FY2026
Free cash flow
−¥415.3m
FY2019FY2026
Shareholders' equity
¥2.16bn
FY2019FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥13.56bn | ¥13.01bn | ¥10.35bn | ¥7.37bn | ¥6.11bn | ¥5.27bn | ¥5.23bn | ¥4.69bn |
| Gross profit | ¥3.46bn | ¥3.17bn | ¥2.66bn | ¥2.22bn | ¥1.83bn | ¥1.53bn | ¥1.43bn | ¥1.36bn |
| Operating income | ¥497.0m | ¥472.2m | ¥111.5m | ¥468.4m | ¥348.6m | ¥390.3m | ¥293.9m | ¥232.7m |
| Net income | −¥27.1m | ¥168.3m | −¥87.9m | ¥269.9m | ¥224.2m | ¥237.2m | ¥210.3m | ¥126.7m |
| Diluted earnings per share | -5.77 | 35.79 | -18.71 | 57.52 | 47.59 | 50.07 | 58.42 | 26.95 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥7.39bn | ¥6.63bn | ¥7.61bn | ¥4.15bn | ¥3.71bn | ¥3.08bn | ¥2.49bn | ¥2.27bn |
| Cash and short-term investments | ¥422.8m | ¥754.2m | ¥1.35bn | ¥1.13bn | ¥893.1m | ¥1.03bn | ¥240.4m | ¥411.1m |
| Total liabilities | ¥5.22bn | ¥4.44bn | ¥5.59bn | ¥2.02bn | ¥1.85bn | ¥1.43bn | ¥1.76bn | ¥1.76bn |
| Debt | ¥2.18bn | ¥1.74bn | ¥3.17bn | ¥342.7m | ¥606.3m | ¥326.8m | ¥716.0m | ¥763.8m |
| Shareholders' equity | ¥2.16bn | ¥2.19bn | ¥2.02bn | ¥2.13bn | ¥1.86bn | ¥1.65bn | ¥728.4m | ¥518.1m |
| Shares outstanding | 5m | 5m | 5m | 5m | 5m | 5m | 4m | 5m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥20.5m | ¥1.12bn | ¥662.1m | ¥1.14bn | ¥6.1m | ¥524.8m | −¥99.3m | ¥361.5m |
| Capital spending | −¥435.8m | −¥282.7m | −¥208.0m | −¥87.1m | −¥135.3m | −¥27.3m | −¥80.0m | −¥61.5m |
| Free cash flow | −¥415.3m | ¥835.3m | ¥454.2m | ¥1.05bn | −¥129.2m | ¥497.5m | −¥179.3m | ¥300.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.64bn | ¥4.06bn | ¥3.29bn | ¥2.57bn | ¥2.86bn | ¥3.94bn | ¥3.34bn | ¥2.87bn |
| Gross profit | ¥786.8m | ¥1.26bn | ¥679.3m | ¥468.8m | ¥549.6m | ¥1.18bn | ¥800.0m | ¥643.0m |
| Operating income | ¥37.4m | ¥575.3m | ¥9.1m | −¥124.8m | −¥158.5m | ¥530.4m | ¥135.0m | −¥35.0m |
| Net income | −¥272.4m | ¥350.2m | ¥8.0m | −¥112.9m | −¥134.7m | ¥319.1m | ¥58.0m | −¥74.0m |
| Diluted earnings per share | -57.96 | 74.52 | 1.70 | -24.03 | -28.65 | 67.89 | 12.35 | -15.76 |
| Total assets | ¥7.39bn | ¥9.21bn | ¥7.33bn | ¥6.41bn | ¥6.63bn | ¥8.36bn | ¥8.10bn | ¥8.42bn |
| Cash and short-term investments | ¥422.8m | ¥338.1m | ¥292.7m | ¥456.1m | ¥754.2m | ¥346.4m | ¥587.7m | ¥1.29bn |
| Debt | ¥1.25bn | ¥2.80bn | ¥2.90bn | ¥1.00bn | ¥1.72bn | ¥590.0m | ¥3.36bn | ¥1.25bn |
| Shareholders' equity | ¥2.16bn | ¥2.44bn | ¥2.08bn | ¥2.08bn | ¥2.19bn | ¥2.32bn | ¥2.00bn | ¥1.94bn |
Financial ratios
Data as of 26 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 25.5% | 24.4% | 25.7% | 30.2% | 29.9% | 29.0% |
| Operating margin | 3.7% | 3.9% | 1.1% | 6.8% | 6.9% | 7.8% |
| Net margin | -0.2% | 1.3% | -0.8% | 3.7% | 3.7% | 4.5% |
| Return on equity | -1.3% | 7.7% | -4.4% | 12.7% | 12.1% | 14.3% |
| Return on assets | -0.4% | 2.5% | -1.2% | 6.5% | 6.0% | 7.7% |
| Free cash flow yield | 1.2% | 66.1% | 39.2% | 67.4% | 0.4% | 30.8% |
| Revenue growth | 4.3% | 25.7% | 40.4% | 20.6% | 15.9% | 0.8% |
| Earnings growth | -116.1% | -291.4% | -132.6% | 20.4% | -5.5% | 12.8% |
| Current ratio | 0.94x | 1.04x | 1.47x | 1.68x | 2.18x | 1.67x |
| Debt to equity | 1.00x | 0.78x | 1.56x | 0.16x | 0.32x | 0.19x |
| Equity ratio | 29.3% | 33.0% | 26.5% | 51.2% | 50.1% | 53.6% |
| Interest coverage | 11.52x | 9.88x | 3.48x | 74.93x | 71.14x | 62.91x |
| Buybacks as a share of market value | 0.0% | -0.1% | -0.1% | 0.4% | 0.6% | -31.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 22.5% | 20.8% | — |
| Operating income | 2.0% | 5.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 25.0% | 26.0% | 26.7% | — |
| Operating margin | 3.6% | 3.5% | 4.1% | — |
| Net margin | 0.5% | 0.7% | 1.4% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | -58.9 | 16.2 | -34.2 | 14.8 | 7.9 | 8.1 |
| Price to sales | 0.1 | 0.2 | 0.3 | 0.5 | 0.3 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 3-for-1 split · 28 Mar 2025
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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