A 
1,079
+5.99%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥5.08bn
FY2021FY2026
Net income
¥781.0m
FY2021FY2026
Free cash flow
¥477.8m
FY2021FY2026
Shareholders' equity
¥4.79bn
FY2021FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | ¥5.08bn | ¥3.60bn | ¥3.35bn | ¥2.92bn | ¥1.96bn | ¥848.3m |
| Gross profit | ¥2.31bn | ¥1.67bn | ¥1.49bn | ¥1.18bn | ¥526.0m | −¥291.4m |
| Research and development | — | ¥200.2m | ¥139.6m | ¥169.7m | ¥140.6m | ¥166.9m |
| Operating income | ¥1.15bn | ¥655.2m | ¥705.5m | ¥479.5m | −¥124.2m | −¥854.6m |
| Net income | ¥781.0m | ¥734.4m | ¥698.7m | ¥673.0m | ¥7.3m | −¥766.2m |
| Diluted earnings per share | 30.94 | 27.29 | 27.39 | 25.72 | 0.29 | -30.35 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total assets | ¥12.26bn | ¥8.21bn | ¥7.24bn | ¥5.79bn | ¥5.36bn | ¥5.22bn |
| Cash and short-term investments | ¥2.63bn | ¥1.57bn | ¥1.81bn | ¥1.73bn | ¥1.12bn | ¥1.82bn |
| Total liabilities | ¥7.47bn | ¥4.32bn | ¥4.14bn | ¥4.17bn | ¥4.40bn | ¥4.24bn |
| Debt | ¥5.48bn | ¥3.59bn | ¥3.20bn | ¥3.72bn | ¥4.06bn | ¥4.00bn |
| Shareholders' equity | ¥4.79bn | ¥3.89bn | ¥3.09bn | ¥1.62bn | ¥955.0m | ¥982.8m |
| Shares outstanding | 25m | 27m | 26m | 26m | 25m | 25m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash from operations | ¥2.96bn | ¥1.33bn | ¥1.39bn | ¥1.08bn | ¥38.8m | −¥88.4m |
| Capital spending | −¥2.48bn | −¥1.95bn | −¥1.52bn | −¥118.9m | −¥733.2m | −¥58.0m |
| Free cash flow | ¥477.8m | −¥617.5m | −¥128.5m | ¥958.5m | −¥694.3m | −¥146.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.31bn | ¥1.30bn | ¥1.32bn | ¥1.16bn | ¥825.3m | ¥1.08bn | ¥951.6m | ¥743.1m |
| Gross profit | ¥517.2m | ¥531.4m | ¥738.1m | ¥521.6m | ¥340.9m | ¥560.4m | ¥503.1m | ¥282.2m |
| Operating income | ¥138.3m | ¥269.2m | ¥492.3m | ¥245.6m | ¥55.3m | ¥322.5m | ¥227.3m | ¥50.0m |
| Net income | ¥120.7m | ¥173.1m | ¥330.6m | ¥156.5m | ¥276.6m | ¥256.3m | ¥208.7m | −¥7.1m |
| Diluted earnings per share | 4.78 | 6.86 | 12.28 | 5.81 | 10.28 | 9.52 | 8.18 | -0.28 |
| Cash from operations | — | — | ¥2.17bn | — | — | — | — | — |
| Capital spending | — | — | −¥1.27bn | — | — | — | — | — |
| Free cash flow | — | — | ¥897.0m | — | — | — | — | — |
| Total assets | ¥12.26bn | ¥11.69bn | ¥9.83bn | ¥9.06bn | ¥8.21bn | ¥9.36bn | ¥7.78bn | ¥7.53bn |
| Cash and short-term investments | ¥2.63bn | ¥4.12bn | ¥3.34bn | ¥1.75bn | ¥1.57bn | ¥2.39bn | ¥2.04bn | ¥2.32bn |
| Debt | ¥425.8m | ¥352.8m | ¥4.35bn | ¥700.0m | ¥3.53bn | ¥387.0m | ¥3.64bn | ¥386.0m |
| Shareholders' equity | ¥4.79bn | ¥4.61bn | ¥4.43bn | ¥4.06bn | ¥3.89bn | ¥3.61bn | ¥3.34bn | ¥3.13bn |
Financial ratios
Data as of 17 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 45.4% | 46.3% | 44.6% | 40.4% | 26.8% | -34.4% |
| Operating margin | 22.5% | 18.2% | 21.1% | 16.4% | -6.3% | -100.7% |
| Net margin | 15.4% | 20.4% | 20.9% | 23.0% | 0.4% | -90.3% |
| Return on equity | 16.3% | 18.9% | 22.6% | 41.5% | 0.8% | -78.0% |
| Return on assets | 6.4% | 8.9% | 9.7% | 11.6% | 0.1% | -14.7% |
| Free cash flow yield | 7.8% | 3.3% | 3.6% | 2.7% | — | — |
| Revenue growth | 41.2% | 7.5% | 14.7% | 48.7% | 131.6% | — |
| Earnings growth | 6.3% | 5.1% | 3.8% | 9093.3% | -101.0% | — |
| Current ratio | 2.32x | 3.21x | 2.28x | 3.38x | 2.39x | 4.70x |
| Debt to equity | 0.09x | 0.91x | 0.95x | 2.03x | 3.61x | 3.27x |
| Equity ratio | 39.1% | 47.4% | 42.8% | 28.0% | 17.8% | 18.8% |
| Interest coverage | 15.29x | 9.05x | 18.49x | 11.19x | -2.34x | -15.62x |
| R&D as a share of sales | — | 5.6% | 4.2% | 5.8% | 7.2% | 19.7% |
| Buybacks as a share of market value | 6.2% | -5.5% | 2.5% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 20.3% | 43.1% | — |
| Operating income | 33.7% | — | — |
| Net income | 5.1% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 45.8% | 44.5% | 38.7% | — |
| Operating margin | 20.7% | 20.0% | 11.3% | — |
| Net margin | 17.4% | 19.3% | 12.0% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Price to earnings | 35.0 | 39.0 | 10.6 | 21.3 |
| Price to sales | 5.4 | 7.9 | 2.2 | 4.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 3-for-1 split · 29 Dec 2025
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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