T 
1,319
-2.30%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.22bn
FY2016FY2025
Net income
−¥128.9m
FY2016FY2025
Free cash flow
−¥284.0m
FY2016FY2025
Shareholders' equity
¥4.37bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.22bn | ¥3.21bn | ¥3.40bn | ¥3.29bn | ¥2.96bn | ¥2.67bn | ¥2.92bn | ¥2.99bn | ¥2.88bn | ¥2.82bn |
| Gross profit | ¥1.40bn | ¥1.41bn | ¥1.56bn | ¥1.45bn | ¥1.27bn | ¥1.10bn | ¥1.25bn | ¥1.29bn | ¥1.22bn | ¥1.19bn |
| Research and development | ¥76.2m | ¥70.2m | ¥69.5m | ¥60.1m | ¥63.2m | ¥59.0m | ¥66.8m | ¥68.1m | ¥71.1m | ¥70.5m |
| Operating income | −¥98.3m | −¥30.1m | ¥116.4m | ¥113.4m | −¥26.9m | −¥134.5m | −¥4.9m | ¥43.4m | −¥19.4m | −¥20.5m |
| Net income | −¥128.9m | −¥109.3m | ¥108.7m | ¥126.0m | −¥9.7m | −¥229.0m | −¥13.1m | ¥31.2m | −¥23.5m | −¥23.6m |
| Diluted earnings per share | -52.04 | -44.12 | 43.89 | 50.89 | -3.90 | -92.46 | -5.30 | 12.58 | -9.50 | -9.51 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.46bn | ¥5.54bn | ¥5.75bn | ¥5.73bn | ¥5.46bn | ¥5.56bn | ¥5.80bn | ¥5.90bn | ¥5.78bn | ¥5.75bn |
| Cash and short-term investments | ¥1.29bn | ¥1.62bn | ¥1.86bn | ¥1.96bn | ¥1.68bn | ¥1.63bn | ¥2.01bn | ¥2.22bn | ¥2.13bn | ¥2.12bn |
| Total liabilities | ¥1.10bn | ¥1.01bn | ¥1.08bn | ¥1.13bn | ¥981.4m | ¥1.04bn | ¥1.02bn | ¥1.08bn | ¥956.2m | ¥884.4m |
| Debt | — | ¥925,000 | ¥6.4m | ¥12.0m | ¥18.5m | ¥25.2m | ¥3.3m | ¥15.7m | ¥37.4m | ¥52.3m |
| Shareholders' equity | ¥4.37bn | ¥4.53bn | ¥4.67bn | ¥4.60bn | ¥4.48bn | ¥4.52bn | ¥4.78bn | ¥4.82bn | ¥4.82bn | ¥4.87bn |
| Shares outstanding | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥247.6m | −¥118.0m | ¥140.6m | ¥221.0m | ¥195.7m | −¥272.3m | −¥35.4m | ¥270.6m | ¥182.9m | −¥201.4m |
| Capital spending | −¥36.4m | −¥78.4m | −¥34.9m | −¥28.5m | −¥28.0m | −¥58.5m | −¥28.2m | −¥27.4m | −¥26.4m | −¥16.6m |
| Free cash flow | −¥284.0m | −¥196.4m | ¥105.7m | ¥192.6m | ¥167.7m | −¥330.7m | −¥63.6m | ¥243.1m | ¥156.5m | −¥218.0m |
| Dividends paid | −¥29.6m | −¥29.7m | −¥29.5m | −¥13.4m | −¥13.3m | −¥29.8m | −¥29.5m | −¥29.8m | −¥29.6m | −¥29.8m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥752.7m | ¥1.00bn | ¥860.2m | ¥889.8m | ¥703.9m | ¥857.3m | ¥768.1m | ¥797.2m |
| Gross profit | ¥324.2m | ¥444.7m | ¥380.3m | ¥387.2m | ¥331.1m | ¥397.8m | ¥335.2m | ¥379.9m |
| Operating income | −¥71.1m | ¥25.1m | −¥22.3m | −¥10.2m | −¥55.6m | ¥4.7m | −¥37.2m | ¥17.9m |
| Net income | −¥71.6m | ¥12.6m | −¥27.0m | −¥26.4m | −¥56.7m | −¥5.9m | −¥39.8m | −¥47.0m |
| Diluted earnings per share | -28.93 | 5.09 | -10.91 | -10.66 | -22.91 | -2.38 | -16.08 | -18.99 |
| Cash from operations | — | — | — | −¥247.0m | — | — | — | — |
| Capital spending | — | — | — | −¥36.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥283.0m | — | — | — | — |
| Total assets | ¥5.06bn | ¥5.20bn | ¥5.41bn | ¥5.46bn | ¥5.33bn | ¥5.66bn | ¥5.59bn | ¥5.54bn |
| Cash and short-term investments | ¥920.6m | ¥834.5m | ¥1.21bn | ¥1.29bn | ¥1.24bn | ¥1.46bn | ¥1.62bn | ¥1.62bn |
| Debt | — | — | — | — | — | — | — | ¥925,000 |
| Shareholders' equity | ¥4.24bn | ¥4.32bn | ¥4.31bn | ¥4.37bn | ¥4.39bn | ¥4.45bn | ¥4.45bn | ¥4.53bn |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 43.4% | 44.0% | 46.0% | 44.2% | 43.1% | 41.2% | — | — | — | — | — | — | — |
| Operating margin | -2.7% | -2.5% | 4.0% | 3.7% | 0.0% | -5.0% | — | — | — | — | — | — | — |
| Net margin | -4.0% | -3.4% | 3.2% | 3.8% | -0.3% | -8.6% | — | — | — | — | — | — | — |
| Return on equity | -3.0% | -2.4% | 2.3% | 2.7% | -0.2% | -5.1% | — | — | — | — | — | — | — |
| Return on assets | -2.4% | -2.0% | 1.9% | 2.2% | -0.2% | -4.1% | — | — | — | — | — | — | — |
| Free cash flow yield | -7.0% | -3.3% | 4.0% | 6.2% | 5.5% | -7.7% | — | — | — | — | — | — | — |
| Revenue growth | 0.2% | -5.6% | 3.4% | 11.3% | 10.5% | -8.3% | — | — | — | — | — | — | — |
| Earnings growth | 17.9% | -200.5% | -13.8% | -1403.9% | -95.8% | 1645.0% | — | — | — | — | — | — | — |
| Current ratio | 4.34x | 4.84x | 4.57x | 4.49x | 4.89x | 4.89x | — | — | — | — | — | — | — |
| Debt to equity | — | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | — | — | — | — | — | — |
| Equity ratio | 79.9% | 81.7% | 81.2% | 80.2% | 82.0% | 81.2% | — | — | — | — | — | — | — |
| Interest coverage | — | — | — | — | — | — | — | -266.36x | -854.00x | 2806.11x | -137.41x | -79.97x | 154.64x |
| R&D as a share of sales | 2.4% | 2.2% | 2.0% | 1.8% | 2.1% | 2.2% | — | — | — | — | — | — | — |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.7% | 3.8% | 1.3% |
| Operating income | — | -6.1% | — |
| Net income | — | -10.9% | -21.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 43.7% | 44.4% | 43.8% | 43.3% |
| Operating margin | -2.0% | 0.8% | -0.3% | -0.1% |
| Net margin | -3.7% | -0.0% | -1.3% | -5.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -29.7 | -17.9 | 16.9 | 14.1 | -209.8 | -8.1 | -108.5 | 41.2 | -62.3 | -51.2 |
| Price to sales | 1.2 | 0.6 | 0.5 | 0.5 | 0.7 | 0.7 | 0.5 | 0.4 | 0.5 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 35 years. Last went ex-dividend on 27 Nov 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 12.00 | 17.50 | 12.00 | 5.40 | 5.40 | 12.00 | 12.00 | 12.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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