E 
234
+2.18%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥73.77bn
FY2017FY2026
Net income
−¥2.85bn
FY2017FY2026
Free cash flow
−¥1.10bn
FY2017FY2026
Shareholders' equity
¥41.85bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥73.77bn | ¥71.20bn | ¥71.67bn | ¥69.79bn | ¥59.44bn | ¥55.81bn | ¥57.12bn | ¥58.25bn | ¥66.98bn | ¥66.51bn |
| Gross profit | ¥16.01bn | ¥14.76bn | ¥15.04bn | ¥14.43bn | ¥14.73bn | ¥14.00bn | ¥13.79bn | ¥13.83bn | ¥17.48bn | ¥17.60bn |
| Research and development | — | ¥587.0m | ¥582.0m | ¥599.0m | ¥606.0m | ¥610.0m | ¥619.0m | ¥674.0m | ¥658.0m | ¥673.0m |
| Operating income | ¥720.0m | −¥293.0m | ¥369.0m | −¥1.20bn | ¥425.0m | ¥958.0m | −¥749.0m | −¥1.61bn | ¥2.17bn | ¥2.47bn |
| Net income | −¥2.85bn | −¥29.0m | ¥3.22bn | −¥1.10bn | ¥388.0m | ¥950.0m | −¥935.0m | −¥3.43bn | ¥1.26bn | ¥2.33bn |
| Diluted earnings per share | -64.42 | -0.66 | 72.84 | -24.98 | 8.78 | 21.50 | -21.16 | -76.79 | 27.91 | 51.53 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥81.55bn | ¥88.71bn | ¥96.12bn | ¥92.98bn | ¥88.85bn | ¥80.67bn | ¥68.75bn | ¥68.03bn | ¥74.45bn | ¥71.35bn |
| Cash and short-term investments | ¥5.62bn | ¥8.74bn | ¥13.42bn | ¥6.95bn | ¥6.60bn | ¥9.32bn | ¥6.44bn | ¥11.69bn | ¥15.42bn | ¥13.18bn |
| Total liabilities | ¥44.43bn | ¥46.92bn | ¥53.30bn | ¥53.45bn | ¥47.05bn | ¥38.46bn | ¥26.78bn | ¥23.59bn | ¥24.88bn | ¥23.13bn |
| Debt | ¥23.47bn | ¥24.52bn | ¥25.33bn | ¥26.60bn | ¥24.28bn | ¥16.68bn | ¥6.47bn | ¥6.47bn | — | — |
| Shareholders' equity | ¥41.85bn | ¥44.25bn | ¥44.52bn | ¥40.61bn | ¥42.18bn | ¥42.30bn | ¥41.92bn | ¥44.44bn | ¥49.57bn | ¥48.22bn |
| Shares outstanding | 44m | 44m | 44m | 44m | 44m | 44m | 44m | 45m | 45m | 45m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥1.23bn | −¥2.31bn | ¥9.95bn | ¥263.0m | ¥1.21bn | ¥4.12bn | −¥1.52bn | −¥758.0m | ¥4.82bn | ¥2.78bn |
| Capital spending | −¥2.33bn | −¥1.91bn | −¥1.79bn | −¥2.18bn | −¥11.33bn | −¥13.05bn | −¥8.77bn | −¥1.68bn | −¥1.52bn | −¥2.13bn |
| Free cash flow | −¥1.10bn | −¥4.21bn | ¥8.15bn | −¥1.92bn | −¥10.12bn | −¥8.93bn | −¥10.29bn | −¥2.44bn | ¥3.30bn | ¥652.0m |
| Dividends paid | −¥441.0m | −¥441.0m | −¥441.0m | −¥486.0m | −¥530.0m | −¥596.0m | −¥770.0m | −¥770.0m | −¥770.0m | −¥729.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥18.80bn | ¥19.05bn | ¥19.47bn | ¥17.74bn | ¥17.52bn | ¥18.01bn | ¥19.18bn | ¥16.98bn |
| Gross profit | ¥4.14bn | ¥4.31bn | ¥4.32bn | ¥3.75bn | ¥3.63bn | ¥3.91bn | ¥4.09bn | ¥3.34bn |
| Operating income | ¥274.0m | ¥426.0m | ¥412.0m | ¥5.0m | −¥123.0m | ¥122.0m | ¥251.0m | −¥365.0m |
| Net income | ¥215.0m | −¥3.05bn | ¥287.0m | ¥1.0m | −¥83.0m | ¥241.0m | ¥157.0m | −¥287.0m |
| Diluted earnings per share | 4.86 | -69.06 | 6.49 | 0.02 | -1.88 | 5.45 | 3.55 | -6.49 |
| Total assets | ¥82.78bn | ¥81.55bn | ¥89.77bn | ¥87.96bn | ¥88.43bn | ¥88.71bn | ¥89.74bn | ¥88.46bn |
| Cash and short-term investments | ¥4.30bn | ¥5.62bn | ¥7.33bn | ¥5.76bn | ¥7.12bn | ¥8.74bn | ¥7.44bn | ¥5.46bn |
| Debt | ¥3.33bn | ¥21.14bn | ¥2.01bn | ¥21.37bn | ¥2.00bn | ¥21.86bn | ¥2.00bn | ¥21.83bn |
| Shareholders' equity | ¥42.26bn | ¥41.85bn | ¥44.62bn | ¥44.61bn | ¥44.15bn | ¥44.25bn | ¥43.96bn | ¥44.46bn |
Financial ratios
Data as of 4 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 21.7% | 20.7% | 21.0% | 20.7% | 24.8% | 25.1% | — |
| Operating margin | 1.0% | -0.4% | 0.5% | -1.7% | 0.7% | 1.7% | — |
| Net margin | -3.9% | -0.0% | 4.5% | -1.6% | 0.7% | 1.7% | — |
| Return on equity | -6.8% | -0.1% | 7.2% | -2.7% | 0.9% | 2.2% | — |
| Return on assets | -3.5% | -0.0% | 3.3% | -1.2% | 0.4% | 1.2% | — |
| Free cash flow yield | 31.7% | -3.5% | 104.6% | 21.7% | 111.7% | 152.9% | — |
| Revenue growth | 3.6% | -0.6% | 2.7% | 17.4% | 6.5% | -2.3% | — |
| Earnings growth | 9717.2% | -100.9% | -391.6% | -384.5% | -59.2% | -201.6% | — |
| Current ratio | 2.19x | 2.14x | 1.89x | 1.88x | 0.97x | 1.20x | — |
| Debt to equity | 0.51x | 0.49x | 0.50x | 0.57x | 0.57x | 0.39x | — |
| Equity ratio | 51.3% | 49.9% | 46.3% | 43.7% | 47.5% | 52.4% | — |
| Interest coverage | 1.86x | -0.80x | 1.03x | -3.04x | 4.29x | 18.78x | — |
| R&D as a share of sales | — | 0.8% | 0.8% | 0.9% | 1.0% | 1.1% | 1.1% |
| 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 | 1.9% | 5.7% | 1.8% |
| Operating income | — | -5.6% | -9.8% |
| Net income | 37.1% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 21.2% | 21.0% | 22.1% | 23.5% |
| Operating margin | 0.3% | -0.1% | 0.2% | 0.7% |
| Net margin | -2.0% | -0.3% | 0.1% | 0.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.6 | -349.0 | 2.9 | -8.9 | 24.6 | 13.5 | -12.9 | -4.7 | 15.2 | 11.1 |
| Price to sales | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 19 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 15.00 | 10.00 | 10.00 | 11.00 | 12.00 | 13.50 | 17.00 | 17.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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