W 
44
+7.32%
Close of 9 Nov 2026, in JPY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in JPY, from our data supplier.
Revenue
¥8.48bn
FY2016FY2025
Net income
−¥948.0m
FY2016FY2025
Free cash flow
−¥833.0m
FY2016FY2025
Shareholders' equity
¥1.42bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥8.48bn | ¥8.60bn | ¥8.82bn | ¥9.03bn | ¥10.68bn | ¥11.94bn | ¥15.69bn | ¥15.27bn | ¥15.45bn | ¥12.91bn |
| Gross profit | ¥1.21bn | ¥1.47bn | ¥1.43bn | ¥2.00bn | ¥2.26bn | ¥2.48bn | ¥3.01bn | ¥3.32bn | ¥3.25bn | ¥2.90bn |
| Operating income | −¥624.0m | −¥397.0m | −¥214.0m | ¥271.0m | ¥330.0m | −¥116.0m | −¥500.0m | −¥190.0m | ¥504.0m | ¥164.3m |
| Net income | −¥948.0m | −¥436.0m | −¥227.0m | ¥327.0m | ¥284.0m | −¥28.0m | −¥545.0m | −¥254.0m | ¥350.0m | ¥76.4m |
| Diluted earnings per share | -40.08 | -17.72 | -9.23 | 13.29 | 11.55 | -1.14 | -22.16 | -10.33 | 14.23 | 3.10 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥7.92bn | ¥9.29bn | ¥12.10bn | ¥11.36bn | ¥11.36bn | ¥13.73bn | ¥15.69bn | ¥16.75bn | ¥16.45bn | ¥14.59bn |
| Cash and short-term investments | ¥1.12bn | ¥2.52bn | ¥4.14bn | ¥4.52bn | ¥4.17bn | ¥4.08bn | ¥3.92bn | ¥3.85bn | ¥3.58bn | ¥3.38bn |
| Total liabilities | ¥6.50bn | ¥5.72bn | ¥6.20bn | ¥7.19bn | ¥7.64bn | ¥8.16bn | ¥10.16bn | ¥10.52bn | ¥9.90bn | ¥8.66bn |
| Debt | ¥2.53bn | ¥2.08bn | ¥2.66bn | ¥3.10bn | ¥3.17bn | ¥3.76bn | ¥5.15bn | ¥5.53bn | ¥5.28bn | ¥4.00bn |
| Shareholders' equity | ¥1.42bn | ¥3.57bn | ¥5.90bn | ¥4.17bn | ¥3.71bn | ¥5.57bn | ¥5.52bn | ¥6.23bn | ¥6.54bn | ¥5.93bn |
| Shares outstanding | 24m | 25m | 25m | 25m | 25m | 25m | 25m | 25m | 25m | 25m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥669.0m | −¥481.0m | ¥245.0m | ¥513.0m | ¥814.0m | ¥527.0m | ¥57.0m | ¥627.0m | ¥444.0m | ¥405.1m |
| Capital spending | −¥164.0m | −¥646.0m | −¥130.0m | −¥102.0m | −¥68.0m | −¥123.0m | −¥128.0m | −¥111.0m | −¥1.04bn | −¥349.5m |
| Free cash flow | −¥833.0m | −¥1.13bn | ¥115.0m | ¥411.0m | ¥746.0m | ¥404.0m | −¥71.0m | ¥516.0m | −¥599.0m | ¥55.6m |
| Dividends paid | — | −¥48.0m | −¥49.0m | −¥48.0m | −¥48.0m | −¥49.0m | −¥49.0m | −¥98.0m | −¥73.0m | −¥81.1m |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.07bn | ¥2.43bn | ¥2.26bn | ¥2.22bn | ¥2.04bn | ¥2.28bn | ¥1.94bn | ¥2.09bn |
| Gross profit | ¥399.0m | ¥513.0m | ¥356.0m | ¥259.0m | ¥272.0m | ¥435.0m | ¥243.0m | ¥241.0m |
| Operating income | −¥101.0m | −¥24.0m | −¥177.0m | −¥253.0m | −¥171.0m | −¥2.0m | −¥198.0m | −¥182.0m |
| Net income | −¥83.0m | ¥650.0m | −¥183.0m | −¥741.0m | −¥309.0m | ¥7.0m | ¥95.0m | −¥176.0m |
| Diluted earnings per share | -5.35 | 41.88 | -11.79 | -31.33 | -13.06 | 0.30 | 4.02 | -7.16 |
| Cash from operations | — | — | — | −¥669.0m | — | — | — | — |
| Capital spending | — | — | — | −¥164.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥833.0m | — | — | — | — |
| Total assets | ¥6.63bn | ¥7.17bn | ¥7.72bn | ¥7.92bn | ¥8.61bn | ¥8.65bn | ¥8.77bn | ¥9.29bn |
| Cash and short-term investments | ¥457.0m | ¥888.0m | ¥1.09bn | ¥1.12bn | ¥1.60bn | ¥2.23bn | ¥2.55bn | ¥2.52bn |
| Debt | ¥539.0m | ¥954.0m | ¥1.61bn | ¥2.19bn | ¥645.0m | ¥1.34bn | ¥591.0m | ¥660.0m |
| Shareholders' equity | ¥1.86bn | ¥1.91bn | ¥1.24bn | ¥1.42bn | ¥3.12bn | ¥3.43bn | ¥3.45bn | ¥3.57bn |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2006 | FY2005 | FY2004 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 14.3% | 17.1% | 16.2% | 22.1% | 21.2% | 20.8% | — | — | — |
| Operating margin | -7.4% | -2.5% | -2.4% | 3.0% | 3.1% | -1.0% | — | — | — |
| Net margin | -11.2% | -5.1% | -2.6% | 3.6% | 2.7% | -0.2% | — | — | — |
| Return on equity | -66.9% | -12.2% | -3.8% | 7.8% | 7.7% | -0.5% | — | — | — |
| Return on assets | -12.0% | -4.7% | -1.9% | 2.9% | 2.5% | -0.2% | — | — | — |
| Free cash flow yield | -36.2% | 11.4% | 25.8% | 42.4% | 60.8% | 44.8% | — | — | — |
| Revenue growth | -1.4% | -2.5% | -2.4% | -15.4% | -10.6% | -23.9% | — | — | — |
| Earnings growth | 117.4% | 92.1% | -169.4% | 15.1% | -1114.3% | -94.9% | — | — | — |
| Current ratio | 0.74x | 1.32x | 1.78x | 1.62x | 1.53x | 1.73x | — | — | — |
| Debt to equity | 1.54x | 0.46x | 0.41x | 0.62x | 0.63x | 0.50x | — | — | — |
| Equity ratio | 17.9% | 38.4% | 48.7% | 36.7% | 32.7% | 40.5% | — | — | — |
| Interest coverage | -20.80x | -6.09x | -5.22x | 6.02x | 6.73x | -2.04x | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 3.1% | 0.2% | 0.0% |
| Buybacks as a share of market value | 3.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.1% | -6.6% | -5.4% |
| Operating income | — | 40.0% | — |
| Net income | — | 102.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.7% | 17.5% | 18.8% | 20.1% |
| Operating margin | -6.0% | -2.8% | -1.3% | -0.4% |
| Net margin | -8.1% | -3.7% | -1.8% | -0.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.1 | -6.4 | -14.2 | 9.8 | 13.3 | -132.7 | -6.5 | -10.3 | 14.8 | 49.6 |
| Price to sales | 0.2 | 0.3 | 0.4 | 0.4 | 0.3 | 0.3 | 0.2 | 0.2 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 30 Oct 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.00 | 4.00 | 2.00 | 2.00 | 2.00 | 2.00 | 4.00 | 3.00 |
- 1-to-1 reverse split · 1 May 2006
- 2-for-1 split · 27 Mar 2006
- 1-to-1 reverse split · 1 Nov 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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