R 
336
0.00%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥10.55bn
FY2017FY2026
Net income
−¥816.5m
FY2017FY2026
Free cash flow
−¥299.1m
FY2017FY2026
Shareholders' equity
¥1.59bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥10.55bn | ¥10.99bn | ¥12.14bn | ¥13.94bn | ¥16.34bn | ¥15.79bn | ¥17.61bn | ¥12.40bn | ¥13.48bn | ¥12.90bn |
| Gross profit | ¥2.99bn | ¥3.07bn | ¥3.27bn | ¥3.11bn | ¥4.02bn | ¥4.40bn | ¥4.63bn | ¥3.57bn | ¥4.37bn | ¥4.23bn |
| Research and development | — | ¥130.5m | ¥144.0m | ¥135.8m | ¥170.0m | ¥198.0m | ¥172.0m | — | ¥186.0m | ¥159.0m |
| Operating income | −¥594.4m | −¥491.5m | ¥3.43bn | −¥881.5m | −¥313.7m | −¥456.1m | ¥71.0m | −¥635.7m | ¥445.0m | ¥666.2m |
| Net income | −¥816.5m | −¥530.8m | ¥2.12bn | −¥1.34bn | −¥436.5m | −¥534.7m | ¥23.0m | −¥541.1m | ¥364.1m | ¥382.8m |
| Diluted earnings per share | -197.02 | -128.23 | 520.49 | -315.54 | -103.44 | -126.98 | 5.46 | -128.46 | 86.49 | 91.01 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.63bn | ¥6.49bn | ¥7.88bn | ¥11.20bn | ¥12.02bn | ¥13.20bn | ¥12.61bn | ¥11.83bn | ¥10.87bn | ¥10.51bn |
| Cash and short-term investments | ¥2.57bn | ¥3.11bn | ¥4.09bn | ¥3.20bn | ¥3.13bn | ¥5.17bn | ¥535.0m | — | — | — |
| Total liabilities | ¥4.04bn | ¥4.09bn | ¥4.92bn | ¥10.31bn | ¥9.83bn | ¥10.34bn | ¥9.07bn | ¥8.04bn | ¥6.27bn | ¥5.68bn |
| Debt | ¥684.3m | ¥818.6m | ¥988.8m | ¥5.41bn | ¥5.16bn | ¥6.13bn | ¥4.09bn | ¥3.72bn | ¥2.74bn | ¥2.54bn |
| Shareholders' equity | ¥1.59bn | ¥2.40bn | ¥2.97bn | ¥881.7m | ¥2.19bn | ¥2.86bn | ¥3.54bn | ¥3.79bn | ¥4.61bn | ¥4.82bn |
| Shares outstanding | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥265.2m | −¥870.2m | −¥269.4m | −¥539.5m | −¥568.0m | ¥421.7m | ¥508.0m | −¥690.0m | ¥388.0m | ¥609.0m |
| Capital spending | −¥33.9m | −¥42.5m | −¥170.5m | −¥159.2m | −¥330.0m | −¥548.4m | −¥211.0m | −¥164.0m | −¥361.0m | −¥64.0m |
| Free cash flow | −¥299.1m | −¥912.7m | −¥440.0m | −¥698.7m | −¥898.0m | −¥126.8m | ¥297.0m | −¥854.0m | ¥27.0m | ¥545.0m |
| Dividends paid | −¥5,000 | −¥1,000 | −¥11,000 | −¥216,000 | −¥113.5m | −¥157.7m | −¥225.5m | −¥220.0m | −¥215.0m | −¥204.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.70bn | ¥2.57bn | ¥2.62bn | ¥2.82bn | ¥2.54bn | ¥2.74bn | ¥2.98bn | ¥3.13bn |
| Gross profit | ¥723.7m | ¥695.4m | ¥704.3m | ¥899.2m | ¥696.0m | ¥718.2m | ¥871.0m | ¥882.5m |
| Operating income | −¥209.6m | −¥212.9m | −¥198.7m | ¥3.4m | −¥186.0m | −¥227.1m | −¥16.0m | ¥8.0m |
| Net income | −¥184.9m | −¥501.5m | −¥184.6m | ¥13.1m | −¥143.0m | −¥280.8m | ¥15.0m | ¥11.0m |
| Diluted earnings per share | -44.62 | -121.01 | -44.60 | 3.16 | -34.55 | -67.85 | 3.68 | 2.70 |
| Total assets | ¥5.75bn | ¥5.63bn | ¥5.88bn | ¥6.03bn | ¥5.90bn | ¥6.49bn | ¥6.85bn | ¥7.00bn |
| Cash and short-term investments | ¥2.58bn | ¥2.57bn | ¥2.54bn | ¥2.79bn | ¥2.93bn | ¥3.11bn | ¥2.80bn | ¥2.97bn |
| Debt | ¥69.1m | ¥596.3m | ¥112.5m | ¥633.3m | ¥77.0m | ¥684.9m | ¥97.0m | ¥743.5m |
| Shareholders' equity | ¥1.42bn | ¥1.59bn | ¥2.09bn | ¥2.28bn | ¥2.26bn | ¥2.40bn | ¥2.71bn | ¥2.68bn |
Financial ratios
Data as of 3 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 28.4% | 28.0% | 27.0% | 22.3% | 24.6% | 27.9% | — |
| Operating margin | -5.6% | -5.0% | 28.3% | -12.3% | -1.9% | -2.9% | — |
| Net margin | -7.7% | -4.8% | 17.5% | -9.6% | -2.7% | -3.4% | — |
| Return on equity | -51.3% | -22.1% | 71.5% | -151.8% | -19.9% | -18.7% | — |
| Return on assets | -14.5% | -8.2% | 26.9% | -12.0% | -3.6% | -4.1% | — |
| Free cash flow yield | -16.2% | -58.1% | -7.0% | -26.1% | -16.4% | 67.0% | — |
| Revenue growth | -4.0% | -9.5% | -12.9% | -14.7% | 3.5% | -10.4% | — |
| Earnings growth | 53.8% | -125.0% | -258.5% | 206.6% | -18.4% | -2425.0% | — |
| Current ratio | 1.60x | 1.87x | 1.79x | 0.67x | 0.99x | 0.99x | — |
| Debt to equity | 0.37x | 0.29x | 0.27x | 5.94x | 2.28x | 2.13x | — |
| Equity ratio | 28.3% | 37.0% | 37.7% | 7.9% | 18.2% | 21.6% | — |
| Interest coverage | -68.26x | -52.34x | 231.29x | -33.80x | -6.27x | -10.21x | — |
| R&D as a share of sales | — | 1.2% | 1.2% | 1.0% | 1.0% | 1.3% | 1.0% |
| Buybacks as a share of market value | -0.1% | -1.5% | 3.9% | -0.5% | -0.2% | 0.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.9% | -7.8% | -1.5% |
| Operating income | -12.3% | 5.4% | — |
| Net income | -15.2% | 8.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 28.2% | 26.2% | 26.2% | 28.1% |
| Operating margin | -5.0% | 3.1% | 0.9% | 1.3% |
| Net margin | -6.3% | -1.2% | -1.9% | -0.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.7 | -2.8 | 0.6 | -1.3 | -3.7 | -6.0 | 131.0 | -7.8 | 11.7 | 13.8 |
| Price to sales | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Sept 2021.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 25.00 | 35.00 | 50.00 | 49.00 | 48.00 | 46.00 | 44.00 | 44.00 |
- 100-for-1 split · 26 Sept 2012
- 2-for-1 split · 26 Dec 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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