N 
201
+1.01%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥14.02bn
FY2017FY2026
Net income
¥359.2m
FY2017FY2026
Free cash flow
−¥550.6m
FY2017FY2026
Shareholders' equity
¥4.62bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥14.02bn | ¥14.57bn | ¥14.16bn | ¥13.44bn | ¥13.08bn | ¥13.11bn | ¥14.80bn | ¥15.18bn | ¥15.29bn | ¥16.13bn |
| Gross profit | ¥2.74bn | ¥2.90bn | ¥2.74bn | ¥2.37bn | ¥2.16bn | ¥2.06bn | ¥2.27bn | ¥2.40bn | ¥2.39bn | ¥2.66bn |
| Research and development | — | ¥11.8m | ¥9.1m | ¥3.0m | ¥11.0m | ¥14.0m | ¥40.8m | — | ¥13.0m | ¥14.0m |
| Operating income | ¥516.1m | ¥695.1m | ¥621.9m | ¥334.3m | ¥136.0m | ¥87.3m | ¥36.9m | ¥138.9m | ¥152.1m | ¥320.8m |
| Net income | ¥359.2m | ¥522.1m | ¥573.2m | ¥253.3m | ¥10.1m | ¥80.6m | −¥617.0m | −¥48.8m | ¥59.5m | ¥142.6m |
| Diluted earnings per share | 22.25 | 32.34 | 34.72 | 14.93 | 0.59 | 4.69 | -35.91 | -2.84 | 3.48 | 8.41 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥10.62bn | ¥10.67bn | ¥10.75bn | ¥10.30bn | ¥10.20bn | ¥10.70bn | ¥11.16bn | ¥12.55bn | ¥12.52bn | ¥12.91bn |
| Cash and short-term investments | ¥1.40bn | ¥1.43bn | ¥1.63bn | ¥1.25bn | ¥1.20bn | ¥1.05bn | ¥936.9m | ¥1.06bn | ¥814.7m | ¥1.12bn |
| Total liabilities | ¥5.75bn | ¥6.04bn | ¥6.48bn | ¥6.53bn | ¥6.68bn | ¥7.16bn | ¥7.70bn | ¥8.37bn | ¥8.36bn | ¥8.83bn |
| Debt | ¥3.13bn | ¥2.40bn | ¥2.02bn | ¥1.94bn | ¥2.40bn | ¥2.73bn | ¥2.63bn | ¥2.80bn | ¥3.07bn | ¥3.25bn |
| Shareholders' equity | ¥4.62bn | ¥4.41bn | ¥4.06bn | ¥3.58bn | ¥3.35bn | ¥3.37bn | ¥3.29bn | ¥3.99bn | ¥4.03bn | ¥3.95bn |
| Shares outstanding | 16m | 16m | 17m | 17m | 17m | 17m | 17m | 17m | 17m | 17m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥462.4m | ¥653.6m | ¥1.10bn | ¥910.6m | ¥943.0m | ¥316.6m | ¥791.8m | ¥857.8m | ¥660.1m | ¥359.4m |
| Capital spending | −¥1.01bn | −¥1.05bn | −¥745.5m | −¥361.4m | −¥387.9m | −¥278.5m | −¥630.3m | −¥452.9m | −¥748.9m | −¥1.34bn |
| Free cash flow | −¥550.6m | −¥397.7m | ¥359.0m | ¥549.3m | ¥555.1m | ¥38.1m | ¥161.5m | ¥404.9m | −¥88.8m | −¥979.9m |
| Dividends paid | −¥121.9m | −¥124.1m | −¥51.2m | −¥34.3m | −¥34.2m | −¥34.4m | −¥51.0m | −¥50.7m | −¥49.8m | −¥65.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.66bn | ¥3.29bn | ¥3.75bn | ¥3.41bn | ¥3.57bn | ¥3.33bn | ¥4.21bn | ¥3.53bn |
| Gross profit | ¥822.7m | ¥662.7m | ¥754.0m | ¥622.0m | ¥704.3m | ¥599.8m | ¥923.0m | ¥654.8m |
| Operating income | ¥238.6m | ¥126.6m | ¥186.6m | ¥63.8m | ¥139.1m | ¥64.1m | ¥336.0m | ¥115.1m |
| Net income | ¥184.9m | ¥111.4m | ¥121.6m | ¥42.5m | ¥83.7m | ¥78.2m | ¥236.0m | ¥82.9m |
| Diluted earnings per share | 11.45 | 6.90 | 7.53 | 2.64 | 5.18 | 4.85 | 14.29 | 5.02 |
| Total assets | ¥11.04bn | ¥10.62bn | ¥10.99bn | ¥10.68bn | ¥10.79bn | ¥10.67bn | ¥11.03bn | ¥10.76bn |
| Cash and short-term investments | ¥1.46bn | ¥1.40bn | ¥1.32bn | ¥1.38bn | ¥1.36bn | ¥1.43bn | ¥1.37bn | ¥1.57bn |
| Debt | ¥1.91bn | ¥3.12bn | ¥1.77bn | ¥2.46bn | ¥1.46bn | ¥2.39bn | ¥1.12bn | ¥2.64bn |
| Shareholders' equity | ¥4.77bn | ¥4.62bn | ¥4.49bn | ¥4.41bn | ¥4.34bn | ¥4.41bn | ¥4.34bn | ¥4.13bn |
Financial ratios
Data as of 21 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 19.6% | 19.9% | 19.3% | 17.6% | 16.5% | 15.7% | — |
| Operating margin | 4.0% | 5.1% | 4.8% | 2.7% | 0.6% | 1.0% | — |
| Net margin | 2.6% | 3.6% | 4.0% | 1.9% | 0.1% | 0.6% | — |
| Return on equity | 7.8% | 11.8% | 14.1% | 7.1% | 0.3% | 2.4% | — |
| Return on assets | 3.4% | 4.9% | 5.3% | 2.5% | 0.1% | 0.8% | — |
| Free cash flow yield | 13.7% | 19.4% | 32.0% | 25.7% | 26.3% | 8.8% | — |
| Revenue growth | -3.8% | 2.9% | 5.4% | 2.7% | -0.2% | -11.5% | — |
| Earnings growth | -31.2% | -8.9% | 126.3% | 2401.9% | -87.4% | -113.1% | — |
| Current ratio | 1.06x | 1.07x | 1.00x | 0.89x | 0.88x | 0.84x | — |
| Debt to equity | 0.68x | 0.54x | 0.50x | 0.54x | 0.71x | 0.81x | — |
| Equity ratio | 43.5% | 41.3% | 37.7% | 34.8% | 32.8% | 31.5% | — |
| Interest coverage | 23.86x | 67.91x | 116.25x | 58.27x | 10.17x | 17.58x | — |
| R&D as a share of sales | — | 0.1% | 0.1% | 0.0% | 0.1% | 0.1% | 0.3% |
| Buybacks as a share of market value | 0.0% | 2.2% | 2.7% | 1.2% | -0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.4% | 1.4% | -2.2% |
| Operating income | 15.6% | 42.7% | -0.3% |
| Net income | 12.4% | 34.9% | 6.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.7% | 19.1% | 18.2% | 17.2% |
| Operating margin | 4.2% | 3.9% | 2.9% | 2.2% |
| Net margin | 3.1% | 3.0% | 2.2% | 1.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 9.1 | 6.4 | 4.4 | 10.3 | 193.4 | 24.3 | -3.2 | -66.2 | 95.2 | 27.8 |
| Price to sales | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.4 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 24 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 12.50 | 7.50 | 3.00 | 2.00 | 2.00 | 2.00 | 3.00 | 3.00 |
- 1.03-for-1 split · 28 Mar 1989
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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