F 
2,309
+3.96%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥8.48bn
FY2016FY2025
Net income
−¥2.70bn
FY2016FY2025
Free cash flow
−¥457.6m
FY2016FY2025
Shareholders' equity
¥7.97bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥8.48bn | ¥8.98bn | ¥8.23bn | ¥9.85bn | ¥8.60bn | ¥7.54bn | ¥8.98bn | ¥9.38bn | ¥8.74bn | ¥8.37bn |
| Gross profit | ¥1.80bn | ¥2.11bn | ¥1.36bn | ¥2.67bn | ¥2.29bn | ¥1.70bn | ¥2.38bn | ¥2.60bn | ¥2.19bn | ¥2.10bn |
| Research and development | — | ¥423.2m | ¥426.7m | ¥439.8m | ¥412.6m | ¥388.3m | ¥425.2m | ¥379.4m | ¥376.7m | ¥347.3m |
| Operating income | −¥230.2m | −¥15.6m | −¥774.3m | ¥563.4m | ¥366.1m | −¥115.5m | ¥429.6m | ¥650.0m | ¥358.2m | ¥321.2m |
| Net income | −¥2.70bn | ¥397.8m | −¥856.3m | ¥490.5m | ¥369.6m | −¥180.8m | ¥314.7m | ¥482.6m | ¥254.8m | ¥184.4m |
| Diluted earnings per share | -1,764.25 | 259.85 | -559.40 | 320.43 | 241.47 | -118.08 | 205.52 | 315.07 | 166.25 | 120.29 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥13.87bn | ¥16.44bn | ¥16.16bn | ¥17.82bn | ¥16.22bn | ¥15.90bn | ¥16.86bn | ¥17.55bn | ¥17.71bn | ¥17.85bn |
| Cash and short-term investments | ¥2.54bn | ¥2.86bn | ¥3.23bn | ¥4.27bn | ¥4.33bn | ¥4.58bn | ¥4.77bn | ¥5.72bn | ¥5.87bn | ¥6.62bn |
| Total liabilities | ¥5.90bn | ¥5.88bn | ¥5.82bn | ¥6.69bn | ¥5.74bn | ¥5.81bn | ¥6.38bn | ¥7.42bn | ¥7.68bn | ¥8.24bn |
| Debt | ¥2.72bn | ¥2.80bn | ¥2.99bn | ¥3.31bn | ¥2.96bn | ¥3.33bn | ¥3.58bn | ¥4.10bn | ¥4.63bn | ¥5.25bn |
| Shareholders' equity | ¥7.97bn | ¥10.57bn | ¥10.34bn | ¥11.14bn | ¥10.48bn | ¥10.09bn | ¥10.48bn | ¥10.13bn | ¥10.03bn | ¥9.61bn |
| 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 | ¥101.9m | ¥299.6m | −¥46.7m | ¥706.5m | ¥898.6m | ¥794.8m | ¥680.3m | ¥904.8m | ¥817.2m | ¥812.4m |
| Capital spending | −¥559.5m | −¥589.4m | −¥735.1m | −¥662.9m | −¥581.3m | −¥660.9m | −¥754.7m | −¥471.3m | −¥963.8m | −¥497.1m |
| Free cash flow | −¥457.6m | −¥289.8m | −¥781.8m | ¥43.6m | ¥317.3m | ¥133.9m | −¥74.4m | ¥433.6m | −¥146.6m | ¥315.3m |
| Dividends paid | −¥119.2m | −¥61.2m | −¥148.3m | −¥99.6m | −¥61.4m | −¥95.0m | −¥114.4m | −¥61.1m | −¥61.4m | −¥61.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.44bn | ¥2.23bn | ¥2.28bn | ¥2.09bn | ¥2.16bn | ¥1.94bn | ¥2.54bn | ¥2.34bn |
| Gross profit | ¥633.3m | ¥525.5m | ¥457.7m | ¥495.6m | ¥480.5m | ¥361.7m | ¥805.6m | ¥519.0m |
| Operating income | ¥151.6m | ¥45.5m | −¥44.5m | ¥6.8m | −¥27.9m | −¥164.6m | ¥295.1m | −¥3.0m |
| Net income | ¥1.16bn | ¥35.8m | −¥2.52bn | ¥15.1m | ¥5.5m | −¥197.3m | ¥740.7m | −¥128.3m |
| Diluted earnings per share | 739.38 | 22.82 | -1,648.85 | 9.88 | 3.57 | -128.87 | 483.91 | -83.79 |
| Total assets | ¥13.54bn | ¥13.87bn | ¥13.87bn | ¥16.48bn | ¥16.23bn | ¥16.25bn | ¥16.44bn | ¥16.29bn |
| Cash and short-term investments | ¥3.93bn | ¥3.06bn | ¥2.54bn | ¥2.77bn | ¥3.29bn | ¥3.13bn | ¥2.86bn | ¥2.70bn |
| Debt | ¥2.26bn | ¥1.49bn | ¥2.66bn | ¥784.6m | ¥3.25bn | ¥975.0m | ¥1.23bn | ¥1.35bn |
| Shareholders' equity | ¥8.61bn | ¥8.01bn | ¥7.97bn | ¥10.32bn | ¥10.29bn | ¥10.41bn | ¥10.57bn | ¥10.19bn |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 21.2% | 23.4% | 16.5% | 27.1% | 26.7% | 22.5% | — |
| Operating margin | -31.0% | 5.3% | -9.2% | 6.8% | 5.0% | -1.5% | — |
| Net margin | -31.9% | 4.4% | -10.4% | 5.0% | 4.3% | -2.4% | — |
| Return on equity | -33.9% | 3.8% | -8.3% | 4.4% | 3.5% | -1.8% | — |
| Return on assets | -19.5% | 2.4% | -5.3% | 2.8% | 2.3% | -1.1% | — |
| Free cash flow yield | 19.6% | 26.4% | 20.4% | 40.7% | 43.9% | 43.2% | — |
| Revenue growth | -5.7% | 9.2% | -16.5% | 14.6% | 14.0% | -16.0% | — |
| Earnings growth | -779.1% | -146.5% | -274.6% | 32.7% | -304.5% | -157.4% | — |
| Current ratio | 2.68x | 2.53x | 2.61x | 2.61x | 3.36x | 3.87x | — |
| Debt to equity | 0.33x | 0.26x | 0.28x | 0.29x | 0.28x | 0.33x | — |
| Equity ratio | 57.5% | 64.3% | 64.0% | 62.5% | 64.6% | 63.5% | — |
| Interest coverage | -81.23x | 24.28x | -40.46x | 37.51x | 26.01x | -5.52x | — |
| R&D as a share of sales | — | 4.7% | 5.2% | 4.5% | 4.8% | 5.1% | 4.7% |
| 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 | -4.9% | 2.4% | -0.0% |
| Operating income | — | 14.8% | — |
| Net income | — | 71.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.3% | 22.3% | 23.1% | 24.3% |
| Operating margin | -1.4% | -1.3% | -0.4% | 1.8% |
| Net margin | -13.2% | -7.5% | -4.8% | -1.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.8 | 5.9 | -2.7 | 5.8 | 7.2 | -11.7 | 9.6 | 5.3 | 11.6 | 13.1 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 24 years. Last went ex-dividend on 29 Dec 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 139.00 | 40.00 | 97.00 | 65.00 | 40.00 | 62.00 | 75.00 | 40.00 |
- 10-to-1 reverse split · 28 Jun 2017
- 11-for-10 split · 25 Dec 1990
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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