A 
540
+0.37%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥62.74bn
FY2016FY2025
Net income
¥2.19bn
FY2016FY2025
Free cash flow
¥500.0m
FY2016FY2025
Shareholders' equity
¥27.08bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥62.74bn | ¥57.99bn | ¥51.98bn | ¥49.64bn | ¥72.32bn | ¥65.34bn | ¥61.65bn | ¥60.08bn | ¥57.39bn | ¥55.12bn |
| Gross profit | ¥21.87bn | ¥19.37bn | ¥16.32bn | ¥15.44bn | ¥16.60bn | ¥14.48bn | ¥13.38bn | ¥12.61bn | ¥11.87bn | ¥11.14bn |
| Research and development | ¥971.0m | ¥1.05bn | ¥895.1m | ¥825.0m | ¥964.5m | ¥768.9m | ¥736.0m | ¥810.3m | ¥731.5m | ¥833.2m |
| Operating income | ¥3.02bn | ¥2.82bn | ¥1.13bn | ¥819.9m | ¥2.23bn | ¥2.04bn | ¥2.12bn | ¥1.85bn | ¥1.57bn | ¥977.0m |
| Net income | ¥2.19bn | −¥2.53bn | ¥1.16bn | ¥579.6m | ¥1.74bn | ¥1.98bn | ¥1.53bn | ¥1.41bn | ¥1.24bn | −¥593.2m |
| Diluted earnings per share | 54.20 | -62.73 | 29.44 | 14.68 | 51.92 | 59.30 | 46.83 | 43.61 | 38.57 | -17.84 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥75.44bn | ¥64.60bn | ¥67.25bn | ¥63.55bn | ¥63.55bn | ¥54.32bn | ¥44.72bn | ¥41.43bn | ¥38.53bn | ¥35.83bn |
| Cash and short-term investments | ¥10.19bn | ¥6.10bn | ¥6.88bn | ¥6.93bn | ¥10.93bn | ¥7.57bn | ¥4.92bn | ¥4.75bn | ¥4.93bn | ¥4.18bn |
| Total liabilities | ¥48.04bn | ¥39.29bn | ¥38.65bn | ¥36.48bn | ¥36.55bn | ¥32.67bn | ¥24.28bn | ¥22.21bn | ¥20.61bn | ¥19.60bn |
| Debt | ¥22.65bn | ¥14.99bn | ¥16.99bn | ¥15.05bn | ¥15.16bn | ¥12.26bn | ¥4.95bn | ¥4.15bn | ¥3.61bn | ¥3.58bn |
| Shareholders' equity | ¥27.08bn | ¥25.17bn | ¥28.42bn | ¥26.99bn | ¥27.00bn | ¥21.65bn | ¥20.42bn | ¥19.19bn | ¥17.91bn | ¥16.23bn |
| Shares outstanding | 40m | 40m | 39m | 39m | 33m | 33m | 33m | 32m | 32m | 33m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥3.39bn | ¥4.85bn | ¥1.64bn | −¥742.4m | ¥1.35bn | ¥4.14bn | ¥1.60bn | ¥1.66bn | ¥1.52bn | ¥953.8m |
| Capital spending | −¥2.89bn | −¥3.20bn | −¥4.17bn | −¥3.03bn | −¥3.49bn | −¥1.75bn | −¥1.49bn | −¥816.2m | −¥424.6m | −¥609.2m |
| Free cash flow | ¥500.0m | ¥1.65bn | −¥2.52bn | −¥3.77bn | −¥2.14bn | ¥2.39bn | ¥108.7m | ¥839.4m | ¥1.10bn | ¥344.6m |
| Dividends paid | −¥735.0m | −¥727.5m | −¥719.1m | −¥729.3m | −¥650.7m | −¥470.6m | −¥385.3m | −¥317.1m | −¥199.1m | −¥199.6m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥17.68bn | ¥18.01bn | ¥16.56bn | ¥17.27bn | ¥15.38bn | ¥15.77bn | ¥14.33bn | ¥15.92bn |
| Gross profit | ¥5.67bn | ¥6.18bn | ¥5.89bn | ¥5.73bn | ¥5.25bn | ¥5.84bn | ¥5.05bn | ¥5.43bn |
| Operating income | ¥714.0m | ¥1.14bn | ¥1.15bn | ¥215.0m | ¥581.0m | ¥1.19bn | ¥1.03bn | ¥814.6m |
| Net income | ¥590.0m | ¥831.0m | ¥586.0m | ¥551.0m | ¥347.0m | ¥784.0m | ¥504.0m | −¥3.66bn |
| Diluted earnings per share | 14.59 | 20.55 | 14.49 | 13.66 | 8.60 | 19.44 | 12.50 | -91.00 |
| Cash from operations | — | — | — | ¥3.39bn | — | — | — | ¥1.29bn |
| Capital spending | — | — | — | −¥2.89bn | — | — | — | −¥763.0m |
| Free cash flow | — | — | — | ¥500.0m | — | — | — | ¥531.0m |
| Total assets | ¥74.78bn | ¥74.86bn | ¥73.31bn | ¥75.44bn | ¥71.27bn | ¥65.54bn | ¥62.23bn | ¥64.60bn |
| Cash and short-term investments | ¥8.09bn | ¥8.64bn | ¥8.47bn | ¥10.19bn | ¥10.11bn | ¥6.34bn | ¥5.87bn | ¥6.10bn |
| Debt | ¥11.10bn | ¥9.19bn | ¥12.19bn | ¥22.51bn | ¥16.02bn | ¥16.00bn | ¥13.68bn | ¥11.45bn |
| Shareholders' equity | ¥28.64bn | ¥28.43bn | ¥27.55bn | ¥27.08bn | ¥26.12bn | ¥25.87bn | ¥25.06bn | ¥25.17bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 34.9% | 33.4% | 31.4% | 31.1% | 23.0% | 22.2% |
| Operating margin | 4.8% | 4.9% | 3.1% | 1.7% | 4.3% | 4.2% |
| Net margin | 3.5% | -4.4% | 2.2% | 1.2% | 2.4% | 3.0% |
| Return on equity | 8.1% | -10.0% | 4.1% | 2.1% | 6.4% | 9.2% |
| Return on assets | 2.9% | -3.9% | 1.7% | 0.9% | 2.7% | 3.7% |
| Free cash flow yield | 29.6% | 37.9% | 27.9% | 11.0% | 27.5% | 33.5% |
| Revenue growth | 8.2% | 11.6% | 4.7% | -31.4% | 10.7% | 6.0% |
| Earnings growth | -186.6% | -317.2% | 100.6% | -66.6% | -12.4% | 29.4% |
| Current ratio | 1.24x | 1.23x | 1.26x | 1.32x | 1.43x | 1.39x |
| Debt to equity | 0.83x | 0.59x | 0.59x | 0.55x | 0.55x | 0.56x |
| Equity ratio | 35.9% | 39.0% | 42.3% | 42.5% | 42.5% | 39.9% |
| Interest coverage | 13.72x | 37.14x | 26.87x | 15.60x | 52.55x | 57.99x |
| R&D as a share of sales | 1.5% | 1.8% | 1.7% | 1.7% | 1.3% | 1.2% |
| Buybacks as a share of market value | -0.2% | -1.9% | -0.1% | -18.0% | 0.0% | -2.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.1% | -0.8% | 1.2% |
| Operating income | 54.4% | 8.2% | 18.4% |
| Net income | 55.7% | 2.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 34.2% | 32.8% | 28.9% | 25.2% |
| Operating margin | 4.8% | 3.5% | 3.3% | 2.9% |
| Net margin | -0.3% | 0.6% | 1.4% | 1.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.9 | -7.6 | 16.2 | 28.9 | 9.3 | 8.7 | 9.8 | 9.5 | 13.6 | -12.6 |
| Price to sales | 0.3 | 0.3 | 0.4 | 0.3 | 0.2 | 0.3 | 0.2 | 0.2 | 0.3 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 27 Nov 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 27.00 | 18.00 | 18.00 | 18.00 | 18.00 | 14.00 | 11.50 | 8.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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