N 
2,296
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Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥29.38bn
FY2017FY2026
Net income
¥1.10bn
FY2017FY2026
Free cash flow
−¥1.80bn
FY2017FY2026
Shareholders' equity
¥14.12bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥29.38bn | ¥22.89bn | ¥21.82bn | ¥17.67bn | ¥16.93bn | ¥16.30bn | ¥20.69bn | ¥20.06bn | ¥21.20bn | ¥21.54bn |
| Gross profit | ¥7.20bn | ¥5.56bn | ¥5.65bn | ¥4.59bn | ¥4.35bn | ¥4.21bn | ¥5.49bn | ¥5.44bn | ¥5.97bn | ¥6.38bn |
| Research and development | — | ¥29.9m | ¥32.6m | ¥34.0m | ¥31.4m | ¥25.3m | ¥33.8m | ¥37.7m | ¥39.0m | ¥38.7m |
| Operating income | ¥1.72bn | ¥723.0m | ¥1.02bn | ¥547.2m | ¥288.2m | ¥851,000 | ¥75.2m | ¥51.6m | ¥3.1m | ¥145.1m |
| Net income | ¥1.10bn | ¥406.4m | ¥520.0m | ¥60.8m | ¥163.9m | −¥331.6m | −¥104.5m | −¥133.6m | ¥57.0m | −¥52.0m |
| Diluted earnings per share | 71.78 | 26.50 | 33.91 | 3.96 | 10.69 | -21.62 | -6.82 | -8.71 | 3.72 | -3.39 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥31.10bn | ¥26.24bn | ¥25.47bn | ¥24.17bn | ¥23.86bn | ¥23.61bn | ¥24.10bn | ¥25.05bn | ¥25.20bn | ¥25.37bn |
| Cash and short-term investments | ¥3.09bn | ¥2.29bn | ¥2.87bn | ¥3.50bn | ¥3.53bn | ¥2.98bn | ¥2.23bn | ¥2.00bn | ¥2.10bn | ¥1.16bn |
| Total liabilities | ¥16.97bn | ¥13.24bn | ¥12.75bn | ¥12.05bn | ¥11.80bn | ¥11.65bn | ¥11.81bn | ¥12.41bn | ¥12.17bn | ¥12.32bn |
| Debt | ¥13.44bn | ¥10.46bn | ¥9.94bn | ¥9.43bn | ¥9.45bn | ¥9.27bn | ¥9.30bn | ¥9.51bn | ¥9.23bn | ¥9.32bn |
| Shareholders' equity | ¥14.12bn | ¥13.00bn | ¥12.72bn | ¥12.13bn | ¥12.06bn | ¥11.96bn | ¥12.29bn | ¥12.64bn | ¥13.03bn | ¥13.04bn |
| Shares outstanding | 15m | 15m | 15m | 15m | 15m | 15m | 15m | 15m | 15m | 15m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥968.8m | −¥972.8m | −¥515.3m | −¥20.7m | ¥670.3m | ¥903.3m | ¥704.5m | −¥181.5m | ¥722.8m | ¥238.9m |
| Capital spending | −¥836.1m | −¥93.1m | −¥187.9m | −¥43.5m | −¥16.5m | −¥84.6m | −¥49.6m | −¥98.3m | −¥124.6m | −¥325.6m |
| Free cash flow | −¥1.80bn | −¥1.07bn | −¥703.2m | −¥64.2m | ¥653.8m | ¥818.7m | ¥654.8m | −¥279.8m | ¥598.1m | −¥86.7m |
| Dividends paid | −¥153.2m | −¥199.0m | −¥76.8m | −¥31.1m | −¥30.8m | −¥76.8m | −¥153.0m | −¥153.6m | −¥107.4m | −¥76.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥6.25bn | ¥8.50bn | ¥8.34bn | ¥6.87bn | ¥5.67bn | ¥5.73bn | ¥5.98bn | ¥5.71bn |
| Gross profit | ¥1.37bn | ¥1.93bn | ¥2.12bn | ¥1.79bn | ¥1.36bn | ¥1.43bn | ¥1.46bn | ¥1.43bn |
| Operating income | ¥82.4m | ¥595.8m | ¥677.4m | ¥407.4m | ¥41.9m | ¥247.0m | ¥136.0m | ¥217.3m |
| Net income | ¥8.4m | ¥405.3m | ¥483.6m | ¥246.5m | −¥34.6m | ¥246.8m | ¥20.4m | ¥92.2m |
| Diluted earnings per share | 0.55 | 26.43 | 31.53 | 16.07 | -2.25 | 16.10 | 1.33 | 6.01 |
| Total assets | ¥31.41bn | ¥31.10bn | ¥30.35bn | ¥28.58bn | ¥27.21bn | ¥26.24bn | ¥26.12bn | ¥25.77bn |
| Cash and short-term investments | ¥3.83bn | ¥3.09bn | ¥2.53bn | ¥2.17bn | ¥1.70bn | ¥2.29bn | ¥2.18bn | ¥2.68bn |
| Debt | ¥14.18bn | ¥13.44bn | ¥12.87bn | ¥12.23bn | ¥11.25bn | ¥10.41bn | ¥10.29bn | ¥10.11bn |
| Shareholders' equity | ¥13.93bn | ¥14.12bn | ¥13.65bn | ¥13.13bn | ¥12.81bn | ¥13.00bn | ¥12.75bn | ¥12.68bn |
Financial ratios
Data as of 21 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 24.5% | 24.3% | 25.9% | 26.0% | 25.7% | 25.9% | — |
| Operating margin | 5.9% | 3.2% | 4.7% | 3.1% | 1.7% | 0.0% | — |
| Net margin | 3.7% | 1.8% | 2.4% | 0.3% | 1.0% | -2.0% | — |
| Return on equity | 7.8% | 3.1% | 4.1% | 0.5% | 1.4% | -2.8% | — |
| Return on assets | 3.5% | 1.5% | 2.0% | 0.3% | 0.7% | -1.4% | — |
| Free cash flow yield | -0.4% | -2.6% | -1.0% | 0.1% | 2.0% | 2.9% | — |
| Revenue growth | 28.3% | 4.9% | 23.5% | 4.4% | 3.9% | -21.2% | — |
| Earnings growth | 170.9% | -21.8% | 755.5% | -62.9% | -149.4% | 217.2% | — |
| Current ratio | 1.46x | 1.59x | 1.60x | 1.63x | 1.66x | 1.69x | — |
| Debt to equity | 0.95x | 0.80x | 0.78x | 0.77x | 0.78x | 0.77x | — |
| Equity ratio | 45.4% | 49.5% | 50.0% | 50.2% | 50.5% | 50.7% | — |
| Interest coverage | 9.93x | 6.34x | 12.18x | 6.63x | 3.47x | 0.01x | — |
| R&D as a share of sales | — | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% |
| 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 | 18.5% | 12.5% | 3.1% |
| Operating income | 46.6% | 358.4% | — |
| Net income | 162.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 24.4% | 25.1% | 25.3% | 26.7% |
| Operating margin | 4.7% | 4.4% | 3.4% | 2.0% |
| Net margin | 2.9% | 2.3% | 1.5% | 0.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 31.8 | 78.3 | 41.3 | 354.3 | 91.3 | -11.0 | -20.7 | -26.9 | 57.5 | -77.9 |
| Price to sales | 1.2 | 1.4 | 1.0 | 1.2 | 0.9 | 0.2 | 0.1 | 0.2 | 0.1 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 25.00 | 13.00 | 5.00 | 2.00 | 2.00 | 5.00 | 10.00 | 10.00 |
- 11-for-10 split · 27 Mar 1990
- 11-for-10 split · 28 Mar 1989
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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