S 
77
-4.94%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥42.07bn
FY2016FY2025
Net income
¥3.94bn
FY2016FY2025
Free cash flow
−¥3.36bn
FY2016FY2025
Shareholders' equity
¥17.04bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥42.07bn | ¥45.60bn | ¥49.23bn | ¥58.91bn | ¥73.15bn | ¥83.29bn | ¥89.15bn | ¥113.34bn | ¥126.00bn | ¥129.07bn |
| Gross profit | ¥20.78bn | ¥22.52bn | ¥23.97bn | ¥26.82bn | ¥35.78bn | ¥40.56bn | ¥43.38bn | ¥46.57bn | ¥52.41bn | ¥58.79bn |
| Research and development | ¥26.0m | ¥32.0m | ¥43.0m | ¥48.0m | ¥47.0m | ¥42.0m | ¥51.0m | ¥82.0m | ¥104.0m | ¥134.0m |
| Operating income | ¥4.08bn | −¥3.75bn | −¥5.56bn | −¥8.06bn | ¥417.0m | −¥3.88bn | ¥876.0m | −¥5.90bn | −¥4.29bn | ¥1.32bn |
| Net income | ¥3.94bn | −¥3.66bn | −¥4.78bn | −¥10.98bn | ¥308.0m | −¥3.95bn | ¥8.18bn | −¥6.03bn | −¥11.09bn | ¥1.42bn |
| Diluted earnings per share | 84.21 | -78.22 | -102.22 | -234.39 | 6.57 | -85.96 | 203.57 | -149.96 | -213.13 | 24.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥26.15bn | ¥25.78bn | ¥31.81bn | ¥38.92bn | ¥52.48bn | ¥63.93bn | ¥73.66bn | ¥75.95bn | ¥90.44bn | ¥102.29bn |
| Cash and short-term investments | ¥6.94bn | ¥2.65bn | ¥6.48bn | ¥9.29bn | ¥15.66bn | ¥19.59bn | ¥22.71bn | ¥17.15bn | ¥17.33bn | ¥16.61bn |
| Total liabilities | ¥9.11bn | ¥12.33bn | ¥14.53bn | ¥16.90bn | ¥19.27bn | ¥31.84bn | ¥31.17bn | ¥41.09bn | ¥48.89bn | ¥49.71bn |
| Debt | ¥306.0m | ¥2.71bn | ¥3.34bn | ¥3.96bn | ¥3.63bn | ¥12.91bn | ¥10.72bn | ¥16.64bn | ¥18.17bn | ¥19.11bn |
| Shareholders' equity | ¥17.04bn | ¥13.45bn | ¥17.28bn | ¥22.02bn | ¥33.20bn | ¥32.09bn | ¥42.49bn | ¥34.77bn | ¥41.47bn | ¥52.51bn |
| Shares outstanding | 47m | 47m | 47m | 47m | 47m | 46m | 40m | 40m | 52m | 59m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥3.08bn | −¥3.46bn | −¥3.90bn | −¥5.87bn | −¥317.0m | ¥2.43bn | ¥2.91bn | −¥1.95bn | ¥1.95bn | ¥3.83bn |
| Capital spending | −¥288.0m | −¥297.0m | −¥182.0m | −¥1.76bn | −¥3.48bn | −¥1.86bn | −¥2.21bn | −¥2.00bn | −¥1.17bn | −¥1.58bn |
| Free cash flow | −¥3.36bn | −¥3.76bn | −¥4.08bn | −¥7.63bn | −¥3.80bn | ¥571.0m | ¥698.0m | −¥3.95bn | ¥787.0m | ¥2.24bn |
| Dividends paid | −¥71.0m | — | — | −¥186.0m | −¥139.0m | −¥179.0m | −¥175.0m | −¥77.0m | −¥209.0m | −¥418.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥10.65bn | ¥9.17bn | ¥12.05bn | ¥8.75bn | ¥11.45bn | ¥9.83bn | ¥13.55bn | ¥9.58bn |
| Gross profit | ¥5.66bn | ¥4.56bn | ¥6.10bn | ¥4.15bn | ¥6.03bn | ¥5.06bn | ¥6.77bn | ¥4.69bn |
| Operating income | −¥103.0m | −¥987.0m | ¥125.0m | −¥1.25bn | −¥316.0m | −¥1.01bn | −¥573.0m | −¥1.43bn |
| Net income | ¥1.10bn | −¥988.0m | ¥71.0m | ¥5.79bn | −¥783.0m | −¥1.14bn | −¥845.0m | −¥1.63bn |
| Diluted earnings per share | 23.62 | -21.12 | 1.52 | 123.76 | -16.74 | -24.33 | -18.06 | -34.78 |
| Total assets | ¥24.19bn | ¥23.67bn | ¥26.15bn | ¥24.77bn | ¥27.11bn | ¥28.76bn | ¥25.78bn | ¥26.73bn |
| Cash and short-term investments | ¥6.48bn | ¥4.18bn | ¥6.94bn | ¥6.03bn | ¥6.13bn | ¥5.81bn | ¥2.65bn | ¥2.91bn |
| Debt | ¥699.0m | ¥366.0m | ¥303.0m | ¥200.0m | ¥6.87bn | ¥5.12bn | ¥642.0m | ¥2.12bn |
| Shareholders' equity | ¥17.18bn | ¥16.07bn | ¥17.04bn | ¥16.88bn | ¥11.03bn | ¥12.14bn | ¥13.45bn | ¥14.04bn |
Financial ratios
Data as of 6 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 49.4% | 49.4% | 48.7% | 45.5% | 48.9% | 48.7% |
| Operating margin | -6.1% | -8.2% | -11.3% | -13.7% | 0.5% | -0.4% |
| Net margin | 9.4% | -8.0% | -9.7% | -18.6% | 0.4% | -4.7% |
| Return on equity | 23.1% | -27.2% | -27.7% | -49.8% | 0.9% | -12.3% |
| Return on assets | 15.1% | -14.2% | -15.0% | -28.2% | 0.6% | -6.2% |
| Free cash flow yield | -59.6% | -67.6% | -79.5% | -87.7% | 67.5% | 93.3% |
| Revenue growth | -7.7% | -7.4% | -16.4% | -19.5% | -12.2% | -6.6% |
| Earnings growth | -207.7% | -23.5% | -56.4% | -3663.6% | -107.8% | -148.2% |
| Current ratio | 1.99x | 1.40x | 1.68x | 1.88x | 2.16x | 1.76x |
| Debt to equity | 0.02x | 0.20x | 0.19x | 0.18x | 0.11x | 0.38x |
| Equity ratio | 65.2% | 52.2% | 54.3% | 56.6% | 63.3% | 50.2% |
| Interest coverage | -30.90x | -72.10x | -123.49x | -175.20x | 4.55x | -2.35x |
| R&D as a share of sales | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.1% | 0.1% | -2.1% | -14.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -10.6% | -12.8% | -11.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 49.4% | 48.1% | 48.4% | 45.5% |
| Operating margin | 0.4% | -6.8% | -4.8% | -3.0% |
| Net margin | 0.3% | -7.9% | -5.4% | -3.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 2.4 | -3.6 | -3.7 | -1.6 | 59.2 | -3.8 | 2.6 | -1.7 | -3.0 | 29.3 |
| Price to sales | 0.2 | 0.3 | 0.4 | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Dec 2021.
| FY2022 | FY2021 | FY2020 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.00 | 3.00 | 2.00 | 4.00 | 8.00 | 16.00 | 24.00 | 22.00 |
- 1.1-for-1 split · 28 Mar 1994
- 11-for-10 split · 26 Mar 1991
- 11-for-10 split · 27 Mar 1990
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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