A 
1,960
+1.98%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥31.35bn
FY2017FY2026
Net income
¥1.16bn
FY2017FY2026
Free cash flow
−¥566.3m
FY2017FY2026
Shareholders' equity
¥11.99bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥31.35bn | ¥30.42bn | ¥29.09bn | ¥22.81bn | ¥16.36bn | ¥13.11bn | ¥10.35bn | ¥10.48bn | ¥8.97bn | ¥6.97bn |
| Gross profit | ¥4.86bn | ¥4.49bn | ¥4.66bn | ¥3.85bn | ¥3.14bn | ¥2.36bn | ¥1.94bn | ¥1.94bn | ¥1.66bn | ¥1.45bn |
| Research and development | — | — | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | — | — | — |
| Operating income | ¥1.93bn | ¥1.55bn | ¥1.82bn | ¥1.54bn | ¥1.42bn | ¥983.3m | ¥799.0m | ¥860.3m | ¥675.4m | ¥769.2m |
| Net income | ¥1.16bn | ¥975.2m | ¥1.09bn | ¥2.95bn | ¥882.0m | ¥1.82bn | ¥676.0m | ¥666.1m | ¥518.3m | ¥409.6m |
| Diluted earnings per share | 413.80 | 348.14 | 389.32 | 1,022.80 | 306.83 | 634.53 | 236.55 | 233.07 | 181.32 | 142.23 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥31.97bn | ¥29.33bn | ¥33.15bn | ¥28.93bn | ¥18.07bn | ¥14.97bn | ¥8.18bn | ¥8.71bn | ¥7.51bn | ¥6.20bn |
| Cash and short-term investments | ¥3.48bn | ¥3.11bn | ¥3.10bn | ¥3.87bn | ¥3.27bn | ¥2.97bn | ¥1.07bn | — | — | — |
| Total liabilities | ¥19.98bn | ¥18.34bn | ¥22.75bn | ¥19.45bn | ¥11.47bn | ¥9.21bn | ¥4.25bn | ¥5.45bn | ¥4.91bn | ¥4.11bn |
| Debt | ¥14.61bn | ¥13.41bn | ¥17.22bn | ¥14.63bn | ¥6.36bn | ¥4.99bn | ¥2.54bn | ¥2.48bn | ¥2.98bn | ¥2.20bn |
| Shareholders' equity | ¥11.99bn | ¥10.98bn | ¥10.32bn | ¥9.41bn | ¥6.54bn | ¥5.70bn | ¥3.88bn | ¥3.23bn | ¥2.57bn | ¥2.06bn |
| Shares outstanding | 3m | 3m | 3m | 3m | 3m | 3m | 3m | 3m | 3m | 3m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥438.9m | ¥4.27bn | −¥3.04bn | −¥3.86bn | ¥58.1m | ¥945.5m | −¥224.0m | ¥1.68bn | −¥773.0m | ¥170.0m |
| Capital spending | −¥127.4m | −¥77.3m | −¥46.4m | −¥114.8m | −¥23.9m | −¥42.0m | −¥17.0m | −¥114.0m | −¥4.0m | −¥2.0m |
| Free cash flow | −¥566.3m | ¥4.19bn | −¥3.09bn | −¥3.98bn | ¥34.2m | ¥903.5m | −¥241.0m | ¥1.57bn | −¥777.0m | ¥168.0m |
| Dividends paid | −¥182.1m | −¥163.3m | −¥208.9m | −¥86.2m | −¥57.5m | −¥28.6m | −¥21.4m | −¥14.0m | −¥14.0m | −¥14.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥8.43bn | ¥7.64bn | ¥9.73bn | ¥7.11bn | ¥6.88bn | ¥8.61bn | ¥7.42bn | ¥7.07bn |
| Gross profit | ¥1.40bn | ¥1.12bn | ¥1.50bn | ¥1.16bn | ¥1.16bn | ¥1.42bn | ¥960.0m | ¥1.01bn |
| Operating income | ¥617.9m | ¥297.0m | ¥810.1m | ¥425.3m | ¥397.0m | ¥611.9m | ¥275.0m | ¥308.0m |
| Net income | ¥373.2m | ¥188.5m | ¥512.5m | ¥214.5m | ¥243.0m | ¥404.2m | ¥161.0m | ¥186.0m |
| Diluted earnings per share | 133.22 | 67.28 | 182.96 | 76.58 | 86.75 | 144.29 | 57.48 | 66.40 |
| Total assets | ¥31.09bn | ¥31.97bn | ¥31.56bn | ¥29.06bn | ¥29.37bn | ¥29.33bn | ¥29.75bn | ¥31.41bn |
| Cash and short-term investments | ¥4.15bn | ¥3.48bn | ¥3.27bn | ¥2.64bn | ¥2.59bn | ¥3.11bn | ¥3.13bn | ¥2.84bn |
| Debt | ¥9.75bn | ¥14.61bn | ¥8.96bn | ¥13.66bn | ¥9.85bn | ¥13.41bn | ¥10.51bn | ¥16.14bn |
| Shareholders' equity | ¥12.30bn | ¥11.99bn | ¥11.79bn | ¥11.37bn | ¥11.15bn | ¥10.98bn | ¥10.63bn | ¥10.55bn |
Financial ratios
Data as of 9 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 15.5% | 14.8% | 16.0% | 16.9% | 19.2% | 18.0% | — |
| Operating margin | 6.1% | 5.1% | 6.2% | 6.3% | 8.7% | 7.5% | — |
| Net margin | 3.7% | 3.2% | 3.7% | 12.9% | 5.4% | 13.9% | — |
| Return on equity | 9.7% | 8.9% | 10.6% | 31.3% | 13.5% | 32.0% | — |
| Return on assets | 3.6% | 3.3% | 3.3% | 10.2% | 4.9% | 12.2% | — |
| Free cash flow yield | -5.3% | 74.5% | -51.3% | -62.4% | 1.4% | 16.5% | — |
| Revenue growth | 3.1% | 4.6% | 27.6% | 39.4% | 24.8% | 26.6% | — |
| Earnings growth | 18.9% | -10.6% | -63.0% | 234.1% | -51.6% | 169.7% | — |
| Current ratio | 0.39x | 1.80x | 1.71x | 1.73x | 1.59x | 1.63x | — |
| Debt to equity | 1.22x | 1.22x | 1.67x | 1.55x | 0.97x | 0.88x | — |
| Equity ratio | 37.5% | 37.4% | 31.1% | 32.5% | 36.2% | 38.1% | — |
| Interest coverage | 11.78x | 10.29x | 11.01x | 14.10x | 28.07x | 27.35x | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | -0.0% | 2.8% | -0.2% | -0.0% | -0.6% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.2% | 19.1% | 17.3% |
| Operating income | 7.9% | 14.4% | 21.0% |
| Net income | -26.7% | -8.7% | 17.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.1% | 15.7% | 16.3% | 16.9% |
| Operating margin | 5.6% | 6.0% | 6.5% | 6.8% |
| Net margin | 3.5% | 5.4% | 6.2% | 6.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 4.8 | 6.3 | 4.2 | 1.9 | 4.3 | 1.6 | 3.4 | 3.5 | 2.9 | 8.2 |
| Price to sales | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 11 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 100.00 | 57.50 | 72.50 | 30.00 | 15.00 | 10.00 | 7.50 | 5.00 |
- 100-for-1 split · 26 Sept 2013
- 2-for-1 split · 27 Sept 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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