A 
780
+2.50%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥26.42bn
FY2016FY2025
Net income
¥3.70bn
FY2016FY2025
Free cash flow
−¥2.70bn
FY2016FY2025
Shareholders' equity
¥29.23bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥26.42bn | ¥24.70bn | ¥22.46bn | ¥20.88bn | ¥20.57bn | ¥22.48bn | ¥29.33bn | ¥28.83bn | ¥21.49bn | ¥16.91bn |
| Gross profit | ¥7.68bn | ¥8.77bn | ¥7.49bn | ¥6.72bn | ¥6.04bn | ¥5.50bn | ¥6.66bn | ¥6.66bn | ¥5.68bn | ¥4.77bn |
| Research and development | — | — | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥30.8m | ¥8.7m |
| Operating income | ¥5.47bn | ¥4.91bn | ¥4.16bn | ¥3.99bn | ¥4.63bn | ¥2.40bn | ¥3.03bn | ¥2.78bn | ¥2.38bn | ¥1.94bn |
| Net income | ¥3.70bn | ¥3.20bn | ¥2.82bn | ¥2.88bn | ¥3.17bn | ¥2.23bn | −¥1.75bn | ¥1.81bn | ¥1.55bn | ¥1.14bn |
| Diluted earnings per share | 72.87 | 63.03 | 55.61 | 56.86 | 62.65 | 44.04 | -34.70 | 35.83 | 31.53 | 23.27 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥64.08bn | ¥55.92bn | ¥49.68bn | ¥45.64bn | ¥42.20bn | ¥40.70bn | ¥43.02bn | ¥37.86bn | ¥29.90bn | ¥23.79bn |
| Cash and short-term investments | ¥16.67bn | ¥15.21bn | ¥15.00bn | ¥14.30bn | ¥13.44bn | ¥9.78bn | ¥11.70bn | ¥9.67bn | ¥6.59bn | ¥7.16bn |
| Total liabilities | ¥34.85bn | ¥29.15bn | ¥24.66bn | ¥22.57bn | ¥21.24bn | ¥22.56bn | ¥26.60bn | ¥19.11bn | ¥13.55bn | ¥8.51bn |
| Debt | ¥25.76bn | ¥20.84bn | ¥16.76bn | ¥14.05bn | ¥11.94bn | ¥12.38bn | ¥14.09bn | ¥14.51bn | ¥9.15bn | ¥4.79bn |
| Shareholders' equity | ¥29.23bn | ¥26.77bn | ¥25.02bn | ¥23.07bn | ¥20.96bn | ¥18.14bn | ¥16.42bn | ¥18.75bn | ¥16.35bn | ¥15.28bn |
| Shares outstanding | 51m | 51m | 51m | 51m | 51m | 51m | 51m | 51m | 49m | 49m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥5.22bn | ¥5.32bn | ¥3.53bn | ¥1.61bn | ¥5.74bn | ¥2.52bn | ¥4.06bn | −¥2.38bn | −¥2.99bn | −¥709.0m |
| Capital spending | −¥7.92bn | −¥6.82bn | −¥4.83bn | −¥2.24bn | −¥1.84bn | −¥2.22bn | −¥857.6m | −¥357.0m | −¥1.50bn | −¥1.59bn |
| Free cash flow | −¥2.70bn | −¥1.50bn | −¥1.30bn | −¥630.7m | ¥3.90bn | ¥298.9m | ¥3.20bn | −¥2.74bn | −¥4.49bn | −¥2.30bn |
| Dividends paid | −¥1.27bn | −¥1.47bn | −¥873.6m | −¥595.0m | −¥391.1m | −¥504.3m | −¥580.6m | −¥490.4m | −¥480.0m | −¥477.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥9.19bn | ¥7.14bn | ¥5.68bn | ¥6.67bn | ¥6.55bn | ¥7.52bn | ¥5.40bn | ¥6.39bn |
| Gross profit | ¥2.78bn | ¥2.05bn | ¥1.17bn | ¥2.05bn | ¥2.45bn | ¥2.49bn | ¥2.02bn | ¥2.31bn |
| Operating income | ¥2.04bn | ¥1.57bn | ¥1.63bn | ¥1.35bn | ¥1.46bn | ¥1.51bn | ¥1.12bn | ¥1.23bn |
| Net income | ¥1.35bn | ¥1.01bn | ¥764.1m | ¥865.4m | ¥962.9m | ¥1.11bn | ¥706.1m | ¥807.9m |
| Diluted earnings per share | 26.62 | 19.79 | 15.03 | 17.02 | 18.94 | 21.88 | 13.91 | 15.91 |
| Cash from operations | — | — | ¥703.0m | ¥703.0m | ¥1.91bn | ¥1.91bn | — | — |
| Capital spending | — | — | −¥2.12bn | −¥2.12bn | −¥1.84bn | −¥1.84bn | — | — |
| Free cash flow | — | — | −¥1.42bn | −¥1.42bn | ¥69.0m | ¥69.0m | — | — |
| Total assets | ¥67.27bn | ¥65.44bn | ¥64.08bn | ¥59.75bn | ¥58.62bn | ¥56.80bn | ¥55.92bn | ¥53.32bn |
| Cash and short-term investments | ¥17.84bn | ¥15.58bn | ¥16.67bn | ¥15.08bn | ¥16.01bn | ¥15.97bn | ¥15.21bn | ¥15.21bn |
| Debt | ¥26.96bn | ¥4.11bn | ¥25.34bn | ¥3.48bn | ¥21.17bn | ¥3.61bn | ¥3.25bn | ¥3.19bn |
| Shareholders' equity | ¥30.94bn | ¥29.57bn | ¥29.23bn | ¥28.43bn | ¥28.17bn | ¥27.21bn | ¥26.77bn | ¥26.05bn |
Financial ratios
Data as of 15 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 29.1% | 35.5% | 33.4% | 32.2% | 29.3% | 24.5% | — | — |
| Operating margin | 20.7% | 19.9% | 18.5% | 19.1% | 22.5% | 10.7% | — | — |
| Net margin | 14.0% | 13.0% | 12.6% | 13.8% | 15.4% | 9.9% | — | — |
| Return on equity | 12.7% | 12.0% | 11.3% | 12.5% | 15.1% | 12.3% | — | — |
| Return on assets | 5.8% | 5.7% | 5.7% | 6.3% | 7.5% | 5.5% | — | — |
| Free cash flow yield | 29.6% | 27.4% | 18.9% | 8.7% | 17.1% | 10.8% | — | — |
| Revenue growth | 7.0% | 9.9% | 7.6% | 1.5% | -8.5% | -23.4% | — | — |
| Earnings growth | 15.7% | 13.5% | -2.1% | -9.1% | 42.5% | -226.9% | — | — |
| Current ratio | 4.40x | 2.90x | 3.10x | 3.22x | 2.95x | 2.35x | — | — |
| Debt to equity | 0.86x | 0.74x | 0.62x | 0.54x | 0.48x | 0.56x | — | — |
| Equity ratio | 45.6% | 47.9% | 50.4% | 50.5% | 49.7% | 44.6% | — | — |
| Interest coverage | 15.93x | 24.02x | 28.89x | 31.26x | 42.51x | 17.96x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -0.1% | -0.1% | -0.0% | -0.2% | -0.2% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.2% | 3.3% | 4.4% |
| Operating income | 11.1% | 17.9% | 7.5% |
| Net income | 8.7% | 10.7% | 9.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 32.2% | 32.5% | 30.7% | 28.3% |
| Operating margin | 20.3% | 19.6% | 18.6% | 15.3% |
| Net margin | 13.5% | 13.4% | 13.1% | 8.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.6 | 18.1 | 12.1 | 7.8 | 6.1 | 5.4 | -9.7 | 8.2 | 18.8 | 13.4 |
| Price to sales | 2.0 | 2.4 | 1.5 | 1.1 | 0.9 | 0.5 | 0.6 | 0.5 | 1.4 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 13 years. Last went ex-dividend on 29 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 13.00 | 38.50 | 29.00 | 17.25 | 11.75 | 7.75 | 10.00 | 11.50 |
- 2-for-1 split · 30 Oct 2025
- 2-for-1 split · 27 Jun 2024
- 10-to-1 reverse split · 28 Jun 2016
- 100-for-1 split · 26 Jun 2013
- 4-for-1 split · 27 Jun 2006
- 2-for-1 split · 26 May 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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