A 
65
+1.56%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.54bn
FY2016FY2025
Net income
¥113.1m
FY2016FY2025
Free cash flow
−¥215.5m
FY2016FY2025
Shareholders' equity
¥2.35bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.54bn | ¥3.35bn | ¥2.13bn | ¥2.49bn | ¥2.54bn | ¥1.95bn | ¥2.03bn | ¥3.13bn | ¥1.73bn | ¥1.41bn |
| Research and development | — | — | ¥0 | ¥0 | — | ¥0 | ¥0 | — | — | — |
| Operating income | ¥195.8m | ¥54.6m | ¥53.4m | ¥58.7m | ¥4.9m | −¥199.9m | −¥72.7m | ¥59.9m | ¥52.0m | ¥63.7m |
| Net income | ¥113.1m | ¥18.5m | ¥40.9m | ¥55.4m | −¥21.5m | −¥310.4m | −¥197.7m | −¥73.5m | ¥2.7m | ¥169.3m |
| Diluted earnings per share | 4.76 | 0.78 | 1.73 | 2.88 | -1.12 | -16.15 | -11.03 | -4.14 | 0.15 | 7.13 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥4.02bn | ¥3.33bn | ¥3.62bn | ¥3.13bn | ¥3.06bn | ¥3.62bn | ¥3.74bn | ¥4.14bn | ¥4.43bn | ¥3.92bn |
| Cash and short-term investments | ¥1.22bn | ¥1.31bn | ¥1.28bn | ¥853.4m | ¥430.5m | ¥958.0m | ¥796.1m | — | — | — |
| Total liabilities | ¥1.67bn | ¥1.04bn | ¥1.45bn | ¥1.43bn | ¥1.43bn | ¥2.00bn | ¥1.94bn | ¥2.13bn | ¥2.34bn | ¥1.84bn |
| Debt | ¥822.3m | ¥239.2m | ¥429.0m | ¥558.6m | ¥500.3m | ¥949.6m | ¥1.19bn | ¥1.30bn | ¥1.49bn | ¥980.5m |
| Shareholders' equity | ¥2.35bn | ¥2.22bn | ¥2.16bn | ¥1.70bn | ¥1.63bn | ¥1.61bn | ¥1.80bn | ¥2.01bn | ¥2.10bn | ¥2.08bn |
| Shares outstanding | 24m | 24m | 24m | 19m | 19m | 19m | 18m | 18m | 18m | 24m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥204.6m | ¥568.4m | ¥145.0m | ¥455.2m | ¥121.2m | ¥183.9m | −¥163.7m | ¥938.0m | −¥223.0m | −¥1.19bn |
| Capital spending | −¥10.9m | −¥11.4m | −¥4.0m | −¥10.6m | −¥2.1m | −¥33.7m | −¥1.7m | −¥3.0m | −¥1.0m | −¥43.2m |
| Free cash flow | −¥215.5m | ¥557.0m | ¥141.0m | ¥444.6m | ¥119.0m | ¥150.3m | −¥165.4m | ¥935.0m | −¥224.0m | −¥1.24bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.10bn | ¥641.1m | ¥1.80bn | ¥1.27bn | ¥844.8m | ¥627.3m | ¥1.67bn | ¥442.0m |
| Operating income | −¥166.3m | −¥76.3m | ¥394.0m | ¥87.0m | −¥19.9m | −¥29.3m | ¥173.0m | −¥37.0m |
| Net income | −¥169.8m | −¥92.2m | ¥103.1m | ¥82.9m | −¥45.0m | −¥27.9m | ¥146.0m | −¥40.0m |
| Diluted earnings per share | -7.16 | -3.89 | 4.34 | 3.49 | -1.89 | -1.17 | 6.15 | -1.69 |
| Total assets | ¥3.86bn | ¥4.16bn | ¥4.02bn | ¥4.06bn | ¥3.44bn | ¥3.26bn | ¥3.33bn | ¥3.13bn |
| Cash and short-term investments | ¥895.1m | ¥1.11bn | ¥1.22bn | ¥844.8m | ¥954.5m | ¥801.9m | ¥1.31bn | ¥861.0m |
| Debt | ¥993.8m | ¥1.07bn | ¥822.3m | ¥778.7m | ¥535.6m | ¥19.9m | ¥176.0m | ¥36.0m |
| Shareholders' equity | ¥2.11bn | ¥2.27bn | ¥2.35bn | ¥2.21bn | ¥2.11bn | ¥2.17bn | ¥2.22bn | ¥2.05bn |
Financial ratios
Data as of 30 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 4.0% | 1.5% | 2.6% | 1.9% | -0.1% | -10.2% | — |
| Net margin | 2.5% | 0.6% | 1.9% | 2.2% | -0.8% | -15.9% | — |
| Return on equity | 4.8% | 0.8% | 1.9% | 3.3% | -1.3% | -19.2% | — |
| Return on assets | 2.8% | 0.6% | 1.1% | 1.8% | -0.7% | -8.6% | — |
| Free cash flow yield | -11.8% | 35.4% | 9.1% | 35.1% | 9.3% | 16.4% | — |
| Revenue growth | 35.5% | 57.7% | -14.7% | -2.1% | 30.3% | -3.8% | — |
| Earnings growth | 512.1% | -54.9% | -26.0% | -357.2% | -93.1% | 57.0% | — |
| Current ratio | 2.00x | 3.02x | 2.78x | 2.44x | 2.41x | 1.96x | — |
| Debt to equity | 0.35x | 0.11x | 0.20x | 0.33x | 0.31x | 0.59x | — |
| Equity ratio | 58.4% | 66.8% | 59.8% | 54.4% | 53.3% | 44.6% | — |
| Interest coverage | 11.33x | 8.17x | 6.73x | 3.91x | -0.43x | -20.36x | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | — | 0.0% | 0.0% |
| Buybacks as a share of market value | -0.2% | 0.0% | -23.4% | 0.0% | 0.0% | -7.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 22.2% | 18.4% | 14.4% |
| Operating income | 49.4% | — | 12.4% |
| Net income | 26.9% | — | 10.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 3.2% | 2.9% | 1.0% | 1.3% |
| Net margin | 1.7% | 1.8% | -0.6% | -0.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.2 | 107.9 | 48.7 | 28.1 | -72.4 | -5.3 | -11.2 | -28.3 | — | 22.0 |
| Price to sales | 0.4 | 0.6 | 0.9 | 0.6 | 0.6 | 0.8 | 1.1 | 0.7 | 1.6 | 2.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 25 Jun 2008.
| FY2008 | FY2007 | FY2006 | FY2005 | |
|---|---|---|---|---|
| Paid in the year | 66.00 | 26.56 | 26.00 | 0.453 |
- 100-for-1 split · 26 Dec 2012
- 4-for-1 split · 28 Mar 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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