S 
456
+5.07%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥110.44bn
FY2014FY2026
Net income
¥1.64bn
FY2014FY2026
Free cash flow
−¥10.96bn
FY2014FY2026
Shareholders' equity
¥33.94bn
FY2014FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥110.44bn | ¥108.89bn | ¥104.08bn | ¥84.66bn | ¥47.15bn | ¥34.06bn | ¥80.95bn | ¥85.97bn |
| Gross profit | ¥9.14bn | ¥8.58bn | ¥10.60bn | ¥8.74bn | −¥12.32bn | −¥27.19bn | −¥14.26bn | ¥741.0m |
| Operating income | ¥1.80bn | ¥1.83bn | ¥4.67bn | ¥3.46bn | −¥16.69bn | −¥31.68bn | −¥17.64bn | −¥2.51bn |
| Net income | ¥1.64bn | ¥2.15bn | ¥3.00bn | ¥5.73bn | −¥6.73bn | −¥16.34bn | −¥20.22bn | −¥1.84bn |
| Diluted earnings per share | 27.23 | 35.67 | 50.74 | 94.91 | -111.54 | -271.66 | -222.18 | -20.28 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥121.10bn | ¥105.95bn | ¥114.79bn | ¥110.32bn | ¥97.83bn | ¥86.78bn | ¥70.36bn | ¥78.77bn |
| Cash and short-term investments | ¥24.48bn | ¥26.02bn | ¥26.91bn | ¥22.52bn | ¥9.28bn | ¥13.27bn | ¥2.38bn | ¥7.07bn |
| Total liabilities | ¥87.16bn | ¥78.83bn | ¥86.93bn | ¥86.40bn | ¥88.53bn | ¥76.35bn | ¥45.85bn | ¥34.08bn |
| Debt | ¥36.17bn | ¥29.86bn | ¥31.10bn | ¥31.73bn | ¥35.87bn | ¥31.02bn | ¥8.36bn | ¥2.53bn |
| Shareholders' equity | ¥33.94bn | ¥27.12bn | ¥27.86bn | ¥23.92bn | ¥9.30bn | ¥10.42bn | ¥24.51bn | ¥44.69bn |
| Shares outstanding | 60m | 60m | 59m | 60m | 60m | 60m | 91m | 91m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥11.60bn | ¥7.18bn | ¥8.18bn | ¥5.91bn | −¥12.46bn | −¥24.53bn | −¥10.18bn | ¥355.0m |
| Capital spending | −¥22.56bn | −¥4.61bn | −¥1.68bn | −¥1.47bn | −¥388.0m | −¥4.75bn | −¥2.12bn | −¥13.76bn |
| Free cash flow | −¥10.96bn | ¥2.57bn | ¥6.50bn | ¥4.44bn | −¥12.85bn | −¥29.28bn | −¥12.30bn | −¥13.40bn |
| Dividends paid | −¥163.0m | −¥1.55bn | −¥275.0m | — | — | — | — | −¥364.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥25.00bn | ¥27.55bn | ¥28.01bn | ¥31.30bn | ¥23.58bn | ¥27.16bn | ¥27.25bn | ¥30.95bn |
| Gross profit | −¥1.24bn | ¥3.17bn | ¥1.04bn | ¥4.80bn | ¥135.0m | ¥1.85bn | ¥1.10bn | ¥6.31bn |
| Operating income | −¥3.33bn | ¥2.21bn | −¥755.0m | ¥2.84bn | −¥1.63bn | ¥132.0m | −¥629.0m | ¥4.51bn |
| Net income | −¥2.63bn | ¥677.0m | ¥486.0m | ¥3.25bn | −¥2.77bn | −¥517.0m | ¥3.25bn | ¥926.0m |
| Diluted earnings per share | -43.75 | 11.25 | 8.08 | 54.00 | -46.11 | -8.59 | 55.07 | 15.68 |
| Total assets | ¥123.91bn | ¥121.10bn | ¥109.77bn | ¥107.74bn | ¥104.60bn | ¥105.95bn | ¥103.99bn | ¥101.63bn |
| Cash and short-term investments | ¥20.62bn | ¥24.48bn | ¥19.76bn | ¥24.29bn | ¥24.49bn | ¥26.02bn | ¥22.64bn | ¥25.33bn |
| Debt | ¥26.00bn | ¥35.78bn | ¥27.85bn | ¥31.09bn | ¥21.88bn | ¥29.36bn | ¥21.63bn | ¥30.00bn |
| Shareholders' equity | ¥28.10bn | ¥33.94bn | ¥28.50bn | ¥27.39bn | ¥23.32bn | ¥27.12bn | ¥29.22bn | ¥22.30bn |
Financial ratios
Data as of 25 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2015 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 8.3% | 7.9% | 10.2% | 10.3% | -26.1% | -79.8% | — |
| Operating margin | 1.6% | 1.7% | 4.5% | 4.1% | -35.4% | -93.0% | — |
| Net margin | 1.5% | 2.0% | 2.9% | 6.8% | -14.3% | -48.0% | — |
| Return on equity | 4.8% | 7.9% | 10.8% | 23.9% | -72.4% | -156.8% | — |
| Return on assets | 1.4% | 2.0% | 2.6% | 5.2% | -6.9% | -18.8% | — |
| Free cash flow yield | 45.5% | 28.2% | 32.7% | 23.1% | -48.7% | — | -26.4% |
| Revenue growth | 1.4% | 4.6% | 22.9% | 79.6% | 38.4% | -57.9% | — |
| Earnings growth | -23.7% | -28.4% | -47.7% | -185.1% | -58.8% | -19.2% | — |
| Current ratio | 0.78x | 0.79x | 0.78x | 0.56x | 0.39x | 0.45x | — |
| Debt to equity | 1.06x | 1.08x | 1.10x | 1.30x | 3.78x | 2.89x | — |
| Equity ratio | 28.0% | 25.6% | 24.3% | 21.7% | 9.5% | 12.0% | — |
| Interest coverage | 2.05x | 3.36x | 10.24x | 7.49x | -35.90x | -103.18x | — |
| Buybacks as a share of market value | 0.0% | -1.9% | 2.1% | 0.0% | 33.7% | — | -0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.3% | 26.5% | 6.6% |
| Operating income | -19.5% | — | -16.7% |
| Net income | -34.1% | — | -12.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.1% | 9.1% | -0.5% | 2.8% |
| Operating margin | 1.7% | 2.9% | -7.5% | -2.9% |
| Net margin | 1.7% | 3.1% | -2.2% | -1.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.4 | 10.4 | 11.1 | 10.7 | -12.9 | -0.1 | -0.1 | -16.4 | 9.3 | 5.8 |
| Price to sales | 0.2 | 0.2 | 0.3 | 0.7 | 1.8 | 0.1 | 0.0 | 0.3 | 0.4 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 28 Mar 2025.
| FY2026 | FY2025 | FY2024 | |
|---|---|---|---|
| Paid in the year | 3.00 | 29.00 | 5.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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