G 
850
-1.05%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.77bn
FY2020FY2026
Net income
−¥35.6m
FY2020FY2026
Free cash flow
¥283.3m
FY2020FY2026
Shareholders' equity
¥1.69bn
FY2020FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥2.77bn | ¥2.40bn | ¥2.12bn | ¥1.69bn | ¥1.06bn | ¥722.3m | ¥617.6m |
| Gross profit | ¥911.2m | ¥732.0m | ¥775.8m | ¥871.4m | ¥507.2m | ¥352.9m | ¥333.4m |
| Research and development | — | ¥79.6m | ¥90.9m | ¥127.5m | ¥62.4m | ¥57.7m | ¥48.7m |
| Operating income | ¥25.3m | −¥99.7m | ¥133.8m | ¥349.4m | ¥99.1m | ¥54.8m | ¥42.2m |
| Net income | −¥35.6m | −¥100.0m | ¥88.2m | ¥245.2m | ¥72.8m | ¥51.4m | ¥36.4m |
| Diluted earnings per share | -6.36 | -17.89 | 15.79 | 43.92 | 13.01 | 9.20 | 6.52 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥2.72bn | ¥2.12bn | ¥2.36bn | ¥2.35bn | ¥2.00bn | ¥1.55bn | ¥800.1m |
| Cash and short-term investments | ¥1.49bn | ¥1.18bn | ¥1.77bn | ¥1.90bn | ¥1.62bn | ¥1.23bn | ¥647.3m |
| Total liabilities | ¥1.03bn | ¥303.7m | ¥347.5m | ¥451.5m | ¥357.7m | ¥355.1m | ¥383.5m |
| Debt | ¥443.0m | — | ¥45.8m | ¥95.8m | ¥145.8m | ¥195.8m | ¥245.8m |
| Shareholders' equity | ¥1.69bn | ¥1.82bn | ¥2.01bn | ¥1.90bn | ¥1.65bn | ¥1.19bn | ¥416.6m |
| Shares outstanding | 6m | 6m | 6m | 6m | 6m | 6m | 6m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | ¥289.9m | −¥319.7m | −¥62.5m | ¥329.5m | ¥68.7m | −¥88.9m | ¥102.7m |
| Capital spending | −¥6.6m | −¥32.4m | −¥6.6m | −¥3.1m | −¥8.1m | −¥2.9m | −¥5.8m |
| Free cash flow | ¥283.3m | −¥352.1m | −¥69.1m | ¥326.3m | ¥60.7m | −¥91.8m | ¥96.9m |
| Dividends paid | −¥115.9m | −¥114.5m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥651.4m | ¥782.4m | ¥743.1m | ¥588.6m | ¥601.6m | ¥591.8m | ¥664.7m | ¥540.5m |
| Gross profit | ¥146.9m | ¥309.0m | ¥239.8m | ¥215.5m | ¥224.6m | ¥141.3m | ¥240.0m | ¥126.1m |
| Operating income | −¥54.4m | ¥76.2m | −¥20.7m | ¥24.2m | ¥10.4m | −¥72.5m | ¥43.9m | −¥81.5m |
| Net income | −¥52.9m | ¥44.4m | −¥34.5m | ¥7.4m | −¥780,000 | −¥67.2m | ¥27.5m | −¥59.5m |
| Diluted earnings per share | -9.47 | 7.95 | -6.17 | 1.32 | -0.14 | -12.03 | 4.92 | -10.65 |
| Cash from operations | — | — | ¥85.0m | ¥86.0m | — | — | — | — |
| Capital spending | — | — | −¥1.0m | −¥1.0m | — | — | — | — |
| Free cash flow | — | — | ¥84.0m | ¥85.0m | — | — | — | — |
| Total assets | ¥2.72bn | ¥2.77bn | ¥2.77bn | ¥2.63bn | ¥2.12bn | ¥2.13bn | ¥2.27bn | ¥2.25bn |
| Cash and short-term investments | ¥1.49bn | ¥1.18bn | ¥1.49bn | ¥1.12bn | ¥1.18bn | ¥1.05bn | ¥1.34bn | ¥1.31bn |
| Debt | ¥106.9m | ¥102.0m | ¥496.6m | ¥102.0m | — | ¥8.3m | ¥20.8m | ¥33.3m |
| Shareholders' equity | ¥1.69bn | ¥1.74bn | ¥1.75bn | ¥1.77bn | ¥1.82bn | ¥1.82bn | ¥1.93bn | ¥1.90bn |
Financial ratios
Data as of 15 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 32.9% | 30.5% | 36.6% | 51.7% | 48.0% | 48.9% | — |
| Operating margin | 0.9% | -4.2% | 6.3% | 20.7% | 9.4% | 7.6% | — |
| Net margin | -1.3% | -4.2% | 4.2% | 14.5% | 6.9% | 7.1% | — |
| Return on equity | -2.1% | -5.5% | 4.4% | 12.9% | 4.4% | 4.3% | — |
| Return on assets | -1.3% | -4.7% | 3.7% | 10.4% | 3.6% | 3.3% | — |
| Free cash flow yield | 5.9% | -5.7% | -1.1% | 6.6% | 1.5% | — | — |
| Revenue growth | 15.3% | 13.3% | 25.6% | 59.5% | 46.4% | 16.9% | — |
| Earnings growth | -64.4% | -213.4% | -64.0% | 237.0% | 41.4% | 41.2% | — |
| Current ratio | 3.68x | 7.49x | 7.29x | 6.12x | 8.58x | 8.31x | — |
| Debt to equity | 0.06x | — | 0.02x | 0.05x | 0.09x | 0.16x | 0.59x |
| Equity ratio | 62.1% | 85.7% | 85.3% | 80.8% | 82.1% | 77.1% | — |
| Interest coverage | 2.75x | -455.06x | 270.91x | 428.18x | 84.27x | 36.69x | — |
| R&D as a share of sales | — | 3.3% | 4.3% | 7.6% | 5.9% | 8.0% | 7.9% |
| Buybacks as a share of market value | -0.1% | -0.0% | -0.1% | 0.2% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.9% | 30.8% | — |
| Operating income | -58.3% | -14.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 31.8% | 36.7% | 38.6% | — |
| Operating margin | -1.4% | 4.6% | 5.2% | — |
| Net margin | -2.6% | 2.2% | 3.0% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Price to earnings | -133.8 | -55.0 | 59.7 | 25.4 | 92.7 |
| Price to sales | 1.7 | 2.3 | 2.5 | 3.7 | 6.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 29 Dec 2025.
| FY2026 | FY2025 | |
|---|---|---|
| Paid in the year | 26.50 | 80.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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