D 
967
+4.20%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.49bn
FY2019FY2025
Net income
¥108.1m
FY2019FY2025
Free cash flow
¥227.4m
FY2019FY2025
Shareholders' equity
¥732.0m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥3.49bn | ¥3.33bn | ¥3.56bn | ¥2.63bn | ¥2.34bn | ¥2.07bn | ¥2.06bn |
| Gross profit | ¥1.09bn | ¥762.0m | ¥832.0m | ¥736.8m | ¥649.5m | ¥504.3m | ¥489.4m |
| Operating income | ¥187.5m | ¥33.9m | ¥100.4m | ¥188.2m | ¥199.1m | ¥113.2m | ¥106.2m |
| Net income | ¥108.1m | −¥74.1m | ¥52.9m | ¥148.0m | ¥127.8m | ¥73.3m | ¥71.1m |
| Diluted earnings per share | 75.56 | -51.93 | 37.13 | 94.26 | 86.93 | 49.85 | 48.36 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥2.24bn | ¥2.29bn | ¥1.93bn | ¥1.46bn | ¥1.18bn | ¥747.0m | ¥749.7m |
| Cash and short-term investments | ¥1.47bn | ¥1.56bn | ¥1.24bn | ¥1.07bn | ¥804.0m | ¥449.4m | ¥404.8m |
| Total liabilities | ¥1.46bn | ¥1.66bn | ¥1.24bn | ¥686.5m | ¥652.0m | ¥503.7m | ¥579.6m |
| Debt | ¥936.3m | ¥1.22bn | ¥715.1m | ¥331.1m | ¥269.4m | ¥226.6m | ¥193.4m |
| Shareholders' equity | ¥732.0m | ¥621.5m | ¥689.5m | ¥772.4m | ¥530.0m | ¥243.3m | ¥170.1m |
| Shares outstanding | 1m | 1m | 1m | 2m | 1m | 1m | 1m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | ¥231.1m | −¥9.0m | ¥83.2m | ¥124.3m | ¥159.5m | ¥21.8m | ¥71.9m |
| Capital spending | −¥3.7m | −¥21.6m | −¥83.2m | −¥865,000 | −¥1.9m | −¥9.4m | −¥5.3m |
| Free cash flow | ¥227.4m | −¥30.6m | — | ¥123.5m | ¥157.5m | ¥12.4m | ¥66.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥728.8m | ¥852.2m | ¥910.9m | ¥904.8m | ¥873.3m | ¥900.0m | ¥811.0m | ¥813.0m |
| Gross profit | ¥252.5m | ¥279.5m | ¥316.0m | ¥324.6m | ¥360.3m | ¥227.3m | ¥191.0m | ¥181.0m |
| Operating income | ¥21.9m | ¥47.2m | ¥72.8m | ¥65.8m | ¥117.1m | ¥13.0m | −¥8.4m | −¥6.0m |
| Net income | ¥7.7m | ¥27.6m | ¥43.0m | ¥38.3m | ¥67.7m | ¥8.9m | −¥6.8m | −¥88.0m |
| Diluted earnings per share | 5.26 | 18.78 | 30.06 | 26.78 | 47.32 | 6.19 | -4.75 | -61.69 |
| Cash from operations | — | — | — | ¥231.0m | — | — | — | — |
| Capital spending | — | — | — | −¥3.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥228.0m | — | — | — | — |
| Total assets | ¥2.18bn | ¥2.10bn | ¥2.11bn | ¥2.24bn | ¥2.21bn | ¥2.29bn | ¥2.19bn | ¥2.29bn |
| Cash and short-term investments | ¥1.54bn | ¥1.38bn | ¥1.37bn | ¥1.47bn | ¥1.44bn | ¥1.59bn | ¥1.48bn | ¥1.56bn |
| Debt | ¥678.3m | ¥784.9m | ¥681.2m | ¥936.3m | ¥757.0m | ¥1.10bn | ¥803.8m | ¥836.6m |
| Shareholders' equity | ¥801.5m | ¥793.1m | ¥765.8m | ¥732.0m | ¥692.6m | ¥624.3m | ¥615.4m | ¥621.5m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 31.3% | 22.9% | 23.4% | 28.0% | 27.8% | 24.4% |
| Operating margin | 5.9% | -1.2% | 2.6% | 7.6% | 8.4% | 5.6% |
| Net margin | 3.1% | -2.2% | 1.5% | 5.6% | 5.5% | 3.5% |
| Return on equity | 14.8% | -11.9% | 7.7% | 19.2% | 24.1% | 30.1% |
| Return on assets | 4.8% | -3.2% | 2.7% | 10.1% | 10.8% | 9.8% |
| Free cash flow yield | 15.5% | -0.6% | 5.6% | 7.6% | — | — |
| Revenue growth | 4.9% | -6.6% | 35.2% | 12.7% | 13.1% | 0.2% |
| Earnings growth | -246.0% | -240.1% | -64.3% | 15.8% | 74.4% | 3.1% |
| Current ratio | 1.56x | 1.61x | 1.65x | 2.33x | 1.86x | 1.43x |
| Debt to equity | 1.28x | 1.97x | 1.04x | 0.43x | 0.51x | 0.93x |
| Equity ratio | 32.6% | 27.2% | 35.8% | 52.9% | 44.8% | 32.6% |
| Interest coverage | 13.92x | -3.89x | 21.41x | 103.87x | 103.92x | 49.81x |
| Buybacks as a share of market value | -0.3% | -0.2% | 9.3% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.8% | 11.1% | — |
| Operating income | -0.1% | 10.6% | — |
| Net income | -9.9% | 8.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 27.2% | 26.3% | 26.3% | — |
| Operating margin | 3.2% | 3.9% | 4.7% | — |
| Net margin | 0.5% | 1.8% | 2.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 12.3 | -13.3 | 22.2 | 10.6 | 17.9 |
| Price to sales | 0.4 | 0.3 | 0.3 | 0.6 | 1.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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