C 
260
-5.45%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.18bn
FY2019FY2025
Net income
−¥102.2m
FY2019FY2025
Free cash flow
−¥1.2m
FY2019FY2025
Shareholders' equity
¥2.22bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥3.18bn | ¥2.73bn | ¥2.43bn | ¥2.18bn | ¥1.91bn | ¥1.95bn | ¥2.24bn |
| Research and development | — | — | — | — | — | ¥53,000 | — |
| Operating income | −¥76.2m | −¥4.7m | ¥222.4m | ¥243.8m | ¥165.5m | ¥19.5m | ¥123.6m |
| Net income | −¥102.2m | −¥9.3m | ¥147.9m | ¥148.5m | ¥118.0m | ¥18.3m | ¥73.6m |
| Diluted earnings per share | -15.34 | -1.42 | 22.50 | 22.60 | 18.88 | 2.74 | 11.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥3.28bn | ¥2.90bn | ¥2.78bn | ¥2.63bn | ¥1.04bn | ¥865.4m | ¥796.0m |
| Cash and short-term investments | ¥1.86bn | ¥1.87bn | ¥2.07bn | ¥2.02bn | ¥483.5m | ¥350.8m | ¥320.1m |
| Total liabilities | ¥1.06bn | ¥597.8m | ¥473.0m | ¥479.1m | ¥452.4m | ¥394.6m | ¥343.6m |
| Debt | ¥286.2m | ¥5.0m | ¥15.0m | ¥25.0m | ¥35.0m | ¥45.0m | — |
| Shareholders' equity | ¥2.22bn | ¥2.30bn | ¥2.30bn | ¥2.15bn | ¥588.7m | ¥470.7m | ¥452.5m |
| Shares outstanding | 7m | 7m | 7m | 7m | 6m | 7m | 7m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | ¥36.2m | ¥129.4m | ¥242.2m | ¥289.1m | ¥221.5m | ¥79.0m | ¥53.2m |
| Capital spending | −¥37.4m | −¥39.0m | −¥277,000 | −¥142.4m | −¥72.7m | −¥3.2m | −¥112.1m |
| Free cash flow | −¥1.2m | ¥90.4m | ¥242.0m | ¥146.7m | ¥148.8m | ¥75.8m | −¥58.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.12bn | ¥927.3m | ¥902.5m | ¥894.9m | ¥838.5m | ¥748.8m | ¥696.8m | ¥753.3m |
| Operating income | −¥56.5m | −¥69.5m | −¥49.7m | ¥35.7m | −¥113.6m | ¥46.7m | −¥45.0m | −¥14.3m |
| Net income | −¥21.2m | −¥120.7m | −¥55.7m | ¥15.0m | −¥115.0m | ¥29.6m | −¥31.8m | −¥10.8m |
| Diluted earnings per share | -3.18 | -18.12 | -8.36 | 2.26 | -17.27 | 4.44 | -4.82 | -1.63 |
| Cash from operations | — | — | — | ¥36.0m | — | — | — | — |
| Capital spending | — | — | — | −¥37.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥1.0m | — | — | — | — |
| Total assets | ¥3.19bn | ¥3.38bn | ¥3.19bn | ¥3.28bn | ¥3.16bn | ¥3.00bn | ¥2.86bn | ¥2.90bn |
| Cash and short-term investments | ¥1.52bn | ¥1.80bn | ¥1.77bn | ¥1.86bn | ¥1.83bn | ¥1.83bn | ¥1.80bn | ¥1.87bn |
| Debt | ¥71.0m | ¥414.5m | ¥63.6m | ¥286.2m | — | — | ¥2.5m | ¥5.0m |
| Shareholders' equity | ¥2.02bn | ¥2.04bn | ¥2.16bn | ¥2.22bn | ¥2.20bn | ¥2.32bn | ¥2.27bn | ¥2.30bn |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -2.4% | -0.2% | 9.2% | 11.2% | 8.7% | 1.0% |
| Net margin | -3.2% | -0.3% | 6.1% | 6.8% | 6.2% | 0.9% |
| Return on equity | -4.6% | -0.4% | 6.4% | 6.9% | 20.0% | 3.9% |
| Return on assets | -3.1% | -0.3% | 5.3% | 5.6% | 11.3% | 2.1% |
| Free cash flow yield | 1.8% | 6.6% | 12.5% | 14.9% | 12.0% | — |
| Revenue growth | 16.6% | 12.3% | 11.3% | 14.4% | -2.0% | -13.1% |
| Earnings growth | 993.4% | -106.3% | -0.4% | 25.8% | 546.1% | -75.2% |
| Current ratio | 2.75x | 3.65x | 4.88x | 4.73x | 1.60x | 1.51x |
| Debt to equity | 0.13x | 0.00x | 0.01x | 0.01x | 0.06x | 0.10x |
| Equity ratio | 67.7% | 79.4% | 83.0% | 81.8% | 56.5% | 54.4% |
| Interest coverage | -48.27x | -13.90x | 648.43x | 585.16x | 424.37x | 21.15x |
| R&D as a share of sales | — | — | — | — | — | 0.0% |
| Buybacks as a share of market value | -1.0% | -0.4% | 0.0% | -5.2% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 13.4% | 10.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -1.4% | 3.7% | 4.0% | — |
| Net margin | -1.9% | 1.8% | 2.2% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -23.5 | -259.1 | 12.8 | 22.6 | 68.4 |
| Price to sales | 0.8 | 0.9 | 0.8 | 1.5 | 4.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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