W 
923
+2.78%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.78bn
FY2016FY2025
Net income
¥706.9m
FY2016FY2025
Free cash flow
¥409.9m
FY2016FY2025
Shareholders' equity
¥1.27bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.78bn | ¥2.09bn | ¥1.33bn | ¥996.8m | ¥902.1m | ¥1.29bn | ¥3.03bn | ¥2.73bn | ¥2.49bn | ¥1.73bn |
| Gross profit | ¥1.96bn | ¥1.42bn | ¥908.0m | ¥749.9m | ¥706.7m | ¥699.4m | ¥2.40bn | ¥2.16bn | ¥1.95bn | ¥1.33bn |
| Operating income | ¥567.7m | ¥416.6m | ¥48.6m | −¥60.3m | −¥535.8m | −¥996.9m | −¥166.7m | ¥107.8m | ¥243.8m | ¥157.2m |
| Net income | ¥706.9m | ¥398.3m | −¥13.0m | −¥82.9m | −¥554.8m | −¥1.26bn | −¥191.3m | ¥40.4m | ¥150.8m | ¥94.9m |
| Diluted earnings per share | 83.62 | 52.24 | -2.12 | -22.50 | -160.17 | -411.62 | -67.89 | 12.35 | 17.60 | 11.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.87bn | ¥1.28bn | ¥1.02bn | ¥665.8m | ¥566.9m | ¥938.1m | ¥2.04bn | ¥1.87bn | ¥1.24bn | ¥919.6m |
| Cash and short-term investments | ¥599.9m | ¥190.4m | ¥284.1m | ¥122.6m | ¥126.8m | ¥267.7m | ¥554.8m | ¥671.8m | ¥360.2m | ¥267.8m |
| Total liabilities | ¥598.3m | ¥707.1m | ¥881.7m | ¥1.11bn | ¥1.00bn | ¥1.04bn | ¥1.07bn | ¥696.1m | ¥653.0m | ¥650.8m |
| Debt | ¥353.5m | ¥433.4m | ¥528.3m | ¥590.5m | ¥591.6m | ¥671.8m | ¥744.9m | ¥428.3m | ¥294.4m | ¥411.2m |
| Shareholders' equity | ¥1.27bn | ¥547.4m | ¥124.0m | −¥457.6m | −¥447.9m | −¥116.6m | ¥972.2m | ¥1.18bn | ¥589.7m | ¥268.9m |
| Shares outstanding | 8m | 8m | 6m | 4m | 3m | 3m | 3m | 3m | 9m | 9m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥610.2m | ¥197.9m | −¥345.3m | −¥126.1m | −¥311.2m | −¥384.3m | −¥32.6m | −¥77.0m | ¥216.0m | ¥216.0m |
| Capital spending | −¥200.3m | −¥56.0m | −¥65.0m | −¥62.9m | −¥53.6m | −¥181.2m | −¥178.2m | −¥90.0m | −¥91.0m | −¥93.2m |
| Free cash flow | ¥409.9m | ¥141.9m | −¥410.3m | −¥189.0m | −¥364.8m | −¥565.5m | −¥210.9m | −¥167.0m | ¥125.0m | ¥122.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥955.5m | ¥706.1m | ¥760.3m | ¥727.2m | ¥751.7m | ¥544.7m | ¥507.5m | ¥568.8m |
| Gross profit | ¥709.9m | ¥500.9m | ¥526.7m | ¥526.2m | ¥529.5m | ¥374.8m | ¥349.4m | ¥397.8m |
| Operating income | ¥305.6m | ¥149.7m | ¥118.4m | ¥177.5m | ¥194.6m | ¥77.2m | ¥98.9m | ¥125.3m |
| Net income | ¥257.0m | ¥134.7m | ¥240.3m | ¥199.3m | ¥197.4m | ¥69.8m | ¥81.3m | ¥119.5m |
| Diluted earnings per share | 30.00 | 15.73 | 28.43 | 23.58 | 23.36 | 8.26 | 10.66 | 15.68 |
| Total assets | ¥2.73bn | ¥2.11bn | ¥1.87bn | ¥1.65bn | ¥1.53bn | ¥1.22bn | ¥1.28bn | ¥1.31bn |
| Cash and short-term investments | ¥1.16bn | ¥493.4m | ¥599.9m | ¥572.4m | ¥346.3m | ¥146.5m | ¥190.4m | ¥202.1m |
| Debt | ¥422.1m | ¥62.1m | ¥353.5m | ¥235.8m | ¥430.7m | ¥315.0m | ¥355.5m | ¥378.1m |
| Shareholders' equity | ¥2.02bn | ¥1.41bn | ¥1.27bn | ¥1.03bn | ¥814.8m | ¥617.2m | ¥547.4m | ¥466.1m |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 70.3% | 67.9% | 68.3% | 75.2% | 78.3% | 54.3% |
| Operating margin | 20.4% | 20.4% | 1.2% | -6.0% | -59.4% | -96.5% |
| Net margin | 25.4% | 19.0% | -1.0% | -8.3% | -61.5% | -97.4% |
| Return on equity | 55.8% | 72.8% | -10.5% | 18.1% | 123.8% | 1077.2% |
| Return on assets | 37.9% | 31.2% | -1.3% | -12.4% | -97.9% | -133.9% |
| Free cash flow yield | 10.2% | 3.5% | -4.9% | -1.8% | -7.9% | -7.1% |
| Revenue growth | 32.9% | 57.5% | 33.4% | 10.5% | -30.0% | -57.5% |
| Earnings growth | 77.5% | -3164.1% | -84.3% | -85.1% | -55.8% | 556.4% |
| Current ratio | 2.45x | 1.38x | 0.83x | 0.34x | 0.38x | 0.73x |
| Debt to equity | 0.28x | 0.79x | 4.26x | -1.29x | -1.32x | -5.75x |
| Equity ratio | 67.9% | 42.9% | 12.1% | -68.7% | -79.0% | -12.4% |
| Interest coverage | 69.33x | 70.02x | 2.91x | -12.87x | -199.34x | -393.79x |
| Buybacks as a share of market value | -10.9% | -24.1% | -66.8% | -6.3% | -13.5% | -8.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 40.8% | 16.6% | 8.0% |
| Operating income | — | — | 23.5% |
| Net income | — | — | 40.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 69.3% | 69.9% | 68.6% | 73.3% |
| Operating margin | 20.2% | 13.5% | -6.0% | -0.7% |
| Net margin | 22.7% | 14.0% | -8.5% | -3.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.3 | 9.7 | -177.7 | -19.0 | -2.5 | -0.9 | -14.8 | 84.7 |
| Price to sales | 2.6 | 1.8 | 1.7 | 1.6 | 1.5 | 0.9 | 0.9 | 1.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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