T 
1,210
+1.85%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥5.37bn
FY2020FY2025
Net income
¥437.1m
FY2020FY2025
Free cash flow
¥374.8m
FY2020FY2025
Shareholders' equity
¥1.83bn
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | ¥5.37bn | ¥4.27bn | ¥3.22bn | ¥2.05bn | ¥1.06bn | ¥564.5m |
| Gross profit | ¥4.90bn | ¥3.91bn | ¥3.03bn | ¥1.88bn | ¥978.6m | ¥551.9m |
| Operating income | ¥707.8m | ¥454.6m | ¥123.7m | −¥563.2m | −¥427.8m | −¥175.9m |
| Net income | ¥437.1m | ¥258.8m | ¥133.7m | −¥565.2m | −¥436.2m | −¥179.5m |
| Diluted earnings per share | 129.33 | 67.14 | 40.94 | -182.54 | -129.70 | -53.38 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | ¥6.77bn | ¥4.86bn | ¥3.30bn | ¥2.25bn | ¥1.19bn | ¥1.11bn |
| Cash and short-term investments | ¥1.96bn | ¥1.58bn | ¥1.67bn | ¥1.23bn | ¥266.1m | ¥651.1m |
| Total liabilities | ¥4.87bn | ¥3.37bn | ¥2.11bn | ¥1.20bn | ¥1.16bn | ¥801.2m |
| Debt | ¥2.41bn | ¥1.75bn | ¥983.4m | ¥353.2m | ¥517.5m | ¥383.7m |
| Shareholders' equity | ¥1.83bn | ¥1.42bn | ¥1.19bn | ¥1.06bn | ¥27.3m | ¥313.7m |
| Shares outstanding | 3m | 4m | 3m | 3m | 3m | 3m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | ¥403.7m | ¥97.6m | −¥11.1m | −¥454.0m | −¥420.6m | −¥230.5m |
| Capital spending | −¥29.0m | −¥15.3m | −¥2.8m | −¥11.7m | −¥9.5m | −¥3.2m |
| Free cash flow | ¥374.8m | ¥82.3m | −¥13.9m | −¥465.8m | −¥430.1m | −¥233.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.51bn | ¥1.63bn | ¥1.42bn | ¥1.42bn | ¥1.47bn | ¥1.07bn | ¥1.17bn | ¥1.12bn |
| Gross profit | ¥1.41bn | ¥1.43bn | ¥1.26bn | ¥1.33bn | ¥1.27bn | ¥1.03bn | ¥1.08bn | ¥1.03bn |
| Operating income | ¥180.6m | ¥194.9m | ¥176.2m | ¥200.3m | ¥236.3m | ¥95.0m | ¥143.8m | ¥192.4m |
| Net income | ¥25.0m | ¥68.0m | ¥67.1m | ¥124.3m | ¥181.9m | ¥63.8m | ¥56.2m | ¥97.2m |
| Diluted earnings per share | 7.43 | 20.23 | 19.85 | 36.78 | 53.81 | 18.89 | 14.57 | 25.21 |
| Total assets | ¥6.64bn | ¥6.73bn | ¥6.77bn | ¥6.63bn | ¥6.04bn | ¥5.83bn | ¥4.86bn | ¥4.78bn |
| Cash and short-term investments | ¥1.47bn | ¥1.45bn | ¥1.96bn | ¥2.18bn | ¥1.76bn | ¥1.88bn | ¥1.58bn | ¥1.68bn |
| Debt | ¥2.57bn | ¥1.88bn | ¥2.41bn | ¥1.86bn | ¥2.53bn | ¥1.55bn | ¥1.07bn | ¥975.6m |
| Shareholders' equity | ¥1.83bn | ¥1.93bn | ¥1.83bn | ¥1.81bn | ¥1.68bn | ¥1.49bn | ¥1.42bn | ¥1.47bn |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 91.1% | 91.6% | 94.1% | 91.7% | 92.5% | 97.8% |
| Operating margin | 13.8% | 10.7% | 3.9% | -27.6% | -40.4% | -31.2% |
| Net margin | 8.1% | 6.1% | 4.1% | -27.5% | -41.2% | -31.8% |
| Return on equity | 23.8% | 18.2% | 11.2% | -53.5% | -1598.9% | -57.2% |
| Return on assets | 6.5% | 5.3% | 4.0% | -25.1% | -36.6% | -16.1% |
| Free cash flow yield | 8.1% | 1.7% | -0.2% | -10.0% | — | — |
| Revenue growth | 25.7% | 32.6% | 56.8% | 94.2% | 87.4% | — |
| Earnings growth | 68.9% | 93.5% | -123.7% | 29.6% | 143.0% | — |
| Current ratio | 1.28x | 1.35x | 1.69x | 2.24x | 1.09x | 2.03x |
| Debt to equity | 1.31x | 1.23x | 0.83x | 0.33x | 18.97x | 1.22x |
| Equity ratio | 27.1% | 29.2% | 36.0% | 46.9% | 2.3% | 28.1% |
| Interest coverage | 18.32x | 24.34x | 12.65x | -110.92x | -76.36x | -39.40x |
| Buybacks as a share of market value | 12.3% | -18.0% | -5.5% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 37.8% | 56.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 91.3% | 92.0% | 92.2% | — |
| Operating margin | 12.0% | 4.8% | 0.7% | — |
| Net margin | 7.2% | 1.8% | -2.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | 23.9 | 33.2 | 63.5 | -10.7 |
| Price to sales | 1.9 | 2.0 | 2.6 | 2.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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