S 
272
-2.16%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥5.86bn
FY2017FY2026
Net income
−¥890.5m
FY2017FY2026
Free cash flow
−¥118.5m
FY2017FY2026
Shareholders' equity
¥1.37bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥5.86bn | ¥4.36bn | ¥3.81bn | ¥3.87bn | ¥3.81bn | ¥3.45bn | ¥5.96bn | ¥7.74bn | ¥7.31bn | ¥6.54bn |
| Gross profit | ¥1.93bn | ¥1.43bn | ¥1.14bn | ¥1.27bn | ¥1.27bn | ¥613.9m | ¥1.59bn | ¥2.17bn | ¥2.07bn | ¥1.81bn |
| Research and development | — | — | — | — | ¥5.0m | — | — | — | — | — |
| Operating income | ¥177.1m | −¥442.8m | −¥348.8m | −¥76.5m | −¥16.1m | −¥605.3m | −¥239.8m | ¥319.9m | ¥394.1m | ¥276.6m |
| Net income | −¥890.5m | ¥916.1m | −¥348.9m | −¥48.5m | ¥1.1m | −¥1.41bn | ¥32.9m | ¥193.7m | ¥324.8m | ¥180.5m |
| Diluted earnings per share | -101.12 | 90.21 | -33.57 | -4.67 | 0.11 | -140.20 | 3.29 | 19.46 | 32.15 | 20.75 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥22.42bn | ¥24.90bn | ¥4.04bn | ¥3.88bn | ¥4.13bn | ¥2.76bn | ¥4.71bn | ¥4.50bn | ¥4.73bn | ¥2.94bn |
| Cash and short-term investments | ¥3.08bn | ¥4.13bn | ¥1.73bn | ¥2.34bn | ¥2.56bn | ¥770.7m | ¥2.02bn | ¥705.4m | ¥2.38bn | ¥455.1m |
| Total liabilities | ¥20.70bn | ¥21.90bn | ¥1.88bn | ¥1.44bn | ¥1.68bn | ¥637.6m | ¥1.13bn | ¥882.6m | ¥1.22bn | ¥1.16bn |
| Debt | ¥18.12bn | ¥19.03bn | ¥924.3m | ¥827.4m | ¥1.07bn | ¥94.8m | ¥41.2m | ¥59.7m | ¥23.3m | ¥457.8m |
| Shareholders' equity | ¥1.37bn | ¥2.54bn | ¥1.69bn | ¥2.12bn | ¥2.13bn | ¥2.12bn | ¥3.58bn | ¥3.61bn | ¥3.51bn | ¥1.79bn |
| Shares outstanding | 9m | 10m | 10m | 10m | 10m | 10m | 10m | 10m | 10m | 9m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥5.0m | ¥463.9m | ¥26.6m | −¥21.1m | ¥596.7m | −¥938.3m | ¥392.5m | ¥175.0m | ¥297.6m | ¥220.5m |
| Capital spending | −¥123.5m | −¥1.13bn | −¥619.6m | −¥52.7m | −¥77.6m | −¥310.5m | −¥598.3m | −¥110.2m | −¥123.1m | −¥99.3m |
| Free cash flow | −¥118.5m | −¥662.1m | −¥593.0m | −¥73.8m | ¥519.1m | −¥1.25bn | −¥205.8m | ¥64.7m | ¥174.5m | ¥121.2m |
| Dividends paid | −¥83.1m | −¥62.3m | −¥83.0m | −¥80.4m | −¥80.5m | −¥79.8m | −¥79.0m | −¥49.4m | −¥32.5m | −¥28.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.64bn | ¥1.39bn | ¥1.59bn | ¥1.24bn | ¥1.45bn | ¥1.10bn | ¥1.00bn | ¥805.4m |
| Gross profit | ¥641.0m | ¥432.2m | ¥488.2m | ¥370.7m | ¥444.7m | ¥375.3m | ¥342.6m | ¥263.6m |
| Operating income | ¥229.9m | −¥2.6m | ¥18.4m | −¥68.5m | −¥187.4m | −¥101.5m | −¥47.6m | −¥106.4m |
| Net income | −¥32.3m | −¥230.9m | −¥384.6m | −¥242.8m | ¥1.24bn | −¥136.7m | −¥84.5m | −¥102.6m |
| Diluted earnings per share | -3.66 | -26.22 | -37.87 | -23.91 | 122.09 | -13.46 | -8.13 | -9.87 |
| Cash from operations | — | — | −¥85.0m | — | — | — | — | — |
| Capital spending | — | — | −¥99.0m | — | — | — | — | — |
| Free cash flow | — | — | −¥184.0m | — | — | — | — | — |
| Total assets | ¥22.42bn | ¥22.65bn | ¥23.32bn | ¥24.24bn | ¥24.90bn | ¥20.25bn | ¥4.56bn | ¥4.08bn |
| Cash and short-term investments | ¥3.08bn | ¥2.90bn | ¥3.47bn | ¥4.05bn | ¥4.13bn | ¥1.52bn | ¥1.64bn | ¥1.62bn |
| Debt | ¥626.4m | ¥609.0m | ¥2.30bn | ¥574.8m | ¥920.9m | ¥577.0m | ¥1.35bn | ¥418.6m |
| Shareholders' equity | ¥1.37bn | ¥1.41bn | ¥1.67bn | ¥2.22bn | ¥2.54bn | ¥1.30bn | ¥1.44bn | ¥1.52bn |
Financial ratios
Data as of 22 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 32.9% | 32.7% | 29.8% | 32.7% | 33.4% | 17.8% |
| Operating margin | 3.0% | -10.2% | -8.2% | -2.0% | -0.4% | -17.6% |
| Net margin | -15.2% | 21.0% | -9.1% | -1.3% | 0.0% | -40.8% |
| Return on equity | -65.0% | 36.0% | -20.7% | -2.3% | 0.1% | -66.5% |
| Return on assets | -4.0% | 3.7% | -8.6% | -1.3% | 0.0% | -51.1% |
| Free cash flow yield | 4.5% | 48.6% | 19.3% | 0.9% | 21.0% | -19.4% |
| Revenue growth | 34.4% | 14.3% | -1.5% | 1.8% | 10.4% | -42.2% |
| Earnings growth | -197.2% | -362.6% | 619.0% | -4593.1% | -100.1% | -4378.0% |
| Current ratio | 1.80x | 1.91x | 1.85x | 2.70x | 2.49x | 3.59x |
| Debt to equity | 0.46x | 0.36x | 0.50x | 0.39x | 0.50x | 0.04x |
| Equity ratio | 6.1% | 10.2% | 41.8% | 54.7% | 51.6% | 76.9% |
| Interest coverage | 0.20x | -1.46x | -34.61x | -10.22x | -2.65x | -4035.44x |
| R&D as a share of sales | — | — | — | — | 0.1% | — |
| Buybacks as a share of market value | 13.3% | 2.3% | 0.0% | -4.4% | 0.8% | -0.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.8% | 11.2% | -1.4% |
| Operating income | — | — | -3.8% |
| Net income | 163.8% | -8.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 32.8% | 32.2% | 30.4% | 28.7% |
| Operating margin | -2.6% | -3.9% | -5.2% | -0.5% |
| Net margin | 0.3% | -2.1% | -7.1% | -1.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.8 | 4.4 | -9.3 | -89.3 | — | -3.3 | 286.4 | 40.6 | 20.5 | 30.7 |
| Price to sales | 0.4 | 0.9 | 0.8 | 1.1 | 1.1 | 1.4 | 1.6 | 1.0 | 0.9 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 11 years. Last went ex-dividend on 27 Jun 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 14.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 1.875 | 0.625 |
- 2-for-1 split · 27 Jun 2018
- 2-for-1 split · 27 Dec 2017
- 2-for-1 split · 28 Sept 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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