A 
202
-2.42%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥5.18bn
FY2020FY2026
Net income
−¥246.7m
FY2020FY2026
Free cash flow
−¥412.7m
FY2020FY2026
Shareholders' equity
¥305.6m
FY2020FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥5.18bn | ¥4.96bn | ¥4.22bn | ¥3.74bn | ¥3.39bn | ¥2.89bn | ¥2.17bn |
| Gross profit | ¥2.34bn | ¥2.36bn | ¥1.99bn | ¥1.75bn | ¥1.67bn | ¥1.45bn | ¥649.8m |
| Operating income | −¥234.5m | ¥41.4m | −¥33.6m | −¥333.3m | −¥51.8m | ¥38.4m | −¥706.2m |
| Net income | −¥246.7m | ¥23.5m | −¥53.2m | −¥354.2m | −¥378.1m | −¥344.7m | −¥715.6m |
| Diluted earnings per share | -29.79 | 2.84 | -6.45 | -42.93 | -46.45 | -41.62 | -86.41 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥2.63bn | ¥2.75bn | ¥2.71bn | ¥2.50bn | ¥2.19bn | ¥1.42bn | ¥1.16bn |
| Cash and short-term investments | ¥665.3m | ¥1.09bn | ¥1.45bn | ¥1.45bn | ¥1.14bn | ¥789.0m | ¥778.9m |
| Total liabilities | ¥2.32bn | ¥2.20bn | ¥2.20bn | ¥1.95bn | ¥1.86bn | ¥1.38bn | ¥1.01bn |
| Debt | ¥1.58bn | ¥1.53bn | ¥1.58bn | ¥1.40bn | ¥1.45bn | ¥885.1m | ¥664.5m |
| Shareholders' equity | ¥305.6m | ¥554.4m | ¥510.2m | ¥557.9m | ¥323.0m | ¥41.1m | ¥152.1m |
| Shares outstanding | 8m | 8m | 8m | 8m | 8m | 8m | 8m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | ¥940.5m | ¥1.06bn | ¥803.0m | ¥479.4m | ¥156.0m | ¥353.5m | ¥62.1m |
| Capital spending | −¥1.35bn | −¥1.33bn | −¥911.6m | −¥877.9m | −¥817.3m | −¥794.7m | −¥782.6m |
| Free cash flow | −¥412.7m | −¥273.4m | −¥108.6m | −¥398.5m | −¥661.3m | −¥441.2m | −¥720.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.30bn | ¥1.29bn | ¥1.37bn | ¥1.21bn | ¥1.31bn | ¥1.22bn | ¥1.28bn | ¥1.15bn |
| Gross profit | ¥590.4m | ¥573.3m | ¥634.4m | ¥537.0m | ¥611.3m | ¥561.8m | ¥620.0m | ¥585.1m |
| Operating income | ¥21.9m | −¥11.9m | −¥161.9m | −¥82.6m | −¥24.8m | ¥3.0m | ¥58.5m | ¥65.7m |
| Net income | ¥13.1m | −¥15.9m | −¥165.3m | −¥78.5m | −¥92.7m | ¥1.6m | ¥53.7m | ¥61.0m |
| Diluted earnings per share | 1.58 | -1.93 | -19.96 | -9.48 | -11.19 | 0.19 | 6.51 | 7.39 |
| Total assets | ¥2.63bn | ¥2.73bn | ¥2.77bn | ¥2.99bn | ¥2.75bn | ¥2.90bn | ¥2.74bn | ¥2.77bn |
| Cash and short-term investments | ¥665.3m | ¥808.6m | ¥671.6m | ¥1.12bn | ¥1.09bn | ¥1.20bn | ¥1.08bn | ¥1.31bn |
| Debt | ¥1.04bn | ¥816.0m | ¥1.65bn | ¥741.3m | ¥1.53bn | ¥983.8m | ¥1.46bn | ¥456.1m |
| Shareholders' equity | ¥305.6m | ¥292.6m | ¥308.5m | ¥473.0m | ¥554.4m | ¥638.7m | ¥629.4m | ¥573.3m |
Financial ratios
Data as of 31 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 45.1% | 47.7% | 47.3% | 46.9% | 49.2% | 50.3% |
| Operating margin | -4.5% | 0.8% | -0.8% | -8.9% | -10.7% | -11.5% |
| Net margin | -4.8% | 0.5% | -1.3% | -9.5% | -11.2% | -11.9% |
| Return on equity | -80.7% | 4.2% | -10.4% | -63.5% | -117.1% | -839.3% |
| Return on assets | -9.4% | 0.9% | -2.0% | -14.1% | -17.3% | -24.3% |
| Free cash flow yield | 49.0% | 55.2% | 42.0% | 25.0% | 8.3% | — |
| Revenue growth | 4.4% | 17.6% | 12.7% | 10.3% | 17.4% | 32.9% |
| Earnings growth | -1148.0% | -144.3% | -85.0% | -6.3% | 9.7% | -51.8% |
| Current ratio | 0.64x | 0.97x | 1.57x | 1.99x | 2.39x | 1.25x |
| Debt to equity | 5.18x | 2.76x | 3.09x | 2.51x | 4.48x | 21.55x |
| Equity ratio | 11.6% | 20.1% | 18.8% | 22.3% | 14.8% | 2.9% |
| Interest coverage | -12.65x | 2.40x | -1.76x | -16.33x | -25.01x | -33.25x |
| Buybacks as a share of market value | 0.0% | -0.4% | 0.0% | -1.3% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.4% | 12.4% | — |
| Operating income | -11.1% | — | — |
| Net income | -11.4% | -6.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 46.4% | 46.7% | 47.5% | — |
| Operating margin | -1.9% | -3.1% | -2.4% | — |
| Net margin | -2.2% | -3.5% | -5.6% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Price to earnings | -7.2 | 86.9 | -76.6 | -9.1 | -11.8 |
| Price to sales | 0.3 | 0.4 | 1.0 | 0.9 | 1.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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