S 
265
-1.12%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥5.76bn
FY2017FY2026
Net income
−¥1.10bn
FY2017FY2026
Free cash flow
−¥210.6m
FY2017FY2026
Shareholders' equity
¥89.5m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥5.76bn | ¥7.49bn | ¥8.48bn | ¥7.04bn | ¥7.73bn | ¥6.77bn | ¥6.62bn | ¥7.52bn | ¥8.39bn | ¥8.97bn |
| Gross profit | ¥1.37bn | ¥2.17bn | ¥2.71bn | ¥2.30bn | ¥1.97bn | ¥1.73bn | ¥1.37bn | ¥1.80bn | ¥2.08bn | ¥1.48bn |
| Operating income | −¥707.9m | −¥276.8m | ¥147.1m | ¥93.6m | ¥316.8m | ¥180.9m | −¥530.5m | −¥136.5m | ¥92.7m | −¥868.2m |
| Net income | −¥1.10bn | −¥545.4m | ¥36.6m | −¥46.4m | ¥485.6m | ¥117.4m | −¥578.4m | −¥186.9m | ¥50.8m | −¥1.61bn |
| Diluted earnings per share | -345.11 | -172.39 | 17.99 | -17.90 | 238.40 | 57.87 | -287.68 | -108.84 | 30.50 | -1,009.14 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥4.43bn | ¥4.77bn | ¥5.35bn | ¥4.95bn | ¥4.27bn | ¥3.60bn | ¥2.90bn | ¥3.18bn | ¥3.70bn | ¥4.24bn |
| Cash and short-term investments | ¥1.02bn | ¥504.2m | ¥409.3m | ¥593.2m | ¥724.5m | ¥483.8m | ¥567.5m | ¥123.7m | ¥735.5m | ¥989.4m |
| Total liabilities | ¥4.34bn | ¥4.54bn | ¥4.56bn | ¥4.08bn | ¥3.25bn | ¥3.09bn | ¥2.64bn | ¥2.37bn | ¥2.71bn | ¥3.50bn |
| Debt | ¥2.96bn | ¥3.11bn | ¥2.76bn | ¥2.83bn | ¥1.82bn | ¥1.45bn | ¥1.42bn | ¥1.47bn | ¥1.64bn | ¥2.20bn |
| Shareholders' equity | ¥89.5m | ¥233.4m | ¥786.2m | ¥870.6m | ¥1.03bn | ¥510.2m | ¥257.4m | ¥805.1m | ¥987.5m | ¥735.9m |
| Shares outstanding | 3m | 3m | 2m | 3m | 2m | 2m | 2m | 2m | 2m | 2m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥155.1m | −¥107.4m | ¥8.4m | −¥842.8m | −¥375.0m | −¥183.2m | ¥529.7m | −¥380.3m | −¥223.4m | ¥499.1m |
| Capital spending | −¥55.5m | −¥217.3m | −¥53.9m | −¥67.9m | −¥78.8m | −¥2.8m | −¥61.7m | −¥50.0m | −¥34.0m | −¥59.4m |
| Free cash flow | −¥210.6m | −¥324.8m | −¥45.5m | −¥910.7m | −¥453.7m | −¥186.1m | ¥468.0m | −¥430.2m | −¥257.4m | ¥439.7m |
| Dividends paid | −¥1.0m | −¥30.4m | −¥20.3m | −¥100.7m | −¥100.0m | — | — | — | −¥142,000 | −¥245,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.19bn | ¥1.29bn | ¥1.63bn | ¥1.47bn | ¥1.37bn | ¥7.49bn | ¥1.72bn | ¥2.00bn |
| Gross profit | ¥289.2m | ¥251.2m | ¥397.9m | ¥381.9m | ¥377.9m | ¥2.25bn | ¥533.8m | ¥641.8m |
| Operating income | −¥191.9m | −¥382.2m | −¥81.6m | −¥123.3m | −¥120.8m | −¥276.8m | −¥81.7m | ¥936,000 |
| Net income | −¥210.6m | −¥689.7m | −¥113.9m | −¥150.7m | −¥142.8m | −¥545.4m | −¥108.8m | −¥29.9m |
| Diluted earnings per share | -66.25 | -216.94 | -38.27 | -53.13 | -70.04 | -267.74 | -53.39 | -14.68 |
| Cash from operations | — | — | — | −¥257.0m | — | — | — | — |
| Capital spending | — | — | — | −¥35.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥292.0m | — | — | — | — |
| Total assets | ¥4.01bn | ¥4.43bn | ¥5.15bn | ¥5.10bn | ¥4.75bn | ¥4.77bn | ¥5.82bn | ¥5.79bn |
| Cash and short-term investments | ¥699.9m | ¥1.02bn | ¥907.7m | ¥953.1m | ¥468.6m | ¥504.2m | ¥304.2m | ¥559.7m |
| Debt | ¥2.64bn | ¥2.96bn | ¥2.83bn | ¥2.88bn | ¥2.92bn | ¥2.95bn | ¥3.14bn | ¥3.26bn |
| Shareholders' equity | −¥113.9m | ¥89.5m | ¥769.0m | ¥744.0m | ¥205.2m | ¥233.4m | ¥705.0m | ¥798.1m |
Financial ratios
Data as of 2 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 24.7% | 29.0% | 32.0% | 32.7% | 25.5% | 25.5% |
| Operating margin | -17.8% | -5.8% | 1.3% | 1.3% | 6.3% | 2.7% |
| Net margin | -19.8% | -7.3% | 0.4% | -0.7% | 6.3% | 1.7% |
| Return on equity | -2528.4% | -233.7% | 4.7% | -5.3% | 47.3% | 23.0% |
| Return on assets | -26.0% | -11.4% | 0.7% | -0.9% | 11.4% | 3.3% |
| Free cash flow yield | -9.8% | 10.8% | 9.5% | -93.1% | -45.3% | -27.7% |
| Revenue growth | -23.2% | -11.6% | 20.5% | -9.0% | 14.1% | 2.3% |
| Earnings growth | 109.2% | -1588.2% | -179.0% | -109.6% | 313.7% | -120.3% |
| Current ratio | 0.94x | 0.99x | 1.06x | 1.11x | 1.09x | 0.97x |
| Debt to equity | 65.56x | 13.29x | 3.43x | 3.23x | 1.77x | 2.82x |
| Equity ratio | 1.0% | 4.9% | 14.7% | 17.6% | 24.0% | 14.2% |
| Interest coverage | -17.43x | -7.48x | 2.37x | 1.93x | 11.84x | 5.14x |
| Buybacks as a share of market value | -0.5% | -55.3% | 21.4% | -27.2% | -0.4% | -0.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.5% | -3.2% | -5.2% |
| Operating income | — | — | 10.2% |
| Net income | 187.1% | — | 9.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 26.7% | 29.7% | 28.3% | 25.0% |
| Operating margin | -7.4% | -2.6% | -0.6% | -2.3% |
| Net margin | -12.4% | -5.7% | -2.4% | -4.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.8 | -2.7 | 38.7 | -35.2 | 3.1 | 15.8 | -4.1 | -6.1 | 14.4 | -1.0 |
| Price to sales | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.4 | 0.1 | 0.1 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 18 Mar 2025.
| FY2025 | FY2024 | FY2023 | FY2015 | FY2014 | FY2012 | FY2011 | FY2005 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 15.00 | 10.00 | 40.00 | 10.00 | 10.00 | 10.00 | 10.00 | 60.00 |
- 10-to-1 reverse split · 18 Sept 2018
- 11-for-10 split · 15 Feb 1991
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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