S 
231
+0.43%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥6.01bn
FY2017FY2026
Net income
−¥32.5m
FY2017FY2026
Free cash flow
−¥45.2m
FY2017FY2026
Shareholders' equity
¥2.34bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥6.01bn | ¥6.06bn | ¥6.39bn | ¥7.02bn | ¥6.88bn | ¥6.84bn | ¥6.66bn | ¥7.10bn | ¥7.97bn | ¥8.79bn |
| Gross profit | ¥2.31bn | ¥2.13bn | ¥2.30bn | ¥2.61bn | ¥2.65bn | ¥2.67bn | ¥2.63bn | ¥2.66bn | ¥2.88bn | ¥3.27bn |
| Research and development | — | ¥26.4m | ¥22.4m | ¥18.8m | ¥23.0m | ¥18.8m | ¥24.6m | ¥22.1m | ¥25.3m | ¥28.3m |
| Operating income | ¥28.6m | ¥16.8m | ¥51.6m | ¥203.6m | ¥254.9m | ¥230.2m | ¥167.1m | −¥58.8m | −¥51.2m | −¥28.0m |
| Net income | −¥32.5m | −¥70.0m | −¥15.9m | ¥268.1m | ¥221.9m | ¥194.2m | ¥90.2m | −¥382.5m | −¥806.4m | −¥149.1m |
| Diluted earnings per share | -2.12 | -4.56 | -1.04 | 17.48 | 14.43 | 12.58 | 9.39 | -39.83 | -83.97 | -15.52 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥4.40bn | ¥5.21bn | ¥5.53bn | ¥5.71bn | ¥5.84bn | ¥5.86bn | ¥4.87bn | ¥6.11bn | ¥7.03bn | ¥8.41bn |
| Cash and short-term investments | ¥473.8m | ¥1.39bn | ¥1.69bn | ¥1.86bn | ¥2.06bn | ¥2.10bn | ¥593.7m | ¥679.6m | ¥818.0m | ¥791.4m |
| Total liabilities | ¥2.06bn | ¥2.78bn | ¥2.94bn | ¥3.08bn | ¥3.33bn | ¥3.55bn | ¥4.37bn | ¥5.70bn | ¥6.19bn | ¥6.72bn |
| Debt | ¥1.32bn | ¥2.07bn | ¥2.21bn | ¥2.41bn | ¥2.65bn | ¥2.76bn | ¥3.65bn | ¥4.90bn | ¥5.27bn | ¥5.45bn |
| Shareholders' equity | ¥2.34bn | ¥2.43bn | ¥2.60bn | ¥2.63bn | ¥2.51bn | ¥2.31bn | ¥497.9m | ¥407.5m | ¥840.4m | ¥1.69bn |
| Shares outstanding | 15m | 15m | 15m | 15m | 15m | 15m | 10m | 10m | 10m | 10m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥27.2m | ¥13.5m | ¥219.0m | ¥83.9m | ¥174.4m | ¥388.2m | ¥160.4m | −¥109.2m | −¥404.4m | ¥235.4m |
| Capital spending | −¥18.0m | −¥14.9m | −¥63.4m | −¥48.6m | −¥36.5m | −¥45.3m | −¥217.1m | −¥5.6m | −¥60.3m | −¥178.4m |
| Free cash flow | −¥45.2m | −¥1.4m | ¥155.6m | ¥35.2m | ¥137.8m | ¥342.8m | −¥56.8m | −¥114.7m | −¥464.7m | ¥56.9m |
| Dividends paid | −¥38.5m | −¥38.3m | −¥76.5m | −¥115.5m | — | — | −¥56,000 | −¥35,000 | −¥57.8m | −¥95.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.39bn | ¥1.36bn | ¥1.68bn | ¥1.44bn | ¥1.52bn | ¥1.48bn | ¥1.68bn | ¥1.42bn |
| Gross profit | ¥531.9m | ¥519.8m | ¥637.2m | ¥552.6m | ¥599.8m | ¥527.7m | ¥649.8m | ¥511.6m |
| Operating income | −¥18.2m | −¥61.9m | ¥43.1m | ¥10.1m | ¥37.2m | −¥3.4m | ¥84.0m | −¥54.3m |
| Net income | −¥26.0m | −¥90.5m | ¥36.9m | −¥5.9m | ¥27.1m | −¥454,000 | ¥55.1m | −¥103.1m |
| Diluted earnings per share | -1.69 | -5.90 | 2.41 | -0.39 | 1.77 | -0.03 | 3.59 | -6.72 |
| Cash from operations | — | — | — | ¥84.0m | — | ¥140.0m | — | — |
| Capital spending | — | — | — | −¥22.0m | — | −¥5.0m | — | — |
| Free cash flow | — | — | — | ¥62.0m | — | ¥135.0m | — | — |
| Total assets | ¥4.31bn | ¥4.40bn | ¥4.67bn | ¥4.58bn | ¥5.18bn | ¥5.21bn | ¥5.46bn | ¥5.31bn |
| Cash and short-term investments | ¥368.3m | ¥473.8m | ¥474.1m | ¥778.4m | ¥1.38bn | ¥1.39bn | ¥1.51bn | ¥1.39bn |
| Debt | ¥1.02bn | ¥1.14bn | ¥1.02bn | ¥1.09bn | ¥1.15bn | ¥1.79bn | ¥1.15bn | ¥1.74bn |
| Shareholders' equity | ¥2.28bn | ¥2.34bn | ¥2.43bn | ¥2.41bn | ¥2.42bn | ¥2.43bn | ¥2.47bn | ¥2.42bn |
Financial ratios
Data as of 21 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 38.4% | 35.1% | 36.0% | 37.1% | 38.5% | 39.1% | — |
| Operating margin | 0.5% | 0.3% | 0.8% | 2.9% | 3.7% | 3.4% | — |
| Net margin | -0.5% | -1.2% | -0.2% | 3.8% | 3.2% | 2.8% | — |
| Return on equity | -1.4% | -2.9% | -0.6% | 10.2% | 8.8% | 8.4% | — |
| Return on assets | -0.7% | -1.3% | -0.3% | 4.7% | 3.8% | 3.3% | — |
| Free cash flow yield | -0.8% | 0.4% | 6.1% | 2.3% | 4.8% | 10.7% | — |
| Revenue growth | -0.9% | -5.2% | -8.9% | 2.1% | 0.5% | 2.8% | — |
| Earnings growth | -53.6% | 340.2% | -105.9% | 20.8% | 14.2% | 115.3% | — |
| Current ratio | 0.62x | 0.97x | 1.09x | 0.91x | 1.10x | 1.04x | — |
| Debt to equity | 0.49x | 0.73x | 0.74x | 0.78x | 0.96x | 1.11x | — |
| Equity ratio | 53.3% | 46.7% | 46.9% | 46.1% | 43.0% | 39.4% | — |
| Interest coverage | 1.58x | 1.04x | 3.54x | 12.07x | 15.61x | 11.94x | — |
| R&D as a share of sales | — | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.3% | 0.4% | -60.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.0% | -2.6% | -3.8% |
| Operating income | -48.0% | -34.1% | -16.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 36.8% | 36.7% | 37.4% | 37.5% |
| Operating margin | 0.4% | 1.2% | 2.0% | 1.3% |
| Net margin | -0.8% | 0.6% | 1.4% | -0.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -108.7 | -55.3 | -223.9 | 15.1 | 15.9 | 17.4 | 29.5 | -5.3 | -1.5 | -23.4 |
| Price to sales | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | 0.4 | 0.3 | 0.2 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 5.00 | 5.00 | 5.00 | 7.50 | 6.00 | 10.00 | 8.00 | 7.50 |
- 1.05-for-1 split · 26 Mar 2008
- 1.1-for-1 split · 27 Mar 2007
- 1.1-for-1 split · 26 Mar 2004
- 1.1-for-1 split · 26 Mar 2003
- 1.1-for-1 split · 27 Mar 2001
- 1.05-for-1 split · 28 Mar 2000
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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