A 
249
-0.40%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥17.55bn
FY2016FY2025
Net income
−¥2.59bn
FY2016FY2025
Free cash flow
¥115.7m
FY2016FY2025
Shareholders' equity
¥8.39bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥17.55bn | ¥18.23bn | ¥17.83bn | ¥16.32bn | ¥13.86bn | ¥12.95bn | ¥14.56bn | ¥16.20bn | ¥15.17bn | ¥13.78bn |
| Gross profit | ¥3.29bn | ¥3.21bn | ¥3.14bn | ¥3.56bn | ¥3.49bn | ¥3.35bn | ¥3.49bn | ¥3.63bn | ¥3.52bn | ¥3.03bn |
| Operating income | −¥108.7m | −¥148.3m | −¥276.0m | ¥440.8m | ¥607.0m | ¥649.3m | ¥610.2m | ¥700.4m | ¥634.6m | ¥366.4m |
| Net income | −¥2.59bn | −¥98.8m | −¥1.03bn | ¥402.8m | ¥542.0m | ¥595.4m | ¥509.2m | ¥583.2m | ¥654.2m | ¥65.0m |
| Diluted earnings per share | -188.44 | -7.18 | -74.52 | 29.35 | 36.49 | 38.51 | 30.65 | 34.02 | 38.16 | 3.79 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥14.92bn | ¥19.51bn | ¥21.61bn | ¥20.98bn | ¥19.66bn | ¥16.28bn | ¥14.04bn | ¥15.20bn | ¥16.25bn | ¥14.69bn |
| Cash and short-term investments | ¥3.61bn | ¥4.12bn | ¥3.16bn | ¥4.14bn | ¥4.24bn | ¥3.87bn | ¥3.50bn | ¥2.82bn | ¥4.06bn | ¥2.99bn |
| Total liabilities | ¥6.45bn | ¥8.35bn | ¥9.79bn | ¥8.11bn | ¥8.07bn | ¥5.65bn | ¥3.88bn | ¥4.85bn | ¥6.26bn | ¥6.00bn |
| Debt | ¥4.03bn | ¥4.67bn | ¥5.69bn | ¥3.11bn | ¥2.54bn | ¥1.00bn | ¥1.02bn | ¥1.65bn | ¥2.73bn | ¥2.88bn |
| Shareholders' equity | ¥8.39bn | ¥11.38bn | ¥11.67bn | ¥12.73bn | ¥11.31bn | ¥10.34bn | ¥9.97bn | ¥10.13bn | ¥9.78bn | ¥8.54bn |
| Shares outstanding | 14m | 14m | 14m | 14m | 15m | 15m | 17m | 17m | 17m | 17m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥569.6m | ¥454.6m | −¥937.9m | ¥525.1m | ¥1.13bn | ¥1.28bn | ¥1.87bn | ¥237.5m | ¥1.24bn | ¥811.4m |
| Capital spending | −¥453.9m | −¥689.2m | −¥1.66bn | −¥991.5m | −¥1.95bn | −¥628.9m | −¥329.2m | −¥299.1m | −¥625.1m | −¥366.4m |
| Free cash flow | ¥115.7m | −¥234.6m | −¥2.60bn | −¥466.5m | −¥817.9m | ¥653.0m | ¥1.54bn | −¥61.6m | ¥619.0m | ¥445.1m |
| Dividends paid | −¥96.6m | −¥95.8m | −¥136.6m | −¥44.4m | −¥46.3m | −¥49.7m | −¥68.5m | −¥51.8m | −¥51.6m | −¥51.4m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.12bn | ¥4.33bn | ¥3.45bn | ¥5.24bn | ¥4.19bn | ¥3.25bn | ¥4.87bn | ¥4.34bn |
| Gross profit | ¥1.01bn | ¥1.16bn | ¥810.1m | ¥1.02bn | ¥790.7m | ¥541.8m | ¥938.9m | ¥862.5m |
| Operating income | ¥206.7m | ¥353.2m | ¥26.1m | ¥129.7m | −¥5.2m | −¥237.5m | ¥138.0m | ¥43.2m |
| Net income | ¥92.3m | ¥320.2m | −¥18.9m | −¥2.71bn | ¥61.8m | ¥15.6m | ¥37.3m | −¥529.7m |
| Diluted earnings per share | 6.70 | 23.25 | -1.37 | -196.76 | 4.49 | 1.13 | 2.71 | -38.47 |
| Cash from operations | — | — | — | ¥625.0m | — | — | — | — |
| Capital spending | — | — | — | −¥509.0m | — | — | — | — |
| Free cash flow | — | — | — | ¥116.0m | — | — | — | — |
| Total assets | ¥15.94bn | ¥15.94bn | ¥15.55bn | ¥14.92bn | ¥18.11bn | ¥18.60bn | ¥19.13bn | ¥19.51bn |
| Cash and short-term investments | ¥4.78bn | ¥5.13bn | ¥3.97bn | ¥3.61bn | ¥4.14bn | ¥4.70bn | ¥4.08bn | ¥4.12bn |
| Debt | ¥2.95bn | ¥2.91bn | ¥3.02bn | ¥3.54bn | ¥3.05bn | ¥3.87bn | ¥3.47bn | ¥3.36bn |
| Shareholders' equity | ¥9.39bn | ¥9.10bn | ¥8.65bn | ¥8.39bn | ¥11.21bn | ¥11.24bn | ¥11.70bn | ¥11.38bn |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2013 | FY2012 | FY2011 | FY2010 | FY2004 | FY2003 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 18.7% | 17.6% | 17.6% | 21.8% | 25.2% | 25.9% | — | — | — | — | — | — |
| Operating margin | -10.1% | -0.5% | -5.5% | 3.5% | 4.9% | 5.0% | — | — | — | — | — | — |
| Net margin | -14.8% | -0.5% | -5.8% | 2.5% | 3.9% | 4.6% | — | — | — | — | — | — |
| Return on equity | -30.9% | -0.9% | -8.8% | 3.2% | 4.8% | 5.8% | — | — | — | — | — | — |
| Return on assets | -17.4% | -0.5% | -4.7% | 1.9% | 2.8% | 3.7% | — | — | — | — | — | — |
| Free cash flow yield | 27.5% | 30.8% | 19.5% | 40.9% | 76.9% | 45.8% | — | — | — | — | — | — |
| Revenue growth | -3.7% | 2.2% | 9.3% | 17.7% | 7.1% | -11.1% | — | — | — | — | — | — |
| Earnings growth | 2525.6% | -90.4% | -354.8% | -25.7% | -9.0% | 16.9% | — | — | — | — | — | — |
| Current ratio | 1.97x | 1.77x | 1.57x | 1.93x | 1.80x | 2.21x | — | — | — | — | — | — |
| Debt to equity | 0.42x | 0.35x | 0.45x | 0.21x | 0.21x | 0.08x | — | — | — | — | — | — |
| Equity ratio | 56.3% | 58.3% | 54.0% | 60.6% | 57.5% | 63.5% | — | — | — | — | — | — |
| Interest coverage | -11.37x | -0.61x | -11.23x | 7.84x | 16.48x | 18.80x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% | 0.1% | 0.4% | 0.4% | 0.0% | 0.1% |
| Buybacks as a share of market value | 0.0% | 0.0% | -0.3% | 7.6% | 3.9% | 6.9% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.5% | 6.3% | 1.1% |
| Net income | — | — | 10.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 18.1% | 18.9% | 20.7% | 21.3% |
| Operating margin | -0.7% | -0.1% | 1.2% | 2.1% |
| Net margin | -7.5% | -4.7% | -2.3% | -0.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.5 | -29.4 | -3.1 | 10.4 | 7.5 | 7.7 | 7.6 | 6.4 | 9.9 | 55.2 |
| Price to sales | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.4 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 19 years. Last went ex-dividend on 27 Nov 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 14.00 | 7.00 | 10.00 | 3.00 | 3.00 | 3.00 | 4.00 | 3.00 |
- 1.2-for-1 split · 25 Nov 1999
- 1.2-for-1 split · 26 Nov 1996
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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