Financial highlights
| Consolidated | 53rd(12/2021) | 54th(12/2022) | 55th(12/2023) | 56th(12/2024) | 57th(12/2025) |
|---|---|---|---|---|---|
| Sales(Million yen) | 15,038 | 16,329 | 14,020 | 18,234 | 20,947 |
| Operating income(Million yen) | 3,939 | 4,004 | 2,492 | 4,562 | 5,748 |
| Ordinary income(Million yen) | 4,104 | 4,246 | 2,683 | 4,682 | 6,051 |
| Net income(Million yen) | 2,949 | 3,064 | 2,304 | 2,291 | 5,028 |
| Earning per share(yen) | 155.28 | 161.22 | 122.29 | 122.38 | 272.14 |
| Net assets(Million yen) | 20,929 | 23,325 | 24,777 | 26,897 | 30,472 |
| Net assets per share(yen) | 1,101.30 | 1,226.98 | 1,323.24 | 1,436.45 | 1,668.73 |
Consolidated investment value index
Major figures
| 53rd(12/2021) | 54th(12/2022) | 55th(12/2023) | 56th(12/2024) | 57th(12/2025) | |
|---|---|---|---|---|---|
| Sales(Million yen) | 15,038 | 16,329 | 14,020 | 18,234 | 20,947 |
| Sales cost(Million yen) | 5,715 | 6,525 | 5,703 | 7,132 | 7,970 |
| Gross profit(Million yen) | 9,323 | 9,803 | 8,316 | 11,101 | 12,977 |
| Selling, general and administrative expenses(Million yen) | 5,383 | 5,799 | 5,824 | 6,539 | 7,229 |
| Operating income (loss)(Million yen) | 3,939 | 4,004 | 2,492 | 4,562 | 5,748 |
| Ordinary income (loss)(Million yen) | 4,104 | 4,246 | 2,683 | 4,682 | 6,051 |
| Net income (loss)(Million yen) | 2,949 | 3,064 | 2,304 | 2,291 | 5,028 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA)*1(Million yen) | 4,839 | 4,989 | 3,993 | 5,487 | 7,302 |
| Capital(Million yen) | 594 | 594 | 594 | 594 | 594 |
| Total number of issued shares(Thousand shares) | 20,071 | 20,071 | 20,071 | 20,071 | 19,571 |
| Net assets(Million yen) | 20,929 | 23,325 | 24,777 | 26,897 | 30,472 |
| Total assets(Million yen) | 25,305 | 27,499 | 28,665 | 33,039 | 36,424 |
| Interest-bearing debt (including discounted notes)(Million yen) | 0 | 0 | 0 | 0 | 0 |
| Number of employees (consolidated)(Persons) | 413 | 438 | 454 | 480 | 508 |
- EBITDA = Earnings before interest, taxes, depreciation and amortization.
Cash Flow
| 53rd(12/2021) | 54th(12/2022) | 55th(12/2023) | 56th(12/2024) | 57th(12/2025) | |
|---|---|---|---|---|---|
| CF from operating activities(Million yen) | 3,013 | 3,810 | 1,941 | 4,200 | 3,979 |
| CF from investment activities(Million yen) | -1,117 | -939 | -1,397 | 51 | -3,394 |
| CF from financial activities(Million yen) | -916 | -800 | -1,773 | -873 | -2,252 |
| Cash and cash equivalents at the end of year(Million yen) | 5,620 | 7,776 | 6,690 | 10,254 | 8,749 |
Profitability
| 53rd(12/2021) | 54th(12/2022) | 55th(12/2023) | 56th(12/2024) | 57th(12/2025) | |
|---|---|---|---|---|---|
| Gross income to sales ratio(%) | 62.0 | 60.0 | 59.3 | 60.9 | 62.0 |
| Operating income to sales ratio(%) | 26.2 | 24.5 | 17.8 | 25.0 | 27.4 |
| Ordinary income to sales ratio(%) | 27.3 | 26.0 | 19.1 | 25.7 | 28.9 |
| Net income to sales ratio(%) | 19.6 | 18.8 | 16.4 | 12.6 | 24.0 |
| Business income to total assets ratio(%) | 17.0 | 15.3 | 9.1 | 15.0 | 16.7 |
| Ordinary income to total assets ratio (ROA)*2 (%) | 17.5 | 16.1 | 9.6 | 15.2 | 17.4 |
| Net income to equity ratio (ROE)(%) | 15.4 | 13.8 | 9.6 | 8.9 | 17.5 |
| Return On Invested Capital (ROIC)*3(%) | 13.4 | 12.2 | 6.4 | 8.1 | 14.1 |
- Ordinary income to total assets ratio = Business income (operating income + interest received + discounts, dividends) ÷ Average total assets at the beginning and the end of the year
- Return On Invested Capital = (Operating income - Tax) / (Net assets at the end of the period + Interest-bearing debt)
Stability
| 53rd(12/2021) | 54th(12/2022) | 55th(12/2023) | 56th(12/2024) | 57th(12/2025) | |
|---|---|---|---|---|---|
| Own capital ratio(%) | 82.7 | 84.8 | 86.4 | 81.4 | 83.7 |
| Current ratio(%) | 365.0 | 448.8 | 539.4 | 440.9 | 433.5 |
| Fixed ratio(%) | 54.8 | 49.4 | 53.2 | 49.7 | 53.7 |
| Debt ratio(%) | 20.9 | 17.9 | 15.7 | 22.8 | 19.5 |
| Debt-equity ratio*4(%) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
- Debt-equity ratio = Interest-bearing debt ÷ Own capital × 100
Growth Potential
| 53rd(12/2021) | 54th(12/2022) | 55th(12/2023) | 56th(12/2024) | 57th(12/2025) | |
|---|---|---|---|---|---|
| Sales increase rate(%) | 25.8 | 8.6 | -14.1 | 30.1 | 14.9 |
| Ordinary income increase rate(%) | 71.8 | 3.5 | -36.8 | 74.5 | 29.2 |
| Net income increase rate(%) | 84.8 | 3.9 | -24.8 | -0.6 | 119.4 |
Productivity
| 53rd(12/2021) | 54th(12/2022) | 55th(12/2023) | 56th(12/2024) | 57th(12/2025) | |
|---|---|---|---|---|---|
| Sales per employee(Thousand yen) | 36,412 | 37,281 | 30,881 | 37,988 | 41,235 |
| Gross margin per employee(Thousand yen) | 22,574 | 22,383 | 18,318 | 23,128 | 25,545 |
| Operating income per employee(Thousand yen) | 9,539 | 9,142 | 5,490 | 9,505 | 11,314 |
| Ordinary income per employee(Thousand yen) | 9,938 | 9,695 | 5,910 | 9,755 | 11,912 |
Per Share Data
| 53rd(12/2021) | 54th(12/2022) | 55th(12/2023) | 56th(12/2024) | 57th(12/2025) | |
|---|---|---|---|---|---|
| Net income per share (loss)(yen) | 155.28 | 161.22 | 122.29 | 122.38 | 272.14 |
| Net assets per share(yen) | 1,101.30 | 1,226.98 | 1,323.24 | 1,436.45 | 1,668.73 |
| Annual dividend(yen) | 35.00 | 45.00 | 45.00 | 45.00 | 96.00 |
Employee Data
| 53rd(12/2021) | 54th(12/2022) | 55th(12/2023) | 56th(12/2024) | 57th(12/2025) | |
|---|---|---|---|---|---|
| Number of employees (consolidated)(Persons) | 413 | 438 | 454 | 480 | 508 |
| Number of employees (non-consolidated)(Persons) | 237 | 253 | 263 | 277 | 292 |
| Average age (non-consolidated)(Years old) | 42.4 | 42.6 | 42.8 | 42.6 | 42.5 |
| Average service years (non-consolidated)(Years) | 12.8 | 12.7 | 12.9 | 12.6 | 12.5 |
Sales by Item
| 53rd(12/2021) | 54th(12/2022) | 55th(12/2023) | 56th(12/2024) | 57th(12/2025) | |
|---|---|---|---|---|---|
| Chemicals for electronic substrates and parts(Million yen) | 14,756 | 16,042 | 13,764 | 17,478 | 20,211 |
| Machines for electronic substrates(Million yen) | 167 | 170 | 112 | 579 | 312 |
| Materials for electronic substrates(Million yen) | 91 | 108 | 139 | 169 | 403 |
| Other(Million yen) | 22 | 8 | 3 | 7 | 19 |
Sales
| (Million yen) | 2021.12 | 2022.12 | 2023.12 | 2024.12 | 2025.12 |
|---|---|---|---|---|---|
| 1Q | 3,505 | 3,955 | 2,765 | 4,354 | 4,423 |
| 2Q | 3,519 | 4,172 | 3,432 | 4,527 | 4,963 |
| 3Q | 4,132 | 4,236 | 3,782 | 4,799 | 5,600 |
| 4Q | 3,881 | 3,965 | 4,038 | 4,552 | 5,959 |
Operating income
| (Million yen) | 2021.12 | 2022.12 | 2023.12 | 2024.12 | 2025.12 |
|---|---|---|---|---|---|
| 1Q | 973 | 1,051 | 168 | 1,053 | 1,093 |
| 2Q | 975 | 1,032 | 669 | 1,309 | 1,347 |
| 3Q | 1,202 | 1,034 | 833 | 1,286 | 1,806 |
| 4Q | 787 | 886 | 820 | 913 | 1,500 |
Ordinary income
| (Million yen) | 2021.12 | 2022.12 | 2023.12 | 2024.12 | 2025.12 |
|---|---|---|---|---|---|
| 1Q | 1,036 | 1,186 | 223 | 1,132 | 1,059 |
| 2Q | 986 | 1,187 | 779 | 1,508 | 1,434 |
| 3Q | 1,197 | 1,064 | 875 | 1,059 | 1,867 |
| 4Q | 884 | 808 | 804 | 982 | 1,689 |
Net income
| (Million yen) | 2021.12 | 2022.12 | 2023.12 | 2024.12 | 2025.12 |
|---|---|---|---|---|---|
| 1Q | 742 | 793 | 82 | 779 | 476 |
| 2Q | 724 | 867 | 994 | 1,111 | 1,417 |
| 3Q | 818 | 721 | 630 | 736 | 1,435 |
| 4Q | 664 | 681 | 597 | -335 | 1,699 |
Earning per share
| (yen) | 2021.12 | 2022.12 | 2023.12 | 2024.12 | 2025.12 |
|---|---|---|---|---|---|
| 1Q | 39.11 | 41.76 | 4.32 | 41.62 | 25.44 |
| 2Q | 38.14 | 45.64 | 52.57 | 59.34 | 76.14 |
| 3Q | 43.05 | 37.95 | 33.69 | 39.36 | 78.42 |
| 4Q | 34.98 | 35.87 | 31.93 | -17.94 | 93.07 |