Improving Profitability And MarginsNet margin rising to ~10% and stronger gross margin, with operating margins in the ~12–14% range, indicate structurally improved profitability. That margin base supports resilience across project cycles, funds reinvestment, and provides buffer against cost shocks over the medium term.
Healthier Leverage ProfileA decline in debt-to-equity to ~0.30 from ~0.43 reflects a materially stronger capital structure. Lower leverage reduces interest burden and increases financial flexibility for capex, dividends or opportunistic investment, improving the firm's ability to endure project timing volatility.
Free Cash Flow Has ReboundedRebounding free cash flow (~¥326M) and FCF roughly 0.91x of net income in 2025 show the company can convert profits to discretionary cash. Persistent positive FCF supports longer-term dividend capacity, debt reduction or selective reinvestment even amid cyclical revenue swings.