Improved Free Cash FlowFree cash flow swung from a -¥799M deficit to +¥59.9M, with Operating Cash Flow covering net income (OCF/Net Income 1.16). This durable improvement shows better cash conversion and operational recovery, increasing capacity for capex, debt service, or reinvestment without reliance on external financing.
Consistent Revenue Growth And DiversificationRevenue has grown consistently (5.3% year-over-year and fundamentals showing ~7.9% growth), supported by sales into automotive, telecom and consumer electronics. This diversified end-market exposure supports stable top-line expansion and lowers single-industry concentration risk over the medium term.
Moderate Leverage And Solid Equity BaseA D/E of ~0.68 and a 51% equity ratio reflect moderate leverage and a strong equity cushion. This balance-sheet profile provides financial flexibility to fund R&D, capital expenditures or weather industry cycles, supporting durable operations and strategic investments without excessive refinancing risk.