# Cyber Security Cloud , Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2025/01/01－2025/12/31) (S100XTY6)
> Page: https://vizora.meequs.com/en/company/cyber-security-cloud
> Retrieved: 2026-09-30T21:30:09.456Z

## Company

Cyber Security Cloud, founded in 2010, is a company in Cybersecurity listed on TSE Growth. It has 164 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Cyber Security Cloud , Inc. |
| Ticker | 4493 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4493.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区上大崎三丁目1番1号 |
| Representative (per filing) | 代表取締役社長 兼 CEO 小池 敏弘 |
| Founded | Aug 2010 |
| Share capital | ¥1.02B |
| Employees (consolidated) | 164 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | December |
| Website | www.cscloud.co.jp (https://www.cscloud.co.jp/) |
| Corporate number | 9011001066277 |
| EDINET | E35354 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100XTY6, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 74.1 | 29 |
| Cash conversion | 31.5 | 27 |
| Efficiency | 70.7 | 29 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Cyber Security Cloud brought in ¥5.08B in revenue.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +31.8% from the prior year, operating profit +42.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.08B |  |
| Operating income | ¥1.1B | Margin 21.7% |
| Net income | ¥821.9M | Margin 16.2% |
| Free cash flow | — |  |
| Employees (consolidated) | 164 |  |
| EPS | ¥74.21 |  |
| Diluted EPS | ¥73.74 |  |
| Book value per share | ¥419.84 |  |
| Equity ratio | 75.6% |  |
| Shares outstanding | 10,390,644 |  |
| Treasury shares | 143,000 |  |
| Shareholders | 13,295 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 68.3% | Cash ÷ revenue 78.3% |
| Vs. industry median margin | +7.3 pp | Cybersecurity |
| ROE | 27.1% | Derived from disclosed figures |
| ROA | 18.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 68% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1817470000 | ¥5084678000 | — |
| Operating income | ¥297268000 | ¥1102708000 | — |
| Operating margin | 16.4% | 21.7% | +5.3 pp |
| Employees | 78 people | 164 people | — |
| Cash and equivalents | ¥1052180000 | ¥3983645000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,085 | 100.0% | S100XTY6 |
| Cost of revenue | 1,751 | 34.4% | S100XTY6 |
| Gross profit | 3,334 | 65.6% | S100XTY6 |
| SG&A | 2,231 | 43.9% | S100XTY6 |
| Operating income | 1,103 | 21.7% | S100XTY6 |
| Ordinary income | 1,092 | 21.5% | S100XTY6 |
| Pretax income | 1,131 | 22.2% | S100XTY6 |
| Income tax | 309 | 6.1% | S100XTY6 |
| Net income | 822 | 16.2% | S100XTY6 |
| Net income attributable to owners | 822 | 16.2% | S100XTY6 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 44 |
| Operating income | 22 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 65.6% → Operating margin 21.7% → Net margin 16.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +31.8%; Core profit growth: +42.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.34×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,858 | 5,085 | 1,227 | +31.8% |
| Gross profit | 2,521 | 3,334 | 813 | +32.3% |
| Operating income | 774 | 1,103 | 329 | +42.5% |
| Net income attributable to owners | 575 | 822 | 247 | +42.9% |
| Operating cash flow | 634 | 1,004 | 371 | +58.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 1,194 | 188 | 15.8% | 134 | 134 | 133 | S100NSYN |
| FY ending Dec 2021 | 1,817 | 297 | 16.4% | 170 | 382 | 375 | S100NSYN |
| FY ending Dec 2021 | 1,593 | 241 | 15.2% | 170 | 382 | — | S100QIY5 |
| FY ending Dec 2022 | 2,276 | 386 | 17.0% | 306 | 354 | 272 | S100QIY5 |
| FY ending Dec 2023 | 3,061 | 550 | 18.0% | 427 | 578 | 472 | S100VH95 |
| FY ending Dec 2024 | 3,858 | 774 | 20.1% | 575 | 634 | 590 | S100XTY6 |
| FY ending Dec 2025 | 5,085 | 1,103 | 21.7% | 822 | 1,004 | — | S100XTY6 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 68 | 85 | 112 | 136 | 164 |
| Average salary (parent company) | — | ¥7.4M | ¥7.6M | ¥8M | ¥8.1M |
| Average age (parent company) | — | 37.3 years | 37.5 years | 36.7 years | 37.6 years |
| Average tenure (parent company) | — | 2.0 years | 2.4 years | 2.4 years | 2.5 years |

Year over year: Employees (consolidated) +20.6% · Revenue (consolidated) +31.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,004 | 19.7% | S100XTY6 |
| Investing cash flow | -426 | -8.4% | S100XTY6 |
| Financing cash flow | 1,708 | 33.6% | S100XTY6 |
| Dividends paid | 27 | 0.5% | S100XTY6 |
| Change in cash | 2,316 | 45.6% | S100XTY6 |
| Cash and equivalents | 3,984 | 78.3% | S100XTY6 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 797 | 1,330 | 1,755 | 1,667 | 3,984 | S100QIY5, S100XTY6 |
| Total assets | 1,582 | 2,157 | 2,781 | 3,016 | 5,833 | S100QIY5, S100VH95, S100XTY6 |
| Net assets | 938 | 1,309 | 1,823 | 1,706 | 4,422 | S100QIY5, S100XTY6 |
| Share capital | 389 | 416 | 444 | 100 | 1,023 | S100QIY5, S100VH95, S100XTY6 |
| Property, plant and equipment | 3 | 57 | 52 | 75 | 57 | S100QIY5, S100VH95, S100XTY6 |
| Intangible assets excluding goodwill | 5 | 287 | 350 | 398 | 709 | S100QIY5, S100VH95, S100XTY6 |
| Goodwill | — | 203 | 177 | 222 | 441 | S100QIY5, S100VH95, S100XTY6 |
| Current assets | 985 | 1,621 | 2,147 | 2,212 | 4,681 | S100QIY5, S100VH95, S100XTY6 |
| Current liabilities | 440 | 664 | 867 | 1,020 | 1,213 | S100QIY5, S100VH95, S100XTY6 |
| Long-term borrowings | 204 | 184 | 92 | 276 | 178 | S100QIY5, S100VH95, S100XTY6 |
| Total liabilities | 644 | 848 | 959 | 1,310 | 1,412 | S100QIY5, S100VH95, S100XTY6 |
| Equity attributable to owners of parent | 936 | 1,296 | 1,794 | 1,663 | 4,402 | S100QIY5, S100VH95, S100XTY6 |
| Retained earnings | 167 | 474 | 915 | 1,491 | 2,285 | S100QIY5, S100VH95, S100XTY6 |
| Treasury stock | — | — | -0 | -668 | -380 | S100VH95, S100XTY6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 68% | S100XTY6 |
| Property, plant and equipment | 1% | S100XTY6 |
| Intangibles and goodwill | 20% | S100XTY6 |
| Other assets | 11% | S100XTY6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100XTY6 |
| Equity | 76% | S100XTY6 |
| Other liabilities | 0% | S100XTY6 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,582 | 2,157 | 2,781 | 3,016 | 5,833 |
| Equity | 938 | 1,309 | 1,823 | 1,706 | 4,422 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 797 | 1,330 | 1,755 | 1,667 | 3,984 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 1.1% | S100XTY6 |
| Fixed assets ÷ total assets | 1.0% | S100XTY6 |
| Goodwill ÷ parent equity | 10.0% | S100XTY6 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 68.3% |
| Cash ÷ revenue | 78.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.1% |
| Cash vs. profit gap | 182 JPY mn (of net income 22.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 3.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 42.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 10.7% | 1.01× | 10.7% | 1.69× | 18.1% | S100QIY5 |
| 2022 | 13.5% | 1.22× | 16.4% | 1.68× | 27.5% | S100QIY5 |
| 2023 | 14.0% | 1.10× | 15.4% | 1.55× | 23.8% | S100VH95 |
| 2024 | 14.9% | 1.33× | 19.8% | 1.68× | 33.3% | S100XTY6 |
| 2025 | 16.2% | 1.15× | 18.6% | 1.46× | 27.1% | S100XTY6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| JICVGIオポチュニティファンド１号 投資事業有限責任組合 | Major shareholder | 9.2% | 2025-12-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 5.7% | 2025-12-31 |
| GMOインターネットグループ株式会社 | Major shareholder | 4.9% | 2025-12-31 |
| GMCM VENTURE CAPITAL PARTNERS I INC （常任代理人 濱崎 一真） | Major shareholder | 3.1% | 2025-12-31 |
| セントラル短資株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| CACEIS BANK/QUINTET LUXEMBOURG SUB AC / UCITS CUSTOMERS ACCOUNT （常任代理人 香港上海銀行） | Major shareholder | 2.2% | 2025-12-31 |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 2.1% | 2025-12-31 |
| THE BANK OF NEW YORK 133595 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.5% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| 小池 敏弘 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/01/01－2025/12/31) | S100XTY6 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTY6,, |
| 有価証券報告書－第15期(2024/01/01－2024/12/31) | S100VH95 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH95,, |
| 有価証券報告書－第14期(2023/01/01－2023/12/31) | S100T5DN | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5DN,, |
| 有価証券報告書－第13期(2022/01/01－2022/12/31) | S100QIY5 | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIY5,, |
| 有価証券報告書－第12期(令和3年1月1日－令和3年12月31日) | S100NSYN | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSYN,, |
| 有価証券報告書－第11期(令和2年1月1日－令和2年12月31日) | S100L30D | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L30D,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).