# CyberAgent,Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第28期(2024/10/01－2025/09/30) (S100XZ2X)
> Page: https://vizora.meequs.com/en/company/cyberagent
> Retrieved: 2026-09-30T18:10:40.576Z

## Company

CyberAgent, founded in 1998, is a company in Internet Services & Apps listed on TSE Prime. It has 8,150 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CyberAgent,Inc. |
| Ticker | 4751 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4751.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区宇田川町40番1号 |
| Representative (per filing) | 代表取締役 会長 藤田 晋 |
| Founded | Mar 1998 |
| Share capital | ¥7.65B |
| Employees (consolidated) | 8,150 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | September |
| Website | www.cyberagent.co.jp (https://www.cyberagent.co.jp/) |
| Corporate number | 4011001034156 |
| EDINET | E05072 |
| Industries (Vizora) | Internet Services & Apps, Venture Capital, Games, Streaming, Advertising |

> Profile source: annual securities report (S100XZ2X, filed 2026-04-15). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.3 | 57 |
| Profitability | 69.2 | 86 |
| Cash conversion | 68.7 | 75 |
| Efficiency | 76.2 | 86 |

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)

- About 50% of CyberAgent's sales come from Internet advertisement business, with Media and IP and Game business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit +78.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥874B |  |
| Operating income | ¥71.7B | Margin 8.2% |
| Net income | ¥31.7B | Margin 3.6% |
| Free cash flow | — |  |
| Largest business | Internet advertisement business | of segment revenue 50.2% |
| Employees (consolidated) | 8,150 |  |
| EPS | ¥17.64 |  |
| Diluted EPS | ¥16.55 |  |
| Book value per share | ¥91.78 |  |
| Equity ratio | 32.3% |  |
| Shares outstanding | 506,779,600 |  |
| Treasury shares | 1,100 |  |
| Shareholders | 104,357 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 40.6% | Cash ÷ revenue 25.9% |
| Vs. industry median margin | +2.6 pp | Advertising |
| ROE | 20.5% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.5× net income
- FY2025, one segment accounts for 71% of positive segment profit
- FY2025, segment profit share differs by 46 points

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥478566000000 | ¥874030000000 | +82.6% |
| Operating income | ¥33880000000 | ¥71702000000 | +111.6% |
| Operating margin | 7.1% | 8.2% | +1.1 pp |
| Employees | 5,344 people | 8,150 people | +52.5% |
| Cash and equivalents | ¥102368000000 | ¥226151000000 | +120.9% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| メディア → 事業再編・廃止 | 10.8% |
| インターネット広告 → インターネット広告 | 50.2% |
| インターネット広告 → 事業再編・廃止 | 4.4% |
| ゲーム → ゲーム | 24.8% |
| ゲーム → 事業再編・廃止 | 9.0% |
| 投資育成 → 投資育成 | 0.2% |
| 投資育成 → 事業再編・廃止 | 0.7% |
| 新設・再編 → メディア＆IP | 24.8% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Internet advertisement business | 5 years | +11.8% | ¥438811000000 | 4.0% | 2 |
| Media and IP | — | — | ¥217164000000 | 3.4% | 2 |
| Game business | 5 years | +6.8% | ¥216391000000 | 27.8% | 2 |
| Investment development business | 5 years | -16.5% | ¥1663000000 | -91.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 874,030 | 100.0% | S100XZ2X |
| Cost of revenue | 609,978 | 69.8% | S100XZ2X |
| Gross profit | 264,051 | 30.2% | S100XZ2X |
| SG&A | 192,349 | 22.0% | S100XZ2X |
| Operating income | 71,702 | 8.2% | S100XZ2X |
| Ordinary income | 71,743 | 8.2% | S100XZ2X |
| Pretax income | 66,227 | 7.6% | S100XZ2X |
| Income tax | 24,263 | 2.8% | S100XZ2X |
| Net income | 41,964 | 4.8% | S100XZ2X |
| Net income attributable to owners | 31,667 | 3.6% | S100XZ2X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 22 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 30.2% → Operating margin 8.2% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.1%; Core profit growth: +78.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.68×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 801,236 | 874,030 | 72,794 | +9.1% |
| Gross profit | 218,764 | 264,051 | 45,287 | +20.7% |
| Operating income | 40,083 | 71,702 | 31,619 | +78.9% |
| Net income attributable to owners | 15,977 | 31,667 | 15,690 | +98.2% |
| Operating cash flow | 53,231 | 79,518 | 26,287 | +49.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 453,611 | 30,825 | 6.8% | 1,694 | 14,917 | -2,336 | S100KD7H |
| FY ending Sep 2020 | 478,566 | 33,880 | 7.1% | 6,608 | 37,028 | 22,994 | S100N0OD |
| FY ending Sep 2021 | 666,460 | 104,381 | 15.7% | 41,553 | 109,609 | 97,143 | S100PRZU |
| FY ending Sep 2022 | 710,575 | 69,114 | 9.7% | 24,219 | 17,946 | — | S100SFQ1 |
| FY ending Sep 2023 | 719,451 | 22,351 | 3.1% | 3,540 | 20,822 | — | S100VRC4 |
| FY ending Sep 2024 | 801,236 | 40,083 | 5.0% | 15,977 | 53,231 | — | S100XZ2X |
| FY ending Sep 2025 | 874,030 | 71,702 | 8.2% | 31,667 | 79,518 | — | S100XZ2X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107.2M |
| Operating income per employee (consolidated) | ¥8.8M |
| Net income per employee (consolidated) | ¥3.9M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,944 | 6,337 | 7,251 | 7,720 | 8,150 |
| Average salary (parent company) | ¥7.7M | ¥8.2M | ¥8.1M | ¥8.8M | ¥9.1M |
| Average age (parent company) | 34.1 years | 34.2 years | 33.3 years | 33.7 years | 33.8 years |
| Average tenure (parent company) | 6.3 years | 6.1 years | 5.9 years | 6.4 years | 6.5 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +9.1%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media and IP | 217,164 | 24.8% | 7,291 | 3.4% |
| Internet advertisement business | 438,811 | 50.2% | 17,602 | 4.0% |
| Game business | 216,391 | 24.8% | 60,063 | 27.8% |
| Investment development business | 1,663 | 0.2% | -1,515 | -91.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Media and IP | 24.8% | 8.6% | -16.3 | 3.4% |
| Internet advertisement business | 50.2% | 20.7% | -29.5 | 4.0% |
| Game business | 24.8% | 70.7% | 45.9 | 27.8% |
| Investment development business | 0.2% | — | — | -91.1% |

Loss-making segment (excluded from profit shares): Investment development business -1,515 JPY mn

Segment → industry: Media and IP → Internet Services & Apps / Investment development business → Venture Capital / Game business → Games / Media and IP → Streaming / Internet advertisement business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 79,518 | 9.1% | S100XZ2X |
| Investing cash flow | -30,825 | -3.5% | S100XZ2X |
| Financing cash flow | -33,860 | -3.9% | S100XZ2X |
| Dividends paid | 8,093 | 0.9% | S100XZ2X |
| Change in cash | 15,016 | 1.7% | S100XZ2X |
| Cash and equivalents | 226,151 | 25.9% | S100XZ2X |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 184,082 | 168,035 | 201,780 | 211,135 | 226,151 | S100SFQ1, S100VRC4, S100XZ2X |
| Total assets | 382,578 | 383,698 | 475,222 | 516,686 | 557,162 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Net assets | 194,145 | 221,245 | 228,450 | 250,504 | 275,681 | S100SFQ1, S100VRC4, S100XZ2X |
| Share capital | 7,203 | 7,239 | 7,369 | 7,440 | 7,654 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Trade receivables | 75,300 | — | — | — | — | S100PRZU |
| Inventories | 3,226 | 4,262 | 8,977 | 11,594 | 10,304 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Property, plant and equipment | 16,740 | 18,974 | 24,586 | 27,278 | 32,595 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Intangible assets excluding goodwill | 26,442 | 22,054 | 33,557 | 49,297 | 56,763 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Goodwill | 4,957 | 4,843 | 7,084 | 14,778 | 13,894 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Investment securities | 22,061 | 22,907 | 36,749 | 43,467 | 46,298 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Current assets | 301,650 | 293,850 | 347,980 | 358,632 | 390,215 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Current liabilities | 140,714 | 130,014 | 134,219 | 168,226 | 177,791 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Short-term borrowings | 1,037 | 2,380 | 3,142 | 600 | 600 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Long-term borrowings | 1,174 | 3,750 | 43,355 | 45,722 | 52,418 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Total liabilities | 188,433 | 160,783 | 246,772 | 266,181 | 281,481 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Non-controlling interests | 63,940 | 76,903 | 85,396 | 92,226 | 91,927 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Equity attributable to owners of parent | 119,128 | 138,079 | 133,572 | 142,439 | 166,285 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Retained earnings | 100,794 | 119,204 | 113,986 | 122,704 | 146,260 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |
| Treasury stock | -67 | -1 | -1 | -1 | -1 | S100PRZU, S100SFQ1, S100VRC4, S100XZ2X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100XZ2X |
| Inventories | 2% | S100XZ2X |
| Property, plant and equipment | 6% | S100XZ2X |
| Intangibles and goodwill | 13% | S100XZ2X |
| Investment securities | 8% | S100XZ2X |
| Other assets | 31% | S100XZ2X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100XZ2X |
| Equity | 49% | S100XZ2X |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 382,578 | 383,698 | 475,222 | 516,686 | 557,162 |
| Equity | 194,145 | 221,245 | 228,450 | 250,504 | 275,681 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 184,082 | 168,035 | 201,780 | 211,135 | 226,151 |

## 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) | 3.7% | S100XZ2X |
| Fixed assets ÷ total assets | 5.9% | S100XZ2X |
| Goodwill ÷ parent equity | 8.4% | S100XZ2X |

Goodwill over 4 years: 4,957 → 13,894 JPY; total investing cash flow: -169,395 JPY. This does not imply causation.

### 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) | 40.6% |
| Cash ÷ revenue | 25.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 110.9% |
| Cash vs. profit gap | 47,851 JPY mn (of net income 151.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 38.8% |

## 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 | 6.2% | 1.74× | 10.9% | 3.21× | 34.9% | S100PRZU |
| 2022 | 3.4% | 1.85× | 6.3% | 2.98× | 18.8% | S100SFQ1 |
| 2023 | 0.5% | 1.68× | 0.8% | 3.16× | 2.6% | S100VRC4 |
| 2024 | 2.0% | 1.62× | 3.2% | 3.59× | 11.6% | S100XZ2X |
| 2025 | 3.6% | 1.63× | 5.9% | 3.48× | 20.5% | S100XZ2X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤田 晋 | Major shareholder | 16.6% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 15.6% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.6% | 2025-09-30 |
| THE BANK OF NEW YORK MELLON 140051（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2025-09-30 |
| 株式会社嶋村吉洋映画企画 | Major shareholder | 1.7% | 2025-09-30 |
| GOVERNMENT OF NORWAY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2025-09-30 |
| JPモルガン証券株式会社 | Major shareholder | 1.5% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2025-09-30 |
| NORTHERN TRUST CO.(AVFC) RE NON TREATY CLIENTS ACCOUNT（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.3% | 2025-09-30 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2025-09-30 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Sep 2025 grew 9.1% to ¥874B, up from ¥801.2B.
- Profit grew much faster: operating income rose 78.9% from ¥40.1B to ¥71.7B, and net income attributable to owners rose 98.2% from ¥16B to ¥31.7B.
- Operating cash flow also increased 49.4% to ¥79.5B, from ¥53.2B.

### Drivers

- Media and IP kept growing on ABEMA and WINTICKET, and turned a profit for the first time since ABEMA launched.
- Several new games became big hits and overseas launches went well. Moving to external payment systems also helped game profits.
- Ad revenue still grew even though a large client left in the second half, but spending on new AI businesses cut the segment's profit.

### Risks

- Online advertising depends on the economy, so a downturn could hurt results.
- Slower growth in the media or game markets could weigh on performance.
- Tighter rules on digital platforms, personal data, or advertising claims could limit how the businesses operate.

Cited: Amended Annual Securities Report, 28th fiscal year (Oct 2024 - Sep 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Amended Annual Securities Report, 28th fiscal year (Oct 2024 - Sep 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第28期(2024/10/01－2025/09/30) | S100XZ2X | 2026-04-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XZ2X,, |
| 訂正有価証券報告書－第27期(2023/10/01－2024/09/30) | S100VRC4 | 2025-05-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VRC4,, |
| 有価証券報告書－第26期(2022/10/01－2023/09/30) | S100SFQ1 | 2023-12-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SFQ1,, |
| 有価証券報告書－第25期(令和3年10月1日－令和4年9月30日) | S100PRZU | 2022-12-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PRZU,, |
| 有価証券報告書－第24期(令和2年10月1日－令和3年9月30日) | S100N0OD | 2021-12-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N0OD,, |
| 有価証券報告書－第23期(令和1年10月1日－令和2年9月30日) | S100KD7H | 2020-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KD7H,, |

## 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).