# CYBERDYNE Inc.: business model and financials

> Latest period: FY ending Mar 2024, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/04/01－2026/03/31) (S100YIAC), 有価証券報告書－第21期(2024/04/01－2025/03/31) (S100W3SR), 有価証券報告書－第20期(2023/04/01－2024/03/31) (S100TQLO)
> Page: https://vizora.meequs.com/en/company/cyberdyne
> Retrieved: 2026-09-30T21:02:24.402Z

## Company

Cyberdyne, founded in 2004, is a company in Medical Devices listed on TSE Growth. It has 227 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CYBERDYNE,INC. |
| Ticker | 7779 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7779.T) |
| Listing | TSE Growth |
| Head office | 茨城県つくば市学園南二丁目2番地1 |
| Representative (per filing) | 代表取締役社長 山海 嘉之 |
| Founded | Jun 2004 |
| Share capital | ¥10M |
| Employees (consolidated) | 227 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.cyberdyne.jp (https://www.cyberdyne.jp/) |
| Corporate number | 8050001016537 |
| EDINET | E30118 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YIAC, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2024-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.4 | 38 |
| Profitability | 1.3 | 39 |
| Efficiency | 1.3 | 39 |

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)

- Cyberdyne brought in ¥4.35B in revenue.
- It lost about ¥46 for every ¥100 of sales at the operating level.
- Revenue changed +32.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.35B |  |
| Operating income | -¥2.02B | Margin -46.3% |
| Net income | -¥1.48B | Margin -33.9% |
| Free cash flow | -¥1.07B |  |
| Employees (consolidated) | 227 |  |
| EPS | ¥-6.99 |  |
| Diluted EPS | ¥-6.99 |  |
| Book value per share | ¥184.03 |  |
| Equity ratio | 81.5% | Derived from disclosed figures |
| Shares outstanding | 137,445,809 |  |
| Treasury shares | 4,014,500 |  |
| Shareholders | 70,941 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 10.3% | Cash ÷ revenue 118.4% |
| Vs. industry median margin | -57.4 pp | Medical Devices |
| ROA | -2.9% | Derived from disclosed figures |

## Notable figures

- FY2024, revenue is 2.4× its level five years ago
- FY2024, operating loss is 46 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2019 | FY ending Mar 2024 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1709000000 | ¥4354000000 | +154.8% |
| Employees | 84 people | 227 people | +170.2% |
| Cash and equivalents | ¥8796000000 | ¥5155000000 | -41.4% |

### Change in segment revenue mix

Span: FY ending Mar 2019 → FY ending Mar 2024. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,354 | 100.0% | S100W3SR |
| Cost of revenue | 1,961 | 45.0% | S100W3SR |
| Gross profit | 2,393 | 55.0% | S100W3SR |
| SG&A | 4,129 | 94.8% | S100W3SR |
| Operating income | -2,018 | -46.3% | S100W3SR |
| Pretax income | -1,141 | -26.2% | S100W3SR |
| Income tax | 507 | 11.6% | S100W3SR |
| Net income | -1,648 | -37.9% | S100W3SR |
| Net income attributable to owners | -1,476 | -33.9% | S100W3SR |

## Per ¥100 of revenue（FY ending Mar 2024）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 95 |
| Other operating | 6 |
| Operating income | -46 |
| (Ref.) Net income | -34 |

### Margin funnel

Gross margin 55.0% → Operating margin -46.3% → Net margin -33.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2023 → FY ending Mar 2024、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,289 | 4,354 | 1,065 | +32.4% |
| Gross profit | 1,791 | 2,393 | 602 | +33.6% |
| Operating income | -1,145 | -2,018 | -873 | — |
| Net income attributable to owners | -298 | -1,476 | -1,178 | — |
| Operating cash flow | -143 | -850 | -707 | — |
| Free cash flow | -652 | -1,074 | -422 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,660 | — | — | -676 | 575 | — | S100LR7A |
| FY ending Mar 2018 | 1,728 | — | — | -673 | -53 | — | S100OMMW |
| FY ending Mar 2019 | 1,709 | — | — | -632 | -775 | — | S100RANA |
| FY ending Mar 2020 | 1,792 | -1,039 | -58.0% | -152 | -215 | -620 | S100LR7A |
| FY ending Mar 2021 | 1,875 | -700 | -37.3% | -59 | -775 | -1,850 | S100OMMW |
| FY ending Mar 2022 | 2,150 | -878 | -40.8% | -498 | -564 | -2,340 | S100RANA |
| FY ending Mar 2023 | 3,289 | -1,145 | -34.8% | -298 | -143 | -652 | S100TQLO |
| FY ending Mar 2024 | 4,354 | -2,018 | -46.3% | -1,476 | -850 | -1,074 | S100W3SR |

## People and productivity（FY ending Mar 2024, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.2M |
| Operating income per employee (consolidated) | -¥8.9M |
| Net income per employee (consolidated) | -¥6.5M |

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

| History | FY ending Mar 2020 | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 95 | 96 | 201 | 257 | 227 |
| Average salary (parent company) | — | ¥6.1M | ¥6.2M | ¥6.1M | ¥6.4M |
| Average age (parent company) | — | 43.5 years | 43.2 years | 43.7 years | 44.8 years |
| Average tenure (parent company) | — | 6.3 years | 6.7 years | 7.6 years | 8.0 years |

Year over year: Employees (consolidated) -11.7% · Revenue (consolidated) +32.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -850 | -19.5% | S100W3SR |
| Capital expenditure | 224 | 5.1% | S100W3SR |
| Free cash flow | -1,074 | -24.7% | 算出 |
| Investing cash flow | -2,075 | -47.7% | S100W3SR |
| Financing cash flow | 160 | 3.7% | S100W3SR |
| Share buyback | 0 | 0.0% | S100W3SR |
| Change in cash | -2,646 | -60.8% | S100W3SR |
| Cash and equivalents | 5,155 | 118.4% | S100YIAC |

## 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 Mar 2020 | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,636 | 6,704 | 5,677 | 7,801 | 5,155 | S100OMMW, S100RANA, S100TQLO, S100W3SR, S100YIAC |
| Total assets | 47,808 | 48,119 | 49,467 | 50,187 | 49,999 | S100LR7A, S100OMMW, S100RANA, S100TQLO, S100W3SR |
| Net assets | 44,259 | 43,786 | 43,450 | 41,983 | 40,477 | S100OMMW, S100RANA, S100TQLO, S100W3SR, S100YIAC |
| Share capital | 26,753 | 10 | 10 | 10 | 10 | S100LR7A, S100OMMW, S100RANA, S100TQLO, S100W3SR |
| Property, plant and equipment | 11,553 | 12,206 | 13,416 | 13,406 | 13,237 | S100LR7A, S100OMMW, S100RANA, S100TQLO, S100W3SR |
| Goodwill | 57 | 57 | 2,070 | 2,531 | 2,134 | S100LR7A, S100OMMW, S100RANA, S100TQLO, S100W3SR |
| Current assets | 29,891 | 27,220 | 22,865 | 19,147 | 18,469 | S100LR7A, S100OMMW, S100RANA, S100TQLO, S100W3SR |
| Total liabilities | 3,549 | 4,332 | 6,017 | 8,204 | 9,523 | S100LR7A, S100OMMW, S100RANA, S100TQLO, S100W3SR |
| Equity attributable to owners of parent | 44,268 | 43,776 | 43,413 | 42,101 | 40,752 | S100LR7A, S100OMMW, S100RANA, S100TQLO, S100W3SR |
| Retained earnings | -8,124 | 2,177 | 1,679 | 1,381 | -95 | S100LR7A, S100OMMW, S100RANA, S100TQLO, S100W3SR |
| Treasury stock | 0 | 0 | 0 | -1,188 | -1,188 | S100LR7A, S100OMMW, S100RANA, S100TQLO, S100W3SR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YIAC |
| Property, plant and equipment | 27% | S100W3SR |
| Intangibles and goodwill | 4% | — |
| Other assets | 59% | S100W3SR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100W3SR |
| Equity | 81% | S100YIAC |

### Balance sheet history

| Metric | FY ending Mar 2020 | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 47,808 | 48,119 | 49,467 | 50,187 | 49,999 |
| Equity | 44,259 | 43,786 | 43,450 | 41,983 | 40,477 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,636 | 6,704 | 5,677 | 7,801 | 5,155 |

## 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) | 304.0% | S100W3SR |
| Fixed assets ÷ total assets | 26.5% | S100W3SR |
| Goodwill ÷ parent equity | 5.2% | S100W3SR |

Goodwill over 4 years: 57 → 2,134 JPY; total investing cash flow: -4,728 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) | 10.3% |
| Cash ÷ revenue | 118.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 626 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | — | —× | -0.3% | —× | — | S100LR7A |
| 2021 | — | —× | -0.1% | —× | — | S100OMMW |
| 2022 | — | —× | -1.0% | —× | — | S100RANA |
| 2023 | — | —× | -0.6% | —× | — | S100TQLO |
| 2024 | — | —× | -2.9% | —× | — | S100W3SR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山海 嘉之 | Major shareholder | 38.2% | 2026-03-31 |
| 大和ハウス工業株式会社 | Major shareholder | 12.3% | 2026-03-31 |
| 楽天証券株式会社（投信口） | Major shareholder | 1.2% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.4% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.4% | 2026-03-31 |
| 古川 繁浩 | Major shareholder | 0.3% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.3% | 2026-03-31 |
| 大同生命保険株式会社 | Major shareholder | 0.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YIAC | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIAC,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W3SR | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3SR,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TQLO | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQLO,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100RANA | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RANA,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OMMW | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMMW,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LR7A | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR7A,, |

## 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).