# CYBERLINKS CO.,LTD.: 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62期(2025/01/01－2025/12/31) (S100XU98)
> Page: https://vizora.meequs.com/en/company/cyberlinks
> Retrieved: 2026-09-30T21:00:51.554Z

## Company

Cyberlinks, founded in 2000, is a company in Cybersecurity listed on TSE Standard. It has 815 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CYBERLINKS CO.,LTD. |
| Ticker | 3683 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3683.T) |
| Listing | TSE Standard |
| Head office | 和歌山県和歌山市紀三井寺849番地の3 |
| Representative (per filing) | 代表取締役社長 東 直樹 |
| Founded | Jan 2000 |
| Share capital | ¥895M |
| Employees (consolidated) | 815 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Website | www.cyber-l.co.jp (https://www.cyber-l.co.jp/) |
| Corporate number | 3170001001614 |
| EDINET | E30398 |
| Industries (Vizora) | Cybersecurity, Telecom Carriers, IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100XU98, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.8 | 157 |
| Profitability | 60.5 | 196 |
| Cash conversion | 57.6 | 185 |
| Efficiency | 47.7 | 196 |

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 47% of Cyberlinks's sales come from Cloud business for government offices, with Cloud business for distribution industry and Mobile for resale making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +14.3% from the prior year, operating profit +47.1%.

## Company structure

- Segment revenue mix: Cloud business for government offices 46.7%、Cloud business for distribution industry 29.2%、Mobile for resale 23.2%、Trust service business 0.8%
- Revenue → net income: ¥18136000000 → ¥1303000000
- Net income → operating cash flow: ¥1303000000 → ¥1581000000（difference ¥278000000）
- Main uses of operating cash flow: CapEx ¥1182000000 / dividends ¥189000000 / buybacks ¥156000000
- Change in cash: ¥615000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥18.1B |  |
| Operating income | ¥1.85B | Margin 10.2% |
| Net income | ¥1.3B | Margin 7.2% |
| Free cash flow | ¥399M |  |
| Largest business | Cloud business for government offices | of segment revenue 46.7% |
| Employees (consolidated) | 815 |  |
| EPS | ¥76.06 |  |
| Diluted EPS | ¥74.62 |  |
| Book value per share | ¥848.52 |  |
| Equity ratio | 57.1% |  |
| Shares outstanding | 11,412,309 |  |
| Treasury shares | 336,400 |  |
| Shareholders | 3,867 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 13.6% | Cash ÷ revenue 11.8% |
| Vs. industry median margin | +1.3 pp | IT Services & System Integration |
| ROE | 15.3% | Derived from disclosed figures |
| ROA | 8.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12777704000 | ¥18136000000 | +41.9% |
| Operating income | ¥924620000 | ¥1846000000 | +99.6% |
| Operating margin | 7.2% | 10.2% | +2.9 pp |
| Employees | 672 people | 815 people | +21.3% |
| Cash and equivalents | ¥1863000000 | ¥2141000000 | +14.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 流通クラウド事業 → 流通クラウド事業 | 16.5% |
| ＩＴクラウド事業 → 事業再編・廃止 | 43.9% |
| 官公庁クラウド事業 → 官公庁クラウド事業 | 27.4% |
| トラスト事業 → トラスト事業 | 0.1% |
| モバイルネットワーク事業 → モバイルネットワーク事業 | 12.1% |
| 新設・再編 → 流通クラウド事業 | 12.7% |
| 新設・再編 → 官公庁クラウド事業 | 19.4% |
| 新設・再編 → トラスト事業 | 0.7% |
| 新設・再編 → モバイルネットワーク事業 | 11.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cloud business for government offices | 5 years | +6.3% | ¥8477000000 | 14.2% | 2 |
| Cloud business for distribution industry | 5 years | +7.1% | ¥5301000000 | 14.7% | 2 |
| Mobile for resale | 5 years | +8.8% | ¥4209000000 | 9.0% | 2 |
| Trust service business | 5 years | +58.9% | ¥147000000 | -41.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,136 | 100.0% | S100XU98 |
| Cost of revenue | 12,238 | 67.5% | S100XU98 |
| Gross profit | 5,898 | 32.5% | S100XU98 |
| SG&A | 4,052 | 22.3% | S100XU98 |
| Operating income | 1,846 | 10.2% | S100XU98 |
| Ordinary income | 1,857 | 10.2% | S100XU98 |
| Pretax income | 1,845 | 10.2% | S100XU98 |
| Income tax | 541 | 3.0% | S100XU98 |
| Net income | 1,303 | 7.2% | S100XU98 |
| Net income attributable to owners | 1,303 | 7.2% | S100XU98 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 22 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 32.5% → Operating margin 10.2% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.3%; Core profit growth: +47.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.30×
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 | 15,870 | 18,136 | 2,266 | +14.3% |
| Gross profit | 4,908 | 5,898 | 990 | +20.2% |
| Operating income | 1,255 | 1,846 | 591 | +47.1% |
| Net income attributable to owners | 814 | 1,303 | 489 | +60.1% |
| Operating cash flow | 1,151 | 1,581 | 430 | +37.4% |
| Free cash flow | -72 | 399 | 471 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 10,450 | 450 | 4.3% | 280 | 1,116 | 424 | S100L37Z |
| FY ending Dec 2020 | 12,778 | 925 | 7.2% | 645 | 740 | 369 | S100NS75 |
| FY ending Dec 2021 | 13,241 | 945 | 7.1% | 645 | 1,964 | 1,098 | S100QH8W |
| FY ending Dec 2022 | 12,225 | 1,127 | 9.2% | 909 | 1,046 | -271 | S100T5JJ |
| FY ending Dec 2023 | 15,023 | 1,040 | 6.9% | 445 | 1,155 | -56 | S100VJ1C |
| FY ending Dec 2024 | 15,870 | 1,255 | 7.9% | 814 | 1,151 | -72 | S100XU98 |
| FY ending Dec 2025 | 18,136 | 1,846 | 10.2% | 1,303 | 1,581 | 399 | S100XU98 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.3M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 680 | 808 | 794 | 786 | 815 |
| Average salary (parent company) | ¥5.1M | ¥4.7M | ¥5.3M | ¥5.4M | ¥5.6M |
| Average age (parent company) | 37.7 years | 37.2 years | 37.4 years | 37.8 years | 37.9 years |
| Average tenure (parent company) | 9.9 years | 9.3 years | 9.7 years | 10.1 years | 10.0 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +14.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cloud business for distribution industry | 5,301 | 29.2% | 778 | 14.7% |
| Cloud business for government offices | 8,477 | 46.7% | 1,202 | 14.2% |
| Trust service business | 147 | 0.8% | -61 | -41.5% |
| Mobile for resale | 4,209 | 23.2% | 377 | 9.0% |

### 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 |
| --- | ---: |
| Cloud business for distribution industry | 29.2% |
| Cloud business for government offices | 46.7% |
| Trust service business | 0.8% |
| Mobile for resale | 23.2% |

Segment → industry: Trust service business → Cybersecurity / Mobile for resale → Telecom Carriers / Cloud business for government offices → IT Services & System Integration / Cloud business for distribution industry → Software & SaaS

## 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 | 1,581 | 8.7% | S100XU98 |
| Capital expenditure | 1,182 | 6.5% | S100XU98 |
| Free cash flow | 399 | 2.2% | 算出 |
| Investing cash flow | -1,213 | -6.7% | S100XU98 |
| Financing cash flow | 244 | 1.3% | S100XU98 |
| Dividends paid | 189 | 1.0% | S100XU98 |
| Share buyback | 156 | 0.9% | S100XU98 |
| Change in cash | 615 | 3.4% | S100XU98 |
| Cash and equivalents | 2,141 | 11.8% | S100XU98 |

## 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 | 2,552 | 2,258 | 1,934 | 1,526 | 2,141 | S100T5JJ, S100VJ1C, S100XU98 |
| Total assets | 9,682 | 12,746 | 13,053 | 13,551 | 15,791 | S100QH8W, S100T5JJ, S100VJ1C, S100XU98 |
| Net assets | 5,418 | 7,101 | 7,427 | 8,139 | 9,143 | S100T5JJ, S100VJ1C, S100XU98 |
| Share capital | 851 | 858 | 874 | 883 | 895 | S100QH8W, S100T5JJ, S100VJ1C, S100XU98 |
| Trade receivables | 2,306 | — | — | — | — | S100QH8W |
| Property, plant and equipment | 2,743 | 3,528 | 3,647 | 3,573 | 3,752 | S100QH8W, S100T5JJ, S100VJ1C, S100XU98 |
| Intangible assets excluding goodwill | 495 | 2,313 | 2,413 | 2,520 | 2,401 | S100QH8W, S100T5JJ, S100VJ1C, S100XU98 |
| Goodwill | — | 1,037 | 663 | 497 | 455 | S100T5JJ, S100VJ1C, S100XU98 |
| Investment securities | 19 | 14 | 14 | 14 | 14 | S100QH8W, S100T5JJ, S100VJ1C, S100XU98 |
| Current assets | 5,896 | 6,176 | 6,256 | 6,665 | 8,467 | S100QH8W, S100T5JJ, S100VJ1C, S100XU98 |
| Current liabilities | 2,240 | 2,855 | 3,295 | 3,504 | 5,185 | S100QH8W, S100T5JJ, S100VJ1C, S100XU98 |
| Short-term borrowings | — | — | 300 | 600 | 1,850 | S100VJ1C, S100XU98 |
| Long-term borrowings | 1,775 | 2,595 | 2,186 | 1,792 | 1,345 | S100QH8W, S100T5JJ, S100VJ1C, S100XU98 |
| Bonds | — | 30 | 16 | — | — | S100T5JJ, S100VJ1C |
| Interest-bearing debt | — | — | 2,502 | — | — | 算出 |
| Total liabilities | 4,264 | 5,644 | 5,625 | 5,411 | 6,648 | S100QH8W, S100T5JJ, S100VJ1C, S100XU98 |
| Equity attributable to owners of parent | 5,340 | 7,023 | 7,355 | 8,044 | 9,024 | S100QH8W, S100T5JJ, S100VJ1C, S100XU98 |
| Retained earnings | 3,496 | 4,317 | 4,618 | 5,288 | 6,402 | S100QH8W, S100T5JJ, S100VJ1C, S100XU98 |
| Treasury stock | -311 | -311 | -311 | -311 | -467 | S100QH8W, S100T5JJ, S100VJ1C, S100XU98 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XU98 |
| Property, plant and equipment | 24% | S100XU98 |
| Intangibles and goodwill | 18% | S100XU98 |
| Investment securities | 0% | S100XU98 |
| Other assets | 44% | S100XU98 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XU98 |
| Equity | 58% | S100XU98 |

### 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 | 9,682 | 12,746 | 13,053 | 13,551 | 15,791 |
| Equity | 5,418 | 7,101 | 7,427 | 8,139 | 9,143 |
| Interest-bearing debt | — | — | 2,502 | — | — |
| Cash | 2,552 | 2,258 | 1,934 | 1,526 | 2,141 |

## 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) | 20.7% | S100XU98 |
| Fixed assets ÷ total assets | 23.8% | S100XU98 |
| Goodwill ÷ parent equity | 5.0% | S100XU98 |

### 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) | 13.6% |
| Cash ÷ revenue | 11.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.6% |
| Cash vs. profit gap | 278 JPY mn (of net income 21.3%) |
| Shareholder returns / net income | 26.5% |
| Shareholder returns / FCF | 86.5% |
| Shareholder payments — dividends / net income | 14.5% |
| Shareholder payments — dividends / FCF | 47.4% |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 76.7% |

## 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 | 4.9% | 1.37× | 6.7% | 1.81× | 12.1% | S100QH8W |
| 2022 | 7.4% | 1.09× | 8.1% | 1.81× | 14.7% | S100T5JJ |
| 2023 | 3.0% | 1.16× | 3.4% | 1.79× | 6.2% | S100VJ1C |
| 2024 | 5.1% | 1.19× | 6.1% | 1.73× | 10.6% | S100XU98 |
| 2025 | 7.2% | 1.24× | 8.9% | 1.72× | 15.3% | S100XU98 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社サイバーコア | Major shareholder | 24.4% | 2025-12-31 |
| 株式会社エフティグループ | Major shareholder | 3.6% | 2025-12-31 |
| サイバーリンクス従業員持株会 | Major shareholder | 3.1% | 2025-12-31 |
| 一般財団法人サイバーリンクス福祉財団 | Major shareholder | 2.7% | 2025-12-31 |
| 新村 健造 | Major shareholder | 2.2% | 2025-12-31 |
| 小池 秀之 | Major shareholder | 1.9% | 2025-12-31 |
| 小池 陽子 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社紀陽銀行 | Major shareholder | 1.7% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.6% | 2025-12-31 |
| 和歌山県 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/01/01－2025/12/31) | S100XU98 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU98,, |
| 有価証券報告書－第61期(2024/01/01－2024/12/31) | S100VJ1C | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ1C,, |
| 有価証券報告書－第60期(2023/01/01－2023/12/31) | S100T5JJ | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5JJ,, |
| 有価証券報告書－第59期(2022/01/01－2022/12/31) | S100QH8W | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH8W,, |
| 有価証券報告書－第58期(令和3年1月1日－令和3年12月31日) | S100NS75 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS75,, |
| 有価証券報告書－第57期(令和2年1月1日－令和2年12月31日) | S100L37Z | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L37Z,, |

## 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).