# CyberStep Holdings, Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/06/01－2026/05/31) (S100YZC8)
> Page: https://vizora.meequs.com/en/company/cyberstep-holdings
> Retrieved: 2026-09-30T19:51:25.776Z

## Company

CyberStep Holdings, founded in 2001, is a company in Games listed on TSE Standard. It has 224 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CyberStep Holdings, Inc. (旧英訳名 CyberStep, Inc.) (注)2025年8月29日開催の第25回定時株主総会の決議により、2025年12月1日から会社名及び英訳名を上記のとおり変更いたしました。 |
| Ticker | 3810 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3810.T) |
| Listing | TSE Standard |
| Head office | 東京都杉並区和泉一丁目22番19号 |
| Representative (per filing) | 代表取締役社長 湯浅 慎司 |
| Founded | Aug 2001 |
| Share capital | ¥8.21B |
| Employees (consolidated) | 224 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | May |
| Website | cshd.cyberstep.com (https://cshd.cyberstep.com/) |
| Corporate number | 6011001049177 |
| EDINET | E05601 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100YZC8, filed 2026-08-28). As of filing

## Five-axis industry profile

Primary industry: Games (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.4 | 36 |
| Profitability | 1.2 | 41 |
| Efficiency | 30.5 | 41 |

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 97% of CyberStep Holdings's sales come from Online Game Business, with Entertainment Business and Other making up much of the rest.
- It lost about ¥76 for every ¥100 of sales at the operating level.
- Revenue changed -14.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.14B |  |
| Operating income | -¥1.63B | Margin -76.1% |
| Net income | -¥2.18B | Margin -101.7% |
| Free cash flow | -¥3.16B |  |
| Largest business | Online Game Business | of segment revenue 97.2% |
| Employees (consolidated) | 224 |  |
| EPS | ¥-63.8 |  |
| Book value per share | ¥67.01 |  |
| Equity ratio | 90.4% |  |
| Shares outstanding | 81,913,082 |  |
| Treasury shares | 200 |  |
| Shareholders | 13,912 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 50.3% | Cash ÷ revenue 169.7% |
| Vs. industry median margin | -81.5 pp | Games |
| ROA | -52.5% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.3× its level five years ago
- FY2026, operating loss is 76 per ¥100 of revenue
- FY2026, cash is 50% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12193385000 | ¥2142000000 | -82.4% |
| Operating income | ¥-812090000 | ¥-1629000000 | — |
| Operating margin | -6.7% | -76.1% | -69.4 pp |
| Employees | 623 people | 224 people | -64.0% |
| Cash and equivalents | ¥2315000000 | ¥3634000000 | +57.0% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → オンラインゲーム事業 | 97.2% |
| 新設・再編 → エンターテインメント事業 | 2.1% |
| 新設・再編 → その他 | 0.7% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Online Game Business | 3 years | -19.2% | ¥2080000000 | -20.9% | 2 |
| Entertainment Business | 3 years | -25.1% | ¥45000000 | -51.1% | 2 |
| Other | — | — | ¥16000000 | -550.0% | 2 |

## Income statement（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,142 | 100.0% | S100YZC8 |
| Cost of revenue | 1,061 | 49.5% | S100YZC8 |
| Gross profit | 1,081 | 50.5% | S100YZC8 |
| SG&A | 2,710 | 126.5% | S100YZC8 |
| Operating income | -1,629 | -76.1% | S100YZC8 |
| Ordinary income | -1,548 | -72.3% | S100YZC8 |
| Pretax income | -2,174 | -101.5% | S100YZC8 |
| Income tax | 8 | 0.4% | S100YZC8 |
| Net income | -2,183 | -101.9% | S100YZC8 |
| Net income attributable to owners | -2,179 | -101.7% | S100YZC8 |

## Per ¥100 of revenue（FY ending May 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 126 |
| Operating income | -76 |
| (Ref.) Net income | -102 |

### Margin funnel

Gross margin 50.5% → Operating margin -76.1% → Net margin -101.7%
Derived from reported figures (DERIVED).

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,504 | 2,142 | -362 | -14.5% |
| Gross profit | 1,269 | 1,081 | -188 | -14.8% |
| Operating income | -1,787 | -1,629 | 158 | — |
| Net income attributable to owners | -1,695 | -2,179 | -484 | — |
| Operating cash flow | -2,048 | -3,127 | -1,079 | — |
| Free cash flow | -2,052 | -3,162 | -1,110 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 12,998 | 639 | 4.9% | 527 | 198 | -100 | S100MCTW |
| FY ending May 2021 | 12,193 | -812 | -6.7% | -1,156 | -116 | -365 | S100P3U5 |
| FY ending May 2022 | 7,416 | -1,353 | -18.2% | -2,097 | -1,235 | -1,240 | S100RRUR |
| FY ending May 2023 | 4,057 | -1,158 | -28.5% | -1,380 | -1,186 | -1,218 | S100UB0Y |
| FY ending May 2024 | 2,986 | -1,455 | -48.7% | -1,458 | -1,442 | -1,453 | S100WM70 |
| FY ending May 2025 | 2,504 | -1,787 | -71.4% | -1,695 | -2,048 | -2,052 | S100YZC8 |
| FY ending May 2026 | 2,142 | -1,629 | -76.1% | -2,179 | -3,127 | -3,162 | S100YZC8 |

## People and productivity（FY ending May 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.6M |
| Operating income per employee (consolidated) | -¥7.3M |
| Net income per employee (consolidated) | -¥9.7M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 352 | 342 | 264 | 196 | 224 |
| Average salary (parent company) | ¥3.9M | ¥4M | ¥3.8M | ¥4M | ¥5.2M |
| Average age (parent company) | 31.5 years | 33.2 years | 33.6 years | 35.1 years | 40.9 years |
| Average tenure (parent company) | 6.0 years | 5.9 years | 7.3 years | 8.8 years | 5.0 years |

Year over year: Employees (consolidated) +14.3% · Revenue (consolidated) -14.5%

## Segments（FY ending May 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Online Game Business | 2,080 | 97.2% | -435 | -20.9% |
| Entertainment Business | 45 | 2.1% | -23 | -51.1% |
| Other | 16 | 0.7% | -88 | -550.0% |

### 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 | Margin |
| --- | ---: | ---: |
| Online Game Business | 97.2% | -20.9% |
| Entertainment Business | 2.1% | -51.1% |
| Other | 0.7% | -550.0% |

Loss-making segment (excluded from profit shares): Online Game Business -435 JPY mn

Loss-making segment (excluded from profit shares): Entertainment Business -23 JPY mn

Loss-making segment (excluded from profit shares): Other -88 JPY mn

Segment → industry: Online Game Business → Games

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -3,127 | -146.0% | S100YZC8 |
| Capital expenditure | 35 | 1.6% | S100YZC8 |
| Free cash flow | -3,162 | -147.6% | 算出 |
| Investing cash flow | -1,625 | -75.9% | S100YZC8 |
| Financing cash flow | 8,158 | 380.9% | S100YZC8 |
| Change in cash | 3,422 | 159.8% | S100YZC8 |
| Cash and equivalents | 3,634 | 169.7% | S100YZC8 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,673 | 2,160 | 822 | 212 | 3,634 | S100UB0Y, S100WM70, S100YZC8 |
| Total assets | 2,831 | 3,338 | 2,045 | 1,077 | 7,226 | S100RRUR, S100UB0Y, S100WM70, S100YZC8 |
| Net assets | 2,025 | 2,321 | 1,152 | 546 | 6,530 | S100UB0Y, S100WM70, S100YZC8 |
| Share capital | 2,748 | 3,451 | 3,632 | 4,075 | 8,215 | S100RRUR, S100UB0Y, S100WM70, S100YZC8 |
| Property, plant and equipment | 0 | 1 | 1 | 0 | 1 | S100RRUR, S100UB0Y, S100WM70, S100YZC8 |
| Intangible assets excluding goodwill | — | — | — | — | 701 | S100YZC8 |
| Goodwill | — | — | — | — | 698 | S100YZC8 |
| Investment securities | 0 | 1 | 0 | 90 | 0 | S100RRUR, S100UB0Y, S100WM70, S100YZC8 |
| Current assets | 2,573 | 3,112 | 1,600 | 752 | 6,091 | S100RRUR, S100UB0Y, S100WM70, S100YZC8 |
| Current liabilities | 779 | 879 | 878 | 527 | 605 | S100RRUR, S100UB0Y, S100WM70, S100YZC8 |
| Short-term borrowings | 200 | — | — | 120 | 35 | S100RRUR, S100YZC8 |
| Long-term borrowings | 26 | 38 | 10 | — | 86 | S100RRUR, S100UB0Y, S100WM70, S100YZC8 |
| Total liabilities | 806 | 1,017 | 892 | 531 | 695 | S100RRUR, S100UB0Y, S100WM70, S100YZC8 |
| Non-controlling interests | — | 134 | — | — | 1 | S100UB0Y, S100YZC8 |
| Equity attributable to owners of parent | 1,969 | 2,105 | 1,009 | 341 | 6,443 | S100RRUR, S100UB0Y, S100WM70, S100YZC8 |
| Retained earnings | -2,591 | -3,951 | -5,409 | -7,213 | -9,393 | S100RRUR, S100UB0Y, S100WM70, S100YZC8 |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100RRUR, S100UB0Y, S100WM70, S100YZC8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100YZC8 |
| Property, plant and equipment | 0% | S100YZC8 |
| Intangibles and goodwill | 20% | S100YZC8 |
| Other assets | 30% | S100YZC8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 10% | S100YZC8 |
| Equity | 90% | S100YZC8 |
| Other liabilities | 0% | S100YZC8 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,831 | 3,338 | 2,045 | 1,077 | 7,226 |
| Equity | 2,025 | 2,321 | 1,152 | 546 | 6,530 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,673 | 2,160 | 822 | 212 | 3,634 |

## 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) | 0.0% | S100YZC8 |
| Fixed assets ÷ total assets | 0.0% | S100YZC8 |
| Goodwill ÷ parent equity | 10.8% | S100YZC8 |

### 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) | 50.3% |
| Cash ÷ revenue | 169.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -948 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -74.1% | —× | — | S100RRUR |
| 2023 | — | —× | -44.7% | —× | — | S100UB0Y |
| 2024 | — | —× | -54.2% | —× | — | S100WM70 |
| 2025 | — | —× | -108.6% | —× | — | S100YZC8 |
| 2026 | — | —× | -52.5% | —× | — | S100YZC8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＱＬ有限責任事業組合 | Major shareholder | 15.5% | 2026-05-31 |
| ＱＬ第２号有限責任事業組合 | Major shareholder | 11.7% | 2026-05-31 |
| 株式会社Ｔｉｇｅｒ Ｊａｐａｎ Ｉｎｖｅｓｔｍｅｎｔ | Major shareholder | 10.1% | 2026-05-31 |
| 合同会社つながる | Major shareholder | 7.9% | 2026-05-31 |
| エクスヒューム有限責任事業組合 | Major shareholder | 7.8% | 2026-05-31 |
| 合同会社シーディーワン | Major shareholder | 2.5% | 2026-05-31 |
| 株式会社Ｃｏｏｌｓ’９７ | Major shareholder | 1.9% | 2026-05-31 |
| 株式会社ライツキューブ | Major shareholder | 1.6% | 2026-05-31 |
| 安野 清 | Major shareholder | 1.3% | 2026-05-31 |
| 張 明 | Major shareholder | 1.2% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/06/01－2026/05/31) | S100YZC8 | 2026-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZC8,, |
| 有価証券報告書－第25期(2024/06/01－2025/05/31) | S100WM70 | 2025-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WM70,, |
| 有価証券報告書－第24期(2023/06/01－2024/05/31) | S100UB0Y | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UB0Y,, |
| 有価証券報告書－第23期(2022/06/01－2023/05/31) | S100RRUR | 2023-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRUR,, |
| 有価証券報告書－第22期(令和3年6月1日－令和4年5月31日) | S100P3U5 | 2022-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3U5,, |
| 有価証券報告書－第21期(令和2年6月1日－令和3年5月31日) | S100MCTW | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCTW,, |

## 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).