# Cybertrust Japan Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/04/01－2026/03/31) (S100YI8R)
> Page: https://vizora.meequs.com/en/company/cybertrust
> Retrieved: 2026-09-30T20:18:14.653Z

## Company

Cybertrust Japan, founded in 2017, is a company in Cybersecurity listed on TSE Growth. It has 286 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Cybertrust Japan Co., Ltd. |
| Ticker | 4498 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4498.T) |
| Listing | TSE Growth |
| Head office | 東京都港区赤坂一丁目12番32号アーク森ビル31階 |
| Representative (per filing) | 代表取締役社長 CEO 北村 裕司 |
| Founded | Oct 2017 |
| Share capital | ¥865.3M |
| Employees (consolidated) | 286 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.cybertrust.co.jp (https://www.cybertrust.co.jp/) |
| Corporate number | 3010401064771 |
| EDINET | E35516 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100YI8R, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 20 |
| Profitability | 63.8 | 29 |
| Cash conversion | 35.2 | 27 |
| Efficiency | 36.2 | 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)

- Cybertrust Japan brought in ¥8.36B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +12.3% from the prior year, operating profit +16.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8360306000 → ¥989843000
- Net income → operating cash flow: ¥989843000 → ¥1553279000（difference ¥563436000）
- Main uses of operating cash flow: CapEx ¥950135000 / dividends ¥185109000 / buybacks ¥80000
- Change in cash: ¥-125859000
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 | ¥8.36B |  |
| Operating income | ¥1.65B | Margin 19.7% |
| Net income | ¥989.8M | Margin 11.8% |
| Free cash flow | ¥603.1M |  |
| Employees (consolidated) | 286 |  |
| EPS | ¥53.46 |  |
| Diluted EPS | ¥50.59 |  |
| Book value per share | ¥435.25 |  |
| Equity ratio | 69.5% |  |
| Shares outstanding | 16,620,400 |  |
| Treasury shares | 88,700 |  |
| Shareholders | 4,198 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 50.8% | Cash ÷ revenue 65.0% |
| Vs. industry median margin | +5.3 pp | Cybersecurity |
| ROE | 14.1% | Derived from disclosed figures |
| ROA | 9.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4895067000 | ¥8360306000 | +70.8% |
| Operating income | ¥574179000 | ¥1649376000 | +187.3% |
| Operating margin | 11.7% | 19.7% | +8 pp |
| Employees | 256 people | 286 people | +11.7% |
| Cash and equivalents | ¥1941930000 | ¥5435099000 | +179.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,360 | 100.0% | S100YI8R |
| Cost of revenue | 4,421 | 52.9% | S100YI8R |
| Gross profit | 3,939 | 47.1% | S100YI8R |
| SG&A | 2,290 | 27.4% | S100YI8R |
| Operating income | 1,649 | 19.7% | S100YI8R |
| Ordinary income | 1,657 | 19.8% | S100YI8R |
| Pretax income | 1,492 | 17.8% | S100YI8R |
| Income tax | 502 | 6.0% | S100YI8R |
| Net income | 990 | 11.8% | S100YI8R |
| Net income attributable to owners | 990 | 11.8% | S100YI8R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 27 |
| Operating income | 20 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 47.1% → Operating margin 19.7% → Net margin 11.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.3%; Core profit growth: +16.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.30×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,442 | 8,360 | 918 | +12.3% |
| Gross profit | 3,586 | 3,939 | 353 | +9.9% |
| Operating income | 1,421 | 1,649 | 228 | +16.0% |
| Net income attributable to owners | 970 | 990 | 20 | +2.1% |
| Operating cash flow | 1,993 | 1,553 | -440 | -22.1% |
| Free cash flow | 1,313 | 603 | -710 | -54.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,421 | 537 | 12.1% | 351 | 812 | 247 | S100LJJ1 |
| FY ending Mar 2021 | 4,895 | 574 | 11.7% | 409 | 1,119 | 119 | S100OJKU |
| FY ending Mar 2022 | 5,731 | 869 | 15.2% | 530 | 1,604 | 1,122 | S100R6F0 |
| FY ending Mar 2023 | 6,168 | 1,054 | 17.1% | 725 | 1,214 | 773 | S100TMXI |
| FY ending Mar 2024 | 6,467 | 1,112 | 17.2% | 519 | 1,222 | 650 | S100W7HK |
| FY ending Mar 2025 | 7,442 | 1,421 | 19.1% | 970 | 1,993 | 1,313 | S100YI8R |
| FY ending Mar 2026 | 8,360 | 1,649 | 19.7% | 990 | 1,553 | 603 | S100YI8R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.2M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥3.5M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 262 | 270 | 275 | 277 | 286 |
| Average salary (parent company) | ¥7M | ¥7.2M | ¥7.2M | ¥7.3M | ¥7.4M |
| Average age (parent company) | 41.1 years | 40.5 years | 40.7 years | 40.9 years | 41.0 years |
| Average tenure (parent company) | 8.4 years | 8.9 years | 9.1 years | 9.9 years | 10.4 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +12.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,553 | 18.6% | S100YI8R |
| Capital expenditure | 950 | 11.4% | S100YI8R |
| Free cash flow | 603 | 7.2% | 算出 |
| Investing cash flow | -1,486 | -17.8% | S100YI8R |
| Financing cash flow | -193 | -2.3% | S100YI8R |
| Dividends paid | 185 | 2.2% | S100YI8R |
| Share buyback | 0 | 0.0% | S100YI8R |
| Change in cash | -126 | -1.5% | S100YI8R |
| Cash and equivalents | 5,435 | 65.0% | S100YI8R |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,557 | 4,345 | 4,871 | 5,561 | 5,435 | S100TMXI, S100W7HK, S100YI8R |
| Total assets | 7,223 | 7,869 | 8,417 | 9,578 | 10,703 | S100R6F0, S100TMXI, S100W7HK, S100YI8R |
| Net assets | 4,874 | 5,625 | 6,032 | 6,578 | 7,442 | S100TMXI, S100W7HK, S100YI8R |
| Share capital | 794 | 806 | 820 | 836 | 865 | S100R6F0, S100TMXI, S100W7HK, S100YI8R |
| Property, plant and equipment | 531 | 514 | 556 | 742 | 988 | S100R6F0, S100TMXI, S100W7HK, S100YI8R |
| Intangible assets excluding goodwill | 1,630 | 1,512 | 1,137 | 1,172 | 1,310 | S100R6F0, S100TMXI, S100W7HK, S100YI8R |
| Goodwill | 104 | 91 | 78 | 66 | 53 | S100R6F0, S100TMXI, S100W7HK, S100YI8R |
| Investment securities | 34 | 44 | 48 | 158 | 306 | S100R6F0, S100TMXI, S100W7HK, S100YI8R |
| Current assets | 4,614 | 5,402 | 6,182 | 7,096 | 7,628 | S100R6F0, S100TMXI, S100W7HK, S100YI8R |
| Current liabilities | 1,786 | 1,705 | 1,841 | 2,416 | 2,937 | S100R6F0, S100TMXI, S100W7HK, S100YI8R |
| Total liabilities | 2,349 | 2,244 | 2,385 | 3,000 | 3,261 | S100R6F0, S100TMXI, S100W7HK, S100YI8R |
| Equity attributable to owners of parent | 4,870 | 5,620 | 6,025 | 6,574 | 7,437 | S100R6F0, S100TMXI, S100W7HK, S100YI8R |
| Retained earnings | 2,048 | 2,773 | 3,151 | 3,979 | 4,784 | S100R6F0, S100TMXI, S100W7HK, S100YI8R |
| Treasury stock | -0 | -1 | -1 | -312 | -327 | S100R6F0, S100TMXI, S100W7HK, S100YI8R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100YI8R |
| Property, plant and equipment | 9% | S100YI8R |
| Intangibles and goodwill | 13% | S100YI8R |
| Investment securities | 3% | S100YI8R |
| Other assets | 24% | S100YI8R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YI8R |
| Equity | 70% | S100YI8R |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,223 | 7,869 | 8,417 | 9,578 | 10,703 |
| Equity | 4,874 | 5,625 | 6,032 | 6,578 | 7,442 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,557 | 4,345 | 4,871 | 5,561 | 5,435 |

## 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) | 11.8% | S100YI8R |
| Fixed assets ÷ total assets | 9.2% | S100YI8R |
| Goodwill ÷ parent equity | 0.7% | S100YI8R |

Goodwill over 4 years: 104 → 53 JPY; total investing cash flow: -3,841 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) | 50.8% |
| Cash ÷ revenue | 65.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.2% |
| Cash vs. profit gap | 563 JPY mn (of net income 56.9%) |
| Shareholder returns / net income | 18.7% |
| Shareholder returns / FCF | 30.7% |
| Shareholder payments — dividends / net income | 18.7% |
| Shareholder payments — dividends / FCF | 30.7% |
| CapEx intensity (capex ÷ revenue) | 11.4% |
| Investing CF relative to operating CF | 95.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 9.3% | 0.79× | 7.3% | 1.48× | 10.9% | S100R6F0 |
| 2023 | 11.8% | 0.82× | 9.6% | 1.44× | 13.8% | S100TMXI |
| 2024 | 8.0% | 0.79× | 6.4% | 1.40× | 8.9% | S100W7HK |
| 2025 | 13.0% | 0.83× | 10.8% | 1.43× | 15.4% | S100YI8R |
| 2026 | 11.8% | 0.82× | 9.8% | 1.45× | 14.1% | S100YI8R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SBテクノロジー株式会社 | Major shareholder | 56.4% | 2026-03-31 |
| 株式会社オービックビジネスコンサルタント | Major shareholder | 5.4% | 2026-03-31 |
| 五味大輔 | Major shareholder | 1.9% | 2026-03-31 |
| セコム株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 大日本印刷株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| THE BANK OF NEW YORK 133595 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| 黒田典宏 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.0% | 2026-03-31 |
| サイバートラスト従業員持株会 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社大塚商会 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YI8R | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI8R,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W7HK | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7HK,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TMXI | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMXI,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R6F0 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6F0,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OJKU | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJKU,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LJJ1 | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJJ1,, |

## 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).