# Cybozu, Inc.: 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29期(2025/01/01－2025/12/31) (S100XUKS)
> Page: https://vizora.meequs.com/en/company/cybozu
> Retrieved: 2026-09-30T19:49:47.185Z

## Company

Cybozu, founded in 1997, is a company in Software & SaaS listed on TSE Prime. It has 1,356 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Cybozu, Inc. |
| Ticker | 4776 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4776.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋二丁目7番1号 |
| Representative (per filing) | 代表取締役社長 青野慶久 |
| Founded | Aug 1997 |
| Share capital | ¥613M |
| Employees (consolidated) | 1,356 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | cybozu.co.jp (https://cybozu.co.jp/) |
| Corporate number | 5010001072207 |
| EDINET | E05116 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XUKS, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.7 | 105 |
| Profitability | 81.7 | 145 |
| Cash conversion | 52 | 128 |
| Efficiency | 88.6 | 145 |

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)

- Cybozu brought in ¥37.4B in revenue.
- Out of every ¥100 of sales, about ¥27 is left as operating profit.
- Revenue changed +26.1% from the prior year, operating profit +106.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥37430000000 → ¥7030000000
- Net income → operating cash flow: ¥7030000000 → ¥10676000000（difference ¥3646000000）
- Main uses of operating cash flow: CapEx ¥3197000000 / dividends ¥1383000000 / buybacks —
- Change in cash: ¥6104000000
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 | ¥37.4B |  |
| Operating income | ¥10.1B | Margin 27.0% |
| Net income | ¥7.08B | Margin 18.9% |
| Free cash flow | ¥7.48B |  |
| Employees (consolidated) | 1,356 |  |
| EPS | ¥150.69 |  |
| Book value per share | ¥347.78 |  |
| Equity ratio | 59.1% |  |
| Shares outstanding | 52,757,800 |  |
| Treasury shares | 6,513,700 |  |
| Shareholders | 16,564 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 38.8% | Cash ÷ revenue 31.2% |
| Vs. industry median margin | +14.5 pp | Software & SaaS |
| ROE | 54.6% | Derived from disclosed figures |
| ROA | 27.6% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.0× its level five years ago
- FY2025, operating income keeps 27 per ¥100 of revenue
- FY2025, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15674000000 | ¥37430000000 | +138.8% |
| Operating income | ¥2270000000 | ¥10101000000 | +345.0% |
| Operating margin | 14.5% | 27.0% | +12.5 pp |
| Employees | 857 people | 1,356 people | +58.2% |
| Cash and equivalents | ¥3956000000 | ¥11694000000 | +195.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,430 | 100.0% | S100XUKS |
| Cost of revenue | 3,736 | 10.0% | S100XUKS |
| Gross profit | 33,694 | 90.0% | S100XUKS |
| SG&A | 23,593 | 63.0% | S100XUKS |
| Operating income | 10,101 | 27.0% | S100XUKS |
| Ordinary income | 10,325 | 27.6% | S100XUKS |
| Pretax income | 10,325 | 27.6% | S100XUKS |
| Income tax | 3,295 | 8.8% | S100XUKS |
| Net income | 7,030 | 18.8% | S100XUKS |
| Net income attributable to owners | 7,081 | 18.9% | S100XUKS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 10 |
| SG&A | 63 |
| Operating income | 27 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 90.0% → Operating margin 27.0% → Net margin 18.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +26.1%; Core profit growth: +106.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.07×
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 | 29,675 | 37,430 | 7,755 | +26.1% |
| Gross profit | 26,735 | 33,694 | 6,959 | +26.0% |
| Operating income | 4,892 | 10,101 | 5,209 | +106.5% |
| Net income attributable to owners | 3,555 | 7,081 | 3,526 | +99.2% |
| Operating cash flow | 5,601 | 10,676 | 5,075 | +90.6% |
| Free cash flow | 2,630 | 7,479 | 4,849 | +184.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 13,417 | 1,732 | 12.9% | 1,012 | 2,355 | 618 | S100L0U5 |
| FY ending Dec 2020 | 15,674 | 2,270 | 14.5% | 1,435 | 2,537 | 1,933 | S100NQ3L |
| FY ending Dec 2021 | 18,489 | 1,441 | 7.8% | 551 | 472 | -888 | S100QFC3 |
| FY ending Dec 2022 | 22,067 | 611 | 2.8% | 66 | 1,328 | -1,654 | S100T5RW |
| FY ending Dec 2023 | 25,432 | 3,394 | 13.3% | 2,488 | 4,548 | 2,098 | S100VHOF |
| FY ending Dec 2024 | 29,675 | 4,892 | 16.5% | 3,555 | 5,601 | 2,630 | S100XUKS |
| FY ending Dec 2025 | 37,430 | 10,101 | 27.0% | 7,081 | 10,676 | 7,479 | S100XUKS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.6M |
| Operating income per employee (consolidated) | ¥7.4M |
| Net income per employee (consolidated) | ¥5.2M |

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) | 969 | 1,115 | 1,276 | 1,321 | 1,356 |
| Average salary (parent company) | ¥6.1M | ¥6.5M | ¥6.6M | ¥6.9M | ¥7.2M |
| Average age (parent company) | 34.8 years | 35.0 years | 35.3 years | 35.8 years | 36.4 years |
| Average tenure (parent company) | 6.0 years | 5.7 years | 5.7 years | 6.2 years | 6.7 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +26.1%

## 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 | 10,676 | 28.5% | S100XUKS |
| Capital expenditure | 3,197 | 8.5% | S100XUKS |
| Free cash flow | 7,479 | 20.0% | 算出 |
| Investing cash flow | -3,102 | -8.3% | S100XUKS |
| Financing cash flow | -1,388 | -3.7% | S100XUKS |
| Dividends paid | 1,383 | 3.7% | S100XUKS |
| Change in cash | 6,104 | 16.3% | S100XUKS |
| Cash and equivalents | 11,694 | 31.2% | S100XUKS |

## 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 | 4,805 | 5,124 | 6,492 | 5,589 | 11,694 | S100T5RW, S100VHOF, S100XUKS |
| Total assets | 14,037 | 15,907 | 19,248 | 21,087 | 30,140 | S100QFC3, S100T5RW, S100VHOF, S100XUKS |
| Net assets | 6,371 | 4,630 | 11,253 | 11,633 | 17,815 | S100T5RW, S100VHOF, S100XUKS |
| Share capital | 613 | 613 | 613 | 613 | 613 | S100QFC3, S100T5RW, S100VHOF, S100XUKS |
| Trade receivables | 2,900 | — | — | — | — | S100QFC3 |
| Property, plant and equipment | 2,413 | 3,596 | 4,028 | 4,442 | 4,865 | S100QFC3, S100T5RW, S100VHOF, S100XUKS |
| Intangible assets excluding goodwill | 86 | 156 | 265 | 438 | 721 | S100QFC3, S100T5RW, S100VHOF, S100XUKS |
| Goodwill | — | — | — | — | 106 | S100XUKS |
| Investment securities | 1,951 | 1,291 | 1,547 | 2,261 | 2,695 | S100QFC3, S100T5RW, S100VHOF, S100XUKS |
| Current assets | 8,368 | 9,257 | 11,513 | 11,933 | 19,416 | S100QFC3, S100T5RW, S100VHOF, S100XUKS |
| Current liabilities | 7,533 | 11,143 | 7,860 | 9,287 | 12,109 | S100QFC3, S100T5RW, S100VHOF, S100XUKS |
| Trade payables | 0 | 2 | 0 | 0 | 0 | S100QFC3, S100T5RW, S100VHOF, S100XUKS |
| Short-term borrowings | 2,200 | 2,200 | — | — | — | S100QFC3, S100T5RW |
| Long-term borrowings | — | — | — | — | 24 | S100XUKS |
| Total liabilities | 7,665 | 11,277 | 7,995 | 9,454 | 12,324 | S100QFC3, S100T5RW, S100VHOF, S100XUKS |
| Non-controlling interests | — | — | — | 3 | 5 | S100XUKS |
| Equity attributable to owners of parent | 4,966 | 3,718 | 10,110 | 10,069 | 15,873 | S100QFC3, S100T5RW, S100VHOF, S100XUKS |
| Retained earnings | 5,175 | 3,928 | 5,820 | 8,709 | 14,404 | S100QFC3, S100T5RW, S100VHOF, S100XUKS |
| Treasury stock | -1,800 | -1,800 | -1,346 | -4,275 | -4,251 | S100QFC3, S100T5RW, S100VHOF, S100XUKS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100XUKS |
| Property, plant and equipment | 16% | S100XUKS |
| Intangibles and goodwill | 3% | S100XUKS |
| Investment securities | 9% | S100XUKS |
| Other assets | 33% | S100XUKS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100XUKS |
| Equity | 59% | S100XUKS |
| Other liabilities | 0% | S100XUKS |

### 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 | 14,037 | 15,907 | 19,248 | 21,087 | 30,140 |
| Equity | 6,371 | 4,630 | 11,253 | 11,633 | 17,815 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,805 | 5,124 | 6,492 | 5,589 | 11,694 |

## 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) | 13.0% | S100XUKS |
| Fixed assets ÷ total assets | 16.1% | S100XUKS |
| Goodwill ÷ parent equity | 0.7% | S100XUKS |

### 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) | 38.8% |
| Cash ÷ revenue | 31.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.7% |
| Cash vs. profit gap | 3,595 JPY mn (of net income 50.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.5% |
| Shareholder payments — dividends / FCF | 18.5% |
| CapEx intensity (capex ÷ revenue) | 8.5% |
| Investing CF relative to operating CF | 29.1% |

## 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 | 3.0% | 1.32× | 3.9% | 2.83× | 11.1% | S100QFC3 |
| 2022 | 0.3% | 1.47× | 0.4% | 3.45× | 1.5% | S100T5RW |
| 2023 | 9.8% | 1.45× | 14.2% | 2.54× | 36.0% | S100VHOF |
| 2024 | 12.0% | 1.47× | 17.6% | 2.00× | 35.2% | S100XUKS |
| 2025 | 18.9% | 1.46× | 27.6% | 1.97× | 54.6% | S100XUKS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 畑 慎也 | Major shareholder | 17.6% | 2025-12-31 |
| Ｃｂｚサポーターズ株式会社 | Major shareholder | 17.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.0% | 2025-12-31 |
| サイボウズ従業員持株会 | Major shareholder | 5.1% | 2025-12-31 |
| 山田 理 | Major shareholder | 4.1% | 2025-12-31 |
| 株式会社リコー | Major shareholder | 3.8% | 2025-12-31 |
| 中野 博久 | Major shareholder | 2.2% | 2025-12-31 |
| 西端 慶久(青野 慶久) | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/01/01－2025/12/31) | S100XUKS | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUKS,, |
| 有価証券報告書－第28期(2024/01/01－2024/12/31) | S100VHOF | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHOF,, |
| 有価証券報告書－第27期(2023/01/01－2023/12/31) | S100T5RW | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5RW,, |
| 有価証券報告書－第26期(2022/01/01－2022/12/31) | S100QFC3 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFC3,, |
| 有価証券報告書－第25期(令和3年1月1日－令和3年12月31日) | S100NQ3L | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ3L,, |
| 有価証券報告書－第24期(令和2年1月1日－令和2年12月31日) | S100L0U5 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0U5,, |

## 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).