# CyberAgent (4751.JP)

Canonical: https://gigainvestors.com/s/4751.JP

Analysis as of: 2026-10-15T07:10:26.663Z. Financial observations: FY2012–FY2025.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 1,279.00 per share; close as of 2026-10-15.

Estimated value: low JPY 942.34 per share, central JPY 1,029.22 per share, high JPY 1,144.87 per share. Buy at or below the central value JPY 1,029.22 per share. Valuation as of 2026-10-15T07:10:26.663Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.08×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.07×

- FY2021: 0.16×

- FY2022: 0.10×

- FY2023: 0.03×

- FY2024: 0.05×

- FY2025: 0.08×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 64.9%

- ROIC, second-lowest year: 38.6%

- Typical minus recent gross margin: 3.2 pp

- Typical gross margin (annual median): 30.5%

- Recent gross margin (lower of latest and 3-year median): 27.3%

- Years with nonpositive capital: 2

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 18.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 97.6%

- FY2017: 62.6%

- FY2018: 67.1%

- FY2019: 57.5%

- FY2020: 80.4%

- FY2021: 40.4%

- FY2022: 26.6%

- FY2023: 38.6%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 110B

- Net income, five-year total: JPY 115B

- Return on incremental invested capital: 68.8%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -1.9 pp

- Working capital / revenue, final three-year average: -0.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.02×

- FY2022: 1.00×

- FY2023: 0.62×

- FY2024: 0.93×

- FY2025: 0.87×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 67.1% vs 148.9%

- Per-share earnings: 108.36 to 31.56 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 15.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: JPY 487B

- Cumulative retained earnings: JPY 83B

- Diluted shares, 10-year annual growth: 15.0%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -14.3%

- Per-share value change: JPY -76.80

- Per-share value, starting three-year median: JPY 108.36

- Per-share value, ending three-year median: JPY 31.56

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 47B

- Cumulative net income, 10 years: JPY 146B

- ROIC, first three-year median: 67.1%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 108.36

- FY2017: JPY 8.00

- FY2018: JPY 9.63

- FY2019: JPY 3.36

- FY2020: JPY 13.10

- FY2021: JPY 81.68

- FY2022: JPY 45.29

- FY2023: JPY 6.99

- FY2024: JPY 31.56

- FY2025: JPY 62.52

### accounting: pass

- Sloan accruals: -8.6%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.51×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.3%

- FY2017: -10.7%

- FY2018: -10.4%

- FY2019: -5.9%

- FY2020: -11.7%

- FY2021: -17.9%

- FY2022: 1.3%

- FY2023: -3.6%

- FY2024: -7.2%

- FY2025: -8.6%

## Holders

## Price story

Down 39% since Nov 2021 · sales +9.1%

Story as of 2026-10-16T10:00:14.254Z; price observation 2026-10-15.

Price needs cash profits to grow 4.6% a year for ten years

### Sales · FY2024–2025

sales +9.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XCU9.pdf; observed 2025-12-24.

- FY2016: JPY 311B 

- FY2017: JPY 371B 

- FY2018: JPY 420B 

- FY2019: JPY 454B 

- FY2020: JPY 479B 

- FY2021: JPY 666B 

- FY2022: JPY 710B 

- FY2023: JPY 719B 

- FY2024: JPY 801B 

- FY2025: JPY 874B 

### Gross margin · FY2025

gross margin 30.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XCU9.pdf; observed 2025-12-24.

- FY2016: 36.4% 

- FY2017: 33.1% 

- FY2018: 31.0% 

- FY2019: 29.4% 

- FY2020: 29.4% 

- FY2021: 34.8% 

- FY2022: 30.9% 

- FY2023: 26.7% 

- FY2024: 27.3% 

- FY2025: 30.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are JPY 874 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XCU9.pdf (filed 2025-12-24); FY2025: revenue 874030000000; grossProfit 264051000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 26.7% to 30.2% during 2023–25; it earns 64.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); FY2023: grossProfit / revenue = 26.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); FY2024: grossProfit / revenue = 27.3%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XCU9.pdf (filed 2025-12-24); FY2025: grossProfit / revenue = 30.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); 10-year return on capital observations [[2016,0.9764199093544568],[2017,0.6263143027525815],[2018,0.6708393211523985],[2019,0.574680912089488],[2020,0.8036346385432251],[2021,0.4041211960730204],[2022,0.2660954705112334],[2023,0.3857431126147898],[2024,1.488756238592684],[2025,1.5733677672000541]]; median 0.64857681195249. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 8.4% of cash earnings on expansion; earns 68.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); FY2016: growth capex 1624584714.9056072; upkeep 14556415285.094393; owner earnings 7888351703.785414. Growth capex / owner earnings = 0.20594729747229848.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); FY2017: growth capex 1640165105.2088108; upkeep 15319834894.79119; owner earnings 1776137289.2633157. Growth capex / owner earnings = 0.9234450034485219.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); FY2018: growth capex 1275691248.2333183; upkeep 17215308751.76668; owner earnings 801307914.4605932. Growth capex / owner earnings = 1.5920112920537668.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); FY2020: growth capex 660607101.5262871; upkeep 13373392898.473713; owner earnings 4450727903.968977. Growth capex / owner earnings = 0.14842675530382002.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); FY2021: growth capex 0; upkeep 8632000000; owner earnings 42156894301.87038. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); FY2022: growth capex 479000000; upkeep 8685000000; owner earnings 22901000000. Growth capex / owner earnings = 0.020916117200122264.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); FY2023: growth capex 271266385.8580284; upkeep 12225733614.141972; owner earnings 2206641963.4412336. Growth capex / owner earnings = 0.12293176253885406.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); FY2024: growth capex 2416625876.5271454; upkeep 11820374123.472855; owner earnings 14891500129.0378. Growth capex / owner earnings = 0.16228223184948481.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XCU9.pdf (filed 2025-12-24); FY2025: growth capex 2291079127.6194916; upkeep 14768920872.380508; owner earnings 27400421211.85603. Growth capex / owner earnings = 0.0836147411715026.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); Incremental return on capital 0.6879703844586333, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); Dividend observations: [[2016,3136000000],[2017,3139000000],[2018,4022000000],[2019,4026000000],[2020,4157000000],[2021,4290000000],[2022,5556000000],[2023,7075000000],[2024,7581000000],[2025,8093000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 4.6% yearly over ten years; actual decline was 3.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-24); Ten-year compound average after fade. Initial solved rate 0.05347879034628898. Price 1279; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 77.77108422442045 → FY2025 54.09651479979913. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 695.25 per share

- 2016-12: JPY 722.00 per share

- 2017-01: JPY 699.75 per share

- 2017-02: JPY 781.25 per share

- 2017-03: JPY 823.75 per share

- 2017-04: JPY 865.00 per share

- 2017-05: JPY 1,000.00 per share

- 2017-06: JPY 871.25 per share

- 2017-07: JPY 853.75 per share

- 2017-08: JPY 898.75 per share

- 2017-09: JPY 820.00 per share

- 2017-10: JPY 875.00 per share

- 2017-11: JPY 957.50 per share

- 2017-12: JPY 1,100.00 per share

- 2018-01: JPY 1,181.25 per share

- 2018-02: JPY 1,156.25 per share

- 2018-03: JPY 1,322.50 per share

- 2018-04: JPY 1,510.00 per share

- 2018-05: JPY 1,422.50 per share

- 2018-06: JPY 1,665.00 per share

- 2018-07: JPY 1,467.50 per share

- 2018-08: JPY 1,580.00 per share

- 2018-09: JPY 1,512.50 per share

- 2018-10: JPY 1,197.50 per share

- 2018-11: JPY 1,285.00 per share

- 2018-12: JPY 1,061.25 per share

- 2019-01: JPY 875.00 per share

- 2019-02: JPY 866.25 per share

- 2019-03: JPY 1,128.75 per share

- 2019-04: JPY 1,107.50 per share

- 2019-05: JPY 1,045.00 per share

- 2019-06: JPY 976.25 per share

- 2019-07: JPY 1,105.00 per share

- 2019-08: JPY 1,197.50 per share

- 2019-09: JPY 1,037.50 per share

- 2019-10: JPY 882.50 per share

- 2019-11: JPY 945.00 per share

- 2019-12: JPY 953.75 per share

- 2020-01: JPY 1,103.75 per share

- 2020-02: JPY 1,023.75 per share

- 2020-03: JPY 1,047.50 per share

- 2020-04: JPY 1,135.00 per share

- 2020-05: JPY 1,357.50 per share

- 2020-06: JPY 1,322.50 per share

- 2020-07: JPY 1,487.50 per share

- 2020-08: JPY 1,412.50 per share

- 2020-09: JPY 1,617.50 per share

- 2020-10: JPY 1,637.50 per share

- 2020-11: JPY 1,787.50 per share

- 2020-12: JPY 1,777.50 per share

- 2021-01: JPY 1,642.50 per share

- 2021-02: JPY 1,605.00 per share

- 2021-03: JPY 1,993.00 per share

- 2021-04: JPY 2,248.00 per share

- 2021-05: JPY 2,198.00 per share

- 2021-06: JPY 2,385.00 per share

- 2021-07: JPY 1,964.00 per share

- 2021-08: JPY 2,021.00 per share

- 2021-09: JPY 2,166.00 per share

- 2021-10: JPY 1,900.00 per share

- 2021-11: JPY 2,093.00 per share

- 2021-12: JPY 1,914.00 per share

- 2022-01: JPY 1,325.00 per share

- 2022-02: JPY 1,486.00 per share

- 2022-03: JPY 1,526.00 per share

- 2022-04: JPY 1,386.00 per share

- 2022-05: JPY 1,391.00 per share

- 2022-06: JPY 1,351.00 per share

- 2022-07: JPY 1,321.00 per share

- 2022-08: JPY 1,369.00 per share

- 2022-09: JPY 1,218.00 per share

- 2022-10: JPY 1,224.00 per share

- 2022-11: JPY 1,229.00 per share

- 2022-12: JPY 1,168.00 per share

- 2023-01: JPY 1,206.00 per share

- 2023-02: JPY 1,166.00 per share

- 2023-03: JPY 1,115.00 per share

- 2023-04: JPY 1,181.00 per share

- 2023-05: JPY 988.00 per share

- 2023-06: JPY 1,048.00 per share

- 2023-07: JPY 897.90 per share

- 2023-08: JPY 928.00 per share

- 2023-09: JPY 806.30 per share

- 2023-10: JPY 789.70 per share

- 2023-11: JPY 894.60 per share

- 2023-12: JPY 885.10 per share

- 2024-01: JPY 956.50 per share

- 2024-02: JPY 1,050.50 per share

- 2024-03: JPY 1,121.50 per share

- 2024-04: JPY 989.70 per share

- 2024-05: JPY 945.50 per share

- 2024-06: JPY 1,007.50 per share

- 2024-07: JPY 966.40 per share

- 2024-08: JPY 1,010.50 per share

- 2024-09: JPY 1,019.50 per share

- 2024-10: JPY 1,006.50 per share

- 2024-11: JPY 1,039.50 per share

- 2024-12: JPY 1,096.00 per share

- 2025-01: JPY 1,164.00 per share

- 2025-02: JPY 1,114.00 per share

- 2025-03: JPY 1,129.50 per share

- 2025-04: JPY 1,224.50 per share

- 2025-05: JPY 1,465.00 per share

- 2025-06: JPY 1,650.00 per share

- 2025-07: JPY 1,532.00 per share

- 2025-08: JPY 1,795.00 per share

- 2025-09: JPY 1,776.00 per share

- 2025-10: JPY 1,537.00 per share

- 2025-11: JPY 1,396.50 per share

- 2025-12: JPY 1,338.00 per share

- 2026-01: JPY 1,400.50 per share

- 2026-02: JPY 1,378.00 per share

- 2026-03: JPY 1,326.50 per share

- 2026-04: JPY 1,248.50 per share

- 2026-05: JPY 1,293.50 per share

- 2026-06: JPY 1,362.00 per share

- 2026-07: JPY 1,455.50 per share

- 2026-08: JPY 1,355.00 per share

- 2026-09: JPY 1,231.50 per share

- 2026-10: JPY 1,264.50 per share

## Annual estimated value (JPY per share)

- FY2019: low JPY 88.88 per share, central JPY 95.36 per share, high JPY 104.00 per share

- FY2020: low JPY 134.86 per share, central JPY 141.70 per share, high JPY 150.80 per share

- FY2021: low JPY 274.95 per share, central JPY 284.46 per share, high JPY 297.11 per share

- FY2022: low JPY 327.42 per share, central JPY 361.86 per share, high JPY 392.97 per share

- FY2023: low JPY 266.67 per share, central JPY 292.03 per share, high JPY 320.37 per share

- FY2024: low JPY 622.03 per share, central JPY 666.36 per share, high JPY 725.37 per share

- FY2025: low JPY 907.69 per share, central JPY 989.21 per share, high JPY 1,097.74 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XCU9.pdf); period 2025-09-30, filed 2025-12-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.