CyberAgent, Inc. CYGIY

Communication ServicesMedia & PublishingJapan

Last close 4.38 USD on Nov 1, 2026, −7.8% year to date

Quant rating

Quant rating A+ Rank 3 of 152 in Communication Services

Growth A 22 of 152
Valuation B 61 of 152
Quality A 20 of 152
Revisions B 89 of 152
Momentum B 33 of 152

Wall Street consensus Buy (1.94)Average target 11.47 USD +161.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.1B
Enterprise value: 3.8B
52-week range: 3.75 – 5.00
3-year range: 2.59 – 6.25
Dividend yield: 1.25%
Beta (5 years): 0.81
Shares outstanding: 507M
Next earnings: Nov 11, 2026

About the company

CyberAgent Inc is a Japan-based company mainly engaged in the media business, Internet advertising business, game business, investment development business and others. The Company operates in five business segments. The Media segment is engaged in the operation of ABEMA, a new television (TV) of the future, WINTICKET, an Internet voting service that allows users to watch live footage of bicycle and auto races and place bets online, the blog service Ameba, and tapple, a love-matching application that connects people through hobbies. The Internet Advertising segment is engaged in the advertising business, artificial intelligence (AI) business and others. The Game segment is engaged in the games business for smartphones. The Investment Development segment is engaged in the venture capital business. The Other segment is engaged in the crowdfunding management business.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,910	5,591	4,822	4,909	5,990	–
Revenue growth	5.7%	15.9%	−1.8%	−18.0%	32.0%	5.4%
EPS (basic, normalized)	0.40	0.21	0.07	0.33	0.72	–
EPS growth	93.4%	199.7%	−78.7%	−54.7%	–	–
Gross margin	30.2%	27.5%	26.7%	30.8%	34.8%	30.0%
Net margin	3.6%	2.0%	0.7%	3.4%	6.2%	3.2%
ROE	18.3%	10.5%	3.6%	17.5%	37.7%	17.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,398
Current ratio	2.54x
Long-term debt (mil)	584
Net debt (mil)	−255
Total equity (mil)	1,286
Net debt / equity	−0.20x
Net debt / EBITDA	−0.49x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	5,910	+5.7%	0.6x	522	+51.3%	7.3x	0.40	+93.4%	10.8x
2026	6,092	+3.1%	0.6x	602	+15.3%	6.3x	0.54	+34.1%	8.1x
2027	6,394	+5.0%	0.6x	621	+3.3%	6.1x	0.59	+8.7%	7.4x
2028	6,722	+5.1%	0.6x	649	+4.4%	5.9x	0.65	+9.5%	6.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	6,092	+0.1%	+1.2%	+3.0%	0.54	−0.8%	−1.0%	+9.7%
2027	6,394	+0.1%	+2.1%	+3.6%	0.59	−0.7%	−1.2%	+8.6%
2028	6,722	0.0%	+2.3%	+3.8%	0.65	−2.1%	−0.9%	+9.3%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	215,130	190,379	204,412	203,842	217,372	210,779	242,037	232,377	246,207	230,688
Sales mean (mil)	210,985	191,219	200,112	203,727	218,331	208,484	217,578	227,418	234,402	225,195
Surprise	+2.0%	−0.4%	+2.1%	+0.1%	−0.4%	+1.1%	+11.2%	+2.2%	+5.0%	+2.4%
EPS reported	20.41	11.78	0.83	10.01	21.31	16.27	14.93	24.59	27.71	17.15
EPS mean	17.10	4.78	10.25	9.89	17.94	14.42	26.38	21.61	22.02	17.98
Surprise	+19.3%	+146.3%	−91.9%	+1.2%	+18.8%	+12.8%	−43.4%	+13.8%	+25.8%	−4.6%

Peer comparison Media & Publishing

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CYGIY CyberAgent, Inc.	4.1B	−0.49x	3.6%	3.08x	8.1x	7.4x	6.3x	6.1x
SGAMY SEGA SAMMY HOLDINGS INC.	4.5B	–	−1.2%	1.75x	–	–	–	–
VSNT Versant Media Group Inc	4.4B	0.73x	13.9%	0.54x	7.7x	4.8x	2.9x	3.3x
FJTNY Fuji Media Holdings Inc	4.3B	58.89x	1.2%	1.06x	5.9x	5.2x	18.7x	17.8x
MSGE Madison Square Garden Entertainment Corp	3.8B	1.40x	6.2%	83.03x	33.3x	29.5x	15.6x	14.6x
LION Lionsgate Studios Corp.	3.7B	13.99x	−6.9%	−3.04x	31.2x	23.3x	21.8x	19.6x
Mean		14.90x	2.8%	14.40x	17.2x	14.1x	13.1x	12.3x
Median		1.40x	2.4%	1.40x	8.1x	7.4x	15.6x	14.6x

Technical analysis

1M+16.8%
3M−4.8%
1Y−27.0%
3Y+68.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CyberAgent, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,910	5,591	4,822	4,909	5,990	4,538
Cost of revenue	4,124	4,056	3,534	3,395	3,905	3,205
Gross profit	1,785	1,535	1,288	1,514	2,085	1,334
Selling, general & administrative expenses	1,274	1,205	1,058	987	1,093	968
Research & development	26.0	39.5	66.0	50.0	54.1	44.6
Depreciation/amortization	–	–	1.1	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	53.3	75.5	23.4	57.9	49.9	53.3
Other operating expenses	0	0	0	0	0	0
Operating income	432	216	140	420	888	268
Net interest income (expense)	4.0	−1.0	1.0	4.5	2.7	−1.9
Gain (loss) on sale of assets	11.9	0.8	6.7	7.8	14.2	0.8
Other non-operating income (expense)	0.3	−1.0	3.3	1.9	0.2	0.5
Net income before taxes	448	215	151	434	905	267
Provision for taxes	164	70.9	77.6	162	306	132
Minority interest	−69.6	−30.6	−37.6	−105	−226	−72.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	214	113	35.7	167	373	62.7
Extraordinary items	–	–	–	–	–	–
Net income	214	113	35.7	167	373	62.7
EBIT, normalized	485	291	163	477	938	321
EBITDA, normalized	546	364	218	537	1,029	404
Basic EPS, normalized	0.40	0.21	0.07	0.33	0.72	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CyberAgent, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,665	1,589	1,464	1,260	1,801	1,199
Receivables	598	591	555	500	676	554
Total inventory	69.7	80.7	60.1	29.4	29.0	19.7
Prepaid expenses	–	–	–	–	–	–
Other current assets	306	262	273	241	205	158
Total current assets	2,638	2,523	2,352	2,030	2,711	1,931
Property, plant & equipment	220	190	165	131	150	126
Goodwill	93.9	103	47.4	33.5	44.5	11.3
Intangibles	290	240	177	119	193	221
Long-term investments	313	303	246	169	204	84.8
Note receivable	7.8	6.0	0.7	1.6	4.4	3.4
Other long-term assets	204	259	211	167	131	95.3
Total assets	3,767	3,624	3,199	2,651	3,438	2,473
Liabilities
Accounts payable	553	517	479	409	504	407
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	4.1	4.2	21.0	16.4	9.3	10.2
Current portion of long-term debt	11.3	169	5.9	143	3.8	0.1
Other current liabilities	634	481	387	330	748	415
Total current liabilities	1,202	1,171	893	898	1,265	833
Long-term debt	627	600	696	165	372	383
Minority interest	622	642	572	531	575	352
Other liabilities	73.8	82.1	57.7	47.8	56.6	46.2
Total liabilities	2,525	2,496	2,218	1,642	2,268	1,615
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	51.8	51.8	49.3	50.0	64.7	68.3
Additional paid-in capital	83.7	85.6	81.8	80.4	101	76.3
Retained earnings (accumulated deficit)	1,014	899	800	836	918	612
Treasury stock	0	0	0	0	−0.6	−3.0
Other equity	92.7	91.9	49.5	42.7	87.7	105
Total equity	1,242	1,128	981	1,009	1,170	858
Total liabilities & shareholders' equity	3,767	3,624	3,199	2,651	3,438	2,473

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CyberAgent, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	448	215	151	434	905	267
Depreciation, depletion & amortization	61.6	72.7	54.3	60.0	90.9	82.7
Deferred taxes	–	–	–	–	–	–
Non-cash items	30.8	66.2	9.7	53.5	32.9	43.5
Changes in working capital	−2.6	17.7	−75.4	−424	−43.9	−42.2
Cash from operations	538	371	139	123	985	351
Investing activities
Capital expenditures	−188	−146	−171	−180	−112	−133
Other investing cash flows	−20.6	−121	−98.5	−36.8	−144	−24.5
Cash from investing	−208	−267	−270	−217	−256	−158
Financing activities
Financing cash flow items	−0.9	−5.6	−6.0	−19.3	41.9	30.9
Cash dividends paid	−54.7	−52.8	−47.4	−38.4	−38.6	−39.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−173	22.2	412	38.4	0	−16.1
Cash from financing	−229	−36.2	358	−19.4	3.4	−24.6
Foreign exchange effects	1.2	−3.0	−1.9	2.0	2.4	−0.4
Net change in cash	102	65.1	226	−111	734	169
Free cash flow	350	226	−31.8	−56.8	873	218

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.