CYBOZU, INC. · サイボウズ株式会社
| Revenue | ¥37.4B |
|---|---|
| Operating income | ¥10.1B |
| Net income | ¥7.1B |
| Free cash flow | ¥7.8B |
| Operating margin | 27.0% |
| Net margin | 18.9% |
| Return on equity | 44.6% |
| Period | 2025 |
OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Growth is compelling, but returns, margins, and investment discipline remain too uncertain.
Hold: Cybozu is showing strong structural momentum, with cloud sales up 26% year over year, reaching 81% of total sales, and Kintone surpassing 23,000 customers with roughly 550 new companies added monthly. However, management expects profit to decline by more than JPY1 billion in FY2022 after an approximately JPY2.2–2.3 billion advertising increase in FY2021, while offering no clear long-term margin framework or quantified advertising return; the call supports the growth thesis but not a clean risk-adjusted buy.
- Kintone Growth
- Cloud Shift
- Advertising Investment
- Neco Infrastructure
- Partner Ecosystem
- Us Expansion
Near term
Further Kintone advertising and infrastructure spending are expected to pressure FY2022 earnings.
Website traffic is rising after advertising, but management said B2B conversion can take more than a year, delaying proof of return on marketing investment.
The Neco infrastructure transition will temporarily run alongside Forest, creating higher operating costs for several years.
Kintone adoption, large-enterprise deployments, local-government expansion, and partner-led cloud sales are the key operating indicators to monitor.
Longer term
Kintone could compound through its ecosystem of more than 300 partners and 300 integrated services, with 60% of cloud sales already coming through partners.
Large-enterprise governance features, Garoon integration, and ISMAP compliance may broaden adoption beyond departmental use into company-wide and public-sector deployments.
The U.S. strategy remains a significant option but is not yet economically proven; management acknowledged intense competition from companies such as monday.com and said the business remains loss-making there.
Management is prioritizing global customer acquisition over near-term profitability, including a goal of reaching 5,000 paid overseas subscribers by the end of 2025.
Red flags
Management could not provide a clear long-term profit-margin target and explicitly said investment could accelerate further if the response is positive.
Advertising effectiveness was supported mainly by rising website traffic and management expectations; no customer-acquisition cost, conversion rate, payback period, or incremental revenue data was provided.
Overseas profitability is being deferred in favor of customer acquisition, with no defined breakeven timetable.
The company is competing in a crowded U.S. low-code market against well-funded vendors while acknowledging that it cannot yet claim a near-term win.
The planned self-operated infrastructure investment creates execution and cost risk, including several years of duplicated Forest and Neco running costs.
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
Earnings transcripts
- Issuer IR
Results Briefing Materials for FY2021 Transcript
CYBOZU, INC.
- Issuer IR
Results Briefing Materials for FY2020 Transcript no.1
CYBOZU, INC.
- Issuer IR
Results Briefing Materials for FY2020 Transcript no.2
CYBOZU, INC.
- Issuer IR
Results Briefing Materials for FY2025 Transcript
CYBOZU, INC.
- Issuer IR
Results Briefing Materials for FY2022 Transcript
CYBOZU, INC.
- Issuer IR
Results Briefing Materials for FY2024 Transcript
CYBOZU, INC.