Cybertrust Japan Co., Ltd.
4498・Growth Market・Information & Communication
Business
Cybertrust Corporation operates under the purpose of "realizing a secure and safe digital society," running its Digital Trust Business (Single Segment) centered on public key infrastructure (PKI) technology and Linux/OSS. Its core services are divided into two categories: "Trust Services," including electronic certification, identity verification, and device authentication, and "Platform Services," including enterprise Linux OS, embedded IoT OS, and secure IoT platforms. Its main customers are corporate clients such as financial institutions, critical infrastructure operators, and manufacturers (automotive and industrial equipment), with demand expanding on the back of DX promotion and tightening cybersecurity regulations. The company listed on the Tokyo Stock Exchange Mothers market (now the Growth market) in April 2021. Its parent company is SB Technology Corporation.
Business Model
Revenue consists of three forms: license, professional services, and recurring services. In FY2025 (ended March 2025), recurring revenue was ¥4,926 million (over 66% of total sales), accounting for more than two-thirds of the total, forming a stable revenue base through contract renewals for electronic certification services and support for proprietary products. Growth in recurring revenue is directly linked to the improvement in operating margin (19.1%), and given the business characteristic of requiring capital investment, EBITDA (¥1,993 million) is also managed as an important indicator.
Company Strengths
Based on calculations from Netcraft Ltd.'s SSL Survey (published August 2024), the company holds a 50.0% unit share in the domestic EV SSL/TLS certificate market, ranking No.1. In addition, for its device certificate management service "Cybertrust Device ID," the company assesses its own current market share as being in an almost monopolistic position, based on its track record of partnerships with resellers in key markets.
In FY2025 (ended March 2025), recurring revenue was ¥4,926 million (up 16.5% year on year), accounting for over 66% of total revenue. The operating margin reached 19.1% (an improvement of 1.9 percentage points year on year). From FY2021 to FY2025, operating profit expanded approximately 2.5-fold, from ¥574 million to ¥1,421 million, reflecting a continued qualitative improvement in the earnings structure.
As one of the only domestic operators possessing both electronic certification (PKI) and Linux/OSS technologies, the company provides a secure IoT platform that covers the entire lifecycle of IoT devices. It employs engineers with deep expertise in kernel-level technology and participates in global OSS communities such as CIP. The company also operates its own domestic certificate authority, and has established public credibility through achievements such as passing WebTrust audits and obtaining accreditation from the competent minister.
ENVALITH's Perspective
Performance Trend
Consolidated results for FY2026 (ending March 2026) (as revised) were: net sales of ¥8,360 million (up 12.3% year on year), operating profit of ¥1,649 million (up 16.0%), ordinary profit of ¥1,657 million (up 14.4%), and profit attributable to owners of parent of ¥989 million (up 2.1%). The modest growth in net profit was due to the recording of extraordinary losses of ¥166 million, including head office relocation expenses of ¥112 million, and the impact of tax effect accounting. The operating profit margin improved to 19.7% from 19.1% in the previous fiscal year, the highest level in the past five fiscal years. Both Trust Services (up 15.3%) and Platform Services (up 8.6%) recorded revenue growth. As external factors, trends in DX promotion, regulatory development, and economic security continue to underpin demand. Total assets stood at ¥10,702 million (as revised), and the equity ratio was maintained at a sound 69.5%.
Growth Strategy
Sustainable growth through expansion of iTrust, capturing regulatory-compliance demand for AlmaLinux/EMLinux, and strengthening partner collaboration
Against the backdrop of amendments to the Act on Prevention of Transfer of Criminal Proceeds, identity verification services are being expanded beyond account opening to diverse financial scenarios such as remittances and ongoing customer due diligence. Identity verification services doubled in FY2026 (ending March 2026). In FY2027 (ending March 2026), with the addition of support for the e-Seal certification system, overall Trust Service revenue is planned at ¥5,280 million (+10.6% year on year).
Capturing demand for compliance with international safety standards (IEC62443, European CRA, etc.), the company is focusing on expanding adoption of AlmaLinux (for general-purpose servers) and EMLinux (for edge/IoT) as SBOM-compliant OS offerings. In FY2026 (ending March 2026), expansion of EMLinux adoption and contract development at Lineo Solutions (Embedded/IoT Contract Development) were solid. In FY2027 (ending March 2026), overall Platform Service revenue is planned at ¥3,970 million (+10.7% year on year).
In response to growing needs for zero trust and multi-factor authentication, the company is strengthening customer acquisition through cloud authentication service partners and partners in the education sector. In FY2026 (ending March 2026), partner-oriented services grew. The company will continue to accelerate market penetration by expanding its partner ecosystem.
The company continues to invest in service delivery infrastructure, including the establishment of a second certification center and relocation of the head office (¥413 million in acquisition of property, plant and equipment in FY2026 (ending March 2026)), as well as workforce expansion. It is also leveraging external collaborations, such as an investment in the Canadian venture company Insignary Inc. (an increase of ¥147 million in investment securities), to expand its technology and business domains.
Last updated: July 17, 2026