Cybozu, Inc.
4776・Prime Market・Information & Communication
Business
Cybozu, Inc. is a groupware specialist company founded in 1997. Centered on four products—the business application-building cloud service "kintone", "Cybozu Office" for small and medium-sized enterprises, "Garoon" for mid-size and large organizations, and the email-sharing tool "Mailwise"—the company provides information-sharing infrastructure to businesses, local governments, and non-profit organizations both domestically and internationally. The total number of domestic contracted companies across all products has surpassed 70,000, with 3.6 million users. The group, which includes 10 subsidiaries and 2 affiliated companies, is also promoting global expansion into North America, Latin America, Greater China, and the APAC region. The company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
Cloud-related business accounts for 92.1% of net sales (¥34,485 million), adopting a stable revenue accumulation model based on monthly and annual subscription billing. 66.0% (¥21,956 million) of domestic cloud sales are generated through partners, with an ecosystem formed by approximately 560 partners and over 500 plugin/integration services complementing the sales channel. By developing and operating its own cloud infrastructure in-house, the company achieves both quality control and cost efficiency.
Company Strengths
The flagship product kintone posted FY2025 (ending December 2025) sales of ¥21,689 million (up 33.9% year on year), with approximately 39,000 domestic contracted companies. Company-wide operating margin improved significantly to 27.0% (¥10,101 million) from 16.5% in the previous period. The October 2024 price revision contributed to an increase in average customer unit price and boosted sales, while the churn rate has remained low.
As of the end of December 2025, the company had approximately 560 partner companies and more than 500 plugins and integration services. ¥21,956 million, or 66.0% of domestic cloud sales, was generated through partners. Through collaboration with more than 20 regional banks nationwide, the product has also been introduced to approximately 900 companies, building a multi-layered sales network that does not rely solely on direct sales.
While promoting migration to its proprietary cloud infrastructure "NECO", the company has obtained ISMAP certification for government information systems, acquired SOC2 Type1/Type2 assurance reports for overseas markets, and completed U.S. HIPAA compliance in FY2025 (ending December 2025). These efforts have lowered barriers to adoption in highly confidential sectors such as public administration, healthcare, and finance, contributing to expansion of the customer base.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods expanded consistently: ¥18,489 million (FY2021) → ¥22,067 million (FY2022) → ¥25,432 million (FY2023) → ¥29,675 million (FY2024) → ¥37,430 million (FY2025). Operating profit fell to ¥611 million in FY2022, then recovered sharply from FY2023 onward, reaching ¥10,101 million in FY2025, more than double the FY2024 level. In Q1 of FY2026 (ending December 2026), revenue was ¥10,246 million (up 17.0% year on year), operating profit was ¥3,014 million (up 15.3%), and net income attributable to owners of the parent was ¥2,191 million (up 21.6%), maintaining double-digit growth. While the accumulation of cloud service contracts and the effect of the October 2024 price revision have pushed up revenue, increases in advertising expenses, R&D expenses, and personnel costs have somewhat restrained profit growth. Comprehensive income came in at ¥1,620 million (down 14.3% year on year), below net income, due to a decrease of ¥655 million in valuation difference on available-for-sale securities caused by the decline in listed share prices.
Growth Strategy
The company aims to achieve sales of ¥50,900 million in FY2028 through enterprise market expansion, AI feature enhancement, global expansion, and deepening of partner relationships.
Established an Enterprise Business Division to strengthen the direct sales system for large enterprises and local governments. By leveraging compliance with cloud service high-security requirements (ISMAP, SOC2, HIPAA), the company aims to accelerate the acquisition of large customer segments that had previously been difficult to reach.
Embedding AI features into each service through initiatives such as kintone AI Lab, aiming to expand use cases and increase customer unit prices. R&D expenses continued to be invested aggressively, reaching ¥399 million (up 33.9% year on year) in the first quarter of FY2026 (ending December 2026), with the aim of also creating new businesses with a view toward global expansion.
Continuing to expand cloud services in North America, Greater China, and APAC. The company is also considering expanding opportunities into the U.S. healthcare sector through HIPAA compliance. At present, revenue contribution remains limited, and the initiative is in a long-term investment phase.
Further expanding sales through partners, which account for 66.0% of domestic cloud sales. The company will continue to invest in education and support for partners, strengthening a structure that broadens the sales network while restraining its own sales costs.
Based on a resolution by the Board of Directors on May 14, 2026, the company will conduct a share buyback with an upper limit of 3 million shares and a total acquisition price of ¥3,000 million (May 15, 2026 to July 31, 2026, purchases on the Tokyo Stock Exchange market). This corresponds to a maximum of 6.5% of the total number of issued shares (excluding treasury shares), aiming to restructure the capital composition and implement agile capital policy.
Last updated: July 17, 2026