CyberAgent - Public Comps and Valuation Multiples

CyberAgent Overview

About CyberAgent

CyberAgent is one of the top digital advertising companies in Japan. Its main business is internet advertising, which accounts for 54% of companywide revenue. Currently, it is one of the market leaders, with about 12% market share in the digital advertisement market, alongside Dentsu with 13% and Hakuhodo with 11%. It also operates a video game segment (about 24% of total revenue) and a media segment, which is mainly Abema, an online TV program streaming site (about 21% of total revenue).

Founded

1998

HQ

Employees

11.7K+

Website

cyberagent.co.jp

Sectors

Advertising & Marketing
AdTech Software
B2B SaaS
Horizontal SaaS
Service Providers

Financials

LTM Revenue $5.6B

LTM EBITDA $519M

EV

$4.5B

Valuation Multiples

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CyberAgent Financials

As of September 2025, CyberAgent reported last 12-month revenue of $5.6B and EBITDA of $519M.

In the same period, CyberAgent generated $1.7B in LTM gross profit and $217M in net income.

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CyberAgent P&L

In the most recent fiscal year, CyberAgent reported revenue of $5.3B and EBITDA of $272M.

CyberAgent expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$5.6B	XXX	$5.3B	XXX	XXX	XXX
Gross Profit	$1.7B	XXX	$1.4B	XXX	XXX	XXX
Gross Margin	30%	XXX	27%	XXX	XXX	XXX
EBITDA	$519M	XXX	$272M	XXX	XXX	XXX
EBITDA Margin	9%	XXX	5%	XXX	XXX	XXX
EBIT	$453M	XXX	$275M	XXX	XXX	XXX
EBIT Margin	8%	XXX	5%	XXX	XXX	XXX
Net Profit	$217M	XXX	$107M	XXX	XXX	XXX
Net Margin	4%	XXX	2%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for CyberAgent including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $5.6B. EBITDA for the last twelve months was $519M. In the most recent fiscal year, CyberAgent achieved $5.3B in revenue and $272M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$5.6B	Analyst estimates available to subscribers	$5.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.7B	Analyst estimates available to subscribers	$1.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	29.9% gross margin	Analyst estimates available to subscribers	27.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$519M	Analyst estimates available to subscribers	$272M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	9.3% EBITDA margin	Analyst estimates available to subscribers	5.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$453M	Analyst estimates available to subscribers	$275M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	8.1% EBIT margin	Analyst estimates available to subscribers	5.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$217M	Analyst estimates available to subscribers	$107M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	3.9% net profit margin	Analyst estimates available to subscribers	2.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for CyberAgent

This financial data table provides comprehensive performance metrics for CyberAgent, a company based in Japan. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

CyberAgent generated $5.6B in revenue over the last twelve months.
The company achieved $519M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.7B.
Net income over the last twelve months reached $217M.

Fiscal Year Performance

In the most recent fiscal year, CyberAgent reported $5.3B in total revenue.
Fiscal year EBITDA was $272M.
The company maintained a gross profit margin of 27.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was 5.2%.
Net profit margin reached 2.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for CyberAgent. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

CyberAgent Stock Performance

CyberAgent has current market cap of JPY 810B (or $5.3B), and EV of JPY 679B (or $4.5B).

Market Cap Evolution

CyberAgent Stock Data

As of October 17, 2025, CyberAgent's stock price is JPY 1599 (or $10).

See CyberAgent trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$4.5B	$5.3B	XXX	XXX	XXX	XXX	$0.45

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CyberAgent Valuation Multiples

CyberAgent's trades at 0.8x EV/Revenue multiple, and 13.4x EV/EBITDA.

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CyberAgent Financial Valuation Multiples

As of October 17, 2025, CyberAgent has market cap of $5.3B and EV of $4.5B.

Equity research analysts estimate CyberAgent's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

CyberAgent has a P/E ratio of 24.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$5.3B	XXX	$5.3B	XXX	XXX	XXX
EV (current)	$4.5B	XXX	$4.5B	XXX	XXX	XXX
EV/Revenue	0.8x	XXX	0.8x	XXX	XXX	XXX
EV/EBITDA	8.6x	XXX	13.4x	XXX	XXX	XXX
EV/EBIT	9.8x	XXX	14.0x	XXX	XXX	XXX
EV/Gross Profit	2.7x	XXX	n/a	XXX	XXX	XXX
P/E	24.5x	XXX	39.7x	XXX	XXX	XXX
EV/FCF	22.8x	XXX	21.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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CyberAgent Margins & Growth Rates

CyberAgent's last 12 month revenue growth is 5%

CyberAgent's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.

CyberAgent's rule of 40 is 10% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

CyberAgent's rule of X is 22% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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CyberAgent Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	5%	XXX	6%	XXX	XXX	XXX
EBITDA Margin	9%	XXX	6%	XXX	XXX	XXX
EBITDA Growth	10%	XXX	56%	XXX	XXX	XXX
Rule of 40	10%	XXX	11%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	22%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	22%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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