CyberAgent
4751.TMEDIUMScore: 34.9Mocap Studio / Streaming Platform · Weight: 12%· Data as of 2026-05-21
Investment Thesis
ABEMA achieved profitability in Q2 FY2026 — the primary bear case disproven. Years of cash burn ended. Q2 FY2026 record: OP ¥29.0B (+39.3% YoY). Uma Musume overseas revenue 3.5x YoY validates IP globalization. CEO succession: Founder Fujita → Takahiro Yamauchi (head of anime/IP) announced Nov 2025 — 4-year handover. New CEO expertise directly aligned with content/IP growth. hololive Dreams VTuber game (QualiArts × COVER Corp) pre-registered globally March 2026. Stock near 52-week low (¥1,310 vs ¥1,933 high) despite record fundamentals — deep analyst consensus 14/14 buy, target ¥1,823 (+47% upside).
Risk
1) CONCEPT STOCK FLAG for vtuber theme — direct VTuber revenue <5% of total (~¥1T/yr). CyberAgent is a platform/enabler, not a VTuber agency. Thesis connection: ABEMA distributes VTuber events; Cygames mocap serves content production; QualiArts made hololive Dreams. 2) Gaming cyclicality — Uma Musume anniversary events are lumpy; next cycle gap risk. 3) Digital advertising revenue (+8.6% Q2) is steady but maturing. 4) CEO transition 4-year handover period creates leadership uncertainty.
Monitoring Trigger
ABEMA milestone ACHIEVED — upgrade trigger fired. Now monitor: Q3 FY2026 results (Jul 31 2026) — does ABEMA sustain profitability? If ABEMA posts two consecutive profitable quarters, UPGRADE to HIGH conviction. If Uma Musume overseas sustains >2x YoY, ADD to 15%. If gaming revenue (non-anniversary) falls below +10% growth, TRIM.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Internet Advertising | ¥127.7B (Q2 FY2026, +8.6% YoY) | 52% | Digital advertising — steady growth, largest segment |
| Game (Cygames) | ¥67.5B (Q2 FY2026, +31.2% YoY) | 27% | Uma Musume, Granblue Fantasy, other titles; overseas 3.5x YoY |
| Media & IP (ABEMA) | ¥62.1B (Q2 FY2026, +9.0% YoY) | 25% | ABEMA streaming TURNED PROFITABLE Q2 FY2026; VTuber events, anime |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Uma Musume global players (Cygames IP) | Mobile gaming — Uma Musume overseas markets | Uma Musume overseas revenue 3.5x YoY in Q2 FY2026 (Jan-Mar 2026). Game Business OP ¥20.9B (+36.3%). Cygames is 100% CyberAgent subsidiary — IP globalization strategy validated. |
| confirmed | ABEMA subscribers / advertisers | Streaming platform — ACHIEVED PROFITABILITY | ABEMA turned profitable in Q2 FY2026 (Jan-Mar 2026) — historic milestone. Media & IP Business OP ¥5.4B (+65.9%). Primary distributor for VTuber events and concerts in Japan. |
| confirmed | COVER Corporation (hololive IP) | hololive Dreams mobile game (QualiArts × COVER Corp collaboration) | CyberAgent subsidiary QualiArts co-developed 'hololive Dreams' (holo dori rhythm RPG). Pre-registration opened globally March 2026, 50+ hololive VTubers featured. First direct CyberAgent VTuber IP game product. |
| confirmed | Cygames mocap studio clients | Motion capture studio services — anime/game production | One of Asia's largest mocap facilities (Creative Bloq). Supports Cygames game production and third-party anime clients. |