Cyberdyne
7779.TLOWHumanoid / Wearable Robots · Weight: 2%· Data as of 2026-04-16
Investment Thesis
Only listed Japanese humanoid/wearable robot pure-play. HAL exoskeleton for medical rehab and industrial labor assist. Cleaning + transport robots. Cash ¥9.2B > enterprise value. Near-zero debt (D/E 0.01). Potential acquisition target. 38.65% insider ownership.
Risk
1) GPT confirms: LOW conviction appropriate. 2) Latest 9M FY2026 revenue DOWN YoY, still loss-making at operating level. 3) HAL medical device certification real (Japan + EU), but financial model doesn't validate buy case. Speculative only.
Monitoring Trigger
Revenue >¥5B. Named SoftBank partnership → ADD. Operating profit positive → UPGRADE. Losses >2 years → EXIT.
Key Dates
Update History
GPT validation: 1) GPT confirms: LOW conviction appropriate. 2) Latest 9M FY2026 revenue DOWN Yo...
NEW addition (speculative). Only listed Japanese humanoid pure-play. Unprofitable but cash-rich. Acquisition target potential.
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| HAL (Medical) | ¥2B | 49% | Wearable exoskeleton for rehabilitation — EU/Japan medical certified |
| HAL (Non-Medical) | ¥1B | 24% | Industrial labor assist (HAL Lumbar) for construction/logistics |
| Other Robots | ¥1.1B | 27% | Cleaning robots, transport robots, Acoustic X |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Hospitals (Japan, EU) | HAL medical exoskeleton | Medical device certified in Japan and EU[source](2025-01) |
| confirmed | Logistics facilities | Cleaning/transport robots | Deployed in airports, offices[source](2025-01) |
| confirmed | Construction firms | HAL Lumbar for worker assist | Addresses aging construction workforce[source](2025-01) |
Sources & References
Peer Comparison
| Company | PE | Fwd PE | ROE | Op Margin | FCF |
|---|---|---|---|---|---|
| Fanuc | 45.7 | 38.6 | 9.35% | 21.4% | N/A |
| Yaskawa Electric | 21.38 | 29.16 | 7.84% | 8.7% | +¥11.8B |
| Keyence | 40 | 38 | 12.4% | 51.0% | N/A |
| Kawasaki Heavy Industries | 25.35 | 31.65 | N/A | 5.3% | +¥46.9B |
| Harmonic Drive Systems | 458.8 | 164.1 | 5.9% | 7.9% | N/A |
| Omron | 38 | 22.57 | 2.3% | 6.1% | +¥5.9B |
| Nabtesco | 40.8 | 35.6 | 5.46% | 6.78% | +¥19.6B |
| Nidec Corp | 6.3% | 5.0% | +¥174B | ||
| Daifuku | 38-41x TTM | 27.92 | 18.38% | 15.26% | +¥53.9B |
| Denso | 13.93 | 9.62 | 7.89% | 6.69% | +¥201.2B |
| THK | 58 | 37.4 | 3.22% | 6.75% | +¥23.9B |
| Hamamatsu Photonics | 45.68 | 38.54 | 4.12% | 6.70% | N/A |
| Cyberdyne | N/A | 125.47 | -0.13% | -11.95% | -¥222M |
| MinebeaMitsumi | 18.66 | 13.75 | 9.1% | 6.5% | +¥16B |
| SMC Corporation | 26 | 27.2 | 7.9% | ~20% | +¥99B |
| MISUMI Group | 21.33 | 18.7 | 9.4% | 10.4% | +¥32B |
| NSK Ltd. | 26 | 24.7 | N/A | N/A | N/A |
| SANYO DENKI | 30.7 | 21.9 | N/A | N/A | N/A |
| Mabuchi Motor | 13.6 | 18.3 | N/A | N/A | N/A |
| NTN Corporation | 16.3 | 16.3 | N/A | N/A | N/A |