CyberAgent

4751.TMEDIUM

Mocap Studio / Streaming Platform · Weight: 12%· Data as of 2026-05-21

¥1,243.5-0.4%

6-month daily

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

2026-07-31earningsFY2026 Q3 results — critical: does ABEMA sustain profitability for 2nd consecutive quarter?

2026-11earningsFY2026 full-year results (Sep FY-end) — full-year ABEMA profitability picture

2026-H2catalysthololive Dreams global launch — watch player count and revenue contribution

2027-Q1catalystNew CEO Takahiro Yamauchi's first major strategy announcements

Update History

2026-05-21evolveUPGRADED

View report →

UPGRADED: ABEMA achieved profitability Q2 FY2026. Q2 record: OP ¥29.0B (+39.3%). Uma Musume overseas 3.5x. hololive Dreams pre-registration global. CEO Fujita→Yamauchi. Stock near 52-wk low. PE 16.32x. Added supply chain: Uma Musume global, ABEMA profitable, hololive Dreams.

pe:N/A16.32xmarket_cap:¥721B¥664.5Bdiv_yield:1.0%1.25%op_margin:9.3%11.8% (Q2 FY2026 actual)thesis:Mocap studio + ABEMA burnABEMA profitable + Uma Musume overseas + CEO IP-focus + hololive Dreamsconviction:MEDIUMMEDIUM (upgraded trajectory)supply_chain:2 entries4 entries (+Uma Musume global, +ABEMA profitable, +hololive Dreams)segments:Rough estimatesUpdated to Q2 FY2026 actualskey_dates:Jul 31 Q3+hololive Dreams launch, full-year Nov, CEO Q1 2027

Key Metrics

16.32

N/A (Sep FY; Q2 FY2026 results released May 13)

Fwd PE

N/A

P/B

N/A (needs update; ops strong: Q2 OP ¥29.0B +39.3%)

ROE

11.8% (Q2 FY2026: OP ¥29.0B / Rev ¥246.2B)

Op Margin

N/A

D/E

1.25% (¥1,310 stock; fwd 1.4%)

Div Yield

N/A

FCF

¥664.5B

Mkt Cap

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.[source](2026-05-13)
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.[source](2026-05-13)
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.[source](2026-03-11)
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.[source](2025-01)

Sources & References

↗Yahoo Financehttps://finance.yahoo.com/quote/4751.T/↗Creative Bloq - Cygames Studiohttps://www.creativebloq.com/3d/i-visited-cygames-massive-mocap-studio-in-japan-and-im-in-awe

Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
ANYCOLOR (Nijisanji)	10.24	12.8	74.2%	40.2%	N/A
Cover Corp (Hololive)	15.8	13.3	33.7%	19.1%	+¥4B
Sony Group	N/A (one-time SFG loss)	~12.9x	~11-15% (restated ex-SFG)	11.6%	N/A
CyberAgent	16.32	N/A (Sep FY; Q2 FY2026 results released May 13)	N/A (needs update; ops strong: Q2 OP ¥29.0B +39.3%)	11.8% (Q2 FY2026: OP ¥29.0B / Rev ¥246.2B)	N/A
Bandai Namco	~16.5x	~16.9x	13.8%	14.0%	N/A
Kadokawa	~73x TTM (NI distorted by FY2026 one-time impairment/restructuring)	~38x FY2027 (analyst consensus; company guidance implies ~83x on ¥5.8B NI)	~0.3% (FY2026 NI ¥1.28B vs equity ~¥400B; structurally low)	2.9% (FY2026: OP ¥8.1B / Rev ¥282.9B; normalized FY2027 guidance: 3.4%)	N/A
GREE Holdings (REALITY)	~45x (EPS TTM ¥8.5 at ¥382)	N/A	N/A (thin profitability; OP quarterly ~¥1B)	~7.7% (Q3 FY2026 standalone: OP ¥1B / Rev ¥13B)	N/A
Colopl	279x TTM (loss-making trailing period; Q1 FY2027 annualized ~72x on ¥170M×4)	N/A	~0% (returning from -0.4%; ¥170M Q1 profit on estimated equity ¥14B = ~4.9% annualized if sustained)	~-1.8% (Q1 FY2027 operating loss ¥86M / revenue ¥4,772M; but ordinary profit positive ¥484M)	N/A (likely negative)