CYBERDYNE (7779) AI Stock Analysis

• Market Cap: ¥63.76B
• Dividend Yield: N/A
• Average Volume (3M): 724.97K
• Price to Earnings (P/E): 87.8
• Beta (1Y): 0.86
• Revenue Growth: -4.30%
• EPS Growth: 82.87%
• Country: JP
• Employees: 227
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 0.57
• Shares Outstanding: 137,445,820
• 10 Day Avg. Volume: 764,380
• 30 Day Avg. Volume: 724,970
• PEG Ratio: 1.05
• Price to Book (P/B): 0.93
• Price to Sales (P/S): 8.43
• P/FCF Ratio: -50.89
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ¥410.00
• Price Target Upside: 89.81% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.13
• Revenue Forecast (FY): ¥4.20B

• Rating: 56 Neutral
• Price Target: ¥311.00 ▲(43.98% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held back primarily by weak financial performance—ongoing net losses and persistent negative operating/free cash flow—despite a very strong, low-leverage balance sheet. Technicals are a major positive, showing a clear uptrend and strong momentum. Valuation remains unattractive because earnings are negative (negative P/E) and there is no dividend yield data to offset that.

Positive Factors

Low leverage / strong balance sheet

Very low debt-to-equity (~1–2%) and stable equity give CYBERDYNE durable financial flexibility. This reduces refinancing risk, supports multi-year R&D and commercialization of HAL devices, and allows the company to absorb operating losses while investing in clinical rollouts and distribution expansion without immediate external pressure.

Healthy, stable gross margins

Sustained gross margins in the 53–69% range indicate structural product-level profitability from hardware and services. High margins imply pricing power or efficient manufacturing and support long-term margin recovery once scale and operating leverage materialize, enabling reinvestment in sales, training, and product development.

Improving loss profile and multi-year revenue gains

Multi-year revenue expansion plus materially narrowed losses in the trailing twelve months show improving operational execution and demand traction. That trend, combined with a strong balance sheet, increases the probability management can reach sustainable profitability as adoption of HAL and services scales.

Negative Factors

Persistent negative cash flows and losses

Continuous negative operating and free cash flow means the business is not yet self-funding; ongoing cash burn creates reliance on funding or capital raises. Over months, this constrains discretionary spending, could dilute shareholders if financed externally, and raises execution risk before sustained profitability.

Recent revenue momentum faded (TTM decline)

A decline in trailing-twelve-month revenue versus the prior year signals weakening adoption momentum or market headwinds. For a commercial-stage medical device company, sustained revenue softness can delay breakeven, slow scale benefits, and indicate structural reimbursement, distribution, or adoption barriers that impede growth.

Negative return on equity

Despite a sizeable equity base, consistently negative ROE shows the company is not generating returns on invested capital. This reflects capital inefficiency and means shareholders' capital has not yet translated into profitable operations, posing a structural challenge until margins and cash flow turn positive.

CYBERDYNE Business Overview & Revenue Model

Company Description

CYBERDYNE Inc. researches, develops, produces, sell, leases, and maintains equipment and systems for medical and warfare in Japan. The company offers Hybrid Assistive Limb (HAL) for medical use in lower limb and single joint type; non-medical HAL for lower limb, single joint type, and lumbar type; HAL peripherals; cleaning robots; transportation robots for various transportation tasks in factories, offices, and other indoor environments; and Acoustic X, a high speed light pulse LED array light source that enables real time photoacoustic imaging. It also provides Cybernics Treatment, a treatment that uses HAL to enhance/regenerate the function of the wearer for spinal cord injury, stroke, neuromuscular diseases, etc.; HAL FIT for enhancement of brain-nerve-musculoskeltal system; MTX Neuro HAL Plus to enhance the performance of the athletes' brain-nerve functions; and Neuro HALFIT for enhancement of physical functions. In addition, the company is involved in the provision of rescue supports in disaster sites, and heavy labor supports for factories and plants; and entertainment business. The company was incorporated in 2004 and is headquartered in Tsukuba, Japan.

How the Company Makes Money

CYBERDYNE primarily generates revenue by commercializing its HAL exoskeleton platform and associated services. Key revenue streams include: (1) sales and/or leasing of HAL units to hospitals, rehabilitation centers, and care providers (the specific mix of sales vs. leasing depends on country, customer type, and contract structure); (2) fees tied to the clinical use of HAL in rehabilitation programs, which may be billed as service or program fees where CYBERDYNE (directly or through distributors) supports deployment, training, and maintenance; and (3) maintenance, support, and other lifecycle services associated with installed HAL systems (e.g., servicing, parts, upgrades, and user training). The company’s earnings are influenced by regulatory/insurance environments for assistive and rehabilitation technologies, the pace of adoption by healthcare providers, and distribution or commercialization partnerships in different geographies. Details such as exact revenue breakdown by segment, named partnerships, and pricing terms are null.

CYBERDYNE Financial Statement Overview

Summary

Balance sheet is strong with very low leverage (debt-to-equity ~1–2%) and stable equity, providing flexibility. However, the company remains unprofitable (net losses in every period) and cash generation is weak with consistently negative operating cash flow and free cash flow, despite reduced cash burn in the TTM period.

Income Statement

Revenue has grown materially over the multi-year period (up strongly from FY2021 to FY2025), but momentum softened with TTM (Trailing-Twelve-Months) revenue declining versus the prior year. Gross margins remain healthy and fairly stable (~53–69%), yet profitability is the key issue: net income is still negative in every period shown, even though losses narrowed sharply in TTM (Trailing-Twelve-Months) versus FY2024. Overall, the company shows improving loss profile and solid gross profitability, but has not demonstrated consistent operating profitability.

Balance Sheet

The balance sheet is a clear strength: leverage is very low, with debt-to-equity consistently around ~1–2% and total debt modest versus a large equity base. Assets and equity appear stable over time, which provides financial flexibility. The main weakness is returns: return on equity remains negative across periods (consistent with net losses), indicating the capital base is not yet generating positive earnings.

Cash Flow

Cash generation is weak: operating cash flow is negative in all periods shown, and free cash flow is also consistently negative, indicating the business is not self-funding. There is improvement in TTM (Trailing-Twelve-Months) with materially less cash burn than prior years, but cash conversion remains a concern given ongoing negative operating cash flow and negative free cash flow while profitability is still not positive.

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	4.11B	4.38B	4.35B	3.29B	2.15B	1.88B
Gross Profit	2.05B	2.07B	2.03B	1.49B	1.25B	1.11B
EBITDA	-505.00M	-904.00M	-1.06B	-722.00M	-565.00M	-413.00M
Net Income	-3.00M	-577.00M	-1.48B	-298.00M	-498.00M	-59.00M
Balance Sheet
Total Assets	49.00B	48.55B	50.00B	50.19B	49.47B	48.12B
Cash, Cash Equivalents and Short-Term Investments	9.20B	6.82B	5.16B	7.80B	20.83B	6.70B
Total Debt	434.00M	434.00M	632.00M	669.00M	575.00M	421.00M
Total Liabilities	9.21B	8.95B	9.52B	8.20B	6.02B	4.33B
Stockholders Equity	39.80B	39.58B	40.75B	42.10B	43.41B	43.78B
Cash Flow
Free Cash Flow	-222.00M	-726.00M	-1.07B	-594.00M	-2.33B	-1.84B
Operating Cash Flow	-177.00M	-430.00M	-850.00M	-143.00M	-564.00M	-775.00M
Investing Cash Flow	5.56B	2.33B	-2.08B	2.17B	-1.79B	-2.79B
Financing Cash Flow	-226.00M	-216.00M	160.00M	14.00M	1.25B	617.00M

CYBERDYNE Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 216.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:7779, the sentiment is Neutral. The current price of 216 is below the 20-day moving average (MA) of 341.95, below the 50-day MA of 302.28, and above the 200-day MA of 214.61, indicating a neutral trend. The MACD of 1.14 indicates Positive momentum. The RSI at 45.42 is Neutral, neither overbought nor oversold. The STOCH value of 32.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:7779.

CYBERDYNE Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5187	72 Outperform	¥10.32B	12.19	―	3.52%	4.97%	-10.07%
7963	67 Neutral	¥9.66B	10.32	―	1.89%	9.47%	37.35%
6849	65 Neutral	¥250.33B	36.37	―	1.92%	4.31%	96.31%
7600	63 Neutral	¥14.43B	14.76	―	3.12%	3.59%	-163.08%
7779	56 Neutral	¥63.76B	87.82	-0.46%	―	-4.30%	82.87%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
6523	51 Neutral	¥126.72B	28.05	2.42%	3.73%	0.04%	―

CYBERDYNE Corporate Events

CYBERDYNE Extends SIP Robotics Contract and Lifts Consignment Budget

CYBERDYNE Inc. has amended its business consignment agreement under Japan’s Cross-ministerial Strategic Innovation Promotion Program, which supports the development and social implementation of integrated human-collaborative robotics in Human-Cyber-Physical Space. Following a revision of the project’s overall budget, the total scheduled consignment amount has been increased from ¥1,190 million for FY2023–FY2025 to ¥1,348 million for FY2023–FY2027, and the contract period has been extended from March 31, 2026 to March 31, 2028, with ¥385 million in consigned R&D revenue expected to be posted in FY2025.

These changes secure a longer funding horizon and higher overall project value for CYBERDYNE, potentially strengthening its role in Japan’s national robotics innovation agenda and providing more stable support for its human-collaborative robotics research pipeline. The extended timeframe and larger budget may enhance the company’s ability to mature its technologies toward social implementation, which could benefit stakeholders through sustained innovation activity and clearer visibility on near-term revenue from consigned development work.

The most recent analyst rating on (JP:7779) stock is a Hold with a Yen322.00 price target. To see the full list of analyst forecasts on CYBERDYNE stock, see the JP:7779 Stock Forecast page.

Cyberdyne Narrows Losses and Returns to Profit Despite Revenue Decline

CYBERDYNE reported consolidated revenue of ¥2.89 billion for the nine months ended December 31, 2025, down 8.7% year-on-year, but significantly improved profitability, moving from an operating loss of ¥708 million to a smaller loss of ¥274 million. The company also swung to a profit before tax of ¥368 million and profit attributable to owners of the parent of ¥190 million, translating into basic earnings per share of ¥0.90 compared with a loss per share a year earlier.

The balance sheet remained strong, with total assets of ¥49.0 billion and an equity ratio of 81.2%, while the company maintained a no-dividend policy for the current fiscal year. Citing the uncertainty inherent in its innovative, emerging-technology business model, CYBERDYNE refrained from issuing a full-year earnings forecast, underscoring the volatility of its operating environment even as profitability metrics show notable progress for stakeholders to monitor.

The most recent analyst rating on (JP:7779) stock is a Hold with a Yen277.00 price target. To see the full list of analyst forecasts on CYBERDYNE stock, see the JP:7779 Stock Forecast page.

CYBERDYNE Increases SIP Consignment Budget Under NEDO Robotics Project

CYBERDYNE Inc. has amended its business consignment agreement with Japan’s New Energy and Industrial Technology Development Organization (NEDO) under the government-led Strategic Innovation Promotion Program (SIP) focused on human collaborative robotics and HCPS technologies, increasing the total scheduled consignment amount for fiscal years 2023–2025 from ¥1,143 million to ¥1,190 million while keeping the original R&D period unchanged. The revised budget framework confirms continued national backing for CYBERDYNE’s role in developing social implementation technologies for integrated human-collaborative robotics, with the company expecting to post ¥385 million in revenue from consigned R&D in FY2025, underscoring a stable public-funded revenue stream and reinforcing its position in Japan’s strategic robotics innovation ecosystem.

The most recent analyst rating on (JP:7779) stock is a Hold with a Yen277.00 price target. To see the full list of analyst forecasts on CYBERDYNE stock, see the JP:7779 Stock Forecast page.