CYBERDYNE (7779): Talks the Talk, but Does it Walk the Walk?

During our earlier research into Jig-Saw (3914) we were amazed at the bubble that’s built around many robot-themed names in the Mothers Index. Nowhere was the extreme overvaluation as apparent as with its second-largest component: Cyberdyne.

Cyberdyne is a researcher and developer of robotic suits that shot up in value by 515% in two years since its IPO on the Mothers. Its current valuations on an earnings basis are potentially the highest we’ve seen since the internet bubble burst in Japan in 2000. The valuations may make you think Cyberdyne is about to become the next big thing. The reality is, the company’s never made a profit. It is not present in the world’s biggest market for wearable robots and deliberately eschews the lucrative military sales on ethical grounds. Its products are not covered by insurance in the U.S. and in Japan coverage is extremely limited. Cyberdyne peers reveal that this business is much more niche than mass market. And, Cyberdyne’s claim to be uniquely positioned in the development of powered exoskeletons can be easily contested. Here are just some of its competitors: Toyota, Honda, Panasonic, Lockheed Martin, and Samsung.

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