# FORCIA, Inc.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/03/01－2026/02/28) (S100Y6MO)
> Page: https://vizora.meequs.com/en/company/forcia
> Retrieved: 2026-09-30T21:00:18.505Z

## Company

Forcia, founded in 2001, is a company in IT Services & System Integration listed on TSE Growth. It has 140 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FORCIA,Inc. |
| Ticker | 304A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/304A.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区新宿四丁目1番6号 |
| Representative (per filing) | 代表取締役社長 屋代 浩子 |
| Founded | Mar 2001 |
| Share capital | ¥236.7M |
| Employees (consolidated) | 140 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | February |
| Website | www.forcia.com (https://www.forcia.com/) |
| Corporate number | 8011101031454 |
| EDINET | E40230 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100Y6MO, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.3 | 157 |
| Profitability | 15.1 | 196 |
| Cash conversion | 97.6 | 185 |
| Efficiency | 28.8 | 196 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Forcia brought in ¥2.2B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -4.9% from the prior year, operating profit -66.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2197552000 → ¥48716000
- Net income → operating cash flow: ¥48716000 → ¥181193000（difference ¥132477000）
- Main uses of operating cash flow: CapEx ¥122953000 / dividends — / buybacks —
- Change in cash: ¥57239000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.2B |  |
| Operating income | ¥71.5M | Margin 3.3% |
| Net income | ¥48.7M | Margin 2.2% |
| Free cash flow | ¥58.2M |  |
| Employees (consolidated) | 140 |  |
| EPS | ¥39.55 |  |
| Book value per share | ¥1613.67 |  |
| Equity ratio | 92.3% |  |
| Shares outstanding | 1,231,900 |  |
| Shareholders | 535 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 59.8% | Cash ÷ revenue 58.6% |
| Vs. industry median margin | -5.7 pp | IT Services & System Integration |
| ROE | 2.5% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.7× net income
- FY2026, cash is 60% of total assets

## What changed in 2 years

| Metric | FY ending Feb 2024 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1946946000 | ¥2197552000 | +12.9% |
| Operating income | ¥139155000 | ¥71458000 | -48.6% |
| Operating margin | 7.1% | 3.3% | -3.9 pp |
| Employees | 129 people | 140 people | +8.5% |
| Cash and equivalents | ¥958979000 | ¥1287720000 | +34.3% |

### Change in segment revenue mix

Span: FY ending Feb 2024 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,198 | 100.0% | S100Y6MO |
| Cost of revenue | 1,135 | 51.7% | S100Y6MO |
| Gross profit | 1,062 | 48.3% | S100Y6MO |
| SG&A | 991 | 45.1% | S100Y6MO |
| Operating income | 71 | 3.3% | S100Y6MO |
| Ordinary income | 74 | 3.4% | S100Y6MO |
| Pretax income | 74 | 3.4% | S100Y6MO |
| Income tax | 26 | 1.2% | S100Y6MO |
| Net income | 49 | 2.2% | S100Y6MO |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 45 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 48.3% → Operating margin 3.3% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.9%; Core profit growth: -66.8%
Operating leverage (core profit growth ÷ revenue growth): 13.70×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,310 | 2,198 | -113 | -4.9% |
| Gross profit | 1,235 | 1,062 | -173 | -14.0% |
| Operating income | 215 | 71 | -144 | -66.8% |
| Operating cash flow | 28 | 181 | 154 | +557.0% |
| Free cash flow | -84 | 58 | 142 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2024 | 1,947 | 139 | 7.1% | 99 | 520 | 439 | S100VU9B |
| FY ending Feb 2025 | 2,310 | 215 | 9.3% | 132 | 28 | -84 | S100Y6MO |
| FY ending Feb 2026 | 2,198 | 71 | 3.3% | 49 | 181 | 58 | S100Y6MO |

## People and productivity（FY ending Feb 2026, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.7M |
| Operating income per employee (consolidated) | ¥510.4K |
| Net income per employee (consolidated) | ¥348K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 129 | 131 | 140 |
| Average salary (parent company) | — | ¥7.1M | ¥7M |
| Average age (parent company) | — | 36.5 years | 36.7 years |
| Average tenure (parent company) | — | 5.7 years | 5.9 years |

Year over year: Employees (consolidated) +6.9% · Revenue (consolidated) -4.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 181 | 8.2% | S100Y6MO |
| Capital expenditure | 123 | 5.6% | S100Y6MO |
| Free cash flow | 58 | 2.7% | 算出 |
| Investing cash flow | -124 | -5.6% | S100Y6MO |
| Change in cash | 57 | 2.6% | S100Y6MO |
| Cash and equivalents | 1,288 | 58.6% | S100Y6MO |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 959 | 1,230 | 1,288 | S100Y6MO |
| Total assets | 1,626 | 2,192 | 2,154 | S100VU9B, S100Y6MO |
| Net assets | 1,434 | 1,939 | 1,988 | S100Y6MO |
| Share capital | 50 | 237 | 237 | S100VU9B, S100Y6MO |
| Property, plant and equipment | 41 | 34 | 35 | S100VU9B, S100Y6MO |
| Intangible assets excluding goodwill | 136 | 207 | 255 | S100VU9B, S100Y6MO |
| Current assets | 1,309 | 1,814 | 1,734 | S100VU9B, S100Y6MO |
| Current liabilities | 192 | 252 | 167 | S100VU9B, S100Y6MO |
| Total liabilities | 192 | 252 | 167 | S100VU9B, S100Y6MO |
| Equity attributable to owners of parent | 1,434 | 1,939 | 1,988 | S100VU9B, S100Y6MO |
| Retained earnings | 1,334 | 1,466 | 1,515 | S100VU9B, S100Y6MO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100Y6MO |
| Property, plant and equipment | 1% | S100Y6MO |
| Intangibles and goodwill | 12% | S100Y6MO |
| Other assets | 27% | S100Y6MO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 8% | S100Y6MO |
| Equity | 92% | S100Y6MO |

### Balance sheet history

| Metric | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 1,626 | 2,192 | 2,154 |
| Equity | 1,434 | 1,939 | 1,988 |
| Interest-bearing debt | — | — | — |
| Cash | 959 | 1,230 | 1,288 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 1.6% | S100Y6MO |
| Fixed assets ÷ total assets | 1.6% | S100Y6MO |
| Goodwill ÷ parent equity | — | —, S100Y6MO |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 59.8% |
| Cash ÷ revenue | 58.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 253.6% |
| Cash vs. profit gap | 132 JPY mn (of net income 271.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 68.4% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 5.1% | 1.20× | 6.1% | 1.13× | 6.9% | S100VU9B |
| 2025 | 5.7% | 1.21× | 6.9% | 1.13× | 7.8% | S100Y6MO |
| 2026 | 2.2% | 1.01× | 2.2% | 1.11× | 2.5% | S100Y6MO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 屋代 哲郎 | Major shareholder | 33.0% | 2026-02-28 |
| 屋代 浩子 | Major shareholder | 32.9% | 2026-02-28 |
| フォルシア社員持株会 | Major shareholder | 9.0% | 2026-02-28 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2026-02-28 |
| フォルシア役員持株会 | Major shareholder | 1.5% | 2026-02-28 |
| 新保 光栄 | Major shareholder | 1.3% | 2026-02-28 |
| ＺＥＴＡ株式会社 | Major shareholder | 1.0% | 2026-02-28 |
| 山田 尚紀 | Major shareholder | 1.0% | 2026-02-28 |
| 谷本 真一 | Major shareholder | 0.8% | 2026-02-28 |
| 吉村 龍吾 | Major shareholder | 0.8% | 2026-02-28 |
| 大久保 勉 | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/03/01－2026/02/28) | S100Y6MO | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6MO,, |
| 有価証券報告書－第24期(2024/03/01－2025/02/28) | S100VU9B | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU9B,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).