# Forval RealStraight Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/04/01－2026/03/31) (S100YKOH)
> Page: https://vizora.meequs.com/en/company/forval-realstraight
> Retrieved: 2026-09-30T21:02:30.719Z

## Company

Forval RealStraight, founded in 1995, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 114 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Forval RealStraight Inc. |
| Ticker | 9423 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9423.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田神保町三丁目23番地の2 |
| Representative (per filing) | 代表取締役社長 芳賀直樹 |
| Founded | Mar 1995 |
| Share capital | ¥107.2M |
| Employees (consolidated) | 114 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.realstraight.co.jp (https://www.realstraight.co.jp/) |
| Corporate number | 6011001061470 |
| EDINET | E05528 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YKOH, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 5.9 | 76 |
| Cash conversion | 85.8 | 74 |
| Efficiency | 99.3 | 76 |

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)

- Forval RealStraight brought in ¥4.56B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +45.4% from the prior year, operating profit +10.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4563715000 → ¥169164000
- Net income → operating cash flow: ¥169164000 → ¥194907000（difference ¥25743000）
- Main uses of operating cash flow: CapEx ¥8414000 / dividends ¥62826000 / buybacks —
- Change in cash: ¥212571000
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 | ¥4.56B |  |
| Operating income | ¥139.1M | Margin 3.0% |
| Net income | ¥169.2M | Margin 3.7% |
| Free cash flow | ¥186.5M |  |
| Employees (consolidated) | 114 |  |
| EPS | ¥4.45 |  |
| Book value per share | ¥28.25 |  |
| Equity ratio | 39.8% |  |
| Shares outstanding | 24,277,800 |  |
| Treasury shares | 36,000 |  |
| Shareholders | 4,947 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 52.0% | Cash ÷ revenue 21.3% |
| Vs. industry median margin | -6 pp | Plant Engineering & Building Services |
| ROE | 22.7% | Derived from disclosed figures |
| ROA | 9.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 52% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1901479000 | ¥4563715000 | — |
| Operating income | ¥85618000 | ¥139147000 | — |
| Operating margin | 4.5% | 3.0% | -1.5 pp |
| Employees | 73 people | 114 people | — |
| Cash and equivalents | ¥534750000 | ¥973764000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,564 | 100.0% | S100YKOH |
| Cost of revenue | 2,924 | 64.1% | S100YKOH |
| Gross profit | 1,639 | 35.9% | S100YKOH |
| SG&A | 1,500 | 32.9% | S100YKOH |
| Operating income | 139 | 3.0% | S100YKOH |
| Ordinary income | 142 | 3.1% | S100YKOH |
| Pretax income | 226 | 5.0% | S100YKOH |
| Income tax | 57 | 1.2% | S100YKOH |
| Net income | 169 | 3.7% | S100YKOH |
| Net income attributable to owners | 169 | 3.7% | S100YKOH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 33 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 35.9% → Operating margin 3.0% → Net margin 3.7%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,140 | 4,564 | 1,424 | +45.4% |
| Gross profit | 1,242 | 1,639 | 397 | +31.9% |
| Operating income | 126 | 139 | 13 | +10.1% |
| Operating cash flow | 65 | 195 | 129 | +197.6% |
| Free cash flow | 57 | 186 | 130 | +229.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 888 | 57 | 6.4% | 61 | 24 | — | S100LLEW |
| FY ending Mar 2021 | 1,901 | 86 | 4.5% | 103 | 193 | 190 | S100OCKS |
| FY ending Mar 2022 | 2,154 | 52 | 2.4% | 50 | -17 | -29 | S100R8WK |
| FY ending Mar 2023 | 2,975 | 157 | 5.3% | 112 | 296 | 294 | S100TU96 |
| FY ending Mar 2024 | 3,066 | 169 | 5.5% | 130 | 108 | 93 | S100W4QO |
| FY ending Mar 2025 | 3,140 | 126 | 4.0% | 86 | 65 | 57 | S100W4QO |
| FY ending Mar 2026 | 4,564 | 139 | 3.0% | 169 | 195 | 186 | S100YKOH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 75 | 78 | 80 | 85 | 114 |
| Average salary (parent company) | ¥6.3M | ¥7.5M | ¥7.8M | ¥7.3M | ¥7.2M |
| Average age (parent company) | 35.9 years | 36.2 years | 37.3 years | 37.2 years | 38.9 years |
| Average tenure (parent company) | 5.8 years | 6.2 years | 6.9 years | 7.1 years | 5.8 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 195 | 4.3% | S100YKOH |
| Capital expenditure | 8 | 0.2% | S100YKOH |
| Free cash flow | 186 | 4.1% | 算出 |
| Investing cash flow | 80 | 1.8% | S100YKOH |
| Financing cash flow | -63 | -1.4% | S100YKOH |
| Dividends paid | 63 | 1.4% | S100YKOH |
| Change in cash | 213 | 4.7% | S100YKOH |
| Cash and equivalents | 974 | 21.3% | S100YKOH |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 472 | 730 | 770 | 761 | 974 | S100TU96, S100W4QO, S100YKOH |
| Total assets | 802 | 1,194 | 1,301 | 1,319 | 1,874 | S100R8WK, S100TU96, S100W4QO, S100YKOH |
| Net assets | 450 | 530 | 608 | 640 | 746 | S100TU96, S100W4QO, S100YKOH |
| Share capital | 83 | 95 | 101 | 107 | 107 | S100R8WK, S100TU96, S100W4QO, S100YKOH |
| Property, plant and equipment | 13 | 12 | 12 | 12 | 14 | S100R8WK, S100TU96, S100W4QO, S100YKOH |
| Intangible assets excluding goodwill | 1 | 1 | 10 | 12 | 10 | S100R8WK, S100TU96, S100W4QO, S100YKOH |
| Current assets | 751 | 1,131 | 1,229 | 1,234 | 1,778 | S100R8WK, S100TU96, S100W4QO, S100YKOH |
| Current liabilities | 352 | 664 | 694 | 679 | 1,128 | S100R8WK, S100TU96, S100W4QO, S100YKOH |
| Trade payables | — | — | — | — | 504 | S100YKOH |
| Total liabilities | 352 | 664 | 694 | 679 | 1,128 | S100R8WK, S100TU96, S100W4QO, S100YKOH |
| Equity attributable to owners of parent | 422 | 511 | 598 | 640 | 746 | S100R8WK, S100TU96, S100W4QO, S100YKOH |
| Retained earnings | 290 | 354 | 432 | 460 | 566 | S100R8WK, S100TU96, S100W4QO, S100YKOH |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100TU96, S100W4QO, S100YKOH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100YKOH |
| Property, plant and equipment | 1% | S100YKOH |
| Intangibles and goodwill | 0% | S100YKOH |
| Other assets | 47% | S100YKOH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 27% | S100YKOH |
| Other liabilities | 33% | S100YKOH |
| Equity | 40% | S100YKOH |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 802 | 1,194 | 1,301 | 1,319 | 1,874 |
| Equity | 450 | 530 | 608 | 640 | 746 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 472 | 730 | 770 | 761 | 974 |

## 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) | 0.3% | S100YKOH |
| Fixed assets ÷ total assets | 0.8% | S100YKOH |
| Goodwill ÷ parent equity | — | —, S100YKOH |

### 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) | 52.0% |
| Cash ÷ revenue | 21.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 140.1% |
| Cash vs. profit gap | 26 JPY mn (of net income 15.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.1% |
| Shareholder payments — dividends / FCF | 33.7% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 41.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.3% | 2.69× | 6.3% | 1.90× | 11.9% | S100R8WK |
| 2023 | 3.8% | 2.98× | 11.2% | 2.14× | 24.1% | S100TU96 |
| 2024 | 4.2% | 2.46× | 10.4% | 2.25× | 23.5% | S100W4QO |
| 2025 | 2.8% | 2.40× | 6.6% | 2.12× | 13.9% | S100W4QO |
| 2026 | 3.7% | 2.43× | 9.0% | 2.51× | 22.7% | S100YKOH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フォーバル | Major shareholder | 51.2% | 2026-03-31 |
| ＦＲＳ従業員持株会 | Major shareholder | 1.7% | 2026-03-31 |
| 石原勝 | Major shareholder | 1.1% | 2026-03-31 |
| 飯島功市郎 | Major shareholder | 1.0% | 2026-03-31 |
| 吉田浩司 | Major shareholder | 1.0% | 2026-03-31 |
| 澤井豊 | Major shareholder | 0.8% | 2026-03-31 |
| 幅昭義 | Major shareholder | 0.4% | 2026-03-31 |
| 溝渕健一 | Major shareholder | 0.4% | 2026-03-31 |
| 里村歩 | Major shareholder | 0.4% | 2026-03-31 |
| INTERACTIVE BROKERS LLC (常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/04/01－2026/03/31) | S100YKOH | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKOH,, |
| 有価証券報告書－第31期(2024/04/01－2025/03/31) | S100W4QO | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4QO,, |
| 有価証券報告書－第30期(2023/04/01－2024/03/31) | S100TU96 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU96,, |
| 有価証券報告書－第29期(2022/04/01－2023/03/31) | S100R8WK | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8WK,, |
| 有価証券報告書－第28期(令和3年4月1日－令和4年3月31日) | S100OCKS | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCKS,, |
| 有価証券報告書－第27期(令和2年4月1日－令和3年3月31日) | S100LLEW | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLEW,, |

## 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).