# FORVAL CORPORATION: 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46期(2025/04/01－2026/03/31) (S100YEZW)
> Page: https://vizora.meequs.com/en/company/forval
> Retrieved: 2026-09-30T18:34:43.286Z

## Company

Forval, founded in 1980, is a company in Telecom Carriers listed on TSE Standard. It has 2,530 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FORVAL CORPORATION |
| Ticker | 8275 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8275.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区神宮前五丁目52番2号 |
| Representative (per filing) | 代表取締役社長 中島 將典 |
| Founded | Sep 1980 |
| Share capital | ¥4.15B |
| Employees (consolidated) | 2,530 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | forval.co.jp (https://forval.co.jp/) |
| Corporate number | 4011001025865 |
| EDINET | E02693 |
| Industries (Vizora) | Telecom Carriers, Broadband & ISPs, IT Services & System Integration, HR & Staffing, Consulting, Education |

> Profile source: annual securities report (S100YEZW, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.4 | 31 |
| Profitability | 14.8 | 44 |
| Cash conversion | 51.1 | 44 |
| Efficiency | 85.2 | 44 |

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)

- About 55% of Forval's sales come from Forval Business Group, with Forvaltelecom Business Group and General Environment-related Consulting Business Group making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.5% from the prior year, operating profit -0.4%.

## Company structure

- Segment revenue mix: Forval Business Group 55.2%、Forvaltelecom Business Group 32.8%、General Environment-related Consulting Business Group 7.2%、Human Capital Management 4.9%
- Revenue → net income: ¥71524950000 → ¥1941484000
- Net income → operating cash flow: ¥1941484000 → ¥3073990000（difference ¥1132506000）
- Main uses of operating cash flow: CapEx ¥868968000 / dividends ¥779761000 / buybacks —
- Change in cash: ¥777242000
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 | ¥71.5B |  |
| Operating income | ¥3.72B | Margin 5.2% |
| Net income | ¥1.48B | Margin 2.1% |
| Free cash flow | ¥2.21B |  |
| Largest business | Forval Business Group | of segment revenue 55.2% |
| Employees (consolidated) | 2,530 |  |
| EPS | ¥35.58 |  |
| Book value per share | ¥689.15 |  |
| Equity ratio | 45.2% |  |
| Shares outstanding | 27,732,622 |  |
| Treasury shares | 1,619,100 |  |
| Shareholders | 4,653 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 29.0% | Cash ÷ revenue 17.0% |
| Vs. industry median margin | -3.7 pp | IT Services & System Integration |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49788843000 | ¥71524950000 | +43.7% |
| Operating income | ¥2616936000 | ¥3724198000 | +42.3% |
| Operating margin | 5.3% | 5.2% | 0 pp |
| Employees | 1,966 people | 2,530 people | +28.7% |
| Cash and equivalents | ¥10905682000 | ¥12148192000 | +11.4% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| フォーバルビジネスグループ → フォーバルビジネスグループ | 46.1% |
| フォーバルテレコムビジネスグループ → フォーバルテレコムビジネスグループ | 32.8% |
| フォーバルテレコムビジネスグループ → 事業再編・廃止 | 9.9% |
| 総合環境コンサルティングビジネスグループ → 総合環境コンサルティングビジネスグループ | 7.2% |
| 総合環境コンサルティングビジネスグループ → 事業再編・廃止 | 1.0% |
| その他 → 事業再編・廃止 | 3.0% |
| 新設・再編 → フォーバルビジネスグループ | 9.1% |
| 新設・再編 → 人的資本経営 | 4.9% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Forval Business Group | 5 years | +11.4% | ¥39455962000 | 6.5% | 2 |
| Forvaltelecom Business Group | 5 years | +2.0% | ¥23453072000 | 5.3% | 2 |
| General Environment-related Consulting Business Group | 5 years | +4.8% | ¥5125394000 | -0.5% | 2 |
| Human Capital Management | 2 years | +25.6% | ¥3490521000 | 9.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 71,525 | 100.0% | S100YEZW |
| Cost of revenue | 45,163 | 63.1% | S100YEZW |
| Gross profit | 26,362 | 36.9% | S100YEZW |
| SG&A | 22,638 | 31.7% | S100YEZW |
| Operating income | 3,724 | 5.2% | S100YEZW |
| Ordinary income | 4,045 | 5.7% | S100YEZW |
| Pretax income | 3,376 | 4.7% | S100YEZW |
| Income tax | 1,434 | 2.0% | S100YEZW |
| Net income | 1,941 | 2.7% | S100YEZW |
| Net income attributable to owners | 1,478 | 2.1% | S100YEZW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 32 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 36.9% → Operating margin 5.2% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.5%; Core profit growth: -0.4%
Operating leverage (core profit growth ÷ revenue growth): 0.28×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 72,629 | 71,525 | -1,104 | -1.5% |
| Gross profit | 25,251 | 26,362 | 1,111 | +4.4% |
| Operating income | 3,740 | 3,724 | -16 | -0.4% |
| Net income attributable to owners | 2,168 | 1,478 | -691 | -31.8% |
| Operating cash flow | 4,139 | 3,074 | -1,065 | -25.7% |
| Free cash flow | 3,341 | 2,205 | -1,136 | -34.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 49,732 | 3,229 | 6.5% | 1,068 | 1,362 | 1,036 | S100LSMI |
| FY ending Mar 2021 | 49,789 | 2,617 | 5.3% | 1,358 | 2,717 | 2,242 | S100OH6B |
| FY ending Mar 2022 | 51,535 | 2,686 | 5.2% | 1,837 | 2,589 | 1,722 | S100T8RY |
| FY ending Mar 2023 | 59,539 | 2,443 | 4.1% | 1,679 | 3,284 | 2,473 | S100TOW6 |
| FY ending Mar 2024 | 63,528 | 3,235 | 5.1% | 2,011 | 3,168 | 1,552 | S100W0YM |
| FY ending Mar 2025 | 72,629 | 3,740 | 5.1% | 2,168 | 4,139 | 3,341 | S100YEZW |
| FY ending Mar 2026 | 71,525 | 3,724 | 5.2% | 1,478 | 3,074 | 2,205 | S100YEZW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.3M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥584.1K |

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) | 2,131 | 2,277 | 2,367 | 2,424 | 2,530 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.7M | ¥5.8M | ¥6.2M |
| Average age (parent company) | 36.2 years | 36.6 years | 37.3 years | 37.8 years | 38.3 years |
| Average tenure (parent company) | 10.1 years | 10.1 years | 10.6 years | 11.2 years | 11.4 years |

Year over year: Employees (consolidated) +4.4% · Revenue (consolidated) -1.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Forval Business Group | 39,456 | 55.2% | 2,582 | 6.5% |
| Forvaltelecom Business Group | 23,453 | 32.8% | 1,253 | 5.3% |
| General Environment-related Consulting Business Group | 5,125 | 7.2% | -28 | -0.5% |
| Human Capital Management | 3,491 | 4.9% | 334 | 9.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Forval Business Group | 55.2% | 61.9% | 6.8 | 6.5% |
| Forvaltelecom Business Group | 32.8% | 30.1% | -2.7 | 5.3% |
| General Environment-related Consulting Business Group | 7.2% | — | — | -0.5% |
| Human Capital Management | 4.9% | 8.0% | 3.1 | 9.6% |

Loss-making segment (excluded from profit shares): General Environment-related Consulting Business Group -28 JPY mn

Segment → industry: Forvaltelecom Business Group → Telecom Carriers / Forvaltelecom Business Group → Broadband & ISPs / Forval Business Group → IT Services & System Integration / Human Capital Management → HR & Staffing / General Environment-related Consulting Business Group → Consulting / Forval Business Group → Consulting / Human Capital Management → Education

## 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 | 3,074 | 4.3% | S100YEZW |
| Capital expenditure | 869 | 1.2% | S100YEZW |
| Free cash flow | 2,205 | 3.1% | 算出 |
| Investing cash flow | -769 | -1.1% | S100YEZW |
| Financing cash flow | -1,529 | -2.1% | S100YEZW |
| Dividends paid | 780 | 1.1% | S100YEZW |
| Change in cash | 777 | 1.1% | S100YEZW |
| Cash and equivalents | 12,148 | 17.0% | S100YEZW |

## 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 | 10,066 | 11,055 | 11,725 | 11,186 | 12,148 | S100TOW6, S100W0YM, S100YEZW |
| Total assets | 32,499 | 35,859 | 40,730 | 42,131 | 41,832 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Net assets | 14,373 | 15,637 | 17,751 | 19,705 | 21,393 | S100TOW6, S100W0YM, S100YEZW |
| Share capital | 4,150 | 4,150 | 4,150 | 4,150 | 4,150 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Property, plant and equipment | 1,231 | 1,644 | 2,560 | 2,609 | 2,642 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Intangible assets excluding goodwill | 3,011 | 3,045 | 4,137 | 4,107 | 4,003 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Goodwill | 1,977 | 1,735 | 2,707 | 2,619 | 2,553 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Investment securities | 1,852 | 2,252 | 1,949 | 2,596 | 2,368 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Current assets | 22,620 | 25,139 | 27,947 | 28,566 | 28,913 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Current liabilities | 15,057 | 16,926 | 17,214 | 18,327 | 17,014 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Trade payables | 5,755 | 7,303 | 7,105 | 7,816 | 7,246 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Short-term borrowings | 2,238 | 1,925 | 1,536 | 1,325 | 1,205 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Long-term borrowings | 201 | 163 | 2,552 | 935 | 603 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Bonds | — | 100 | — | — | — | S100TOW6 |
| Interest-bearing debt | — | 2,188 | — | — | — | 算出 |
| Total liabilities | 18,126 | 20,222 | 22,980 | 22,426 | 20,439 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Non-controlling interests | 922 | 985 | 1,255 | 2,161 | 2,479 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Equity attributable to owners of parent | 12,832 | 14,017 | 16,089 | 17,455 | 18,266 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Retained earnings | 7,395 | 8,408 | 9,725 | 11,161 | 11,865 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |
| Treasury stock | -1,239 | -1,194 | -906 | -1,112 | -1,066 | S100T8RY, S100TOW6, S100W0YM, S100YEZW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YEZW |
| Property, plant and equipment | 6% | S100YEZW |
| Intangibles and goodwill | 16% | S100YEZW |
| Investment securities | 6% | S100YEZW |
| Other assets | 43% | S100YEZW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 17% | S100YEZW |
| Other liabilities | 32% | S100YEZW |
| Equity | 51% | S100YEZW |

### 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 | 32,499 | 35,859 | 40,730 | 42,131 | 41,832 |
| Equity | 14,373 | 15,637 | 17,751 | 19,705 | 21,393 |
| Interest-bearing debt | — | 2,188 | — | — | — |
| Cash | 10,066 | 11,055 | 11,725 | 11,186 | 12,148 |

## 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) | 3.7% | S100YEZW |
| Fixed assets ÷ total assets | 6.3% | S100YEZW |
| Goodwill ÷ parent equity | 14.0% | S100YEZW |

Goodwill over 4 years: 1,977 → 2,553 JPY; total investing cash flow: -5,021 JPY. This does not imply causation.

### 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) | 29.0% |
| Cash ÷ revenue | 17.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.5% |
| Cash vs. profit gap | 1,596 JPY mn (of net income 108.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.8% |
| Shareholder payments — dividends / FCF | 35.4% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 25.0% |

## 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 | 3.6% | 1.59× | 5.7% | 2.53× | 14.3% | S100T8RY |
| 2023 | 2.8% | 1.74× | 4.9% | 2.55× | 12.5% | S100TOW6 |
| 2024 | 3.2% | 1.66× | 5.3% | 2.54× | 13.4% | S100W0YM |
| 2025 | 3.0% | 1.75× | 5.2% | 2.47× | 12.9% | S100YEZW |
| 2026 | 2.1% | 1.70× | 3.5% | 2.35× | 8.3% | S100YEZW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社エス・エヌ・ケー | Major shareholder | 26.5% | 2026-03-31 |
| 大久保 秀夫 | Major shareholder | 13.0% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 9.5% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.2% | 2026-03-31 |
| 大久保 洋子 | Major shareholder | 6.0% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 4.4% | 2026-03-31 |
| フォーバル社員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| ＵＨ Ｐａｒｔｎｅｒｓ ３投資事業有限責任組合 | Major shareholder | 4.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 2.9% | 2026-03-31 |
| 鈴木竜一郎 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YEZW | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEZW,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100W0YM | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0YM,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TOW6 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOW6,, |
| 訂正有価証券報告書－第43期(2022/04/01－2023/03/31) | S100T8RY | 2024-04-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T8RY,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100OH6B | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH6B,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LSMI | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSMI,, |

## 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).