# FORVALTELECOM,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31期(2025/04/01－2026/03/31) (S100YJ9I)
> Page: https://vizora.meequs.com/en/company/forvaltelecom
> Retrieved: 2026-09-30T18:55:14.451Z

## Company

Forvaltelecom, founded in 1995, is a company in Telecom Carriers listed on TSE Standard. It has 197 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FORVAL TELECOM,INC. |
| Ticker | 9445 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9445.T) |
| Listing | TSE Standard |
| Head office | 東京都港区港南一丁目8番23号 |
| Representative (per filing) | 代表取締役社長 行 辰哉 |
| Founded | Apr 1995 |
| Share capital | ¥553.7M |
| Employees (consolidated) | 197 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | forvaltel.co.jp (https://forvaltel.co.jp/) |
| Corporate number | 8010001077624 |
| EDINET | E04476 |
| Industries (Vizora) | Telecom Carriers, Broadband & ISPs, Electric Power & Gas, Consulting |

> Profile source: annual securities report (S100YJ9I, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.1 | 42 |
| Profitability | 30.7 | 44 |
| Cash conversion | 13.1 | 42 |
| Efficiency | 96.6 | 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 45% of Forvaltelecom's sales come from Utility Business, with IP and Mobile solution business and Consulting business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -6.7% from the prior year, operating profit +8.4%.

## Company structure

- Segment revenue mix: Utility Business 45.3%、IP and Mobile solution business 39.1%、Consulting business 15.6%
- Revenue → net income: ¥23973009000 → ¥985509000
- Net income → operating cash flow: ¥985509000 → ¥735397000（difference ¥-250112000）
- Main uses of operating cash flow: CapEx ¥385076000 / dividends ¥368795000 / buybacks —
- Change in cash: ¥283021000
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 | ¥24B |  |
| Operating income | ¥1.24B | Margin 5.2% |
| Net income | ¥985.5M | Margin 4.1% |
| Free cash flow | ¥350.3M |  |
| Largest business | Utility Business | of segment revenue 45.3% |
| Employees (consolidated) | 197 |  |
| EPS | ¥70.43 |  |
| Book value per share | ¥210.31 |  |
| Equity ratio | 36.7% |  |
| Shares outstanding | 16,757,700 |  |
| Treasury shares | 1,700 |  |
| Shareholders | 4,577 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 11.0% | Cash ÷ revenue 4.9% |
| Vs. industry median margin | -1.8 pp | Electric Power & Gas |
| ROE | 27.1% | Derived from disclosed figures |
| ROA | 9.3% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -35% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21729929000 | ¥23973009000 | +10.3% |
| Operating income | ¥846539000 | ¥1238564000 | +46.3% |
| Operating margin | 3.9% | 5.2% | +1.3 pp |
| Employees | 349 people | 197 people | -43.6% |
| Cash and equivalents | ¥1535556000 | ¥1176785000 | -23.4% |

### 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 |
| --- | ---: |
| IP ＆ Mobileソリューション・ビジネス → IP ＆ Mobileソリューション・ビジネス | 39.1% |
| IP ＆ Mobileソリューション・ビジネス → 事業再編・廃止 | 21.8% |
| ユーティリティ・ビジネス → ユーティリティ・ビジネス | 17.4% |
| コンサルティング・ビジネス → コンサルティング・ビジネス | 14.4% |
| ドキュメントソリューション・ビジネス → 事業再編・廃止 | 7.3% |
| 新設・再編 → ユーティリティ・ビジネス | 27.9% |
| 新設・再編 → コンサルティング・ビジネス | 1.2% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Utility Business | 5 years | +23.5% | ¥10851955000 | 10.9% | 2 |
| IP and Mobile solution business | 5 years | -6.7% | ¥9377591000 | 11.5% | 2 |
| Consulting business | 5 years | +3.7% | ¥3743462000 | 7.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,973 | 100.0% | S100YJ9I |
| Cost of revenue | 18,433 | 76.9% | S100YJ9I |
| Gross profit | 5,540 | 23.1% | S100YJ9I |
| SG&A | 4,301 | 17.9% | S100YJ9I |
| Operating income | 1,239 | 5.2% | S100YJ9I |
| Ordinary income | 1,261 | 5.3% | S100YJ9I |
| Pretax income | 1,317 | 5.5% | S100YJ9I |
| Income tax | 331 | 1.4% | S100YJ9I |
| Net income | 986 | 4.1% | S100YJ9I |
| Net income attributable to owners | 986 | 4.1% | S100YJ9I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 18 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 23.1% → Operating margin 5.2% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.7%; Core profit growth: +8.4%
Operating leverage (core profit growth ÷ revenue growth): -1.26×
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 | 25,685 | 23,973 | -1,712 | -6.7% |
| Gross profit | 6,036 | 5,540 | -496 | -8.2% |
| Operating income | 1,143 | 1,239 | 96 | +8.4% |
| Net income attributable to owners | 733 | 986 | 253 | +34.5% |
| Operating cash flow | 1,932 | 735 | -1,196 | -61.9% |
| Free cash flow | 1,513 | 350 | -1,162 | -76.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,280 | 1,002 | 4.7% | -961 | 59 | -124 | S100LQ1X |
| FY ending Mar 2021 | 21,730 | 847 | 3.9% | 456 | 1,249 | 981 | S100OE46 |
| FY ending Mar 2022 | 21,802 | 1,069 | 4.9% | 868 | 1,686 | 1,342 | S100R2GQ |
| FY ending Mar 2023 | 24,748 | 574 | 2.3% | 378 | 908 | 506 | S100TOYX |
| FY ending Mar 2024 | 23,115 | 1,024 | 4.4% | 750 | 1,622 | 1,046 | S100VYKV |
| FY ending Mar 2025 | 25,685 | 1,143 | 4.4% | 733 | 1,932 | 1,513 | S100YJ9I |
| FY ending Mar 2026 | 23,973 | 1,239 | 5.2% | 986 | 735 | 350 | S100YJ9I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥121.7M |
| Operating income per employee (consolidated) | ¥6.3M |
| Net income per employee (consolidated) | ¥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) | 314 | 309 | 302 | 302 | 197 |
| Average salary (parent company) | ¥6.3M | ¥6.1M | ¥6.3M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 39.6 years | 39.0 years | 38.9 years | 39.1 years | 39.1 years |
| Average tenure (parent company) | 6.0 years | 6.0 years | 6.0 years | 6.0 years | 7.0 years |

Year over year: Employees (consolidated) -34.8% · Revenue (consolidated) -6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IP and Mobile solution business | 9,378 | 39.1% | 1,078 | 11.5% |
| Utility Business | 10,852 | 45.3% | 1,180 | 10.9% |
| Consulting business | 3,743 | 15.6% | 278 | 7.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| IP and Mobile solution business | 39.1% | 42.5% | 3.4 | 11.5% |
| Utility Business | 45.3% | 46.5% | 1.3 | 10.9% |
| Consulting business | 15.6% | 11.0% | -4.6 | 7.4% |

Segment → industry: IP and Mobile solution business → Telecom Carriers / IP and Mobile solution business → Broadband & ISPs / Utility Business → Electric Power & Gas / Consulting business → Consulting

## 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 | 735 | 3.1% | S100YJ9I |
| Capital expenditure | 385 | 1.6% | S100YJ9I |
| Free cash flow | 350 | 1.5% | 算出 |
| Investing cash flow | -83 | -0.3% | S100YJ9I |
| Financing cash flow | -369 | -1.5% | S100YJ9I |
| Dividends paid | 369 | 1.5% | S100YJ9I |
| Change in cash | 283 | 1.2% | S100YJ9I |
| Cash and equivalents | 1,177 | 4.9% | S100YJ9I |

## 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 | 1,300 | 1,040 | 1,019 | 894 | 1,177 | S100TOYX, S100VYKV, S100YJ9I |
| Total assets | 11,049 | 11,052 | 10,300 | 10,363 | 10,729 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |
| Net assets | 2,343 | 2,460 | 2,924 | 3,321 | 3,941 | S100TOYX, S100VYKV, S100YJ9I |
| Share capital | 542 | 554 | 554 | 554 | 554 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |
| Property, plant and equipment | 90 | 107 | 145 | 125 | 101 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |
| Intangible assets excluding goodwill | 927 | 1,067 | 1,083 | 1,104 | 1,020 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |
| Goodwill | 323 | 263 | 204 | 144 | 85 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |
| Investment securities | 8 | 8 | 6 | 6 | 6 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |
| Current assets | 8,052 | 8,050 | 7,385 | 7,729 | 8,039 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |
| Current liabilities | 8,473 | 8,350 | 7,141 | 6,798 | 6,560 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |
| Trade payables | 2,606 | 3,062 | 2,595 | 3,023 | 2,958 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |
| Short-term borrowings | 2,164 | 1,728 | 1,300 | — | — | S100R2GQ, S100TOYX, S100VYKV |
| Total liabilities | 8,706 | 8,592 | 7,375 | 7,042 | 6,788 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |
| Non-controlling interests | 18 | 19 | 18 | — | — | S100R2GQ, S100TOYX, S100VYKV |
| Equity attributable to owners of parent | 2,324 | 2,441 | 2,906 | 3,321 | 3,941 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |
| Retained earnings | 1,740 | 1,834 | 2,299 | 2,714 | 3,334 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |
| Treasury stock | -0 | -0 | -1 | -1 | -1 | S100R2GQ, S100TOYX, S100VYKV, S100YJ9I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YJ9I |
| Property, plant and equipment | 1% | S100YJ9I |
| Intangibles and goodwill | 10% | S100YJ9I |
| Investment securities | 0% | S100YJ9I |
| Other assets | 78% | S100YJ9I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 27% | S100YJ9I |
| Other liabilities | 36% | S100YJ9I |
| Equity | 37% | S100YJ9I |

### 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 | 11,049 | 11,052 | 10,300 | 10,363 | 10,729 |
| Equity | 2,343 | 2,460 | 2,924 | 3,321 | 3,941 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,300 | 1,040 | 1,019 | 894 | 1,177 |

## 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) | 0.4% | S100YJ9I |
| Fixed assets ÷ total assets | 0.9% | S100YJ9I |
| Goodwill ÷ parent equity | 2.2% | S100YJ9I |

Goodwill over 4 years: 323 → 85 JPY; total investing cash flow: -1,860 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) | 11.0% |
| Cash ÷ revenue | 4.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 59.4% |
| Cash vs. profit gap | -250 JPY mn (of net income -25.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.4% |
| Shareholder payments — dividends / FCF | 105.3% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 11.3% |

## 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 | 4.0% | 1.97× | 7.9% | 4.75× | 37.3% | S100R2GQ |
| 2023 | 1.5% | 2.24× | 3.4% | 4.64× | 15.9% | S100TOYX |
| 2024 | 3.2% | 2.17× | 7.0% | 3.99× | 28.1% | S100VYKV |
| 2025 | 2.9% | 2.49× | 7.1% | 3.32× | 23.5% | S100YJ9I |
| 2026 | 4.1% | 2.27× | 9.3% | 2.90× | 27.1% | S100YJ9I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フォーバル | Major shareholder | 70.2% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| ＵＨ Partners 2投資事業有限責任組合 無限責任組合員株式会社ＵＨ Partners 2 | Major shareholder | 1.1% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 谷井 剛 | Major shareholder | 0.9% | 2026-03-31 |
| 関根 芳喜 | Major shareholder | 0.5% | 2026-03-31 |
| フォーバルテレコム社員持株会 | Major shareholder | 0.5% | 2026-03-31 |
| 株式会社原一平商会 | Major shareholder | 0.4% | 2026-03-31 |
| 廣瀬 公則 | Major shareholder | 0.4% | 2026-03-31 |
| 青山 泰長 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/04/01－2026/03/31) | S100YJ9I | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ9I,, |
| 有価証券報告書－第30期(2024/04/01－2025/03/31) | S100VYKV | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYKV,, |
| 有価証券報告書－第29期(2023/04/01－2024/03/31) | S100TOYX | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOYX,, |
| 有価証券報告書－第28期(2022/04/01－2023/03/31) | S100R2GQ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2GQ,, |
| 有価証券報告書－第27期(令和3年4月1日－令和4年3月31日) | S100OE46 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE46,, |
| 有価証券報告書－第26期(令和2年4月1日－令和3年3月31日) | S100LQ1X | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ1X,, |

## 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).