Cash flow Forval Corporation

Stocks

8275

JP3802750004

Office Equipment

Delayed Japan Exchange 02:30:00 2026-09-30 EDT			5-day change	1st Jan Change
1,039.00 ^JPY	+2.67%		+3.59%	-11.95%

05-14	Forval Corporation Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2027	CI
05-14	Forval Corporation Announces Dividend for the Year Ended March 31, 2026, Payable on June 19, 2026; Provides Dividend Guidance for the Year Ending March 31, 2027	CI

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Published financial data: FORVAL CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022 (JPY)	2023 (JPY)	2024 (JPY)	2025 (JPY)	2026 (JPY)
Revenues	51.54B	59.54B	63.53B	72.63B	71.52B
Total Revenues	51.54B	59.54B	63.53B	72.63B	71.52B
Cost of Goods Sold, Total	32.49B	39.18B	41.06B	47.38B	45.16B
Gross Profit	19.05B	20.36B	22.46B	25.25B	26.36B
Selling General & Admin Expenses, Total	16.29B	17.86B	19.14B	21.38B	22.5B
Provision for Bad Debts	135M	53M	1M	133M	191M
Other Operating Expenses, Total	16.42B	17.91B	19.14B	21.51B	22.69B
Operating Income	2.63B	2.44B	3.32B	3.74B	3.67B
Interest Expense, Total	-22M	-18M	-17M	-57M	-33M
Interest And Investment Income	30M	34M	23M	24M	91M
Net Interest Expenses	8M	16M	6M	-33M	58M
Income (Loss) On Equity Invest.	130M	119M	138M	119M	173M
Currency Exchange Gains (Loss)	-	-	32M	23M	-
Other Non Operating Income (Expenses)	89M	137M	47M	124M	143M
EBT, Excl. Unusual Items	2.85B	2.72B	3.55B	3.97B	4.04B
Gain (Loss) On Sale Of Investments	-	246M	106M	230M	-644M
Gain (Loss) On Sale Of Assets	52M	-21M	-58M	-21M	-2M
Asset Writedown	-	-10M	-73M	-94M	-21M
Other Unusual Items	373M	9M	212M	-35M	-3M
EBT, Incl. Unusual Items	3.28B	2.94B	3.73B	4.05B	3.37B
Income Tax Expense	1.21B	1.1B	1.46B	1.63B	1.43B
Earnings From Continuing Operations	2.07B	1.84B	2.27B	2.42B	1.94B
Net Income to Company	2.07B	1.84B	2.27B	2.42B	1.94B
Minority Interest	-230M	-159M	-260M	-254M	-463M
Net Income - (IS)	1.84B	1.68B	2.01B	2.17B	1.48B
Net Income to Common Incl Extra Items	1.84B	1.68B	2.01B	2.17B	1.48B
Net Income to Common Excl. Extra Items	1.84B	1.68B	2.01B	2.17B	1.48B
Per Share Items
Net EPS - Basic	71.68	65.39	78.2	83.04	56.61
Basic EPS - Continuing Operations	71.68	65.39	78.2	83.04	56.61
Basic Weighted Average Shares Outstanding	25.61M	25.68M	25.72M	26.11M	26.09M
Net EPS - Diluted	71.68	65.39	78.2	83.04	56.61
Diluted EPS - Continuing Operations	71.68	65.39	78.2	83.04	56.61
Diluted Weighted Average Shares Outstanding	25.61M	25.68M	25.72M	26.11M	26.09M
Normalized Basic EPS	60.64	59.9	76.1	85.41	79.13
Normalized Diluted EPS	60.64	59.9	76.09	85.41	79.13
Dividend Per Share	26	27	28	30	31
Payout Ratio	36.11	39.61	34.41	33.76	52.81
Supplemental Items
EBITDA	3.98B	3.93B	5.01B	5.85B	5.79B
EBITA	2.9B	2.76B	3.65B	4.2B	4.15B
EBIT	2.63B	2.44B	3.32B	3.74B	3.67B
Effective Tax Rate - (Ratio)	36.97	37.46	39.18	40.26	42.5
Normalized Net Income	1.55B	1.54B	1.96B	2.23B	2.06B
Non-Cash Pension Expense	54.3M	49.88M	69.79M	63.28M	73.8M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	76M	82M	58M	60M	53M

Fiscal Period: March	2022 (JPY)	2023 (JPY)	2024 (JPY)	2025 (JPY)	2026 (JPY)
Assets
Cash And Equivalents	10.17B	11.16B	11.93B	11.41B	12.43B
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	10.17B	11.16B	11.93B	11.41B	12.43B
Accounts Receivable, Total	7.91B	9.39B	10.83B	12.19B	11.28B
Other Receivables	1.9B	1.91B	1.85B	1.9B	1.74B
Total Receivables	9.81B	11.3B	12.69B	14.09B	13.01B
Inventory	1.14B	1.18B	1.32B	1.52B	1.7B
Prepaid Expenses	1.12B	1.06B	1.12B	1.12B	1.25B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	374M	436M	893M	424M	518M
Total Current Assets	22.62B	25.14B	27.95B	28.56B	28.91B
Net Property Plant And Equipment	1.23B	1.64B	2.56B	2.61B	2.64B
Long-term Investments	3.56B	4.03B	4.27B	5.13B	4.84B
Goodwill	1.98B	1.73B	2.71B	2.62B	2.55B
Other Intangibles, Total	1.03B	1.31B	1.43B	1.49B	1.45B
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	2.08B	2B	1.82B	1.72B	1.44B
Other Long-Term Assets, Total	1M	1M	3M	2M	1M
Total Assets	32.5B	35.86B	40.73B	42.13B	41.83B
Liabilities
Accounts Payable, Total	5.76B	7.3B	7.1B	7.82B	7.25B
Accrued Expenses, Total	1.85B	2.01B	2.34B	2.59B	2.53B
Short-term Borrowings	2.24B	1.92B	1.54B	1.32B	1.2B
Current Portion of Leases	173M	259M	324M	318M	367M
Current Income Taxes Payable	3.48B	3.7B	3.56B	3.94B	3.47B
Other Current Liabilities	1.56B	1.73B	2.35B	2.34B	2.19B
Total Current Liabilities	15.06B	16.93B	17.21B	18.33B	17.01B
Long-Term Debt	200M	262M	2.55B	935M	602M
Long-Term Leases	14M	48M	126M	147M	178M
Pension & Other Post Retirement Benefits	2.75B	2.86B	2.92B	2.84B	2.45B
Deferred Tax Liability Non Current	11M	5M	19M	21M	17M
Other Non Current Liabilities	100M	121M	151M	154M	175M
Total Liabilities	18.13B	20.22B	22.98B	22.43B	20.44B
Common Stock, Total	4.15B	4.15B	4.15B	4.15B	4.15B
Additional Paid In Capital	2.52B	2.65B	3.12B	3.26B	3.32B
Retained Earnings	7.39B	8.41B	9.72B	11.16B	11.86B
Treasury Stock	-1.24B	-1.19B	-906M	-1.11B	-1.06B
Comprehensive Income and Other	618M	634M	407M	89M	647M
Total Common Equity	13.45B	14.65B	16.49B	17.54B	18.91B
Minority Interest	922M	985M	1.25B	2.16B	2.48B
Total Equity	14.37B	15.64B	17.75B	19.7B	21.39B
Total Liabilities And Equity	32.5B	35.86B	40.73B	42.13B	41.83B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	25.64M	25.71M	26.2M	26.04M	26.11M
ECS Total Common Shares Outstanding	25.64M	25.71M	26.2M	26.04M	26.11M
Book Value / Share	524.63	569.81	629.59	673.54	724.26
Tangible Book Value	10.44B	11.61B	12.36B	13.44B	14.91B
Tangible Book Value Per Share	407.18	451.42	471.71	515.88	570.97
Total Debt	2.62B	2.49B	4.54B	2.72B	2.35B
Net Debt	-7.55B	-8.67B	-7.39B	-8.68B	-10.08B
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.69B	2.8B	2.88B	2.8B	2.44B
Minority Interest, Total (Incl. Fin. Div)	922M	985M	1.25B	2.16B	2.48B
Inventories - Raw Materials, Total	422M	292M	295M	356M	635M
Inventories - Work In Process, Total	83M	89M	88M	85M	66M
Inventories - Finished Goods, Total	637M	797M	932M	1.08B	999M
Inventories - Others	2M	1M	1M	1M	1M
Full Time Employees	2.13K	2.28K	2.37K	2.42K	2.53K
Accumulated Allowance for Doubtful Accounts (Supple)	111M	109M	112M	195M	162M

Fiscal Period: March	2022 (JPY)	2023 (JPY)	2024 (JPY)	2025 (JPY)	2026 (JPY)
Net Income	3.28B	2.94B	3.73B	4.06B	3.38B
Depreciation & Amortization - CF	1.08B	1.17B	1.35B	1.64B	1.64B
Amortization of Goodwill and Intangible Assets - (CF)	270M	321M	329M	464M	482M
Depreciation & Amortization, Total	1.35B	1.49B	1.68B	2.11B	2.12B
(Gain) Loss From Sale Of Asset	-52M	31M	130M	115M	23M
(Gain) Loss on Sale of Investments - (CF)	-	-188M	-106M	-230M	682M
(Income) Loss On Equity Investments - (CF)	-130M	-119M	-138M	-119M	-173M
Other Operating Activities, Total	-837M	-1.02B	-1.01B	-1.01B	-1.69B
Change In Accounts Receivable	-393M	-1.01B	1.8B	-1.09B	1.11B
Change In Inventories	-24M	-10M	-91M	-201M	-156M
Change In Accounts Payable	177M	1.46B	-833M	1.12B	-1.15B
Change in Other Net Operating Assets	-786M	-286M	-2B	-603M	-1.08B
Cash from Operations	2.59B	3.28B	3.17B	4.14B	3.07B
Capital Expenditure	-278M	-234M	-926M	-254M	-300M
Sale of Property, Plant, and Equipment	230M	-	-	-	-
Cash Acquisitions	-830M	-61M	503M	399M	-424M
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-588M	-576M	-689M	-544M	-568M
Investment in Marketable and Equity Securities, Total	92M	-13M	273M	-843M	143M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-72M	18M	-31M	89M	18M
Other Investing Activities, Total	534M	-46M	-192M	-211M	362M
Cash from Investing	-912M	-912M	-1.06B	-1.36B	-769M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	-	100M	1.7B	178M
Total Debt Issued	-	-	100M	1.7B	178M
Short Term Debt Repaid, Total	-1.61B	-406M	-464M	-1.3B	-
Long-Term Debt Repaid, Total	-243M	-146M	-345M	-2.33B	-632M
Total Debt Repaid	-1.85B	-552M	-809M	-3.63B	-632M
Repurchase of Common Stock	-	-	-	-205M	-
Common Dividends Paid	-663M	-665M	-692M	-732M	-780M
Common & Preferred Stock Dividends Paid	-663M	-665M	-692M	-732M	-780M
Other Financing Activities, Total	-159M	-172M	-53M	-443M	-295M
Cash from Financing	-2.67B	-1.39B	-1.45B	-3.31B	-1.53B
Foreign Exchange Rate Adjustments	8M	7M	12M	-	1M
Miscellaneous Cash Flow Adjustments	146M	-	6M	1M	185M
Net Change in Cash	-840M	989M	669M	-538M	961M
Supplemental Items
Cash Interest Paid	21M	18M	18M	55M	33M
Cash Income Tax Paid (Refund)	882M	1.02B	1.01B	1.04B	1.69B
Levered Free Cash Flow	1.95B	2.77B	704M	3.8B	2.96B
Unlevered Free Cash Flow	1.96B	2.78B	714M	3.84B	2.98B
Change In Net Working Capital	167M	-570M	1.43B	-191M	570M
Net Debt Issued / Repaid	-1.85B	-552M	-709M	-1.93B	-454M

Fiscal Period: March	2022 (JPY)	2023 (JPY)	2024 (JPY)	2025 (JPY)	2026 (JPY)
Profitability
Return on Assets	5.14	4.47	5.43	5.64	5.46
Return on Total Capital	9.63	8.69	10.28	10.46	9.94
Return On Equity %	15.08	12.25	13.61	12.93	9.44
Return on Common Equity	14.18	11.95	12.91	12.74	8.1
Margin Analysis
Gross Profit Margin %	36.96	34.19	35.36	34.77	36.86
SG&A Margin	31.6	30	30.12	29.43	31.46
EBITDA Margin %	7.72	6.61	7.88	8.05	8.1
EBITA Margin %	5.62	4.64	5.75	5.79	5.8
EBIT Margin %	5.1	4.1	5.23	5.15	5.13
Income From Continuing Operations Margin %	4.01	3.09	3.57	3.33	2.71
Net Income Margin %	3.56	2.82	3.17	2.98	2.06
Net Avail. For Common Margin %	3.56	2.82	3.17	2.98	2.06
Normalized Net Income Margin	3.01	2.58	3.08	3.07	2.89
Levered Free Cash Flow Margin	3.78	4.65	1.11	5.23	4.13
Unlevered Free Cash Flow Margin	3.81	4.67	1.12	5.28	4.16
Asset Turnover
Asset Turnover	1.61	1.74	1.66	1.75	1.7
Fixed Assets Turnover	47.92	41.42	30.23	28.11	27.25
Receivables Turnover (Average Receivables)	7.06	6.88	6.28	6.31	6.1
Inventory Turnover (Average Inventory)	31.4	33.73	32.92	33.36	28.01
Short Term Liquidity
Current Ratio	1.5	1.49	1.62	1.56	1.7
Quick Ratio	1.33	1.33	1.43	1.39	1.5
Operating Cash Flow to Current Liabilities	0.17	0.19	0.18	0.23	0.18
Days Sales Outstanding (Average Receivables)	51.71	53.04	58.26	57.86	59.88
Days Outstanding Inventory (Average Inventory)	11.62	10.82	11.12	10.94	13.03
Average Days Payable Outstanding	62.68	60.76	63.99	57.23	60.63
Cash Conversion Cycle (Average Days)	0.65	3.1	5.38	11.57	12.28
Long Term Solvency
Total Debt/Equity	18.27	15.95	25.57	13.83	10.99
Total Debt / Total Capital	15.44	13.76	20.36	12.15	9.91
LT Debt/Equity	1.49	1.98	15.09	5.49	3.65
Long-Term Debt / Total Capital	1.26	1.71	12.02	4.82	3.28
Total Liabilities / Total Assets	55.78	56.4	56.43	53.23	48.86
EBIT / Interest Expense	119.36	135.72	195.53	65.63	111.21
EBITDA / Interest Expense	180.91	218.56	294.53	102.58	175.48
(EBITDA - Capex) / Interest Expense	168.27	205.56	240.06	98.12	166.39
Total Debt / EBITDA	0.66	0.63	0.91	0.47	0.41
Net Debt / EBITDA	-1.9	-2.2	-1.48	-1.49	-1.74
Total Debt / (EBITDA - Capex)	0.71	0.67	1.11	0.49	0.43
Net Debt / (EBITDA - Capex)	-2.04	-2.34	-1.81	-1.55	-1.83
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.51	15.53	6.7	14.33	-1.52
Gross Profit, 1 Yr. Growth %	6.65	6.87	10.35	12.42	4.4
EBITDA, 1 Yr. Growth %	28.72	-1.16	27.28	16.78	-0.96
EBITA, 1 Yr. Growth %	12.73	-4.56	32.16	15.11	-1.26
EBIT, 1 Yr. Growth %	9.46	-6.97	36.06	12.55	-1.9
Earnings From Cont. Operations, 1 Yr. Growth %	37.46	-11.04	23.56	6.65	-19.9
Net Income, 1 Yr. Growth %	35.3	-8.55	19.77	7.81	-31.87
Normalized Net Income, 1 Yr. Growth %	10.52	-0.98	27.25	13.94	-7.41
Diluted EPS Before Extra, 1 Yr. Growth %	34.46	-8.77	19.58	6.19	-31.83
Accounts Receivable, 1 Yr. Growth %	18.33	18.65	15.37	12.54	-7.51
Inventory, 1 Yr. Growth %	23.68	3.06	11.62	15.81	11.61
Net Property, Plant and Equip., 1 Yr. Growth %	33.8	33.55	55.66	1.91	1.3
Total Assets, 1 Yr. Growth %	3.46	10.34	13.59	3.44	-0.71
Tangible Book Value, 1 Yr. Growth %	-1.46	11.19	6.48	8.72	10.97
Common Equity, 1 Yr. Growth %	8.12	8.93	12.59	6.35	7.82
Cash From Operations, 1 Yr. Growth %	-4.68	26.81	-3.53	30.69	-25.76
Capital Expenditures, 1 Yr. Growth %	124.19	-15.83	295.73	-72.57	18.11
Levered Free Cash Flow, 1 Yr. Growth %	1.21	41.99	-74.56	440.08	-22.24
Unlevered Free Cash Flow, 1 Yr. Growth %	0.97	41.57	-74.28	437.04	-22.42
Dividend Per Share, 1 Yr. Growth %	0	3.85	3.7	7.14	3.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	1.8	9.35	11.03	10.45	6.11
Gross Profit, 2 Yr. CAGR %	0.6	6.76	8.6	11.38	8.33
EBITDA, 2 Yr. CAGR %	4.11	12.8	12.16	21.91	7.54
EBITA, 2 Yr. CAGR %	-5.65	3.73	12.31	23.34	6.61
EBIT, 2 Yr. CAGR %	-8.88	0.91	12.51	23.75	5.08
Earnings From Cont. Operations, 2 Yr. CAGR %	55.81	10.58	4.84	14.79	-7.57
Net Income, 2 Yr. CAGR %	31.18	11.23	4.66	13.63	-14.3
Normalized Net Income, 2 Yr. CAGR %	-17.7	4.61	12.25	20.41	2.71
Diluted EPS Before Extra, 2 Yr. CAGR %	29.95	10.76	4.45	12.69	-14.92
Accounts Receivable, 2 Yr. CAGR %	11.6	18.49	17	13.95	2.02
Inventory, 2 Yr. CAGR %	33.08	12.9	7.25	13.69	13.69
Net Property, Plant and Equip., 2 Yr. CAGR %	25.23	33.68	44.18	25.95	1.61
Total Assets, 2 Yr. CAGR %	5.67	6.85	11.95	8.39	1.34
Tangible Book Value, 2 Yr. CAGR %	3.42	4.67	8.81	7.6	9.84
Common Equity, 2 Yr. CAGR %	11.2	8.52	10.74	9.43	7.08
Cash From Operations, 2 Yr. CAGR %	37.92	9.94	10.6	12.28	-1.5
Capital Expenditures, 2 Yr. CAGR %	43.5	37.37	82.51	4.19	-43.08
Levered Free Cash Flow, 2 Yr. CAGR %	-20.61	19.88	-39.9	17.22	104.93
Unlevered Free Cash Flow, 2 Yr. CAGR %	-20.59	19.56	-39.66	17.53	104.11
Dividend Per Share, 2 Yr. CAGR %	0	1.9	3.77	5.41	5.22
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-3.6	6.18	8.46	12.12	6.3
Gross Profit, 3 Yr. CAGR %	0.47	2.65	7.94	9.85	9
EBITDA, 3 Yr. CAGR %	3.2	2.32	17.43	13.68	13.76
EBITA, 3 Yr. CAGR %	-3.67	-5.29	12.45	13.24	14.53
EBIT, 3 Yr. CAGR %	-5.83	-8.25	11.48	12.52	14.53
Earnings From Cont. Operations, 3 Yr. CAGR %	-2.93	29.26	14.75	5.44	1.82
Net Income, 3 Yr. CAGR %	-3.83	16.31	14.01	5.7	-4.18
Normalized Net Income, 3 Yr. CAGR %	-6.03	-12.47	11.67	12.81	10.31
Diluted EPS Before Extra, 3 Yr. CAGR %	-4.49	15.49	13.62	5.03	-4.69
Accounts Receivable, 3 Yr. CAGR %	1.66	13.9	17.44	15.49	6.29
Inventory, 3 Yr. CAGR %	-10.52	22.21	12.47	10.03	13
Net Property, Plant and Equip., 3 Yr. CAGR %	10.47	27.94	40.64	28.43	17.13
Total Assets, 3 Yr. CAGR %	0.18	7.21	9.05	9.04	5.27
Tangible Book Value, 3 Yr. CAGR %	3.92	5.94	5.27	8.78	8.71
Common Equity, 3 Yr. CAGR %	8.27	10.44	9.86	9.26	8.89
Cash From Operations, 3 Yr. CAGR %	52.78	34.11	5.25	16.93	-2.18
Capital Expenditures, 3 Yr. CAGR %	-5.17	20.12	95.46	-2.96	8.63
Levered Free Cash Flow, 3 Yr. CAGR %	8.18	-3.64	-28.5	24.95	2.23
Unlevered Free Cash Flow, 3 Yr. CAGR %	8.07	-3.71	-28.36	25.05	2.33
Dividend Per Share, 3 Yr. CAGR %	1.32	1.27	2.5	4.89	4.71
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.5	3	2.01	7.87	7.51
Gross Profit, 5 Yr. CAGR %	3.57	3.96	3.65	6.06	8.1
EBITDA, 5 Yr. CAGR %	6.3	4.15	6.7	9.75	13.37
EBITA, 5 Yr. CAGR %	2.21	-0.77	2.43	5.27	10.08
EBIT, 5 Yr. CAGR %	1.27	-2.54	1.11	3.41	8.87
Earnings From Cont. Operations, 5 Yr. CAGR %	2.9	-1.2	0.11	23.27	5.24
Net Income, 5 Yr. CAGR %	2.94	-0.75	-0.52	15.23	1.71
Normalized Net Income, 5 Yr. CAGR %	1.65	-1.28	0.89	-0.56	8
Diluted EPS Before Extra, 5 Yr. CAGR %	2.84	-0.97	-1.01	14.36	1.21
Accounts Receivable, 5 Yr. CAGR %	6.98	8.6	7.54	13.92	11.01
Inventory, 5 Yr. CAGR %	1.01	-2.38	-3.8	18.73	12.96
Net Property, Plant and Equip., 5 Yr. CAGR %	21.76	26.18	22.89	27.14	23.49
Total Assets, 5 Yr. CAGR %	8.43	7.5	4.73	7.68	5.9
Tangible Book Value, 5 Yr. CAGR %	7.06	7.89	5.85	6.6	7.08
Common Equity, 5 Yr. CAGR %	10.52	10.26	9.25	10.03	8.74
Cash From Operations, 5 Yr. CAGR %	12.96	6.78	34.26	24.91	2.5
Capital Expenditures, 5 Yr. CAGR %	13.44	4.47	23.22	13.47	19.33
Levered Free Cash Flow, 5 Yr. CAGR %	31.48	13.66	-14.48	4.22	8.96
Unlevered Free Cash Flow, 5 Yr. CAGR %	31.33	13.64	-14.4	4.28	8.9
Dividend Per Share, 5 Yr. CAGR %	6.47	5.15	2.29	2.9	3.58