Income Statement Forval Corporation

Stocks

8275

JP3802750004

Office Equipment

Market Closed - Japan Exchange Other stock markets 02:30:00 2026-06-12 EDT			5-day change	1st Jan Change
996.00 ^JPY	-0.20%		-0.40%	-15.59%

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

64d63b9157623d59b508728bbc9d81._e4AI-Oo3A6tZlvi0ffKsu4ELbREz7uQPiQXGkimjzQ.pZdPEILtmznkIwuouJ-AxZlRGu4nnPfSCGZkXAnk6VDNoi0Xss6kQulUMA

Published financial data: FORVAL CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	49.79B	51.54B	59.54B	63.53B	72.63B
Total Revenues	49.79B	51.54B	59.54B	63.53B	72.63B
Cost of Goods Sold, Total	31.93B	32.49B	39.18B	41.06B	47.38B
Gross Profit	17.86B	19.05B	20.36B	22.46B	25.25B
Selling General & Admin Expenses, Total	15.14B	16.29B	17.86B	19.14B	21.38B
Provision for Bad Debts	323M	135M	53M	1M	133M
Other Operating Expenses, Total	15.46B	16.42B	17.91B	19.14B	21.51B
Operating Income	2.4B	2.63B	2.44B	3.32B	3.74B
Interest Expense, Total	-29M	-22M	-18M	-17M	-57M
Interest And Investment Income	24M	30M	34M	23M	24M
Net Interest Expenses	-5M	8M	16M	6M	-33M
Income (Loss) On Equity Invest.	2M	130M	119M	138M	119M
Currency Exchange Gains (Loss)	-	-	-	32M	23M
Other Non Operating Income (Expenses)	86M	89M	137M	47M	124M
EBT, Excl. Unusual Items	2.48B	2.85B	2.72B	3.55B	3.97B
Gain (Loss) On Sale Of Investments	-6M	-	246M	106M	230M
Gain (Loss) On Sale Of Assets	-14M	52M	-21M	-58M	-21M
Asset Writedown	-	-	-10M	-73M	-94M
Other Unusual Items	7M	373M	9M	212M	-35M
EBT, Incl. Unusual Items	2.47B	3.28B	2.94B	3.73B	4.05B
Income Tax Expense	966M	1.21B	1.1B	1.46B	1.63B
Earnings From Continuing Operations	1.5B	2.07B	1.84B	2.27B	2.42B
Net Income to Company	1.5B	2.07B	1.84B	2.27B	2.42B
Minority Interest	-146M	-230M	-159M	-260M	-254M
Net Income - (IS)	1.36B	1.84B	1.68B	2.01B	2.17B
Net Income to Common Incl Extra Items	1.36B	1.84B	1.68B	2.01B	2.17B
Net Income to Common Excl. Extra Items	1.36B	1.84B	1.68B	2.01B	2.17B
Per Share Items
Net EPS - Basic	53.31	71.68	65.39	78.2	83.04
Basic EPS - Continuing Operations	53.31	71.68	65.39	78.2	83.04
Basic Weighted Average Shares Outstanding	25.46M	25.61M	25.68M	25.72M	26.11M
Net EPS - Diluted	53.31	71.68	65.39	78.2	83.04
Diluted EPS - Continuing Operations	53.31	71.68	65.39	78.2	83.04
Diluted Weighted Average Shares Outstanding	25.46M	25.61M	25.68M	25.72M	26.11M
Normalized Basic EPS	55.2	60.64	59.9	76.1	85.41
Normalized Diluted EPS	55.2	60.64	59.9	76.09	85.41
Dividend Per Share	26	26	27	28	30
Payout Ratio	48.12	36.11	39.61	34.41	33.76
Supplemental Items
EBITDA	3.09B	3.98B	3.93B	5.01B	5.85B
EBITA	2.57B	2.9B	2.76B	3.65B	4.2B
EBIT	2.4B	2.63B	2.44B	3.32B	3.74B
Effective Tax Rate - (Ratio)	39.13	36.97	37.46	39.18	40.26
Normalized Net Income	1.41B	1.55B	1.54B	1.96B	2.23B
Non-Cash Pension Expense	75.2M	54.3M	49.88M	69.79M	63.28M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	-	76M	82M	58M	60M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	10.96B	10.17B	11.16B	11.93B	11.41B
Short Term Investments	100M	-	-	-	-
Total Cash And Short Term Investments	11.06B	10.17B	11.16B	11.93B	11.41B
Accounts Receivable, Total	6.69B	7.91B	9.39B	10.83B	12.19B
Other Receivables	2.02B	1.9B	1.91B	1.85B	1.9B
Total Receivables	8.71B	9.81B	11.3B	12.69B	14.09B
Inventory	925M	1.14B	1.18B	1.32B	1.52B
Prepaid Expenses	1.28B	1.12B	1.06B	1.12B	1.12B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	358M	374M	436M	893M	424M
Total Current Assets	22.34B	22.62B	25.14B	27.95B	28.56B
Net Property Plant And Equipment	920M	1.23B	1.64B	2.56B	2.61B
Long-term Investments	4.1B	3.56B	4.03B	4.27B	5.13B
Goodwill	1.14B	1.98B	1.73B	2.71B	2.62B
Other Intangibles, Total	707M	1.03B	1.31B	1.43B	1.49B
Loans Receivable Long-Term	160M	-	-	-	-
Deferred Tax Assets Long-Term	2.05B	2.08B	2B	1.82B	1.72B
Other Long-Term Assets, Total	2M	1M	1M	3M	2M
Total Assets	31.41B	32.5B	35.86B	40.73B	42.13B
Liabilities
Accounts Payable, Total	5.48B	5.76B	7.3B	7.1B	7.82B
Accrued Expenses, Total	1.84B	1.85B	2.01B	2.34B	2.59B
Short-term Borrowings	3.87B	2.24B	1.92B	1.54B	1.32B
Current Portion of Leases	46M	173M	259M	324M	318M
Current Income Taxes Payable	3.27B	3.48B	3.7B	3.56B	3.94B
Other Current Liabilities	1.04B	1.56B	1.73B	2.35B	2.34B
Total Current Liabilities	15.55B	15.06B	16.93B	17.21B	18.33B
Long-Term Debt	116M	200M	262M	2.55B	935M
Long-Term Leases	24M	14M	48M	126M	147M
Pension & Other Post Retirement Benefits	2.59B	2.75B	2.86B	2.92B	2.84B
Deferred Tax Liability Non Current	29M	11M	5M	19M	21M
Other Non Current Liabilities	70M	100M	121M	151M	154M
Total Liabilities	18.37B	18.13B	20.22B	22.98B	22.43B
Common Stock, Total	4.15B	4.15B	4.15B	4.15B	4.15B
Additional Paid In Capital	2.5B	2.52B	2.65B	3.12B	3.26B
Retained Earnings	6.33B	7.39B	8.41B	9.72B	11.16B
Treasury Stock	-1.27B	-1.24B	-1.19B	-906M	-1.11B
Comprehensive Income and Other	740M	618M	634M	407M	89M
Total Common Equity	12.44B	13.45B	14.65B	16.49B	17.54B
Minority Interest	598M	922M	985M	1.25B	2.16B
Total Equity	13.04B	14.37B	15.64B	17.75B	19.7B
Total Liabilities And Equity	31.41B	32.5B	35.86B	40.73B	42.13B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	25.58M	25.64M	25.71M	26.2M	26.04M
ECS Total Common Shares Outstanding	25.58M	25.64M	25.71M	26.2M	26.04M
Book Value / Share	486.37	524.63	569.81	629.59	673.54
Tangible Book Value	10.59B	10.44B	11.61B	12.36B	13.44B
Tangible Book Value Per Share	414.19	407.18	451.42	471.71	515.88
Total Debt	4.05B	2.62B	2.49B	4.54B	2.72B
Net Debt	-7.01B	-7.55B	-8.67B	-7.39B	-8.68B
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.57B	2.69B	2.8B	2.88B	2.8B
Minority Interest, Total (Incl. Fin. Div)	598M	922M	985M	1.25B	2.16B
Inventories - Raw Materials, Total	426M	422M	292M	295M	356M
Inventories - Work In Process, Total	99M	83M	89M	88M	85M
Inventories - Finished Goods, Total	398M	637M	797M	932M	1.08B
Inventories - Others	2M	2M	1M	1M	1M
Full Time Employees	1.97K	2.13K	2.28K	2.37K	2.42K
Accumulated Allowance for Doubtful Accounts (Supple)	164M	111M	109M	112M	195M

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	2.47B	3.28B	2.94B	3.73B	4.06B
Depreciation & Amortization - CF	523M	1.08B	1.17B	1.35B	1.64B
Amortization of Goodwill and Intangible Assets - (CF)	170M	270M	321M	329M	464M
Depreciation & Amortization, Total	693M	1.35B	1.49B	1.68B	2.11B
(Gain) Loss From Sale Of Asset	14M	-52M	31M	130M	115M
(Gain) Loss on Sale of Investments - (CF)	6M	-	-188M	-106M	-230M
(Income) Loss On Equity Investments - (CF)	-2M	-130M	-119M	-138M	-119M
Other Operating Activities, Total	-1.15B	-837M	-1.02B	-1.01B	-1.01B
Change In Accounts Receivable	-194M	-393M	-1.01B	1.8B	-1.09B
Change In Inventories	-214M	-24M	-10M	-91M	-201M
Change In Accounts Payable	90M	177M	1.46B	-833M	1.12B
Change in Other Net Operating Assets	1B	-786M	-286M	-2B	-603M
Cash from Operations	2.72B	2.59B	3.28B	3.17B	4.14B
Capital Expenditure	-124M	-278M	-234M	-926M	-254M
Sale of Property, Plant, and Equipment	-	230M	-	-	-
Cash Acquisitions	-421M	-830M	-61M	503M	399M
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-350M	-588M	-576M	-689M	-544M
Investment in Marketable and Equity Securities, Total	80M	92M	-13M	273M	-843M
Net (Increase) Decrease in Loans Originated / Sold - Investing	20M	-72M	18M	-31M	89M
Other Investing Activities, Total	83M	534M	-46M	-192M	-211M
Cash from Investing	-712M	-912M	-912M	-1.06B	-1.36B
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	200M	-	-	100M	1.7B
Total Debt Issued	200M	-	-	100M	1.7B
Short Term Debt Repaid, Total	-156M	-1.61B	-406M	-464M	-1.3B
Long-Term Debt Repaid, Total	-108M	-243M	-146M	-345M	-2.33B
Total Debt Repaid	-264M	-1.85B	-552M	-809M	-3.63B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-205M
Common Dividends Paid	-653M	-663M	-665M	-692M	-732M
Common & Preferred Stock Dividends Paid	-653M	-663M	-665M	-692M	-732M
Other Financing Activities, Total	-128M	-159M	-172M	-53M	-443M
Cash from Financing	-845M	-2.67B	-1.39B	-1.45B	-3.31B
Foreign Exchange Rate Adjustments	3M	8M	7M	12M	-
Miscellaneous Cash Flow Adjustments	-	146M	-	6M	1M
Net Change in Cash	1.16B	-840M	989M	669M	-538M
Supplemental Items
Cash Interest Paid	29M	21M	18M	18M	55M
Cash Income Tax Paid (Refund)	1.17B	882M	1.02B	1.01B	1.04B
Levered Free Cash Flow	1.93B	1.95B	2.77B	704M	3.8B
Unlevered Free Cash Flow	1.94B	1.96B	2.78B	714M	3.84B
Change In Net Working Capital	-225M	167M	-570M	1.43B	-191M
Net Debt Issued / Repaid	-64M	-1.85B	-552M	-709M	-1.93B

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.96	5.14	4.47	5.43	5.64
Return on Total Capital	9.22	9.63	8.69	10.28	10.46
Return On Equity %	12.3	15.08	12.25	13.61	12.93
Return on Common Equity	11.64	14.18	11.95	12.91	12.74
Margin Analysis
Gross Profit Margin %	35.87	36.96	34.19	35.36	34.77
SG&A Margin	30.4	31.6	30	30.12	29.43
EBITDA Margin %	6.21	7.72	6.61	7.88	8.05
EBITA Margin %	5.16	5.62	4.64	5.75	5.79
EBIT Margin %	4.82	5.1	4.1	5.23	5.15
Income From Continuing Operations Margin %	3.02	4.01	3.09	3.57	3.33
Net Income Margin %	2.73	3.56	2.82	3.17	2.98
Net Avail. For Common Margin %	2.73	3.56	2.82	3.17	2.98
Normalized Net Income Margin	2.82	3.01	2.58	3.08	3.07
Levered Free Cash Flow Margin	3.87	3.78	4.65	1.11	5.23
Unlevered Free Cash Flow Margin	3.9	3.81	4.67	1.12	5.28
Asset Turnover
Asset Turnover	1.65	1.61	1.74	1.66	1.75
Fixed Assets Turnover	58.4	47.92	41.42	30.23	28.11
Receivables Turnover (Average Receivables)	7.64	7.06	6.88	6.28	6.31
Inventory Turnover (Average Inventory)	40.65	31.4	33.73	32.92	33.36
Short Term Liquidity
Current Ratio	1.44	1.5	1.49	1.62	1.56
Quick Ratio	1.27	1.33	1.33	1.43	1.39
Operating Cash Flow to Current Liabilities	0.17	0.17	0.19	0.18	0.23
Days Sales Outstanding (Average Receivables)	47.81	51.71	53.04	58.26	57.86
Days Outstanding Inventory (Average Inventory)	8.98	11.62	10.82	11.12	10.94
Average Days Payable Outstanding	60.6	62.68	60.76	63.99	57.23
Cash Conversion Cycle (Average Days)	-3.82	0.65	3.1	5.38	11.57
Long Term Solvency
Total Debt/Equity	31.08	18.27	15.95	25.57	13.83
Total Debt / Total Capital	23.71	15.44	13.76	20.36	12.15
LT Debt/Equity	1.07	1.49	1.98	15.09	5.49
Long-Term Debt / Total Capital	0.82	1.26	1.71	12.02	4.82
Total Liabilities / Total Assets	58.49	55.78	56.4	56.43	53.23
EBIT / Interest Expense	82.72	119.36	135.72	195.53	65.63
EBITDA / Interest Expense	106.62	180.91	218.56	294.53	102.58
(EBITDA - Capex) / Interest Expense	102.34	168.27	205.56	240.06	98.12
Total Debt / EBITDA	1.31	0.66	0.63	0.91	0.47
Net Debt / EBITDA	-2.27	-1.9	-2.2	-1.48	-1.49
Total Debt / (EBITDA - Capex)	1.37	0.71	0.67	1.11	0.49
Net Debt / (EBITDA - Capex)	-2.36	-2.04	-2.34	-1.81	-1.55
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	0.11	3.51	15.53	6.7	14.33
Gross Profit, 1 Yr. Growth %	-5.11	6.65	6.87	10.35	12.42
EBITDA, 1 Yr. Growth %	-15.8	28.72	-1.16	27.28	16.78
EBITA, 1 Yr. Growth %	-21.03	12.73	-4.56	32.16	15.11
EBIT, 1 Yr. Growth %	-24.15	9.46	-6.97	36.06	12.55
Earnings From Cont. Operations, 1 Yr. Growth %	76.62	37.46	-11.04	23.56	6.65
Net Income, 1 Yr. Growth %	27.18	35.3	-8.55	19.77	7.81
Normalized Net Income, 1 Yr. Growth %	-38.71	10.52	-0.98	27.25	13.94
Diluted EPS Before Extra, 1 Yr. Growth %	25.58	34.46	-8.77	19.58	6.19
Accounts Receivable, 1 Yr. Growth %	5.26	18.33	18.65	15.37	12.54
Inventory, 1 Yr. Growth %	43.19	23.68	3.06	11.62	15.81
Net Property, Plant and Equip., 1 Yr. Growth %	17.2	33.8	33.55	55.66	1.91
Total Assets, 1 Yr. Growth %	7.93	3.46	10.34	13.59	3.44
Tangible Book Value, 1 Yr. Growth %	8.53	-1.46	11.19	6.48	8.72
Common Equity, 1 Yr. Growth %	14.36	8.12	8.93	12.59	6.35
Cash From Operations, 1 Yr. Growth %	99.56	-4.68	26.81	-3.53	30.69
Capital Expenditures, 1 Yr. Growth %	-8.15	124.19	-15.83	295.73	-72.57
Levered Free Cash Flow, 1 Yr. Growth %	-37.73	1.21	41.99	-74.56	440.08
Unlevered Free Cash Flow, 1 Yr. Growth %	-37.55	0.97	41.57	-74.28	437.04
Dividend Per Share, 1 Yr. Growth %	0	0	3.85	3.7	7.14
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-6.96	1.8	9.35	11.03	10.45
Gross Profit, 2 Yr. CAGR %	-2.48	0.6	6.76	8.6	11.38
EBITDA, 2 Yr. CAGR %	-7.59	4.11	12.8	12.16	21.91
EBITA, 2 Yr. CAGR %	-10.96	-5.65	3.73	12.31	23.34
EBIT, 2 Yr. CAGR %	-12.66	-8.88	0.91	12.51	23.75
Earnings From Cont. Operations, 2 Yr. CAGR %	-18.43	55.81	10.58	4.84	14.79
Net Income, 2 Yr. CAGR %	-18.92	31.18	11.23	4.66	13.63
Normalized Net Income, 2 Yr. CAGR %	-13.36	-17.7	4.61	12.25	20.41
Diluted EPS Before Extra, 2 Yr. CAGR %	-19.5	29.95	10.76	4.45	12.69
Accounts Receivable, 2 Yr. CAGR %	-5.78	11.6	18.49	17	13.95
Inventory, 2 Yr. CAGR %	-23.89	33.08	12.9	7.25	13.69
Net Property, Plant and Equip., 2 Yr. CAGR %	0.38	25.23	33.68	44.18	25.95
Total Assets, 2 Yr. CAGR %	-1.42	5.67	6.85	11.95	8.39
Tangible Book Value, 2 Yr. CAGR %	6.73	3.42	4.67	8.81	7.6
Common Equity, 2 Yr. CAGR %	8.35	11.2	8.52	10.74	9.43
Cash From Operations, 2 Yr. CAGR %	93.42	37.92	9.94	10.6	12.28
Capital Expenditures, 2 Yr. CAGR %	-38.33	43.5	37.37	82.51	4.19
Levered Free Cash Flow, 2 Yr. CAGR %	11.85	-20.61	19.88	-39.9	17.22
Unlevered Free Cash Flow, 2 Yr. CAGR %	11.81	-20.59	19.56	-39.66	17.53
Dividend Per Share, 2 Yr. CAGR %	1.98	0	1.9	3.77	5.41
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1.03	-3.6	6.18	8.46	12.12
Gross Profit, 3 Yr. CAGR %	2.13	0.47	2.65	7.94	9.85
EBITDA, 3 Yr. CAGR %	-1.25	3.2	2.32	17.43	13.68
EBITA, 3 Yr. CAGR %	-3.66	-3.67	-5.29	12.45	13.24
EBIT, 3 Yr. CAGR %	-4.78	-5.83	-8.25	11.48	12.52
Earnings From Cont. Operations, 3 Yr. CAGR %	-8.34	-2.93	29.26	14.75	5.44
Net Income, 3 Yr. CAGR %	-8.01	-3.83	16.31	14.01	5.7
Normalized Net Income, 3 Yr. CAGR %	-5.03	-6.03	-12.47	11.67	12.81
Diluted EPS Before Extra, 3 Yr. CAGR %	-8.08	-4.49	15.49	13.62	5.03
Accounts Receivable, 3 Yr. CAGR %	2.47	1.66	13.9	17.44	15.49
Inventory, 3 Yr. CAGR %	-11.4	-10.52	22.21	12.47	10.03
Net Property, Plant and Equip., 3 Yr. CAGR %	21.42	10.47	27.94	40.64	28.43
Total Assets, 3 Yr. CAGR %	7.93	0.18	7.21	9.05	9.04
Tangible Book Value, 3 Yr. CAGR %	10.08	3.92	5.94	5.27	8.78
Common Equity, 3 Yr. CAGR %	11.44	8.27	10.44	9.86	9.26
Cash From Operations, 3 Yr. CAGR %	4.72	52.78	34.11	5.25	16.93
Capital Expenditures, 3 Yr. CAGR %	-12.95	-5.17	20.12	95.46	-2.96
Levered Free Cash Flow, 3 Yr. CAGR %	9.7	8.18	-3.64	-28.5	24.95
Unlevered Free Cash Flow, 3 Yr. CAGR %	9.86	8.07	-3.71	-28.36	25.05
Dividend Per Share, 3 Yr. CAGR %	7.38	1.32	1.27	2.5	4.89
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-0.25	0.5	3	2.01	7.87
Gross Profit, 5 Yr. CAGR %	4.09	3.57	3.96	3.65	6.06
EBITDA, 5 Yr. CAGR %	2.64	6.3	4.15	6.7	9.75
EBITA, 5 Yr. CAGR %	1	2.21	-0.77	2.43	5.27
EBIT, 5 Yr. CAGR %	0.66	1.27	-2.54	1.11	3.41
Earnings From Cont. Operations, 5 Yr. CAGR %	-0.87	2.9	-1.2	0.11	23.27
Net Income, 5 Yr. CAGR %	0.09	2.94	-0.75	-0.52	15.23
Normalized Net Income, 5 Yr. CAGR %	2.58	1.65	-1.28	0.89	-0.56
Diluted EPS Before Extra, 5 Yr. CAGR %	0.13	2.84	-0.97	-1.01	14.36
Accounts Receivable, 5 Yr. CAGR %	4.09	6.98	8.6	7.54	13.92
Inventory, 5 Yr. CAGR %	-1.31	1.01	-2.38	-3.8	18.73
Net Property, Plant and Equip., 5 Yr. CAGR %	13.34	21.76	26.18	22.89	27.14
Total Assets, 5 Yr. CAGR %	8.87	8.43	7.5	4.73	7.68
Tangible Book Value, 5 Yr. CAGR %	11.52	7.06	7.89	5.85	6.6
Common Equity, 5 Yr. CAGR %	12.78	10.52	10.26	9.25	10.03
Cash From Operations, 5 Yr. CAGR %	9.66	12.96	6.78	34.26	24.91
Capital Expenditures, 5 Yr. CAGR %	-4.12	13.44	4.47	23.22	13.47
Levered Free Cash Flow, 5 Yr. CAGR %	-0.59	31.48	13.66	-14.48	4.22
Unlevered Free Cash Flow, 5 Yr. CAGR %	-0.47	31.33	13.64	-14.4	4.28
Dividend Per Share, 5 Yr. CAGR %	10.9	6.47	5.15	2.29	2.9