Cash flow Forval Telecom,Inc.

Stocks

9445

JP3802760003

Integrated Telecommunications Services

Market Closed - Japan Exchange 02:10:02 2026-09-04 EDT			5-day change	1st Jan Change
535.00 ^JPY	+0.19%		+0.19%	-5.81%

23-05-12	Forval Telecom,Inc. Reports Earnings Results for the Full Year Ended March 31, 2023	CI
21-03-22	Forval Telecom, Inc. cancelled the acquisition of telecommunications business from Akubi Communications Co., Ltd	CI

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Published financial data: FORVAL TELECOM,INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022 (JPY)	2023 (JPY)	2024 (JPY)	2025 (JPY)	2026 (JPY)
Revenues	21.8B	24.75B	23.12B	25.68B	23.97B
Total Revenues	21.8B	24.75B	23.12B	25.68B	23.97B
Cost of Goods Sold, Total	15.85B	19.5B	17.34B	19.65B	18.43B
Gross Profit	5.95B	5.25B	5.78B	6.04B	5.54B
Selling General & Admin Expenses, Total	4.72B	4.54B	4.56B	4.7B	4.12B
Provision for Bad Debts	130M	39M	-11M	89M	96M
Depreciation & Amortization - (IS)	18M	27M	37M	40M	24M
Amortization of Goodwill and Intangible Assets - (IS)	67M	60M	74M	59M	59M
Other Operating Expenses, Total	4.94B	4.66B	4.66B	4.89B	4.3B
Operating Income	1.01B	589M	1.11B	1.14B	1.24B
Interest Expense, Total	-22M	-16M	-13M	-9M	-4M
Net Interest Expenses	-22M	-16M	-13M	-9M	-4M
Income (Loss) On Equity Invest.	-	-	-	-	-
Other Non Operating Income (Expenses)	15M	68M	-2M	19M	25M
EBT, Excl. Unusual Items	1B	641M	1.1B	1.15B	1.26B
Gain (Loss) On Sale Of Investments	-	-	-	-	58M
Asset Writedown	-1M	-	-2M	-	-2M
Other Unusual Items	354M	-	71M	-	-
EBT, Incl. Unusual Items	1.35B	641M	1.17B	1.15B	1.32B
Income Tax Expense	480M	263M	416M	421M	331M
Earnings From Continuing Operations	874M	378M	750M	731M	985M
Net Income to Company	874M	378M	750M	731M	985M
Minority Interest	-6M	-	-	1M	-
Net Income - (IS)	868M	378M	750M	732M	985M
Net Income to Common Incl Extra Items	868M	378M	750M	732M	985M
Net Income to Common Excl. Extra Items	868M	378M	750M	732M	985M
Per Share Items
Net EPS - Basic	52	22.58	44.76	43.69	58.79
Basic EPS - Continuing Operations	52	22.58	44.76	43.69	58.79
Basic Weighted Average Shares Outstanding	16.69M	16.74M	16.76M	16.76M	16.76M
Net EPS - Diluted	52	22.58	44.76	43.69	58.79
Diluted EPS - Continuing Operations	52	22.58	44.76	43.69	58.79
Diluted Weighted Average Shares Outstanding	16.69M	16.74M	16.76M	16.76M	16.76M
Normalized Basic EPS	37.12	23.93	40.92	43.03	47
Normalized Diluted EPS	37.12	23.93	40.92	43.03	47
Dividend Per Share	17	17	18	20	23
Payout Ratio	32.6	74.87	37.87	43.44	37.36
Supplemental Items
EBITDA	1.29B	906M	1.56B	1.57B	1.66B
EBITA	1.08B	649M	1.19B	1.2B	1.3B
EBIT	1.01B	589M	1.11B	1.14B	1.24B
Effective Tax Rate - (Ratio)	35.45	41.03	35.68	36.55	25.15
Normalized Net Income	620M	401M	686M	721M	788M
Non-Cash Pension Expense	21.08M	21.87M	25.96M	20.43M	21.74M
Supplemental Operating Expense Items
Advertising Expense	22M	21M	73M	28M	14M
Selling and Marketing Expenses	22M	21M	73M	28M	14M

Fiscal Period: March	2022 (JPY)	2023 (JPY)	2024 (JPY)	2025 (JPY)	2026 (JPY)
Assets
Cash And Equivalents	1.3B	1.04B	1.02B	893M	1.18B
Total Cash And Short Term Investments	1.3B	1.04B	1.02B	893M	1.18B
Accounts Receivable, Total	3.61B	4.08B	3.53B	4.08B	3.84B
Other Receivables	1.75B	1.79B	1.59B	1.7B	1.57B
Notes Receivable	-	-	-	-	-
Total Receivables	5.35B	5.87B	5.12B	5.78B	5.4B
Inventory	384M	214M	200M	263M	564M
Prepaid Expenses	848M	745M	696M	697M	794M
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	169M	179M	349M	95M	102M
Total Current Assets	8.05B	8.05B	7.38B	7.73B	8.04B
Net Property Plant And Equipment	89M	106M	145M	125M	100M
Long-term Investments	993M	951M	1.2B	1.13B	1.33B
Goodwill	323M	262M	203M	144M	85M
Other Intangibles, Total	603M	804M	879M	959M	935M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	987M	877M	489M	277M	235M
Other Long-Term Assets, Total	2M	2M	1M	1M	2M
Total Assets	11.05B	11.05B	10.3B	10.36B	10.73B
Liabilities
Accounts Payable, Total	2.6B	3.06B	2.6B	3.02B	2.96B
Accrued Expenses, Total	239M	184M	222M	266M	229M
Short-term Borrowings	2.16B	1.73B	1.3B	-	-
Current Portion of Leases	-	-	-	-	-
Current Income Taxes Payable	2.88B	2.86B	2.54B	2.86B	2.91B
Other Current Liabilities	589M	513M	484M	651M	460M
Total Current Liabilities	8.47B	8.35B	7.14B	6.8B	6.56B
Long-Term Debt	-	-	-	-	-
Pension & Other Post Retirement Benefits	207M	214M	208M	218M	203M
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	27M	28M	27M	27M	25M
Total Liabilities	8.71B	8.59B	7.38B	7.04B	6.79B
Common Stock, Total	542M	553M	553M	553M	553M
Additional Paid In Capital	42M	53M	53M	53M	53M
Retained Earnings	1.74B	1.83B	2.3B	2.71B	3.33B
Comprehensive Income and Other	1M	2M	1M	-	1M
Total Common Equity	2.32B	2.44B	2.91B	3.32B	3.94B
Minority Interest	18M	18M	18M	-	-
Total Equity	2.34B	2.46B	2.92B	3.32B	3.94B
Total Liabilities And Equity	11.05B	11.05B	10.3B	10.36B	10.73B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	16.72M	16.76M	16.76M	16.76M	16.76M
ECS Total Common Shares Outstanding	16.69M	16.76M	16.76M	16.76M	16.76M
Book Value / Share	139.22	145.67	173.43	198.14	235.2
Tangible Book Value	1.4B	1.38B	1.82B	2.22B	2.92B
Tangible Book Value Per Share	83.75	82.05	108.86	132.31	174.33
Total Debt	2.16B	1.73B	1.3B	0	0
Net Debt	865M	688M	281M	-893M	-1.18B
Debt Equivalent of Unfunded Proj. Benefit Obligation	208M	215M	208M	219M	203M
Minority Interest, Total (Incl. Fin. Div)	18M	18M	18M	-	-
Inventories - Raw Materials, Total	272M	125M	103M	182M	476M
Inventories - Work In Process, Total	46M	24M	26M	19M	19M
Inventories - Finished Goods, Total	65M	64M	70M	61M	68M
Inventories - Others	1M	1M	1M	1M	1M
Full Time Employees	314	309	302	302	197
Accumulated Allowance for Doubtful Accounts (Supple)	79M	76M	61M	70M	41M

Fiscal Period: March	2022 (JPY)	2023 (JPY)	2024 (JPY)	2025 (JPY)	2026 (JPY)
Net Income	1.36B	641M	1.17B	1.15B	1.32B
Depreciation & Amortization - CF	215M	257M	371M	365M	357M
Amortization of Goodwill and Intangible Assets - (CF)	67M	60M	74M	59M	59M
Depreciation & Amortization, Total	282M	317M	445M	424M	416M
(Gain) Loss From Sale Of Asset	1M	-	2M	-	2M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-58M
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Other Operating Activities, Total	-89M	-116M	200M	134M	-153M
Change In Accounts Receivable	546M	-272M	583M	-552M	-72M
Change In Inventories	31M	169M	13M	-62M	-338M
Change In Accounts Payable	102M	456M	-604M	542M	145M
Change in Other Net Operating Assets	-542M	-288M	-184M	292M	-523M
Cash from Operations	1.69B	907M	1.62B	1.93B	735M
Capital Expenditure	-47M	-62M	-93M	-30M	-37M
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	-	292M
Sale (Purchase) of Intangible assets	-297M	-340M	-482M	-389M	-348M
Investment in Marketable and Equity Securities, Total	-	-	-4M	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	371M	-44M	-357M	-1M	11M
Cash from Investing	27M	-446M	-936M	-420M	-82M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Short Term Debt Repaid, Total	-1.61B	-406M	-428M	-1.3B	-
Long-Term Debt Repaid, Total	-60M	-30M	-	-	-
Total Debt Repaid	-1.67B	-436M	-428M	-1.3B	-
Common Dividends Paid	-283M	-283M	-284M	-318M	-368M
Common & Preferred Stock Dividends Paid	-283M	-283M	-284M	-318M	-368M
Other Financing Activities, Total	-	-1M	-1M	-18M	-1M
Cash from Financing	-1.95B	-720M	-713M	-1.64B	-369M
Miscellaneous Cash Flow Adjustments	1M	-	7M	-	-1M
Net Change in Cash	-235M	-259M	-21M	-125M	283M
Supplemental Items
Cash Interest Paid	21M	15M	13M	8M	4M
Cash Income Tax Paid (Refund)	191M	221M	149M	11M	285M
Levered Free Cash Flow	980M	330M	418M	1.2B	539M
Unlevered Free Cash Flow	994M	340M	426M	1.21B	541M
Change In Net Working Capital	-426M	-57M	139M	-487M	264M
Net Debt Issued / Repaid	-1.67B	-436M	-428M	-1.3B	-

Fiscal Period: March	2022 (JPY)	2023 (JPY)	2024 (JPY)	2025 (JPY)	2026 (JPY)
Profitability
Return on Assets	5.53	3.33	6.51	6.91	7.34
Return on Total Capital	12.49	8.47	16.53	18.92	21.33
Return On Equity %	42.69	15.75	27.87	23.41	27.13
Return on Common Equity	42.71	15.87	28.05	23.51	27.13
Margin Analysis
Gross Profit Margin %	27.28	21.21	24.99	23.5	23.11
SG&A Margin	21.67	18.32	19.75	18.32	17.19
EBITDA Margin %	5.92	3.66	6.74	6.1	6.9
EBITA Margin %	4.93	2.62	5.13	4.68	5.41
EBIT Margin %	4.62	2.38	4.81	4.45	5.17
Income From Continuing Operations Margin %	4.01	1.53	3.24	2.85	4.11
Net Income Margin %	3.98	1.53	3.24	2.85	4.11
Net Avail. For Common Margin %	3.98	1.53	3.24	2.85	4.11
Normalized Net Income Margin	2.84	1.62	2.97	2.81	3.28
Levered Free Cash Flow Margin	4.5	1.33	1.81	4.67	2.25
Unlevered Free Cash Flow Margin	4.56	1.37	1.84	4.69	2.26
Asset Turnover
Asset Turnover	1.91	2.24	2.17	2.49	2.27
Fixed Assets Turnover	238.26	253.83	184.18	190.25	213.09
Receivables Turnover (Average Receivables)	6.29	6.44	6.07	6.75	6.06
Inventory Turnover (Average Inventory)	39.68	65.21	83.76	84.88	44.58
Short Term Liquidity
Current Ratio	0.95	0.96	1.03	1.14	1.23
Quick Ratio	0.78	0.83	0.86	0.98	1
Operating Cash Flow to Current Liabilities	0.2	0.11	0.23	0.28	0.11
Days Sales Outstanding (Average Receivables)	58.05	56.69	60.26	54.08	60.27
Days Outstanding Inventory (Average Inventory)	9.2	5.6	4.37	4.3	8.19
Average Days Payable Outstanding	57.44	53.51	59.76	52	58.25
Cash Conversion Cycle (Average Days)	9.81	8.78	4.88	6.38	10.2
Long Term Solvency
Total Debt/Equity	92.4	70.27	44.46	-	-
Total Debt / Total Capital	48.02	41.27	30.78	-	-
LT Debt/Equity	-	-	-	-	-
Long-Term Debt / Total Capital	-	-	-	-	-
Total Liabilities / Total Assets	78.8	77.75	71.61	67.96	63.26
EBIT / Interest Expense	45.82	36.81	85.54	126.89	309.75
EBITDA / Interest Expense	58.64	56.62	119.77	174	413.75
(EBITDA - Capex) / Interest Expense	56.5	52.75	112.62	170.67	404.5
Total Debt / EBITDA	1.68	1.91	0.83	-	-
Net Debt / EBITDA	0.67	0.76	0.18	-0.57	-0.71
Total Debt / (EBITDA - Capex)	1.74	2.05	0.89	-	-
Net Debt / (EBITDA - Capex)	0.7	0.82	0.19	-0.58	-0.73
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	0.33	13.52	-6.6	11.11	-6.66
Gross Profit, 1 Yr. Growth %	3.88	-11.72	10.04	4.47	-8.2
EBITDA, 1 Yr. Growth %	46.59	-29.77	71.85	0.58	5.68
EBITA, 1 Yr. Growth %	56.25	-39.63	82.74	1.26	8.08
EBIT, 1 Yr. Growth %	60.51	-41.57	88.79	2.7	8.49
Earnings From Cont. Operations, 1 Yr. Growth %	91.67	-56.75	98.41	-2.53	34.75
Net Income, 1 Yr. Growth %	90.35	-56.45	98.41	-2.4	34.56
Normalized Net Income, 1 Yr. Growth %	52.06	-35.34	71.14	5.16	9.22
Diluted EPS Before Extra, 1 Yr. Growth %	90.35	-56.58	98.24	-2.4	34.56
Accounts Receivable, 1 Yr. Growth %	8.32	13.2	-13.52	15.61	-6
Inventory, 1 Yr. Growth %	-7.47	-44.27	-6.54	31.5	114.45
Net Property, Plant and Equip., 1 Yr. Growth %	-5.32	19.1	36.79	-13.79	-20
Total Assets, 1 Yr. Growth %	-6.01	0.02	-6.8	0.61	3.53
Tangible Book Value, 1 Yr. Growth %	55.51	-1.65	32.65	21.55	31.75
Common Equity, 1 Yr. Growth %	33.49	5.03	19.05	14.25	18.7
Cash From Operations, 1 Yr. Growth %	34.99	-46.2	78.72	19.12	-61.94
Capital Expenditures, 1 Yr. Growth %	4.44	31.91	50	-67.74	23.33
Levered Free Cash Flow, 1 Yr. Growth %	115.26	-66.32	26.58	187.2	-55.1
Unlevered Free Cash Flow, 1 Yr. Growth %	109.93	-65.78	25.25	183.04	-55.1
Dividend Per Share, 1 Yr. Growth %	0	0	5.88	11.11	15
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	1.22	6.72	2.97	1.87	1.84
Gross Profit, 2 Yr. CAGR %	-5.05	-4.24	-1.44	7.22	-2.07
EBITDA, 2 Yr. CAGR %	3.94	1.47	9.86	31.47	3.1
EBITA, 2 Yr. CAGR %	2.76	-2.88	5.04	36.03	4.62
EBIT, 2 Yr. CAGR %	2.58	-3.15	5.03	39.24	5.56
Earnings From Cont. Operations, 2 Yr. CAGR %	-4.58	-8.95	-7.37	39.06	14.6
Net Income, 2 Yr. CAGR %	-4.91	-8.95	-7.05	39.16	14.6
Normalized Net Income, 2 Yr. CAGR %	1.25	-0.85	5.19	34.15	7.17
Diluted EPS Before Extra, 2 Yr. CAGR %	-4.91	-9.09	-7.22	39.1	14.6
Accounts Receivable, 2 Yr. CAGR %	4.63	10.73	-1.06	-0.01	4.24
Inventory, 2 Yr. CAGR %	28.38	-28.19	-27.83	10.86	67.93
Net Property, Plant and Equip., 2 Yr. CAGR %	-12.03	6.19	27.64	8.59	-16.95
Total Assets, 2 Yr. CAGR %	-3.29	-3.04	-3.45	-3.17	2.06
Tangible Book Value, 2 Yr. CAGR %	38.67	23.67	14.22	26.98	26.55
Common Equity, 2 Yr. CAGR %	21.74	18.41	11.82	16.62	16.45
Cash From Operations, 2 Yr. CAGR %	434.57	-14.78	-1.95	45.91	-32.66
Capital Expenditures, 2 Yr. CAGR %	-15.61	17.38	40.67	-30.44	-36.92
Levered Free Cash Flow, 2 Yr. CAGR %	-14.13	-14.86	-34.71	90.67	13.56
Unlevered Free Cash Flow, 2 Yr. CAGR %	-14.15	-15.25	-34.53	88.28	12.73
Dividend Per Share, 2 Yr. CAGR %	0	0	2.9	8.47	13.04
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.92	5.16	2.08	5.62	-1.06
Gross Profit, 3 Yr. CAGR %	0.93	-7.33	0.3	0.49	1.81
EBITDA, 3 Yr. CAGR %	8.53	-8.79	20.95	6.68	22.24
EBITA, 3 Yr. CAGR %	7.51	-13.93	19.9	3.76	25.99
EBIT, 3 Yr. CAGR %	7.47	-14.97	20.98	4.25	28.13
Earnings From Cont. Operations, 3 Yr. CAGR %	14	-26.71	18.04	-5.78	37.61
Net Income, 3 Yr. CAGR %	13.8	-26.71	18.04	-5.52	37.61
Normalized Net Income, 3 Yr. CAGR %	7.62	-12.81	18.94	5.18	25.27
Diluted EPS Before Extra, 3 Yr. CAGR %	13.8	-26.78	17.89	-5.64	37.57
Accounts Receivable, 3 Yr. CAGR %	9.03	7.41	1.97	4.21	-2.05
Inventory, 3 Yr. CAGR %	0.88	-2.8	-21.6	-11.85	38.13
Net Property, Plant and Equip., 3 Yr. CAGR %	-1.81	-2.68	15.54	11.99	-1.92
Total Assets, 3 Yr. CAGR %	-4.03	-2.2	-4.31	-2.12	-0.98
Tangible Book Value, 3 Yr. CAGR %	-10.05	23.67	26.6	16.61	28.55
Common Equity, 3 Yr. CAGR %	-6.17	15.9	18.62	12.62	17.31
Cash From Operations, 3 Yr. CAGR %	19.06	148.65	9.08	4.63	-6.77
Capital Expenditures, 3 Yr. CAGR %	2.22	-2.06	27.38	-13.9	-15.81
Levered Free Cash Flow, 3 Yr. CAGR %	261.5	-37.14	-2.82	6.98	17.74
Unlevered Free Cash Flow, 3 Yr. CAGR %	206.56	-36.82	-3.46	6.65	16.76
Dividend Per Share, 3 Yr. CAGR %	0	0	1.92	5.57	10.6
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.69	9.55	4.73	3.83	1.99
Gross Profit, 5 Yr. CAGR %	5.33	2	-0.02	-1.76	-0.65
EBITDA, 5 Yr. CAGR %	12.03	3.63	9.06	5.57	13.47
EBITA, 5 Yr. CAGR %	11.03	-0.15	6.52	3.36	13.54
EBIT, 5 Yr. CAGR %	10.32	-1.15	6.49	3.58	14.56
Earnings From Cont. Operations, 5 Yr. CAGR %	13.5	-4.9	4.92	-5.3	16.65
Net Income, 5 Yr. CAGR %	13.44	-4.82	4.95	-5.28	16.65
Normalized Net Income, 5 Yr. CAGR %	7.34	-2.16	6.64	3.59	14.08
Diluted EPS Before Extra, 5 Yr. CAGR %	13.44	-4.88	4.87	-5.35	16.56
Accounts Receivable, 5 Yr. CAGR %	9.89	12.02	4.88	4.38	2.88
Inventory, 5 Yr. CAGR %	18.26	-2.59	-11.77	2.45	6.33
Net Property, Plant and Equip., 5 Yr. CAGR %	1.16	4.76	9.06	1.68	1.25
Total Assets, 5 Yr. CAGR %	8.89	6.27	-3.8	-2.59	-1.81
Tangible Book Value, 5 Yr. CAGR %	-6.91	-5.02	-1.03	24.98	26.58
Common Equity, 5 Yr. CAGR %	0.75	-0.27	0.65	16.19	17.75
Cash From Operations, 5 Yr. CAGR %	42.59	12.34	10.16	100.9	-10.06
Capital Expenditures, 5 Yr. CAGR %	12.57	10.88	16.15	-14.59	-3.84
Levered Free Cash Flow, 5 Yr. CAGR %	78.64	-3.17	82.31	-2.02	3.42
Unlevered Free Cash Flow, 5 Yr. CAGR %	84.6	-3	65.32	-2.22	2.72
Dividend Per Share, 5 Yr. CAGR %	2.53	2.53	1.15	3.3	6.23