Income Statement Forval Telecom,Inc.

Stocks

9445

JP3802760003

Integrated Telecommunications Services

Market Closed - Japan Exchange Other stock markets 23:50:53 2026-06-11 EDT			5-day change	1st Jan Change
519.00 ^JPY	-0.57%		-2.63%	-8.63%

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

24c2a1c919d58f70824a4a.9UGLiRhfbUljOLg5EBTzOMeU8k55SvdIdSGQZvBESd0.wQPqxX9yOH8wc49OQSWsTJ3Bvy82f4d7RlbDBLkpHOuvBOz8awUGEQ9Q2w

Published financial data: FORVAL TELECOM,INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	21.73B	21.8B	24.75B	23.12B	25.68B
Total Revenues	21.73B	21.8B	24.75B	23.12B	25.68B
Cost of Goods Sold, Total	16B	15.85B	19.5B	17.34B	19.65B
Gross Profit	5.72B	5.95B	5.25B	5.78B	6.04B
Selling General & Admin Expenses, Total	4.71B	4.72B	4.54B	4.56B	4.7B
Provision for Bad Debts	312M	130M	39M	-11M	89M
Depreciation & Amortization - (IS)	15M	18M	27M	37M	40M
Amortization of Goodwill and Intangible Assets - (IS)	60M	67M	60M	74M	59M
Other Operating Expenses, Total	5.1B	4.94B	4.66B	4.66B	4.89B
Operating Income	628M	1.01B	589M	1.11B	1.14B
Interest Expense, Total	-29M	-22M	-16M	-13M	-9M
Net Interest Expenses	-29M	-22M	-16M	-13M	-9M
Income (Loss) On Equity Invest.	-	-	-	-	-
Other Non Operating Income (Expenses)	53M	15M	68M	-2M	19M
EBT, Excl. Unusual Items	652M	1B	641M	1.1B	1.15B
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Asset Writedown	-6M	-1M	-	-2M	-
Other Unusual Items	-	354M	-	71M	-
EBT, Incl. Unusual Items	646M	1.35B	641M	1.17B	1.15B
Income Tax Expense	190M	480M	263M	416M	421M
Earnings From Continuing Operations	456M	874M	378M	750M	731M
Net Income to Company	456M	874M	378M	750M	731M
Minority Interest	-	-6M	-	-	1M
Net Income - (IS)	456M	868M	378M	750M	732M
Net Income to Common Incl Extra Items	456M	868M	378M	750M	732M
Net Income to Common Excl. Extra Items	456M	868M	378M	750M	732M
Per Share Items
Net EPS - Basic	27.32	52	22.58	44.76	43.69
Basic EPS - Continuing Operations	27.32	52	22.58	44.76	43.69
Basic Weighted Average Shares Outstanding	16.69M	16.69M	16.74M	16.76M	16.76M
Net EPS - Diluted	27.32	52	22.58	44.76	43.69
Diluted EPS - Continuing Operations	27.32	52	22.58	44.76	43.69
Diluted Weighted Average Shares Outstanding	16.69M	16.69M	16.74M	16.76M	16.76M
Normalized Basic EPS	24.41	37.12	23.93	40.92	43.03
Normalized Diluted EPS	24.41	37.12	23.93	40.92	43.03
Dividend Per Share	17	17	17	18	20
Payout Ratio	62.06	32.6	74.87	37.87	43.44
Supplemental Items
EBITDA	880M	1.29B	906M	1.56B	1.57B
EBITA	688M	1.08B	649M	1.19B	1.2B
EBIT	628M	1.01B	589M	1.11B	1.14B
Effective Tax Rate - (Ratio)	29.41	35.45	41.03	35.68	36.55
Normalized Net Income	408M	620M	401M	686M	721M
Non-Cash Pension Expense	31.58M	21.08M	21.87M	25.96M	20.43M
Supplemental Operating Expense Items
Advertising Expense	18M	22M	21M	73M	28M
Selling and Marketing Expenses	18M	22M	21M	73M	28M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.54B	1.3B	1.04B	1.02B	893M
Total Cash And Short Term Investments	1.54B	1.3B	1.04B	1.02B	893M
Accounts Receivable, Total	3.33B	3.61B	4.08B	3.53B	4.08B
Other Receivables	1.94B	1.75B	1.79B	1.59B	1.7B
Notes Receivable	-	-	-	-	-
Total Receivables	5.27B	5.35B	5.87B	5.12B	5.78B
Inventory	415M	384M	214M	200M	263M
Prepaid Expenses	1.05B	848M	745M	696M	697M
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	49M	169M	179M	349M	95M
Total Current Assets	8.32B	8.05B	8.05B	7.38B	7.73B
Net Property Plant And Equipment	94M	89M	106M	145M	125M
Long-term Investments	1.34B	993M	951M	1.2B	1.13B
Goodwill	384M	323M	262M	203M	144M
Other Intangibles, Total	458M	603M	804M	879M	959M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	1.16B	987M	877M	489M	277M
Other Long-Term Assets, Total	2M	2M	2M	1M	1M
Total Assets	11.76B	11.05B	11.05B	10.3B	10.36B
Liabilities
Accounts Payable, Total	2.38B	2.6B	3.06B	2.6B	3.02B
Accrued Expenses, Total	227M	239M	184M	222M	266M
Short-term Borrowings	3.8B	2.16B	1.73B	1.3B	-
Current Portion of Leases	-	-	-	-	-
Current Income Taxes Payable	2.69B	2.88B	2.86B	2.54B	2.86B
Other Current Liabilities	629M	589M	513M	484M	651M
Total Current Liabilities	9.72B	8.47B	8.35B	7.14B	6.8B
Long-Term Debt	30M	-	-	-	-
Long-Term Leases	-	-	-	-	-
Pension & Other Post Retirement Benefits	235M	207M	214M	208M	218M
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	20M	27M	28M	27M	27M
Total Liabilities	10B	8.71B	8.59B	7.38B	7.04B
Common Stock, Total	542M	542M	553M	553M	553M
Additional Paid In Capital	42M	42M	53M	53M	53M
Retained Earnings	1.16B	1.74B	1.83B	2.3B	2.71B
Comprehensive Income and Other	1M	1M	2M	1M	-
Total Common Equity	1.74B	2.32B	2.44B	2.91B	3.32B
Minority Interest	12M	18M	18M	18M	-
Total Equity	1.75B	2.34B	2.46B	2.92B	3.32B
Total Liabilities And Equity	11.76B	11.05B	11.05B	10.3B	10.36B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	16.69M	16.72M	16.76M	16.76M	16.76M
ECS Total Common Shares Outstanding	16.69M	16.69M	16.76M	16.76M	16.76M
Book Value / Share	104.29	139.22	145.67	173.43	198.14
Tangible Book Value	899M	1.4B	1.38B	1.82B	2.22B
Tangible Book Value Per Share	53.85	83.75	82.05	108.86	132.31
Total Debt	3.83B	2.16B	1.73B	1.3B	0
Net Debt	2.3B	865M	688M	281M	-893M
Debt Equivalent of Unfunded Proj. Benefit Obligation	235M	208M	215M	208M	219M
Minority Interest, Total (Incl. Fin. Div)	12M	18M	18M	18M	-
Inventories - Raw Materials, Total	322M	272M	125M	103M	182M
Inventories - Work In Process, Total	20M	46M	24M	26M	19M
Inventories - Finished Goods, Total	71M	65M	64M	70M	61M
Inventories - Others	2M	1M	1M	1M	1M
Full Time Employees	349	314	309	302	302
Accumulated Allowance for Doubtful Accounts (Supple)	133M	79M	76M	61M	70M

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	646M	1.36B	641M	1.17B	1.15B
Depreciation & Amortization - CF	192M	215M	257M	371M	365M
Amortization of Goodwill and Intangible Assets - (CF)	60M	67M	60M	74M	59M
Depreciation & Amortization, Total	252M	282M	317M	445M	424M
(Gain) Loss From Sale Of Asset	6M	1M	-	2M	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Other Operating Activities, Total	-33M	-89M	-116M	200M	134M
Change In Accounts Receivable	-142M	546M	-272M	583M	-552M
Change In Inventories	-181M	31M	169M	13M	-62M
Change In Accounts Payable	-6M	102M	456M	-604M	542M
Change in Other Net Operating Assets	707M	-542M	-288M	-184M	292M
Cash from Operations	1.25B	1.69B	907M	1.62B	1.93B
Capital Expenditure	-45M	-47M	-62M	-93M	-30M
Cash Acquisitions	-	-	-	-	-
Sale (Purchase) of Intangible assets	-223M	-297M	-340M	-482M	-389M
Investment in Marketable and Equity Securities, Total	-	-	-	-4M	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	24M	371M	-44M	-357M	-1M
Cash from Investing	-244M	27M	-446M	-936M	-420M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Short Term Debt Repaid, Total	-156M	-1.61B	-406M	-428M	-1.3B
Long-Term Debt Repaid, Total	-60M	-60M	-30M	-	-
Total Debt Repaid	-216M	-1.67B	-436M	-428M	-1.3B
Common Dividends Paid	-283M	-283M	-283M	-284M	-318M
Common & Preferred Stock Dividends Paid	-283M	-283M	-283M	-284M	-318M
Other Financing Activities, Total	-	-	-1M	-1M	-18M
Cash from Financing	-499M	-1.95B	-720M	-713M	-1.64B
Miscellaneous Cash Flow Adjustments	-1M	1M	-	7M	-
Net Change in Cash	505M	-235M	-259M	-21M	-125M
Supplemental Items
Cash Interest Paid	29M	21M	15M	13M	8M
Cash Income Tax Paid (Refund)	376M	191M	221M	149M	11M
Levered Free Cash Flow	455M	980M	330M	418M	1.2B
Unlevered Free Cash Flow	474M	994M	340M	426M	1.21B
Change In Net Working Capital	-97M	-426M	-57M	139M	-487M
Net Debt Issued / Repaid	-216M	-1.67B	-436M	-428M	-1.3B

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.33	5.53	3.33	6.51	6.91
Return on Total Capital	7	12.49	8.47	16.53	18.92
Return On Equity %	27.37	42.69	15.75	27.87	23.41
Return on Common Equity	27.56	42.71	15.87	28.05	23.51
Margin Analysis
Gross Profit Margin %	26.35	27.28	21.21	24.99	23.5
SG&A Margin	21.68	21.67	18.32	19.75	18.32
EBITDA Margin %	4.05	5.92	3.66	6.74	6.1
EBITA Margin %	3.17	4.93	2.62	5.13	4.68
EBIT Margin %	2.89	4.62	2.38	4.81	4.45
Income From Continuing Operations Margin %	2.1	4.01	1.53	3.24	2.85
Net Income Margin %	2.1	3.98	1.53	3.24	2.85
Net Avail. For Common Margin %	2.1	3.98	1.53	3.24	2.85
Normalized Net Income Margin	1.88	2.84	1.62	2.97	2.81
Levered Free Cash Flow Margin	2.1	4.5	1.33	1.81	4.67
Unlevered Free Cash Flow Margin	2.18	4.56	1.37	1.84	4.69
Asset Turnover
Asset Turnover	1.84	1.91	2.24	2.17	2.49
Fixed Assets Turnover	207.93	238.26	253.83	184.18	190.25
Receivables Turnover (Average Receivables)	6.56	6.29	6.44	6.07	6.75
Inventory Turnover (Average Inventory)	49.4	39.68	65.21	83.76	84.88
Short Term Liquidity
Current Ratio	0.86	0.95	0.96	1.03	1.14
Quick Ratio	0.7	0.78	0.83	0.86	0.98
Operating Cash Flow to Current Liabilities	0.13	0.2	0.11	0.23	0.28
Days Sales Outstanding (Average Receivables)	55.63	58.05	56.69	60.26	54.08
Days Outstanding Inventory (Average Inventory)	7.39	9.2	5.6	4.37	4.3
Average Days Payable Outstanding	53.78	57.44	53.51	59.76	52
Cash Conversion Cycle (Average Days)	9.23	9.81	8.78	4.88	6.38
Long Term Solvency
Total Debt/Equity	218.48	92.4	70.27	44.46	-
Total Debt / Total Capital	68.6	48.02	41.27	30.78	-
LT Debt/Equity	1.71	-	-	-	-
Long-Term Debt / Total Capital	0.54	-	-	-	-
Total Liabilities / Total Assets	85.09	78.8	77.75	71.61	67.96
EBIT / Interest Expense	21.66	45.82	36.81	85.54	126.89
EBITDA / Interest Expense	30.34	58.64	56.62	119.77	174
(EBITDA - Capex) / Interest Expense	28.79	56.5	52.75	112.62	170.67
Total Debt / EBITDA	4.35	1.68	1.91	0.83	-
Net Debt / EBITDA	2.61	0.67	0.76	0.18	-0.57
Total Debt / (EBITDA - Capex)	4.59	1.74	2.05	0.89	-
Net Debt / (EBITDA - Capex)	2.75	0.7	0.82	0.19	-0.58
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.11	0.33	13.52	-6.6	11.11
Gross Profit, 1 Yr. Growth %	-13.2	3.88	-11.72	10.04	4.47
EBITDA, 1 Yr. Growth %	-26.3	46.59	-29.77	71.85	0.58
EBITA, 1 Yr. Growth %	-32.42	56.25	-39.63	82.74	1.26
EBIT, 1 Yr. Growth %	-34.45	60.51	-41.57	88.79	2.7
Earnings From Cont. Operations, 1 Yr. Growth %	-147.5	91.67	-56.75	98.41	-2.53
Net Income, 1 Yr. Growth %	-147.5	90.35	-56.45	98.41	-2.4
Normalized Net Income, 1 Yr. Growth %	-32.58	52.06	-35.34	71.14	5.16
Diluted EPS Before Extra, 1 Yr. Growth %	-147.5	90.35	-56.58	98.24	-2.4
Accounts Receivable, 1 Yr. Growth %	1.06	8.32	13.2	-13.52	15.61
Inventory, 1 Yr. Growth %	78.11	-7.47	-44.27	-6.54	31.5
Net Property, Plant and Equip., 1 Yr. Growth %	-18.26	-5.32	19.1	36.79	-13.79
Total Assets, 1 Yr. Growth %	-0.5	-6.01	0.02	-6.8	0.61
Tangible Book Value, 1 Yr. Growth %	23.66	55.51	-1.65	32.65	21.55
Common Equity, 1 Yr. Growth %	11.03	33.49	5.03	19.05	14.25
Cash From Operations, 1 Yr. Growth %	2.02K	34.99	-46.2	78.72	19.12
Capital Expenditures, 1 Yr. Growth %	-31.82	4.44	31.91	50	-67.74
Levered Free Cash Flow, 1 Yr. Growth %	-65.75	115.26	-66.32	26.58	187.2
Unlevered Free Cash Flow, 1 Yr. Growth %	-64.89	109.93	-65.78	25.25	183.04
Dividend Per Share, 1 Yr. Growth %	0	0	0	5.88	11.11
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	8.83	1.22	6.72	2.97	1.87
Gross Profit, 2 Yr. CAGR %	-0.51	-5.05	-4.24	-1.44	7.22
EBITDA, 2 Yr. CAGR %	-6.61	3.94	1.47	9.86	31.47
EBITA, 2 Yr. CAGR %	-10.82	2.76	-2.88	5.04	36.03
EBIT, 2 Yr. CAGR %	-12.06	2.58	-3.15	5.03	39.24
Earnings From Cont. Operations, 2 Yr. CAGR %	-12.09	-4.58	-8.95	-7.37	39.06
Net Income, 2 Yr. CAGR %	-12.01	-4.91	-8.95	-7.05	39.16
Normalized Net Income, 2 Yr. CAGR %	-9.46	1.25	-0.85	5.19	34.15
Diluted EPS Before Extra, 2 Yr. CAGR %	-12.01	-4.91	-9.09	-7.22	39.1
Accounts Receivable, 2 Yr. CAGR %	9.39	4.63	10.73	-1.06	-0.01
Inventory, 2 Yr. CAGR %	5.34	28.38	-28.19	-27.83	10.86
Net Property, Plant and Equip., 2 Yr. CAGR %	0	-12.03	6.19	27.64	8.59
Total Assets, 2 Yr. CAGR %	-3.03	-3.29	-3.04	-3.45	-3.17
Tangible Book Value, 2 Yr. CAGR %	-31.59	38.67	23.67	14.22	26.98
Common Equity, 2 Yr. CAGR %	-21.33	21.74	18.41	11.82	16.62
Cash From Operations, 2 Yr. CAGR %	11.81	434.57	-14.78	-1.95	45.91
Capital Expenditures, 2 Yr. CAGR %	1.13	-15.61	17.38	40.67	-30.44
Levered Free Cash Flow, 2 Yr. CAGR %	368.46	-14.13	-14.86	-34.71	90.67
Unlevered Free Cash Flow, 2 Yr. CAGR %	270.47	-14.15	-15.25	-34.53	88.28
Dividend Per Share, 2 Yr. CAGR %	0	0	0	2.9	8.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	11.48	5.92	5.16	2.08	5.62
Gross Profit, 3 Yr. CAGR %	6.38	0.93	-7.33	0.3	0.49
EBITDA, 3 Yr. CAGR %	5.1	8.53	-8.79	20.95	6.68
EBITA, 3 Yr. CAGR %	1.7	7.51	-13.93	19.9	3.76
EBIT, 3 Yr. CAGR %	0.21	7.47	-14.97	20.98	4.25
Earnings From Cont. Operations, 3 Yr. CAGR %	-2.1	14	-26.71	18.04	-5.78
Net Income, 3 Yr. CAGR %	-1.97	13.8	-26.71	18.04	-5.52
Normalized Net Income, 3 Yr. CAGR %	-3.02	7.62	-12.81	18.94	5.18
Diluted EPS Before Extra, 3 Yr. CAGR %	-1.97	13.8	-26.78	17.89	-5.64
Accounts Receivable, 3 Yr. CAGR %	12.89	9.03	7.41	1.97	4.21
Inventory, 3 Yr. CAGR %	19.37	0.88	-2.8	-21.6	-11.85
Net Property, Plant and Equip., 3 Yr. CAGR %	3.82	-1.81	-2.68	15.54	11.99
Total Assets, 3 Yr. CAGR %	12.98	-4.03	-2.2	-4.31	-2.12
Tangible Book Value, 3 Yr. CAGR %	-20.35	-10.05	23.67	26.6	16.61
Common Equity, 3 Yr. CAGR %	-11.05	-6.17	15.9	18.62	12.62
Cash From Operations, 3 Yr. CAGR %	35.06	19.06	148.65	9.08	4.63
Capital Expenditures, 3 Yr. CAGR %	6.74	2.22	-2.06	27.38	-13.9
Levered Free Cash Flow, 3 Yr. CAGR %	5.49	261.5	-37.14	-2.82	6.98
Unlevered Free Cash Flow, 3 Yr. CAGR %	6.14	206.56	-36.82	-3.46	6.65
Dividend Per Share, 3 Yr. CAGR %	4.26	0	0	1.92	5.57
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.44	7.69	9.55	4.73	3.83
Gross Profit, 5 Yr. CAGR %	6.69	5.33	2	-0.02	-1.76
EBITDA, 5 Yr. CAGR %	3.98	12.03	3.63	9.06	5.57
EBITA, 5 Yr. CAGR %	2.27	11.03	-0.15	6.52	3.36
EBIT, 5 Yr. CAGR %	1.09	10.32	-1.15	6.49	3.58
Earnings From Cont. Operations, 5 Yr. CAGR %	0.58	13.5	-4.9	4.92	-5.3
Net Income, 5 Yr. CAGR %	0.67	13.44	-4.82	4.95	-5.28
Normalized Net Income, 5 Yr. CAGR %	-0.48	7.34	-2.16	6.64	3.59
Diluted EPS Before Extra, 5 Yr. CAGR %	0.67	13.44	-4.88	4.87	-5.35
Accounts Receivable, 5 Yr. CAGR %	10.92	9.89	12.02	4.88	4.38
Inventory, 5 Yr. CAGR %	25	18.26	-2.59	-11.77	2.45
Net Property, Plant and Equip., 5 Yr. CAGR %	-2.74	1.16	4.76	9.06	1.68
Total Assets, 5 Yr. CAGR %	11.56	8.89	6.27	-3.8	-2.59
Tangible Book Value, 5 Yr. CAGR %	-13.39	-6.91	-5.02	-1.03	24.98
Common Equity, 5 Yr. CAGR %	-3	0.75	-0.27	0.65	16.19
Cash From Operations, 5 Yr. CAGR %	88.13	42.59	12.34	10.16	100.9
Capital Expenditures, 5 Yr. CAGR %	3.99	12.57	10.88	16.15	-14.59
Levered Free Cash Flow, 5 Yr. CAGR %	74.84	78.64	-3.17	82.31	-2.02
Unlevered Free Cash Flow, 5 Yr. CAGR %	90	84.6	-3	65.32	-2.22
Dividend Per Share, 5 Yr. CAGR %	2.53	2.53	2.53	1.15	3.3