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Overview

Wholesale Trade

FORVAL CORPORATION

Forval Corporation provides comprehensive IT and business consulting services primarily to small and medium-sized enterprises (SMEs) in Japan, offering OA/network equipment sales, VoIP and mobile telecommunications services, internet-related services, utility solutions, LED lighting, and environmental consulting. The company also operates human capital management services including IT staffing, IT education, and health management services through subsidiaries such as Aitech and Tanita Health Link. Forval differentiates itself through a one-stop service model combining hardware, communications infrastructure, and consulting under its 'ICON' integrated IT consulting platform.

Market Cap

US$164M

¥26.2B

US$105M

¥16.8B

StockUS$6.28(¥1,003)▲+0.60%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

2.8

LTM EV/EBIT

4.4

LTM PER

17.6

LTM PBR

1.4

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-33.7%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

MC → EV Bridge

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Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

89%

EquityD/E 0.12xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2026/03 · US$ (¥B)

Forval Business Group

Revenue (external)

US$247M(¥39.5B)

Segment profit

US$16.2M(¥2.58B)6.5%

Forvaltelecom Business Group

Revenue (external)

US$147M(¥23.5B)

Segment profit

US$7.85M(¥1.25B)5.3%

General Environment-related Consulting Business Group

Revenue (external)

US$32.1M(¥5.13B)

Segment profit

-US$0.17M(¥-0.03B)-0.5%

Human Capital Management

Revenue (external)

US$21.9M(¥3.49B)

Segment profit

US$2.09M(¥0.33B)9.6%

Adjustments

Revenue (external)

—

Segment profit

-US$2.61M(¥-0.42B)

Shareholders

Top 10 hold 77.6%

as of 2026-09-30 · Source: Annual Securities Report

S.N.K. Co., Ltd.

26.20%

Hideo OKUBO

13.00%

UH Partners 2 Investment Limited Partnership

9.50%

Hikari Tsushin K.K. Investment Limited Partnership

6.20%

Yoko OKUBO

6.00%

SIL Investment Limited Partnership

4.70%

FORVAL CORPORATION Employee Stock Ownership Association

4.40%

UH Partners 3 Investment Limited Partnership

4.00%

Ryuichiro SUZUKI

1.80%

The Master Trust Bank of Japan, Ltd. (Trust Account)

1.80%

Management

7 officers

Hideo OKUBO

Representative Director, Chairman

Apr 1977 Joined Caravan Co., Ltd. Sep 1980 Established the Company; Representative Director, President Dec 1986 Established S.N.K. Co., Ltd.; Representative Director, President (current) Apr 1995 Representative Director, President, Forval Telecom Inc. Feb 2002 Representative Director, Chairman, Forval Telecom Inc. Jun 2005 Representative Director, Chairman and President, the Company Jun 2010 Representative Director, Chairman, the Company (current)

1954-10-02

Masanori NAKAJIMA

Representative Director, President

Apr 1987 Joined the Company Apr 1995 General Manager, OA Sales Division, the Company Jun 1995 Director, General Manager, OA Sales Division, the Company Jun 1998 Managing Director, General Manager, Sales Division, the Company Feb 2002 Representative Director, President, Forval Telecom Inc. Jun 2005 Director, Senior Executive Vice President, the Company Jul 2007 Representative Director, Executive Vice President, the Company Apr 2008 Representative Director, Executive Vice President and General Manager, Business Promotion Division, the Company Jun 2010 Representative Director, President, the Company (current)

1964-04-15

Tsuyoshi TANII

Managing Director

Jun 1996 Joined Forval Telecom Inc. May 2000 General Manager, Administration Division, Forval Telecom Inc. Jun 2000 Director, Forval Telecom Inc. Jun 2006 Managing Director, Forval Telecom Inc. Jun 2007 Representative Director, President, Forval Telecom Inc. Apr 2022 Director, Forval Telecom Inc. (current) General Manager, Management Strategy Division and Head of Group Development Office, the Company Jun 2022 Managing Director, the Company (current)

1965-04-17

Koji KATO

Managing Director

Apr 1981 Joined Kyokuto Petroleum Industries Co., Ltd. May 1984 Joined Victor Company of Japan, Ltd. Feb 1996 Joined the Company Apr 2003 General Manager, Accounting Department, the Company Apr 2005 General Manager, Administration Division, the Company Jun 2006 Director, General Manager, Administration Division, the Company Jun 2007 Director, Forval Telecom Inc. Jun 2009 Director, Freed Co., Ltd. (now Forval Real Straight Co., Ltd.) (current) Apr 2013 Director and General Manager, Internal Control Office, the Company Apr 2014 Managing Director, the Company (current)

1959-03-10

Hiroyuki SUZUKI

Director (Audit and Supervisory Committee Member)

Feb 2013 Joined the Company Apr 2013 General Manager in charge of Executive Affairs, the Company Apr 2018 General Manager, Internal Control Office, the Company Jun 2019 Director (Audit and Supervisory Committee Member), the Company (current)

1959-02-12

Yusuke MATSUZAKA

Director (Audit and Supervisory Committee Member)

Oct 1981 Passed the bar examination Apr 1984 Registered as attorney-at-law (current) Apr 1987 Joined Tokyo Hiraka Law Office (current) Jun 1994 Corporate Auditor, the Company Jun 2015 Director (Audit and Supervisory Committee Member), the Company (current)

1954-01-07

Takahiro ONO

Director (Audit and Supervisory Committee Member)

Nov 1988 Registered as certified public tax accountant (current) May 1999 General Manager, Underwriting Examination Department, Daiwa SB Capital Markets Co., Ltd. (now Daiwa Securities Co., Ltd.) Jan 2001 Director and General Manager, IPO Support Office, Chuo Aoyama Audit Corporation Jun 2001 Corporate Auditor, the Company Jun 2008 Full-time Corporate Auditor, Webdo Japan Co., Ltd. (now Cruise Co., Ltd.) Jun 2015 Director (Audit and Supervisory Committee Member), the Company (current)

1953-11-20

Large Shareholding Reports

UH Partners 2 Co., Ltd.

2026-09-15

8.99%→8.99%

UH Partners 2 Co., Ltd.

2025-09-29

8.99%→8.99%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-11-11

Semi-Annual Securities Report

Period: Apr 2026 – Mar 2027

FORVAL CORPORATION

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FORVAL CORPORATION

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