FORVAL CORPORATION
8275・Standard Market・Wholesale Trade
FORVAL Business Group
Core segment for OA equipment and consulting services for SMEs, centered on FORVAL Corporation
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales | ¥39,456 million (FY2026, ending March 2026) | ¥39,637 million (FY2025, ended March 2025) | ↓ |
| Segment profit | ¥2,582 million (FY2026, ending March 2026) | ¥2,635 million (FY2025, ended March 2025) | ↓ |
| Segment assets | ¥27,666 million (end of FY2026, ending March 2026) | ¥29,038 million (end of FY2025, ended March 2025) | ↓ |
| Depreciation and amortization | ¥555 million (FY2026, ending March 2026) | ¥509 million (FY2025, ended March 2025) | ↑ |
| Increase in tangible and intangible fixed assets (capital expenditures) | ¥376 million (FY2026, ending March 2026) | ¥369 million (FY2025, ended March 2025) | ↑ |
| Goodwill balance at end of period | ¥2,468 million (end of FY2026, ending March 2026) | ¥2,474 million (end of FY2025, ended March 2025) | ↓ |
| Goodwill amortization for the period | ¥423 million (FY2026, ending March 2026) | ¥406 million (FY2025, ended March 2025) | ↑ |
Business Details
Centered on FORVAL Corporation, this segment engages in the sale of office OA and network equipment, agency services, and consulting services for small and medium-sized enterprises (SMEs). Customers are primarily small, medium, and micro enterprises, and the segment provides DX promotion, ESG management, and visualization companion-type management support as a "corporate doctor (next-generation management consultant)" leveraging information and communication knowledge and technology. This is the largest segment, including consolidated subsidiaries such as Elcom Co., Ltd., and accounts for approximately 55% of group sales. Note that, following a change in management classification in the current consolidated fiscal year, some subsidiaries previously classified under the FORVAL Telecom Business Group have been transferred to this segment.
Recent Overview
Visualization companion-type support remained steady, but sales and profit both declined slightly due to the rebound from Elcom's special demand
In the FORVAL Business Group for FY2026 (ending March 2026), the Visualization Companion-type Management Support Service performed steadily amid rising momentum for DX promotion among small, medium, and micro enterprises and local governments, while Elcom Co., Ltd. saw a decline due to the rebound from special demand associated with the issuance of new banknotes. As a result, sales were ¥39,456 million (down 0.5% year on year) and segment profit was ¥2,582 million (down 2.0% year on year). Note that, following a change in management classification in the current period, some subsidiaries previously classified under the FORVAL Telecom Business Group have been transferred to this segment, and prior period figures are compared on a reclassified basis. An impairment loss of ¥15 million was recorded in the FORVAL Business Group.
Key Products
Growth Drivers
- Expanding demand for the Visualization Companion-type Management Support Service amid rising momentum for DX promotion among small, medium, and micro enterprises and local governments
- Promotion of the F-Japan Strategy in line with the government's basic policy guidelines (green, digital, regional revitalization, and countermeasures against the declining birthrate)
- Expansion of ESG management and Human Capital Management support services utilizing "Kizuna PARK"
- Expansion of sales scale through consolidation of group companies via M&A
- Strengthening of a stable revenue base through the shift of the business model toward a recurring revenue structure
Risks
- Risk of earnings volatility due to dependence on special demand at group companies such as Elcom Co., Ltd. (the rebound from new banknote special demand became apparent in FY2026)
- Risk of rising SG&A expenses and profit pressure due to increased staffing and upfront investment associated with strengthening "corporate doctor" activities
- Risk of increased goodwill amortization burden associated with M&A (goodwill balance of ¥2,468 million at the end of FY2026) and impairment risk
- Risk of business growth constraints if talent development and quality assurance for companion-support personnel cannot be addressed with sufficient speed
- Risk of a shrinking customer base due to deterioration in the economic environment surrounding SMEs
Last updated: June 19, 2026