Forval Balance Sheet

Financials in millions JPY. Fiscal year is April - March.

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Cash & Equivalents	10,730	11,408	11,928	11,162	10,171	10,963
Short-Term Investments	-	-	-	-	-	100
Cash & Short-Term Investments	10,730	11,408	11,928	11,162	10,171	11,063
Cash Growth	-5.55%	-4.36%	6.86%	9.74%	-8.06%	12.41%
Accounts Receivable	8,794	12,192	10,833	9,390	7,914	6,688
Other Receivables	1,728	1,900	1,854	1,908	1,899	2,022
Receivables	10,522	14,092	12,687	11,298	9,813	8,710
Inventory	1,633	1,524	1,316	1,179	1,144	925
Prepaid Expenses	-	1,117	1,122	1,063	1,118	1,279
Other Current Assets	2,813	424	893	436	374	358
Total Current Assets	25,698	28,565	27,946	25,138	22,620	22,335
Property, Plant & Equipment	2,672	2,608	2,559	1,644	1,231	920
Long-Term Investments	4,731	5,128	4,267	4,032	3,555	4,099
Goodwill	2,673	2,618	2,706	1,734	1,977	1,139
Other Intangible Assets	1,470	1,488	1,430	1,310	1,034	707
Long-Term Deferred Tax Assets	1,387	1,721	1,819	1,999	2,080	2,048
Other Long-Term Assets	1	2	3	1	1	2
Total Assets	38,632	42,130	40,730	35,858	32,498	31,410
Accounts Payable	6,420	7,817	7,105	7,303	5,755	5,479
Accrued Expenses	1,020	2,590	2,339	2,010	1,848	1,842
Short-Term Debt	1,205	1,325	1,536	1,925	2,238	3,866
Current Portion of Leases	-	318	324	259	173	46
Current Income Taxes Payable	2,910	3,941	3,560	3,699	3,484	3,269
Other Current Liabilities	3,468	2,335	2,349	1,730	1,558	1,045
Total Current Liabilities	15,023	18,326	17,213	16,926	15,056	15,547
Long-Term Debt	654	935	2,552	262	200	116
Long-Term Leases	-	147	126	48	14	24
Pension & Post-Retirement Benefits	2,780	2,844	2,921	2,861	2,746	2,587
Long-Term Deferred Tax Liabilities	9	21	19	5	11	29
Other Long-Term Liabilities	341	154	151	121	100	70
Total Liabilities	18,807	22,427	22,982	20,223	18,127	18,373
Common Stock	4,150	4,150	4,150	4,150	4,150	4,150
Additional Paid-In Capital	3,317	3,255	3,119	2,653	2,525	2,496
Retained Earnings	10,722	11,160	9,724	8,407	7,394	6,327
Treasury Stock	-1,065	-1,112	-906	-1,194	-1,238	-1,274
Comprehensive Income & Other	395	89	407	634	618	740
Total Common Equity	17,519	17,542	16,494	14,650	13,449	12,439
Minority Interest	2,306	2,161	1,254	985	922	598
Shareholders' Equity	19,825	19,703	17,748	15,635	14,371	13,037
Total Liabilities & Equity	38,632	42,130	40,730	35,858	32,498	31,410
Total Debt	1,859	2,725	4,538	2,494	2,625	4,052
Net Cash (Debt)	8,871	8,683	7,390	8,668	7,546	7,011
Net Cash Growth	5.24%	17.50%	-14.74%	14.87%	7.63%	20.96%
Net Cash Per Share	340.21	332.60	287.36	337.60	294.61	275.42
Filing Date Shares Outstanding	26.12	26.04	26.2	25.71	25.64	25.58
Total Common Shares Outstanding	26.12	26.04	26.2	25.71	25.64	25.58
Working Capital	10,675	10,239	10,733	8,212	7,564	6,788
Book Value Per Share	670.81	673.54	629.59	569.81	524.63	486.37
Tangible Book Value	13,376	13,436	12,358	11,606	10,438	10,593
Tangible Book Value Per Share	512.17	515.88	471.71	451.42	407.18	414.19

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.