VRAIN SOLUTION INC.

135A.T · Technology · Software - Infrastructure · Valued as of 2026-11-03 · Statements 2026-02-28

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

36.38M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

197.22M USD

15 years of cash the shareholders can take out, and the equity left at year 15

Profit is over 3× the larger of EPV and FCFF

FCFF

13.38M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

82.33M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

354.18M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.23×

the ratio the screener ranks by

Margin of Safety

-330.2%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 36.38M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)26.91M USD
+②Net Cash Today173.41K USD
+③Growth Value9.29M USD
=Value36.38M USD

EPV of the Operations (NOPAT over WACC)

26.91M USD

Net cash today

+173.41K USD

Growth Value

+9.29M USD

Value

36.38M USD

①EPV (earnings power value)

26.91M USD

②Net Cash Today

173.41K USD

③Growth Value

9.29M USD

Market value

Market Cap354.18M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-873.7%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 197.22M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE151.72M USD
+②Equity at Year 15, Today45.50M USD
=Value197.22M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

151.72M USD

②Equity at Year 15, Today

45.50M USD

Market value

Market Cap354.18M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-79.6%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 13.38M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 13.38M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap354.18M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-2546.2%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 14.63%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.71×Market Risk Premium 6.00%= 14.73%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 1.67M USDPretax Income 5.86M USD= 28.51%

The tax the interest saves.

Interest Expense =EBIT 5.87M USD−Pretax Income 5.86M USD= 12.84K USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 12.84K USDTotal Debt 2.57M USD×(1 − Tax Rate for WACC 28.51%)= 0.36%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 2.57M USDMarket Cap + Total Debt 354.18M USD + 2.57M USD= 0.72%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 99.28%×Cost of Equity 14.73%+Debt Weight 0.72%×Cost of Debt 0.36%= 14.63%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-02-28.

Total Assets 20.65M USD − Total Liabilities 7.26M USD = Book Value Today 13.38M USD

Total Debt 2.57M USD − Cash and Short-Term Investments 2.74M USD = Net Debt Today -173.41K USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 11.4%at most 5%passes10,256,000 / 10,110,000
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-31.9%at least -10.0%does not pass(-2.40M USD − 4.19M USD) ÷ 20.65M USD
Price to bookMarket Cap ÷ Book Value Today26.46×at most 3×does not pass354.18M USD ÷ 13.38M USD
Operating marginOperating Income ÷ Revenue27.9%above 10.0%passes5.88M USD ÷ 21.05M USD
Revenue growthRevenue ÷ Revenue a Year Before − 147.2%above 10.0%passes21.05M USD / 14.31M USD
Net cash(Cash − Total Debt) ÷ Market Cap0.0%above -30%passes(2.74M USD − 2.57M USD) ÷ 354.18M USD
Operating efficiencyOperating Income ÷ Gross Profit35.4%above 25.0%passes5.88M USD ÷ 16.60M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

5415.41 JPY

Enterprise value

55.51B JPY

the provider's own figure

EV / EBITDA

57.23×

Price / book

26.60×

the provider's book

Price / earnings

85.66×

Return on equity

37.2%

the provider's figure, not this page's

Profit margin

19.9%

Revenue growth

74.8%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2023202420252026
Income statement

Revenue

4.53M9.38M14.31M21.05M

Gross profit

4.02M7.54M11.22M16.60M

Operating income

472.31K3.38M3.97M5.88M

EBITDA

operating income before depreciation and amortisation

564.79K3.43M4.20M6.21M

Pretax income

439.05K3.29M3.97M5.86M

Net income

366.64K2.19M2.84M4.19M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

388.78K2.19M2.84M4.19M

R&D

————
Balance sheet, year end

Total assets

2.50M9.63M12.50M20.65M

Total liabilities

1.85M3.01M3.02M7.26M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

655.09K6.62M9.48M13.38M

Total debt

878.65K456.40K33.36K2.57M

Cash and equivalents

132.81K6.39M3.26M2.74M

Net PP&E

fixed assets after depreciation

714.48K629.53K1.94M1.95M

Working capital

current assets less current liabilities

356.90K6.03M7.26M10.39M
Cash flow

Operating cash flow

-300.56K2.90M-1.07M-2.40M

Capital expenditure

paid out, so below zero

-345.58K-120.08K-527.15K-648.67K

Depreciation and amortisation

117.20K125.77K233.55K340.39K

Free cash flow

operating cash flow plus capital expenditure

-646.14K2.78M-1.60M-3.05M