F&M Co.,Ltd.

4771.T · Industrials · Specialty Business Services · Valued as of 2026-11-03 · Statements 2026-03-31

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

247.36M USD

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

Profit

212.90M USD

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

FCFF

283.96M USD

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

Average Intrinsic Value

248.08M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

249.95M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.99×

the ratio the screener ranks by

Margin of Safety

-0.8%

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: 247.36M 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)165.88M USD
+②Net Cash Today42.84M USD
+③Growth Value38.64M USD
=Value247.36M USD

EPV of the Operations (NOPAT over WACC)

165.88M USD

Net cash today

+42.84M USD

Growth Value

+38.64M USD

Value

247.36M USD

①EPV (earnings power value)

165.88M USD

②Net Cash Today

42.84M USD

③Growth Value

38.64M USD

Market value

Market Cap249.95M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-1.0%

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): 212.90M 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 FCFE137.37M USD
+②Equity at Year 15, Today75.53M USD
=Value212.90M 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

137.37M USD

②Equity at Year 15, Today

75.53M USD

Market value

Market Cap249.95M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-17.4%

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): 283.96M 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).
①Present Value of the 15 Years of FCFF182.97M USD
+②Invested Capital at Year 15, Today58.15M USD
+③Net Cash Today42.84M USD
=Value283.96M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

182.97M USD

②Invested Capital at Year 15, Today

58.15M USD

③Net Cash Today

42.84M USD

Market value

Market Cap249.95M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+12.0%

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: 9.61%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.85×Market Risk Premium 6.00%= 9.61%

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 6.74M USDPretax Income 24.43M USD= 27.58%

The tax the interest saves.

Interest Expense =EBIT 24.16M USD−Pretax Income 24.43M USD= —

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

No interest is read: it needs debt and an EBIT above the profit before tax, the gap between them being the interest. Without it the cost of debt takes the 4% default.

Cost of Debt 4.00% (default): with no debt or no interest read, the 4% default after tax stands for what the lenders are paid a year.

Debt Weight =Total Debt 0 USDMarket Cap + Total Debt 249.95M USD + 0 USD= 0.00%

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

WACC =Equity Weight 100.00%×Cost of Equity 9.61%+Debt Weight 0.00%×Cost of Debt 4.00%= 9.61%

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, 2026-03-31.

Total Assets 129.27M USD − Total Liabilities 32.68M USD = Book Value Today 96.59M USD

Total Debt 0 USD − Cash and Short-Term Investments 42.84M USD = Net Debt Today -42.84M 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%passes14,792,503 / 14,592,569
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets11.5%at least -10.0%passes(32.55M USD − 17.70M USD) ÷ 129.27M USD
Price to bookMarket Cap ÷ Book Value Today2.59×at most 3×passes249.95M USD ÷ 96.59M USD
Operating marginOperating Income ÷ Revenue18.5%above 10.0%passes24.16M USD ÷ 130.31M USD
Revenue growthRevenue ÷ Revenue a Year Before − 114.1%above 10.0%passes130.31M USD / 114.18M USD
Net cash(Cash − Total Debt) ÷ Market Cap16.9%above -30%passes(42.21M USD − 0 USD) ÷ 249.95M USD
Operating efficiencyOperating Income ÷ Gross Profit27.4%above 25.0%passes24.16M USD ÷ 88.14M USD

Market Data

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

Share price

2649.65 JPY

Enterprise value

33.69B JPY

the provider's own figure

EV / EBITDA

5.29×

Price / book

2.53×

the provider's book

Price / earnings

13.85×

Return on equity

21.3%

the provider's figure, not this page's

Profit margin

14.0%

Revenue growth

24.6%

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

95.44M98.23M114.18M130.31M

Gross profit

65.34M64.71M77.56M88.14M

Operating income

19.56M14.07M18.18M24.16M

EBITDA

operating income before depreciation and amortisation

26.80M22.63M29.09M36.97M

Pretax income

19.70M14.76M18.35M24.43M

Net income

14.14M10.64M12.14M17.70M

Normalized income

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

14.13M10.21M12.14M17.69M

R&D

————
Balance sheet, year end

Total assets

101.70M100.49M115.78M129.27M

Total liabilities

22.28M23.69M27.38M32.68M

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

79.42M76.79M88.40M96.59M

Total debt

————

Cash and equivalents

36.89M34.52M39.04M42.21M

Net PP&E

fixed assets after depreciation

20.55M18.35M18.76M17.46M

Working capital

current assets less current liabilities

22.82M20.21M22.32M23.16M
Cash flow

Operating cash flow

22.44M21.55M25.05M32.55M

Capital expenditure

paid out, so below zero

-13.49M-14.62M-18.53M-22.81M

Depreciation and amortisation

7.25M8.57M10.91M12.80M

Free cash flow

operating cash flow plus capital expenditure

8.95M6.93M6.52M9.75M