Forum Engineering - Public Comps and Valuation Multiples

Forum Engineering Overview

About Forum Engineering

Forum Engineering Inc is a provider of human resources. The company's business includes worker dispatch business and paid job placement services. Its services include Cognavi dispatch, Cognavi career change, Cognavi graduate, Cognavi talent management, and Cognavi college.

Founded

1981

HQ

Employees

5.1K+

Website

forumeng.co.jp

Sectors

Recruitment & Staffing
Service Providers

Financials

LTM Revenue $245M

LTM EBITDA $34.3M

EV

$349M

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Forum Engineering Financials

As of September 2025, Forum Engineering reported last 12-month revenue of $245M and EBITDA of $34.3M.

In the same period, Forum Engineering generated $84.3M in LTM gross profit and $21.4M in net income.

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Forum Engineering P&L

In the most recent fiscal year, Forum Engineering reported revenue of $230M and EBITDA of $31.1M.

Forum Engineering expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$245M	XXX	$230M	XXX	XXX	XXX
Gross Profit	$84.3M	XXX	$69.6M	XXX	XXX	XXX
Gross Margin	34%	XXX	30%	XXX	XXX	XXX
EBITDA	$34.3M	XXX	$31.1M	XXX	XXX	XXX
EBITDA Margin	14%	XXX	14%	XXX	XXX	XXX
EBIT	$31.2M	XXX	$27.8M	XXX	XXX	XXX
EBIT Margin	13%	XXX	12%	XXX	XXX	XXX
Net Profit	$21.4M	XXX	$19.1M	XXX	XXX	XXX
Net Margin	9%	XXX	8%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Forum Engineering including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $245M. EBITDA for the last twelve months was $34.3M. In the most recent fiscal year, Forum Engineering achieved $230M in revenue and $31.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$245M	Analyst estimates available to subscribers	$230M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$84.3M	Analyst estimates available to subscribers	$69.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	34.5% gross margin	Analyst estimates available to subscribers	30.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$34.3M	Analyst estimates available to subscribers	$31.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	14.0% EBITDA margin	Analyst estimates available to subscribers	13.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$31.2M	Analyst estimates available to subscribers	$27.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	12.8% EBIT margin	Analyst estimates available to subscribers	12.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$21.4M	Analyst estimates available to subscribers	$19.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	8.8% net profit margin	Analyst estimates available to subscribers	8.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Forum Engineering

This financial data table provides comprehensive performance metrics for Forum Engineering, a company based in Japan. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Forum Engineering generated $245M in revenue over the last twelve months.
The company achieved $34.3M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $84.3M.
Net income over the last twelve months reached $21.4M.

Fiscal Year Performance

In the most recent fiscal year, Forum Engineering reported $230M in total revenue.
Fiscal year EBITDA was $31.1M.
The company maintained a gross profit margin of 30.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 13.5%.
Net profit margin reached 8.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Forum Engineering. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Forum Engineering Stock Performance

Forum Engineering has current market cap of JPY 64.3B (or $426M), and EV of JPY 52.7B (or $349M).

Market Cap Evolution

Forum Engineering Stock Data

As of October 30, 2025, Forum Engineering's stock price is JPY 1223 (or $8).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$349M	$426M	XXX	XXX	XXX	XXX	$0.41

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Forum Engineering Valuation Multiples

Forum Engineering's trades at 1.6x EV/Revenue multiple, and 12.1x EV/EBITDA.

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Forum Engineering Financial Valuation Multiples

As of October 30, 2025, Forum Engineering has market cap of $426M and EV of $349M.

Equity research analysts estimate Forum Engineering's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Forum Engineering has a P/E ratio of 19.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$426M	XXX	$426M	XXX	XXX	XXX
EV (current)	$349M	XXX	$349M	XXX	XXX	XXX
EV/Revenue	1.4x	XXX	1.6x	XXX	XXX	XXX
EV/EBITDA	10.2x	XXX	12.1x	XXX	XXX	XXX
EV/EBIT	11.2x	XXX	13.5x	XXX	XXX	XXX
EV/Gross Profit	4.1x	XXX	n/a	XXX	XXX	XXX
P/E	19.9x	XXX	24.1x	XXX	XXX	XXX
EV/FCF	13.3x	XXX	14.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Forum Engineering Margins & Growth Rates

Forum Engineering's last 12 month revenue growth is 11%

Forum Engineering's revenue per employee in the last FY averaged $45K, while opex per employee averaged $8K for the same period.

Forum Engineering's rule of 40 is 24% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Forum Engineering's rule of X is 43% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Forum Engineering Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	11%	XXX	11%	XXX	XXX	XXX
EBITDA Margin	14%	XXX	13%	XXX	XXX	XXX
EBITDA Growth	19%	XXX	20%	XXX	XXX	XXX
Rule of 40	24%	XXX	24%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	43%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$45K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$8K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	18%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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