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Water treatment engineering company providing ultrapure water systems for semiconductor fabs and industrial water treatment.
Water treatment engineering company providing ultrapure water systems for semiconductor fabs and industrial water treatment.
Designs and installs water-purification plants for chip fabs and factories, booked as project contracts while plants are built, then keeps earning from maintenance, replacement resins and chemicals, and from running water systems for customers. Fab construction cycles therefore set project revenue, while service income is steadier.
In one line: Japan's answer to a water-treatment engineering specialist like a smaller Veolia Water Tec.
Moat: narrow (process know-how, customer qualification). Deep qualification and process know-how in ultrapure water systems critical to chip fabs.
Headquarters: Tokyo, Japan · Founded: 1949 · Employees: 2,658
Size Organo (6368.T) is a Japan Industrials company (Industrial Machinery) with a market value of $2.36B, the 433rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥12,595 on 6 Nov 2026.
Performance Over six months the shares fell 13.9%, against -22.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 10.3% over the last twelve months (peer median +11.0%); the operating margin is 18.7% (peer median 7.9%).
Valuation It trades at 12.1× forward earnings against a peer median of 23.5× (2nd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.1 points above its cost of capital (12.5% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥190B | ¥178B | ¥163B | ¥150B | ¥132B |
| Revenue growth | — | +9% | +9% | +14% | — |
| Gross profit | ¥64.8B | ¥65.1B | ¥55.2B | ¥43.8B | ¥35.0B |
| EBITDA | ¥37.6B | ¥39.6B | ¥33.0B | ¥24.6B | ¥17.0B |
| Net income | ¥26.9B | ¥28.4B | ¥24.1B | ¥17.3B | ¥11.7B |
| Free cash flow | n/a | ¥11.0B | ¥26.5B | ¥20.5B | -¥21.2B |
| Capital expenditure | n/a | ¥2.88B | ¥2.69B | ¥1.65B | ¥1.45B |
| Total debt | ¥25.7B | ¥34.6B | ¥22.7B | ¥36.7B | ¥33.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Organo 6368.T | $2.36B | -14% | +10% | 19% | 12.1× | 12.8% |
| Kurita Water Industries 6370.T | $3.47B | -39% | +1% | 14% | 11.3× | 5.6% |
| Veolia Environnement VIE.PA | $27.7B | -3% | 0% | 8% | 14.1× | 8.3% |
| Ecolab ECL | $84.3B | +19% | +9% | 18% | 33.6× | 19.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6368.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.6% | -8.0% | 10th highest of 21 |
| 6-month return | -13.9% | -22.4% | 9th highest of 21 |
| Distance from 52-week high | -37.5% | -42.3% | 8th highest of 21 |
| Revenue growth (TTM) | +10.3% | +11.0% | 11th highest of 21 |
| Operating margin | 18.7% | 7.9% | 2nd highest of 21 |
| Forward P/E | 12.1× | 23.5× | 2nd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 12.8% | 16.5% | 5th least demanding of 13 |
| Growth delivered (Del g) | +12.0% | +8.5% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | +0.7 pp | +5.6 pp | 5th least demanding of 13 |
| ROIC minus cost of capital | +3.1 pp | -1.2 pp | 6th highest of 21 |
| EV / EBITDA | 10.1× | 14.5× | 4th cheapest of 12 |
| Net debt / EBITDA | 0.2× | -0.0× | 6th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Organo 6368.T | Japan | $2.36B | -14% | +10% | 19% | 12.1× | 12.8% | +12.0% |
| ROBOTIS 108490.KS | South Korea | $2.37B | -30% | +52% | -16% | n/a | n/a | n/a |
| Yantai Eddie Precision Machinery 603638.SS | China | $2.38B | -22% | +35% | 16% | 28.8× | 15.1% | +7.3% |
| Amber Enterprises India AMBER.NS | India | $2.39B | -28% | +15% | 5% | 59.6× | n/a | n/a |
| Wonik IPS 240810.KS | South Korea | $2.39B | -43% | +9% | 8% | 14.7× | 29.4% | -3.6% |
| Chengdu Xuguang Electronics 600353.SS | China | $2.32B | +8% | +13% | 7% | 64.5× | 53.1% | +12.8% |
| Chervon 2285.HK | Hong Kong | $2.32B | +103% | -6% | 8% | 15.7× | 12.1% | +6.4% |
| Munters MTRS.ST | Sweden | $2.40B | -34% | 0% | 9% | 26.2× | 12.4% | +16.0% |
| Zhuhai Bojay Electronics 002975.SZ | China | $2.32B | -13% | +71% | 18% | 41.2× | 34.2% | +6.0% |
| Doosan Robotics 454910.KS | South Korea | $2.41B | -54% | +97% | -91% | n/a | n/a | n/a |
| Japan Steel Works 5631.T | Japan | $2.41B | -46% | -1% | 10% | 17.0× | n/a | n/a |
| Timken India TIMKEN.NS | India | $2.43B | -12% | +19% | 16% | 46.1× | 36.2% | +19.8% |
| Kalmar KALMAR.HE | Finland | $2.27B | -7% | +7% | 12% | 13.6× | -4.8% | -3.6% |
| Guangdong Dongfang Precision Science & Technology 002611.SZ | China | $2.50B | -19% | -16% | 8% | 20.2× | 17.8% | +12.4% |
| Wuxi Autowell Technology 688516.SS | China | $2.22B | -42% | -14% | 8% | 23.4× | n/a | n/a |
| Kunshan Kersen Science & Technology 603626.SS | China | $2.22B | +7% | -24% | -22% | 31.3× | n/a | n/a |
| All Ring Tech 6187.TWO | Taiwan | $2.52B | -36% | +1% | 29% | 25.0× | 26.4% | +28.9% |
| Dmg Mori 6141.T | Japan | $2.53B | -13% | +20% | 4% | 23.5× | 12.9% | +9.4% |
| China Baoan 000009.SZ | China | $2.56B | -23% | +26% | 7% | n/a | n/a | n/a |
| CECO Environmental CECO | United States | $2.56B | -47% | +38% | 6% | 16.5× | n/a | n/a |
| Jungheinrich AG Pref JUN3.DE | Germany | $2.58B | -12% | +2% | 5% | 10.3× | -0.4% | +7.6% |