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Makes water treatment systems and chemicals used by industrial and municipal customers.
Makes water treatment systems and chemicals used by industrial and municipal customers.
Earns from two kinds of work: one-off projects to build water systems, which are lumpy and tied to customers' investment, especially chip plants, and ongoing chemicals and maintenance contracts that keep earning once a system is installed. The recurring chemicals and services side is the steadier part.
In one line: Japan's Ecolab (water treatment side).
Moat: narrow (process know-how, switching costs). Water treatment systems are deeply embedded in customer processes, especially semiconductor fabs.
Headquarters: Tokyo, Japan · Founded: 1949 · Employees: 8,268
Size Kurita Water Industries (6370.T) is a Japan Industrials company (Miscellaneous Manufacturing) with a market value of $3.47B, the 327th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,130 on 6 Nov 2026.
Performance Over six months the shares fell 39.1%, against -6.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 1.0% over the last twelve months (peer median +9.9%); the operating margin is 14.2% (peer median 12.4%).
Valuation It trades at 11.3× forward earnings against a peer median of 20.4× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.8 points above its cost of capital (9.6% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥411B | ¥403B | ¥389B | ¥385B | ¥345B |
| Revenue growth | — | +4% | +1% | +12% | — |
| Gross profit | ¥155B | ¥145B | ¥136B | ¥123B | ¥112B |
| EBITDA | ¥93.7B | ¥92.5B | ¥106B | ¥74.7B | ¥68.2B |
| Net income | ¥24.7B | ¥16.0B | ¥20.3B | ¥29.2B | ¥20.1B |
| Free cash flow | ¥33.8B | ¥29.6B | ¥37.9B | ¥21.9B | -¥4.75B |
| Capital expenditure | ¥24.7B | ¥29.6B | ¥53.7B | ¥32.1B | ¥55.0B |
| Total debt | ¥115B | ¥99.1B | ¥93.5B | ¥101B | ¥100B |
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 |
|---|---|---|---|---|---|---|
| Kurita Water Industries 6370.T | $3.47B | -39% | +1% | 14% | 11.3× | 5.6% |
| Ecolab ECL | $84.3B | +19% | +9% | 18% | 33.6× | 19.7% |
| Veolia Environnement VIE.PA | $27.7B | -3% | 0% | 8% | 14.1× | 8.3% |
| Organo 6368.T | $2.36B | -14% | +10% | 19% | 12.1× | 12.8% |
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 | 6370.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.1% | -0.8% | lowest of 21 |
| 6-month return | -39.1% | -6.8% | 2nd lowest of 21 |
| Distance from 52-week high | -48.3% | -28.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +1.0% | +9.9% | 3rd lowest of 21 |
| Operating margin | 14.2% | 12.4% | 10th highest of 21 |
| Forward P/E | 11.3× | 20.4× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 5.6% | 10.3% | 5th least demanding of 20 |
| Growth delivered (Del g) | +8.5% | +8.2% | 10th highest of 20 |
| Hurdle (Req g minus delivered) | -2.9 pp | +3.5 pp | 6th least demanding of 20 |
| ROIC minus cost of capital | +0.8 pp | +4.1 pp | 7th lowest of 21 |
| EV / EBITDA | 6.4× | 12.0× | cheapest of 14 |
| Net debt / EBITDA | 0.5× | 1.1× | 6th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kurita Water Industries 6370.T | Japan | $3.47B | -39% | +1% | 14% | 11.3× | 5.6% | +8.5% |
| Astral ASTRAL.NS | India | $3.57B | -20% | +17% | 12% | 46.8× | 32.5% | +15.6% |
| Brady BRC | United States | $3.69B | 0% | +10% | 16% | 12.0× | 1.0% | +7.7% |
| TOMRA Systems TOM.OL | Norway | $3.17B | +6% | +7% | 11% | 31.8× | 9.5% | +9.2% |
| Hill & Smith HILS.L | United Kingdom | $2.88B | +10% | +3% | 16% | 19.5× | 19.4% | +5.6% |
| Supreme Industries SUPREMEIND.NS | India | $4.24B | -14% | +17% | 10% | 33.6× | 25.8% | +12.1% |
| Daetwyler DAE.SW | Switzerland | $2.72B | -21% | +2% | 10% | 24.7× | 9.3% | +6.0% |
| Ansell ANN.AX | Australia | $4.42B | +79% | +2% | 15% | 19.2× | 10.3% | +3.0% |
| Hanshow Technology 301275.SZ | China | $2.68B | -5% | +42% | 13% | 27.7× | 10.0% | +13.6% |
| Zhejiang Weixing New Building Materials 002372.SZ | China | $2.27B | -19% | -12% | 14% | 17.8× | 9.9% | +1.1% |
| Leyard Optoelectronic 300296.SZ | China | $2.20B | -14% | -14% | 4% | 28.8× | 17.1% | +1.2% |
| Zhejiang Weixing Industrial Development 002003.SZ | China | $2.17B | +28% | +14% | 16% | 20.7× | -4.2% | +14.0% |
| Armstrong World Industries AWI | United States | $7.16B | +6% | +9% | 19% | 18.6× | 16.2% | +11.6% |
| FP Corporation 7947.T | Japan | $1.61B | +35% | +4% | 9% | 15.5× | -1.0% | +5.1% |
| Jinfu Technology 003018.SZ | China | $1.51B | -30% | +85% | 26% | 39.3× | 18.0% | +8.2% |
| Vesuvius VSVS.L | United Kingdom | $1.49B | +2% | +2% | 7% | 14.7× | 8.2% | +4.4% |
| Xiamen Voke Mold & Plastic Engineering 301196.SZ | China | $1.48B | -34% | +34% | 12% | 32.6× | 19.6% | +19.4% |
| Shanghai PRET Composites 002324.SZ | China | $1.36B | -44% | +27% | 1% | 45.7× | n/a | n/a |
| Advanced Drainage Systems WMS | United States | $9.37B | -13% | +10% | 22% | 20.1× | 10.8% | +9.0% |
| Takuma 6013.T | Japan | $1.26B | -1% | +18% | 10% | 13.6× | -5.4% | +2.5% |
| PILLAR 6490.T | Japan | $1.25B | -9% | +10% | 22% | 11.5× | 18.0% | +14.5% |