# Kurita Water Industries Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第90期(2025/04/01－2026/03/31) (S100YBAT)
> Page: https://vizora.meequs.com/en/company/kurita-water-industries
> Retrieved: 2026-09-30T21:14:28.228Z

## Company

Kurita Water Industries, founded in 1949, is a company in Chemicals listed on TSE Prime. It has 8,268 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kurita Water Industries Ltd. |
| Ticker | 6370 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6370.T) |
| Listing | TSE Prime |
| Head office | 東京都中野区中野四丁目10番1号 |
| Representative (per filing) | 取締役兼代表執行役社長 江尻 裕彦 |
| Founded | Jul 1949 |
| Share capital | ¥13.4B |
| Employees (consolidated) | 8,268 |
| Average salary (parent only) | ¥10M |
| Fiscal year end | March |
| Website | www.kurita-water.com (https://www.kurita-water.com/) |
| Corporate number | 8011101023170 |
| EDINET | E01573 |
| Industries (Vizora) | Chemicals, Semiconductor Equipment, Waste Management & Recycling |

> Profile source: annual securities report (S100YBAT, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.1 | 24 |
| Profitability | 82 | 25 |
| Cash conversion | 46 | 25 |
| Efficiency | 38 | 25 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 57% of Kurita Water Industries's sales come from General Industry, with Electronics Industry making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit +16.8%.

## Company structure

- Segment revenue mix: General Industry 57.4%、Electronics Industry 42.6%
- Revenue → net income: ¥402889000000 → ¥16295000000
- Net income → operating cash flow: ¥16295000000 → ¥55592000000（difference ¥39297000000）
- Main uses of operating cash flow: CapEx ¥29628000000 / dividends ¥11336000000 / buybacks ¥15165000000
- Change in cash: ¥2299000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥402.9B |  |
| Operating income | ¥58.3B | Margin 14.5% |
| Net income | ¥16B | Margin 4.0% |
| Free cash flow | ¥26B |  |
| Largest business | General Industry | of segment revenue 57.4% |
| Employees (consolidated) | 8,268 |  |
| EPS | ¥145.34 |  |
| Book value per share | ¥2197.93 |  |
| Equity ratio | 60.4% | Derived from disclosed figures |
| Shares outstanding | 116,200,000 |  |
| Treasury shares | 6,772,400 |  |
| Shareholders | 22,108 |  |
| Average salary (parent only) | ¥10M | Filing company only |
| Cash ratio | 11.0% | Cash ÷ revenue 15.4% |
| Vs. industry median margin | +6.9 pp | Chemicals |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.5× net income
- FY2026, buybacks were 1.3× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥267749000000 | ¥402889000000 | +50.5% |
| Operating income | ¥31529000000 | ¥58290000000 | +84.9% |
| Operating margin | 11.8% | 14.5% | +2.7 pp |
| Employees | 7,465 people | 8,268 people | +10.8% |
| Cash and equivalents | ¥62228000000 | ¥62170000000 | -0.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 水処理薬品事業 → 事業再編・廃止 | 38.6% |
| 水処理装置事業 → 事業再編・廃止 | 61.4% |
| 新設・再編 → 電子市場 | 42.6% |
| 新設・再編 → 一般水処理市場 | 57.4% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 402,889 | 100.0% | S100YBAT |
| Cost of revenue | 249,734 | 62.0% | S100YBAT |
| Gross profit | 153,154 | 38.0% | S100YBAT |
| SG&A | 95,811 | 23.8% | S100YBAT |
| Operating income | 58,290 | 14.5% | S100YBAT |
| Pretax income | 58,160 | 14.4% | S100YBAT |
| Income tax | 17,926 | 4.4% | S100YBAT |
| Net income | 16,295 | 4.0% | S100YBAT |
| Net income attributable to owners | 15,957 | 4.0% | S100YBAT |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 24 |
| Operating income | 14 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 38.0% → Operating margin 14.5% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.6%; Core profit growth: +16.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.63×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 388,814 | 402,889 | 14,075 | +3.6% |
| Gross profit | 143,694 | 153,154 | 9,460 | +6.6% |
| Operating income | 49,918 | 58,290 | 8,372 | +16.8% |
| Net income attributable to owners | 20,305 | 15,957 | -4,348 | -21.4% |
| Operating cash flow | 87,760 | 55,592 | -32,168 | -36.7% |
| Free cash flow | 34,074 | 25,964 | -8,110 | -23.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 257,331 | — | — | 12,050 | 41,143 | — | S100RBGF |
| FY ending Mar 2020 | 264,807 | 27,479 | 10.4% | 18,287 | 37,376 | 4,674 | S100LSZ1 |
| FY ending Mar 2021 | 267,749 | 31,529 | 11.8% | 19,088 | 40,002 | 24,038 | S100OJN1 |
| FY ending Mar 2022 | 288,207 | 35,734 | 12.4% | 18,471 | 28,737 | -28,397 | S100RBGF |
| FY ending Mar 2023 | 344,608 | 29,058 | 8.4% | 20,134 | 48,631 | -6,354 | S100TVD7 |
| FY ending Mar 2024 | 384,825 | 41,232 | 10.7% | 29,189 | 50,874 | 18,820 | S100W5YW |
| FY ending Mar 2025 | 388,814 | 49,918 | 12.8% | 20,305 | 87,760 | 34,074 | S100YBAT |
| FY ending Mar 2026 | 402,889 | 58,290 | 14.5% | 15,957 | 55,592 | 25,964 | S100YBAT |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.7M |
| Operating income per employee (consolidated) | ¥7.1M |
| Net income per employee (consolidated) | ¥1.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 7,661 | 7,784 | 7,981 | 8,151 | 8,268 |
| Average salary (parent company) | ¥9.1M | ¥9.1M | ¥9.3M | ¥9.3M | ¥10M |
| Average age (parent company) | 43.0 years | 43.2 years | 43.1 years | 43.1 years | 43.3 years |
| Average tenure (parent company) | 17.0 years | 17.0 years | 17.0 years | 17.0 years | 16.0 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +3.6%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronics Industry | 171,797 | 42.6% | 28,712 | 16.7% |
| General Industry | 231,091 | 57.4% | 29,592 | 12.8% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Electronics Industry | 42.6% | 49.2% | 6.6 | 16.7% |
| General Industry | 57.4% | 50.8% | -6.6 | 12.8% |

Segment → industry: General Industry → Chemicals / Electronics Industry → Semiconductor Equipment / General Industry → Waste Management & Recycling / Electronics Industry → Waste Management & Recycling

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 55,592 | 13.8% | S100YBAT |
| Capital expenditure | 29,628 | 7.4% | S100YBAT |
| Free cash flow | 25,964 | 6.4% | 算出 |
| Investing cash flow | -34,021 | -8.4% | S100YBAT |
| Financing cash flow | -23,309 | -5.8% | S100YBAT |
| Dividends paid | 11,336 | 2.8% | S100YBAT |
| Share buyback | 15,165 | 3.8% | S100YBAT |
| Change in cash | 2,299 | 0.6% | S100YBAT |
| Cash and equivalents | 62,170 | 15.4% | S100YBAT |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 45,730 | 50,468 | 54,009 | 62,951 | 62,170 | S100TVD7, S100W5YW, S100YBAT |
| Total assets | 469,981 | 501,538 | 557,407 | 548,949 | 564,422 | S100RBGF, S100TVD7, S100W5YW, S100YBAT |
| Net assets | 277,862 | 295,759 | 333,411 | 338,504 | 343,977 | S100TVD7, S100W5YW, S100YBAT |
| Share capital | 13,450 | 13,450 | 13,450 | 13,450 | 13,450 | S100RBGF, S100TVD7, S100W5YW, S100YBAT |
| Property, plant and equipment | 161,034 | 178,737 | 190,973 | 195,431 | 186,762 | S100RBGF, S100TVD7, S100W5YW, S100YBAT |
| Goodwill | 62,992 | 60,413 | 71,001 | 66,347 | 61,497 | S100RBGF, S100TVD7, S100W5YW, S100YBAT |
| Current assets | 178,396 | 196,416 | 228,018 | 220,950 | 248,985 | S100RBGF, S100TVD7, S100W5YW, S100YBAT |
| Total liabilities | 192,119 | 205,778 | 223,995 | 210,444 | 220,445 | S100RBGF, S100TVD7, S100W5YW, S100YBAT |
| Equity attributable to owners of parent | 271,914 | 293,975 | 331,261 | 336,027 | 341,151 | S100RBGF, S100TVD7, S100W5YW, S100YBAT |
| Retained earnings | 260,073 | 277,639 | 298,658 | 309,978 | 314,750 | S100RBGF, S100TVD7, S100W5YW, S100YBAT |
| Treasury stock | -10,694 | -10,638 | -10,869 | -12,200 | -27,119 | S100RBGF, S100TVD7, S100W5YW, S100YBAT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YBAT |
| Property, plant and equipment | 33% | S100YBAT |
| Intangibles and goodwill | 11% | — |
| Other assets | 45% | S100YBAT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YBAT |
| Equity | 61% | S100YBAT |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 469,981 | 501,538 | 557,407 | 548,949 | 564,422 |
| Equity | 277,862 | 295,759 | 333,411 | 338,504 | 343,977 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 45,730 | 50,468 | 54,009 | 62,951 | 62,170 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 46.4% | S100YBAT |
| Fixed assets ÷ total assets | 33.1% | S100YBAT |
| Goodwill ÷ parent equity | 18.0% | S100YBAT |

Goodwill over 4 years: 62,992 → 61,497 JPY; total investing cash flow: -208,099 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 11.0% |
| Cash ÷ revenue | 15.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.4% |
| Cash vs. profit gap | 39,635 JPY mn (of net income 248.4%) |
| Shareholder returns / net income | 166.1% |
| Shareholder returns / FCF | 102.1% |
| Shareholder payments — dividends / net income | 71.0% |
| Shareholder payments — dividends / FCF | 43.7% |
| CapEx intensity (capex ÷ revenue) | 7.4% |
| Investing CF relative to operating CF | 61.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.4% | 0.61× | 3.9% | 1.73× | 6.8% | S100RBGF |
| 2023 | 5.8% | 0.71× | 4.1% | 1.72× | 7.1% | S100TVD7 |
| 2024 | 7.6% | 0.73× | 5.5% | 1.69× | 9.3% | S100W5YW |
| 2025 | 5.2% | 0.70× | 3.7% | 1.66× | 6.1% | S100YBAT |
| 2026 | 4.0% | 0.72× | 2.9% | 1.64× | 4.7% | S100YBAT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 （信託口） | Major shareholder | 15.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.2% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト 信託銀行株式会社） | Major shareholder | 5.4% | 2026-03-31 |
| バンク ピクテ アンド シエ ヨーロツパ アーゲー シユクルサル ド ルクセンブルグ ユ－シツツ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.5% | 2026-03-31 |
| ジェーピー モルガン バンク ルクセンブルグ エスエイ 385598 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| KBC BANK NV - UCITS CLIENTS NON TREATY （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・ オペレーションズ） | Major shareholder | 1.5% | 2026-03-31 |
| クリアストリーム バンキング エスエー （常任代理人 香港上海銀行東京支店 セキュリティーズ・ サービシズ・ オペレーションズ） | Major shareholder | 1.5% | 2026-03-31 |
| ジェーピー モルガン チェース バンク 385781 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥402.9B, up +3.6% from ¥388.8B.
- Operating income grew faster, up +16.8% to ¥58.3B.
- Net income attributable to owners fell -21.4% to ¥16B, mainly because of impairment losses on a US precision cleaning subsidiary that the company decided to sell.
- Operating cash flow dropped -36.7% to ¥55.6B, and free cash flow fell -23.8% to ¥26B.

### Drivers

- In General Industry, growth in the higher-value CSV business improved the cost ratio, and last year's goodwill write-down on a US subsidiary did not recur
- In Electronics Industry, maintenance was strong in Japan and Korea, offsetting the drop after large equipment projects in China the year before
- Pentagon Technologies Group, which is being sold, was moved to discontinued operations, and larger impairment losses there, including goodwill, pulled down net income

### Risks

- Demand in both segments moves with customers' plant utilization and capital spending
- Large water treatment equipment projects can turn unprofitable because of design or construction problems
- Goodwill from past acquisitions could be written down if those businesses earn less than expected

Cited: Annual securities report, 90th fiscal period (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report, 90th fiscal period (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第90期(2025/04/01－2026/03/31) | S100YBAT | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBAT,, |
| 有価証券報告書－第89期(2024/04/01－2025/03/31) | S100W5YW | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5YW,, |
| 有価証券報告書－第88期(2023/04/01－2024/03/31) | S100TVD7 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVD7,, |
| 訂正有価証券報告書－第87期(2022/04/01－2023/03/31) | S100RBGF | 2023-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RBGF,, |
| 有価証券報告書－第86期(令和3年4月1日－令和4年3月31日) | S100OJN1 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJN1,, |
| 有価証券報告書－第85期(令和2年4月1日－令和3年3月31日) | S100LSZ1 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSZ1,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).