# METAWATER Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第53期(2025/04/01－2026/03/31) (S100YBSD)
> Page: https://vizora.meequs.com/en/company/metawater
> Retrieved: 2026-09-30T21:02:37.855Z

## Company

Metawater, founded in 2008, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 3,427 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | METAWATER Co., Ltd. |
| Ticker | 9551 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9551.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田須田町一丁目25番地 |
| Representative (per filing) | 代表取締役社長 山口 賢二 |
| Founded | Apr 2008 |
| Share capital | ¥11.9B |
| Employees (consolidated) | 3,427 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.metawater.co.jp (https://www.metawater.co.jp/) |
| Corporate number | 8010401075293 |
| EDINET | E31064 |
| Industries (Vizora) | Plant Engineering & Building Services, Waste Management & Recycling |

> Profile source: annual securities report (S100YBSD, filed 2026-06-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.3 | 24 |
| Profitability | 38 | 25 |
| Cash conversion | 66 | 25 |
| Efficiency | 62 | 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 29% of Metawater's sales come from System Solution, with Environment Engineering and International making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +17.2% from the prior year, operating profit +21.2%.

## Company structure

- Segment revenue mix: System Solution 29.1%、Environment Engineering 27.9%、International 27.0%、Operating 15.9%
- Revenue → net income: ¥209844000000 → ¥9484000000
- Net income → operating cash flow: ¥9484000000 → ¥15132000000（difference ¥5648000000）
- Main uses of operating cash flow: CapEx ¥7153000000 / dividends ¥2662000000 / buybacks —
- Change in cash: ¥-8947000000
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 | ¥209.8B |  |
| Operating income | ¥12.9B | Margin 6.1% |
| Net income | ¥9.14B | Margin 4.4% |
| Free cash flow | ¥7.98B |  |
| Largest business | System Solution | of segment revenue 29.1% |
| Employees (consolidated) | 3,427 |  |
| EPS | ¥121.79 |  |
| Book value per share | ¥1367.74 |  |
| Equity ratio | 40.6% |  |
| Shares outstanding | 44,258,500 |  |
| Treasury shares | 538,000 |  |
| Shareholders | 8,848 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 12.7% |
| Vs. industry median margin | -1 pp | Waste Management & Recycling |
| ROE | 11.7% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥133355000000 | ¥209844000000 | +57.4% |
| Operating income | ¥10863000000 | ¥12879000000 | +18.6% |
| Operating margin | 8.1% | 6.1% | -2 pp |
| Employees | 2,650 people | 3,427 people | +29.3% |
| Cash and equivalents | ¥18044000000 | ¥26736000000 | +48.2% |

### 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 |
| --- | ---: |
| プラントエンジニアリング事業 → 事業再編・廃止 | 57.3% |
| サービスソリューション事業 → 事業再編・廃止 | 42.7% |
| 新設・再編 → 環境エンジニアリング事業 | 27.9% |
| 新設・再編 → システムソリューション事業 | 29.1% |
| 新設・再編 → 運営事業 | 15.9% |
| 新設・再編 → 海外事業 | 27.0% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| System Solution | 2 years | +7.9% | ¥61154000000 | 4.3% | 2 |
| Environment Engineering | 2 years | +5.2% | ¥58475000000 | 7.8% | 2 |
| International | 2 years | +34.8% | ¥56759000000 | 5.8% | 2 |
| Operating | 2 years | +7.6% | ¥33455000000 | 7.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 209,844 | 100.0% | S100YBSD |
| Cost of revenue | 162,792 | 77.6% | S100YBSD |
| Gross profit | 47,051 | 22.4% | S100YBSD |
| SG&A | 34,171 | 16.3% | S100YBSD |
| Operating income | 12,879 | 6.1% | S100YBSD |
| Ordinary income | 13,175 | 6.3% | S100YBSD |
| Pretax income | 13,054 | 6.2% | S100YBSD |
| Income tax | 3,570 | 1.7% | S100YBSD |
| Net income | 9,484 | 4.5% | S100YBSD |
| Net income attributable to owners | 9,136 | 4.4% | S100YBSD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 16 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 22.4% → Operating margin 6.1% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.2%; Core profit growth: +21.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.23×
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 | 179,094 | 209,844 | 30,750 | +17.2% |
| Gross profit | 38,713 | 47,051 | 8,338 | +21.5% |
| Operating income | 10,626 | 12,879 | 2,253 | +21.2% |
| Net income attributable to owners | 6,852 | 9,136 | 2,284 | +33.3% |
| Operating cash flow | 13,316 | 15,132 | 1,816 | +13.6% |
| Free cash flow | 9,122 | 7,979 | -1,143 | -12.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 128,723 | 8,223 | 6.4% | 5,677 | 3,521 | 2,742 | S100LKKV |
| FY ending Mar 2021 | 133,355 | 10,863 | 8.1% | 6,542 | 10,404 | 9,699 | S100OAA2 |
| FY ending Mar 2022 | 135,557 | 8,146 | 6.0% | 6,245 | 6,635 | 3,852 | S100QZE4 |
| FY ending Mar 2023 | 150,716 | 8,688 | 5.8% | 6,252 | -4,340 | -6,922 | S100TRUM |
| FY ending Mar 2024 | 165,561 | 9,903 | 6.0% | 6,875 | -5,486 | -11,449 | S100W04R |
| FY ending Mar 2025 | 179,094 | 10,626 | 5.9% | 6,852 | 13,316 | 9,122 | S100YBSD |
| FY ending Mar 2026 | 209,844 | 12,879 | 6.1% | 9,136 | 15,132 | 7,979 | S100YBSD |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.2M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 2,747 | 2,799 | 2,880 | 3,077 | 3,427 |
| Average salary (parent company) | ¥7.9M | ¥8.2M | ¥8.4M | ¥8.7M | ¥9M |
| Average age (parent company) | 43.3 years | 43.3 years | 43.1 years | 42.9 years | 43.3 years |
| Average tenure (parent company) | 17.4 years | 17.2 years | 17.0 years | 16.5 years | 16.8 years |

Year over year: Employees (consolidated) +11.4% · Revenue (consolidated) +17.2%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Environment Engineering | 58,475 | 27.9% | 4,543 | 7.8% |
| System Solution | 61,154 | 29.1% | 2,625 | 4.3% |
| Operating | 33,455 | 15.9% | 2,425 | 7.2% |
| International | 56,759 | 27.0% | 3,285 | 5.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Environment Engineering | 27.9% | 35.3% | 7.4 | 7.8% |
| System Solution | 29.1% | 20.4% | -8.8 | 4.3% |
| Operating | 15.9% | 18.8% | 2.9 | 7.2% |
| International | 27.0% | 25.5% | -1.5 | 5.8% |

Segment → industry: Environment Engineering → Plant Engineering & Building Services / International → Waste Management & Recycling / Operating → Waste Management & Recycling / System Solution → Waste Management & Recycling / Environment Engineering → Waste Management & Recycling

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 15,132 | 7.2% | S100YBSD |
| Capital expenditure | 7,153 | 3.4% | S100YBSD |
| Free cash flow | 7,979 | 3.8% | 算出 |
| Investing cash flow | -17,027 | -8.1% | S100YBSD |
| Financing cash flow | -7,165 | -3.4% | S100YBSD |
| Dividends paid | 2,662 | 1.3% | S100YBSD |
| Change in cash | -8,947 | -4.3% | S100YBSD |
| Cash and equivalents | 26,736 | 12.7% | S100YBSD |

## 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 | 20,613 | 11,085 | 14,219 | 35,683 | 26,736 | S100TRUM, S100W04R, S100YBSD |
| Total assets | 133,065 | 142,695 | 168,843 | 196,783 | 220,292 | S100QZE4, S100TRUM, S100W04R, S100YBSD |
| Net assets | 59,548 | 66,639 | 75,676 | 85,350 | 94,150 | S100TRUM, S100W04R, S100YBSD |
| Share capital | 11,946 | 11,946 | 11,946 | 11,946 | 11,946 | S100QZE4, S100TRUM, S100W04R, S100YBSD |
| Property, plant and equipment | 4,548 | 5,187 | 5,768 | 6,674 | 13,835 | S100QZE4, S100TRUM, S100W04R, S100YBSD |
| Intangible assets excluding goodwill | 10,489 | 12,490 | 16,055 | 17,706 | 22,798 | S100QZE4, S100TRUM, S100W04R, S100YBSD |
| Goodwill | 2,406 | 2,467 | 2,344 | 2,255 | 3,890 | S100QZE4, S100TRUM, S100W04R, S100YBSD |
| Investment securities | 1,846 | 5,535 | 2,382 | 2,319 | 8,538 | S100QZE4, S100TRUM, S100W04R, S100YBSD |
| Current assets | 108,939 | 112,642 | 136,074 | 160,178 | 163,154 | S100QZE4, S100TRUM, S100W04R, S100YBSD |
| Current liabilities | 56,980 | 59,232 | 64,491 | 65,885 | 79,259 | S100QZE4, S100TRUM, S100W04R, S100YBSD |
| Short-term borrowings | 903 | 2,387 | 3,591 | — | — | S100QZE4, S100TRUM, S100W04R |
| Long-term borrowings | 917 | — | — | 5,000 | 5,017 | S100QZE4, S100YBSD |
| Bonds | — | — | 10,000 | 20,000 | 20,000 | S100W04R, S100YBSD |
| Total liabilities | 73,516 | 76,055 | 93,166 | 111,433 | 126,142 | S100QZE4, S100TRUM, S100W04R, S100YBSD |
| Non-controlling interests | 302 | 1,447 | 2,744 | 4,046 | 4,631 | S100QZE4, S100TRUM, S100W04R, S100YBSD |
| Equity attributable to owners of parent | 60,595 | 65,158 | 70,230 | 75,033 | 81,554 | S100QZE4, S100TRUM, S100W04R, S100YBSD |
| Retained earnings | 46,380 | 50,890 | 52,513 | 54,733 | 61,207 | S100QZE4, S100TRUM, S100W04R, S100YBSD |
| Treasury stock | -7,137 | -7,089 | -3,640 | -1,052 | -1,161 | S100QZE4, S100TRUM, S100W04R, S100YBSD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YBSD |
| Property, plant and equipment | 6% | S100YBSD |
| Intangibles and goodwill | 12% | S100YBSD |
| Investment securities | 4% | S100YBSD |
| Other assets | 66% | S100YBSD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YBSD |
| Equity | 43% | S100YBSD |

### 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 | 133,065 | 142,695 | 168,843 | 196,783 | 220,292 |
| Equity | 59,548 | 66,639 | 75,676 | 85,350 | 94,150 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,613 | 11,085 | 14,219 | 35,683 | 26,736 |

## 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) | 6.6% | S100YBSD |
| Fixed assets ÷ total assets | 6.3% | S100YBSD |
| Goodwill ÷ parent equity | 4.8% | S100YBSD |

Goodwill over 4 years: 2,406 → 3,890 JPY; total investing cash flow: -34,517 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) | 12.1% |
| Cash ÷ revenue | 12.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.5% |
| Cash vs. profit gap | 5,996 JPY mn (of net income 65.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.1% |
| Shareholder payments — dividends / FCF | 33.4% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 112.5% |

## 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 | 4.6% | 1.02× | 4.7% | 2.20× | 10.3% | S100QZE4 |
| 2023 | 4.1% | 1.09× | 4.5% | 2.19× | 9.9% | S100TRUM |
| 2024 | 4.2% | 1.06× | 4.4% | 2.30× | 10.2% | S100W04R |
| 2025 | 3.8% | 0.98× | 3.7% | 2.52× | 9.4% | S100YBSD |
| 2026 | 4.4% | 1.01× | 4.4% | 2.66× | 11.7% | S100YBSD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 富士電機株式会社 | Major shareholder | 20.8% | 2026-03-31 |
| NGK株式会社 | Major shareholder | 19.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 3.5% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A.LONDONSECS LENDING OMNIBUS ACCOUNT[常任代理人 株式会社みずほ銀行決済営業部] | Major shareholder | 2.3% | 2026-03-31 |
| メタウォーターグループ従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223[常任代理人 株式会社みずほ銀行決済営業部] | Major shareholder | 1.7% | 2026-03-31 |
| UHPartners2投資事業有限責任組合 | Major shareholder | 1.2% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044[常任代理人 株式会社みずほ銀行決済営業部] | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YBSD | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBSD,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100W04R | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W04R,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TRUM | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRUM,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100QZE4 | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZE4,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OAA2 | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAA2,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LKKV | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKKV,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 東レ | Joint venture | 水処理設備を製造・販売する合弁会社（水道機工）の運営 | S100YFG9 |

## 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).