# ORGANO CORPORATION: 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81期(2025/04/01－2026/03/31) (S100YK07)
> Page: https://vizora.meequs.com/en/company/organo
> Retrieved: 2026-09-30T17:49:36.907Z

## Company

Organo, founded in 1941, is a company in Chemicals listed on TSE Prime. It has 2,658 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ORGANO CORPORATION |
| Ticker | 6368 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6368.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区新砂1丁目2番8号 |
| Representative (per filing) | 代表取締役社長 山田正幸 |
| Founded | Jul 1941 |
| Share capital | ¥8.22B |
| Employees (consolidated) | 2,658 |
| Average salary (parent only) | ¥10.4M |
| Fiscal year end | March |
| Website | www.organo.co.jp (https://www.organo.co.jp/) |
| Corporate number | 3010601025111 |
| EDINET | E01571 |
| Industries (Vizora) | Chemicals, Plant Engineering & Building Services, Waste Management & Recycling |

> Profile source: annual securities report (S100YK07, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.8 | 72 |
| Profitability | 96.7 | 76 |
| Cash conversion | 20.9 | 74 |
| Efficiency | 25.7 | 76 |

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 86% of Organo's sales come from Water Treatment Engineering Business Unit, with Performance Products Business Unit making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit +21.0%.

## Company structure

- Segment revenue mix: Water Treatment Engineering Business Unit 85.5%、Performance Products Business Unit 14.5%
- Revenue → net income: ¥177654000000 → ¥28401000000
- Net income → operating cash flow: ¥28401000000 → ¥13099000000（difference ¥-15302000000）
- Main uses of operating cash flow: CapEx ¥2876000000 / dividends ¥8467000000 / buybacks ¥5000000
- Change in cash: ¥14303000000
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 | ¥177.7B |  |
| Operating income | ¥37.6B | Margin 21.2% |
| Net income | ¥28.4B | Margin 16.0% |
| Free cash flow | ¥10.2B |  |
| Largest business | Water Treatment Engineering Business Unit | of segment revenue 85.5% |
| Employees (consolidated) | 2,658 |  |
| EPS | ¥489.45 |  |
| Book value per share | ¥2317.72 |  |
| Equity ratio | 63.6% |  |
| Shares outstanding | 46,359,000 |  |
| Treasury shares | 339,300 |  |
| Shareholders | 8,729 |  |
| Average salary (parent only) | ¥10.4M | Filing company only |
| Cash ratio | 13.8% | Cash ÷ revenue 17.5% |
| Vs. industry median margin | +12.1 pp | Plant Engineering & Building Services |
| ROE | 22.5% | Derived from disclosed figures |
| ROA | 13.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, parent-company salary changed +28% over five years
- FY2026, employees 0% while operating income rose 21%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥100638000000 | ¥177654000000 | +76.5% |
| Operating income | ¥9579000000 | ¥37648000000 | +293.0% |
| Operating margin | 9.5% | 21.2% | +11.7 pp |
| Employees | 2,319 people | 2,658 people | +14.6% |
| Cash and equivalents | ¥12804000000 | ¥31055000000 | +142.5% |

### 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 |
| --- | ---: |
| 水処理エンジニアリング事業 → 水処理エンジニアリング事業 | 81.9% |
| 機能商品事業 → 機能商品事業 | 14.5% |
| 機能商品事業 → 事業再編・廃止 | 3.6% |
| 新設・再編 → 水処理エンジニアリング事業 | 3.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 177,654 | 100.0% | S100YK07 |
| Cost of revenue | 112,570 | 63.4% | S100YK07 |
| Gross profit | 65,084 | 36.6% | S100YK07 |
| SG&A | 27,435 | 15.4% | S100YK07 |
| Operating income | 37,648 | 21.2% | S100YK07 |
| Ordinary income | 38,130 | 21.5% | S100YK07 |
| Pretax income | 38,309 | 21.6% | S100YK07 |
| Income tax | 9,908 | 5.6% | S100YK07 |
| Net income | 28,401 | 16.0% | S100YK07 |
| Net income attributable to owners | 28,401 | 16.0% | S100YK07 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 16 |
| Operating income | 21 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 36.6% → Operating margin 21.2% → Net margin 16.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.8%; Core profit growth: +21.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.38×
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 | 163,269 | 177,654 | 14,385 | +8.8% |
| Gross profit | 55,182 | 65,084 | 9,902 | +17.9% |
| Operating income | 31,120 | 37,648 | 6,528 | +21.0% |
| Net income attributable to owners | 24,150 | 28,401 | 4,251 | +17.6% |
| Operating cash flow | 21,100 | 13,099 | -8,001 | -37.9% |
| Free cash flow | 18,411 | 10,223 | -8,188 | -44.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 96,515 | 9,908 | 10.3% | 7,162 | 8,553 | 7,585 | S100LROV |
| FY ending Mar 2021 | 100,638 | 9,579 | 9.5% | 7,074 | -4,582 | -5,836 | S100OMJ0 |
| FY ending Mar 2022 | 112,069 | 10,850 | 9.7% | 9,210 | 10,787 | 7,989 | S100R8AX |
| FY ending Mar 2023 | 132,426 | 15,212 | 11.5% | 11,730 | -18,536 | -19,988 | S100TV5H |
| FY ending Mar 2024 | 150,356 | 22,544 | 15.0% | 17,310 | 3,726 | 2,079 | S100W6CP |
| FY ending Mar 2025 | 163,269 | 31,120 | 19.1% | 24,150 | 21,100 | 18,411 | S100YK07 |
| FY ending Mar 2026 | 177,654 | 37,648 | 21.2% | 28,401 | 13,099 | 10,223 | S100YK07 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.8M |
| Operating income per employee (consolidated) | ¥14.2M |
| Net income per employee (consolidated) | ¥10.7M |

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) | 2,476 | 2,506 | 2,512 | 2,660 | 2,658 |
| Average salary (parent company) | ¥8.1M | ¥8.2M | ¥8.5M | ¥9.1M | ¥10.4M |
| Average age (parent company) | 43.6 years | 43.9 years | 43.7 years | 43.5 years | 43.7 years |
| Average tenure (parent company) | 16.3 years | 16.6 years | 16.5 years | 15.6 years | 15.5 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) +8.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Water Treatment Engineering Business Unit | 151,961 | 85.5% | 34,339 | 22.6% |
| Performance Products Business Unit | 25,693 | 14.5% | 3,309 | 12.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Water Treatment Engineering Business Unit | 85.5% | 91.2% | 5.7 | 22.6% |
| Performance Products Business Unit | 14.5% | 8.8% | -5.7 | 12.9% |

Segment → industry: Performance Products Business Unit → Chemicals / Water Treatment Engineering Business Unit → Plant Engineering & Building Services / Performance Products Business Unit → Waste Management & Recycling / Water Treatment Engineering Business Unit → 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 | 13,099 | 7.4% | S100YK07 |
| Capital expenditure | 2,876 | 1.6% | S100YK07 |
| Free cash flow | 10,223 | 5.8% | 算出 |
| Investing cash flow | -2,743 | -1.5% | S100YK07 |
| Financing cash flow | 3,118 | 1.8% | S100YK07 |
| Dividends paid | 8,467 | 4.8% | S100YK07 |
| Share buyback | 5 | 0.0% | S100YK07 |
| Change in cash | 14,303 | 8.1% | S100YK07 |
| Cash and equivalents | 31,055 | 17.5% | S100YK07 |

## 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 | 20,198 | 15,558 | 17,642 | 16,751 | 31,055 | S100TV5H, S100W6CP, S100YK07 |
| Total assets | 130,506 | 164,854 | 182,703 | 194,396 | 224,867 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Net assets | 76,004 | 86,371 | 102,147 | 121,194 | 142,962 | S100TV5H, S100W6CP, S100YK07 |
| Share capital | 8,225 | 8,225 | 8,225 | 8,225 | 8,225 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Property, plant and equipment | 20,995 | 20,795 | 20,634 | 21,516 | 22,402 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Intangible assets excluding goodwill | 1,082 | 949 | 986 | 1,120 | 1,572 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Investment securities | 2,058 | 2,430 | 2,835 | 2,373 | 2,723 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Current assets | 102,862 | 136,765 | 153,469 | 164,367 | 192,002 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Current liabilities | 43,072 | 68,738 | 72,602 | 64,401 | 70,939 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Trade payables | 18,795 | 20,904 | 19,842 | 23,438 | 19,953 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Short-term borrowings | 9,933 | 29,124 | 34,065 | 18,877 | 28,402 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Long-term borrowings | 5,695 | 3,895 | 2,400 | 3,680 | 6,000 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Total liabilities | 54,501 | 78,483 | 80,555 | 73,201 | 81,904 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Non-controlling interests | 168 | 201 | 219 | 246 | — | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Equity attributable to owners of parent | 74,617 | 84,123 | 98,122 | 115,969 | 136,008 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Retained earnings | 59,619 | 69,002 | 82,907 | 100,982 | 120,916 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |
| Treasury stock | -734 | -613 | -518 | -746 | -642 | S100R8AX, S100TV5H, S100W6CP, S100YK07 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YK07 |
| Property, plant and equipment | 10% | S100YK07 |
| Intangibles and goodwill | 1% | S100YK07 |
| Investment securities | 1% | S100YK07 |
| Other assets | 74% | S100YK07 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YK07 |
| Other liabilities | 27% | S100YK07 |
| Equity | 64% | S100YK07 |
| Other liabilities | 0% | S100YK07 |

### 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 | 130,506 | 164,854 | 182,703 | 194,396 | 224,867 |
| Equity | 76,004 | 86,371 | 102,147 | 121,194 | 142,962 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,198 | 15,558 | 17,642 | 16,751 | 31,055 |

## 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) | 12.6% | S100YK07 |
| Fixed assets ÷ total assets | 10.0% | S100YK07 |
| Goodwill ÷ parent equity | — | —, S100YK07 |

### 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) | 13.8% |
| Cash ÷ revenue | 17.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 34.8% |
| Cash vs. profit gap | -15,302 JPY mn (of net income -53.9%) |
| Shareholder returns / net income | 29.8% |
| Shareholder returns / FCF | 82.9% |
| Shareholder payments — dividends / net income | 29.8% |
| Shareholder payments — dividends / FCF | 82.8% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 20.9% |

## 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 | 8.2% | 0.86× | 7.1% | 1.75× | 12.3% | S100R8AX |
| 2023 | 8.9% | 0.90× | 7.9% | 1.86× | 14.8% | S100TV5H |
| 2024 | 11.5% | 0.87× | 10.0% | 1.91× | 19.0% | S100W6CP |
| 2025 | 14.8% | 0.87× | 12.8% | 1.76× | 22.6% | S100YK07 |
| 2026 | 16.0% | 0.85× | 13.5% | 1.66× | 22.5% | S100YK07 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東ソー株式会社 | Major shareholder | 44.3% | 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 | 10.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 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 | 2.4% | 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 | 1.6% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＮＯＮ ＴＲＥＡＴＹ ＣＬＩＥＮＴＳ ＡＣＣＯＵＮＴ（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 | 1.6% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（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 |
| 株式会社みずほ銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.0% | 2026-03-31 |
| ＲＢＣ ＩＳＴ １５ ＰＣＴ ＬＥＮＤＩＮＧ ＡＣＣＯＵＮＴ － ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.8% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YK07 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK07,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W6CP | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6CP,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TV5H | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV5H,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R8AX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8AX,, |
| 訂正有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OMJ0 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMJ0,, |
| 有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LROV | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LROV,, |

## 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).