Industry map/Consumer & Public Services
Waste Management & Recycling industry map
Who earns the money in Waste Management & Recycling, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 69 companies · ¥4.94T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥4.94T
- Companies
- 69
- Avg. salary（parent only）
- ¥6.8M
- Industry weather
- Sunny
YoY +3.5%
Avg. age 42.5
Operating income +14.7%
Mitsubishi Materials[5711]
Metals
- Revenue
- ¥937.8B▼22.0%
- Operating income
- ¥57.1B▲38.6%
Margin 6.1%
Whole company: Revenue ¥1.84T · Net income ¥40.6B
Avg. salary ¥7.3M · 43.0（parent only）
Matsuda Sangyo[7456]
Precious metals business segment
- Revenue
- ¥570.4B▲57.7%
- Operating income
- ¥19.3B▲90.0%
Margin 3.4%
Whole company: Revenue ¥687.8B · Net income ¥16.8B
Avg. salary ¥6.8M · 39.7（parent only）
Kanadevia[7004]
Environmental systems
- Revenue
- ¥505.2B▲11.4%
- Operating income
- ¥16.7B▼34.2%
Margin 3.3%
Whole company: Revenue ¥645.2B · Net income ¥11.1B
Avg. salary ¥8.3M · 43.9（parent only）
Kurita Water Industries[6370]
General Industry + 1 more
- Revenue
- ¥402.9B▲3.6%
- Operating income
- ¥58.3B▲16.8%
Margin 14.5%
Whole company: Revenue ¥402.9B · Net income ¥16B
Avg. salary ¥10M · 43.3（parent only）
Kubota[6326]
Water and Environment
- Revenue
- ¥374.4B▲3.2%
- Operating income
- ¥33B▲35.9%
Margin 8.8%
Whole company: Revenue ¥3.02T · Net income ¥186.7B
Avg. salary ¥8.6M · 39.9（parent only）
Toray Industries[3402]
Environment and engineering
- Revenue
- ¥266.9B▲12.8%
- Operating income
- ¥28.8B▲11.2%
Margin 10.8%
Whole company: Revenue ¥2.59T · Net income ¥79.5B
Avg. salary ¥8.4M · 40.8（parent only）
- Metawater・Joint venture
Metawater[9551]
System Solution + 3 more
- Revenue
- ¥209.8B▲17.2%
- Operating income
- ¥12.9B▲21.2%
Margin 6.1%
Whole company: Revenue ¥209.8B · Net income ¥9.14B
Avg. salary ¥9M · 43.3（parent only）
- Toray Industries・Joint venture
Organo[6368]
Water Treatment Engineering Business Unit + 1 more
- Revenue
- ¥177.7B▲8.8%
- Operating income
- ¥37.6B▲21.0%
Margin 21.2%
Whole company: Revenue ¥177.7B · Net income ¥28.4B
Avg. salary ¥10.4M · 43.7（parent only）
Takuma[6013]
Domestic environment and energy
- Revenue
- ¥126.7B▲11.8%
- Operating income
- ¥15.6B▲19.4%
Margin 12.3%
Whole company: Revenue ¥165.6B · Net income ¥13.7B
Avg. salary ¥9.2M · 42.2（parent only）
Dowa Holdings[5714]
Ecology and recycle
- Revenue
- ¥111.1B▲11.0%
- Operating income
- ¥16.5B▲10.3%
Margin 14.9%
Whole company: Revenue ¥745.4B · Net income ¥62.5B
Avg. salary ¥8.3M · 43.3（parent only）
Tsukishima Holdings[6332]
Water environmental business
- Revenue
- ¥98.6B▲6.4%
- Operating income
- ¥5.8B▼5.4%
Margin 5.9%
Whole company: Revenue ¥149B · Net income ¥16.9B
Avg. salary ¥8.5M · 45.3（parent only）
Ebara[6361]
Environmental
- Revenue
- ¥97.9B▲11.9%
- Operating income
- ¥13B▲54.0%
Margin 13.3%
Whole company: Revenue ¥958.3B · Net income ¥76.6B
Avg. salary ¥9.8M · 43.1（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: TRE Holdings · Daiei Kankyo · Merf · Taiheiyo Cement · Daiseki · Kurimoto · TOA Road · Sanki Engineering · Ebara Jitsugyo · ShinMaywa Industries · SHINTO Holdings · Yamada Holdings · Daiki Axis · Nippon Coke & Engineering · Sanixholdings · Sanwayuka Industry · Japan Pulp & Paper · Envipro Holdings · Maezawa Kyuso Industries · NIPPON KANZAI Holdings · Tokushu Tokai Paper · Kaname Kogyo · Toho Zinc · Midac Holdings · Nikko Company · Central Automotive Products · Nippon Denko · USS · Ibokin · Nippon Soda · Seiyu Kogyo · Asahi Yukizai · Fuluhashi EPO · Asaka Riken · RenetJapanGroup · EnBio Holdings · Morita Holdings · Kyoei Steel · Tokuyama · Natoco …+17
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Industry takeaways
AI summary (figures come from filings)
- Mitsubishi Materials' Metals segment leads with ¥937.8B, 20% of the listed total.
- JX Advanced Metals (35.7%) and TRE Holdings' waste disposal unit (35.4%) have the fattest margins, and Daiei Kankyo reaches 26.4%. Hanwa's metal recycling sells ¥281.2B but keeps just 0.5%.
- Matsuda Sangyo jumped +57.7%. Mitsubishi Materials fell -22.0%.
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Mitsubishi MaterialsMetals | ¥937.8B | 19.0% | 6.1% | +4.9% | -¥12B |
| 2▲3 | Matsuda SangyoPrecious metals business segment | ¥570.4B | 11.6% | 3.4% | +31.1% | -¥15.2B |
| 3▼1 | KanadeviaEnvironmental systems | ¥505.2B | 10.2% | 3.3% | +13.3% | -¥13.6B |
| 4▼1 | Kurita Water IndustriesGeneral Industry + 1 more | ¥402.9B | 8.2% | 14.5% | — | ¥26B |
| 5▼1 | KubotaWater and Environment | ¥374.4B | 7.6% | 8.8% | +5.2% | ¥142B |
| 6 | Toray IndustriesEnvironment and engineering | ¥266.9B | 5.4% | 10.8% | +7.6% | ¥65.3B |
| 7 | MetawaterSystem Solution + 3 more | ¥209.8B | 4.3% | 6.1% | — | ¥7.98B |
| 8 | OrganoWater Treatment Engineering Business Unit + 1 more | ¥177.7B | 3.6% | 21.2% | +12.2% | ¥10.2B |
| 9 | TakumaDomestic environment and energy | ¥126.7B | 2.6% | 12.3% | +4.0% | ¥23.3B |
| 10 | Dowa HoldingsEcology and recycle | ¥111.1B | 2.3% | 14.9% | +7.5% | -¥29.9B |
| 11▲1 | Tsukishima HoldingsWater environmental business | ¥98.6B | 2.0% | 5.9% | +13.7% | ¥3.77B |
| 12▲1 | EbaraEnvironmental | ¥97.9B | 2.0% | 13.3% | — | -¥51.5B |
| 13▼2 | TRE HoldingsWaste disposal and recycling + 1 more | ¥96B | 1.9% | 23.0% | +18.3% | ¥12B |
| 14▲1 | Daiei KankyoWaste-related Business | ¥85.2B | 1.7% | 26.4% | +7.8% | ¥8.2B |
| 15▼1 | MerfNONFERROUS METALS | ¥81.9B | 1.7% | 0.0% | +7.3% | ¥1.55B |
| 16 | Taiheiyo CementEnvironmental business | ¥78.4B | 1.6% | 11.8% | +3.3% | ¥13.2B |
| 17 | Daiseki | ¥71.8B | 1.5% | 20.3% | +6.0% | ¥4.95B |
| 18 | KurimotoLifeline business | ¥66B | 1.3% | 7.2% | +3.5% | ¥843M |
| 19 | TOA RoadManufacturing sales and environment | ¥47B | 1.0% | 8.2% | +2.1% | ¥9.65B |
| 20▲2 | Sanki EngineeringEnvironmental system | ¥30.1B | 0.6% | 3.8% | +3.9% | ¥11.1B |
| 21▲3 | Ebara JitsugyoWater processing related + 1 more | ¥30B | 0.6% | 18.6% | +6.6% | ¥1.02B |
| 22▼1 | ShinMaywa IndustriesIndustrial machinery and environmental systems | ¥27.3B | 0.6% | 2.1% | +1.7% | ¥14.1B |
| 23▲13 | SHINTO HoldingsMetal resicle + 1 more | ¥26.1B | 0.5% | 3.1% | — | -¥580.6M |
| 24▲4 | Yamada HoldingsEnvironmental Business | ¥25.8B | 0.5% | 7.2% | +15.3% | ¥5.04B |
| 25 | Daiki AxisEnvironmental facilities | ¥24.7B | 0.5% | 7.7% | +5.2% | -¥63M |
| 26▼3 | Nippon Coke & EngineeringFuel Resource recycling Business | ¥23.3B | 0.5% | 11.3% | -5.9% | ¥546M |
| 27 | SanixholdingsResource circulation | ¥21B | 0.4% | 8.2% | — | -¥1.26B |
| 28▲4 | Sanwayuka Industry | ¥20.3B | 0.4% | 7.6% | +6.9% | -¥2.05B |
| 29▼3 | Japan Pulp & PaperRaw Materials and Environment | ¥20B | 0.4% | 2.8% | -2.1% | ¥18.3B |
| 30▲1 | Envipro HoldingsResource Circulation Business + 1 more | ¥17.3B | 0.4% | 8.0% | +15.5% | ¥1.9B |
| 31▼1 | Maezawa Kyuso Industrieswater supply equipment buisiness | ¥16.9B | 0.3% | 30.1% | — | ¥1.03B |
| 32▲1 | NIPPON KANZAI HoldingsEnvironmental facility management | ¥15.5B | 0.3% | 14.5% | +3.0% | ¥8.54B |
| 33▲2 | Tokushu Tokai PaperEnvironment Related Business Group | ¥15B | 0.3% | 5.0% | +25.8% | ¥1.47B |
| 34 | Kaname Kogyo | ¥14.9B | 0.3% | 14.1% | +5.8% | ¥1.09B |
| 35▼15 | Toho ZincMetal recycling business + 1 more | ¥14.4B | 0.3% | 16.4% | +33.3% | ¥584M |
| 36▲2 | Midac HoldingsWast disposal + 2 more | ¥11.8B | 0.2% | 50.9% | +16.6% | -¥4.78B |
| 37 | Nikko CompanyHousing environment equipment | ¥11B | 0.2% | 10.6% | +5.7% | ¥519M |
| 38▲5 | Central Automotive ProductsAutomotive Disposal Business Segment | ¥10.8B | 0.2% | 10.0% | +17.4% | ¥8.82B |
| 39▲2 | Nippon DenkoIncineration Ash Recycling Division + 1 more | ¥10.5B | 0.2% | 20.7% | — | ¥9.74B |
| 40▲4 | USSRecycling | ¥10.3B | 0.2% | 6.5% | +9.2% | ¥32.9B |
| 41▼1 | Ibokinmetal business + 2 more | ¥10B | 0.2% | 6.4% | +4.4% | -¥1.37B |
| 42 | Nippon SodaEco Solutions | ¥9.86B | 0.2% | 5.4% | — | ¥9.06B |
| 43▲5 | Seiyu KogyoEnvironment business + 1 more | ¥9.03B | 0.2% | 17.2% | +12.9% | ¥1.68B |
| 44▼5 | Asahi YukizaiWater Treatment and Natural Resources Exploitation | ¥8.99B | 0.2% | 6.4% | +1.7% | ¥608M |
| 45 | Fuluhashi EPOBiomaterial business + 1 more | ¥8.98B | 0.2% | 12.8% | +7.2% | -¥532M |
| 46▲1 | Asaka RikenPrecious Metal Division + 1 more | ¥8.47B | 0.2% | 4.4% | +1.7% | -¥1.14B |
| 47▼1 | RenetJapanGroupReuse and Recycle | ¥8.45B | 0.2% | 12.8% | — | -¥253.9M |
| 48▲3 | EnBio HoldingsSoil and groundwater remediation | ¥6.91B | 0.1% | 10.4% | +10.7% | ¥114M |
| 49 | Morita HoldingsIndustrial machinery | ¥6.48B | 0.1% | 13.8% | +5.9% | ¥3.31B |
| 50 | Kyoei SteelMATERIAL RECYCLING | ¥5.95B | 0.1% | 9.2% | -5.0% | ¥6.33B |
Showing the top 50. See all 69 in the list below
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Other
- Operating profit
- Daiei Kankyo571825
- Organo631621
- Daiseki671320
- TRE Holdings691219
- Ebara Jitsugyo661915
- Kurita Water Industries622414
- Ebara672112
- Sanki Engineering781111
- Kubota71209
- Takuma76159
- Taiheiyo Cement75178
- Tsukishima Holdings79147
- Metawater7816
- Kurimoto7420
- ShinMaywa Industries8311
- Dowa Holdings887
- TOA Road887
- Toray Industries8015
- Mitsubishi Materials898
- Matsuda Sangyo93
- Daiki Axis7819
- Kanadevia8315
- SHINTO Holdings95
- Yamada Holdings7425
- Merf97
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- 東ソー株式会社Outside
- AffiliateOrgano44.3%
- 大平洋金属株式会社Outside
- AffiliateAmita Holdings32.7%
- 旭化成株式会社Outside
- AffiliateAsahi Yukizai30.8%
- Daiei KankyoIn industry
- AffiliateKaname Kogyo27.8%
- 日本製鉄株式会社Outside
- AffiliateKyoei Steel26.7%
- AffiliateNippon Denko24.3%
- AffiliateNippon Coke & Engineering22.6%
- 文化シヤッター株式会社Outside
- AffiliateFujisash23.5%
- 西華産業株式会社Outside
- AffiliateTVE21.5%
- 富士電機株式会社Outside
- AffiliateMetawater20.8%
- NGK株式会社Outside
- StakeMetawater19.7%
- 住友商事株式会社Outside
- StakeNippon Coke & Engineering19.4%
- ＥＮＥＯＳホールディングス株式会社Outside
- StakeFuji United Holdings Company15.2%
- 王子ホールディングス株式会社Outside
- StakeNippon Filcon13.9%
- StakeJapan Pulp & Paper7.2%
- 三谷産業株式会社Outside
- StakeNikko Company10.1%
- 大王製紙株式会社Outside
- StakeNippon Filcon9.3%
- 光通信株式会社Outside
- StakeEbara Jitsugyo7.9%
- StakeTVE7.3%
- SUMINOE株式会社Outside
- StakeREFINVERSE Group7.4%
- 日産東京販売ホールディングス㈱Outside
- StakeCentral Automotive Products5.7%
- 日本製紙株式会社Outside
- StakeNippon Filcon5.7%
- 東京インキ㈱Outside
- StakeKyoritsu5.4%
- 東京応化工業㈱Outside
- StakeDaito Chemix4.9%
- ㈱小森コーポレーションOutside
- StakeKyoritsu4.8%
- 株式会社日本製鋼所Outside
- StakeTsukishima Holdings4.5%
- 東京センチュリー株式会社Outside
- StakeTsukishima Holdings4.4%
- 株式会社愛媛銀行Outside
- StakeDaiki Axis4.3%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted. Showing up to 24 shareholder cards.
Compare the leaders side by side
All companies in Waste Management & Recycling (by revenue)
All 70 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Mitsubishi Materials¥937.8B · 6.1%
- Matsuda Sangyo¥570.4B · 3.4%
- Kanadevia¥505.2B · 3.3%
- Kurita Water Industries¥402.9B · 14.5%
- Kubota¥374.4B · 8.8%
- Toray Industries¥266.9B · 10.8%
- Metawater¥209.8B · 6.1%
- Organo¥177.7B · 21.2%
- Takuma¥126.7B · 12.3%
- Dowa Holdings¥111.1B · 14.9%
- Tsukishima Holdings¥98.6B · 5.9%
- Ebara¥97.9B · 13.3%
- TRE Holdings¥96B · 23.0%
- Daiei Kankyo¥85.2B · 26.4%
- Merf¥81.9B · 0.0%
- Taiheiyo Cement¥78.4B · 11.8%
- Daiseki¥71.8B · 20.3%
- Kurimoto¥66B · 7.2%
- TOA Road¥47B · 8.2%
- Sanki Engineering¥30.1B · 3.8%
- Ebara Jitsugyo¥30B · 18.6%
- ShinMaywa Industries¥27.3B · 2.1%
- SHINTO Holdings¥26.1B · 3.1%
- Yamada Holdings¥25.8B · 7.2%
- Daiki Axis¥24.7B · 7.7%
- Nippon Coke & Engineering¥23.3B · 11.3%
- Sanixholdings¥21B · 8.2%
- Sanwayuka Industry¥20.3B · 7.6%
- Japan Pulp & Paper¥20B · 2.8%
- Envipro Holdings¥19.7B · 16.9%
- Kureha¥18.6B · 15.7%
- Maezawa Kyuso Industries¥16.9B · 30.1%
- NIPPON KANZAI Holdings¥15.5B · 14.5%
- Tokushu Tokai Paper¥15B · 5.0%
- Kaname Kogyo¥14.9B · 14.1%
- Toho Zinc¥14.4B · 16.4%
- Midac Holdings¥11.8B · 50.9%
- Nikko Company¥11B · 10.6%
- Central Automotive Products¥10.8B · 10.0%
- Nippon Denko¥10.5B · 20.7%
- USS¥10.3B · 6.5%
- Ibokin¥10B · 6.4%
- Nippon Soda¥9.86B · 5.4%
- Seiyu Kogyo¥9.03B · 17.2%
- Asahi Yukizai¥8.99B · 6.4%
- Fuluhashi EPO¥8.98B · 12.8%
- Asaka Riken¥8.47B · 4.4%
- RenetJapanGroup¥8.45B · 12.8%
- EnBio Holdings¥6.91B · 10.4%
- Morita Holdings¥6.48B · 13.8%
- Kyoei Steel¥5.95B · 9.2%
- Tokuyama¥5.94B · 11.0%
- Natoco¥5.49B · 8.9%
- Puequ¥5.23B · 4.8%
- Amita Holdings¥4.87B · 9.0%
- REFINVERSE Group¥4.46B · 21.6%
- Fujisash¥3.32B · 8.6%
- Pacific Net¥3.3B · 41.3%
- Rasa¥3.09B · 24.4%
- Nagaoka International¥2.96B · 5.5%
- Muromachi Chemicals¥2.67B · 3.4%
- Nippon Filcon¥2.22B · 2.9%
- Kyoritsu¥1.99B · 12.1%
- Daito Chemix¥1.73B · 14.9%
- Fuji United Holdings Company¥1.6B · 16.5%
- International Conglomerate of Distribution for Automobile Holdings¥1.42B · 11.9%
- The Kaneshita Construction¥446M · 2.7%
- Kitabo¥252.4M · 10.3%
- TVE¥192.5M · 6.8%
- J-Holdings¥69.5M · 12.5%
Revenue · Op. margin
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