Organo Corp ORCRY

IndustrialsProfessional & Commercial ServicesJapan

Last close 14.50 USD on Nov 2, 2026, −14.7% year to date

Quant rating

Quant rating B Rank 100 of 418 in Industrials

Growth A 50 of 418
Valuation B 86 of 418
Quality A 7 of 418
Revisions C 195 of 418
Momentum D 350 of 418

Wall Street consensus Buy (1.75)Average target 26.04 USD +79.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.3B
Enterprise value: 3.3B
52-week range: 14.50 – 17.00
3-year range: 14.50 – 17.00
Dividend yield: –
Beta (5 years): –
Shares outstanding: 232M
Next earnings: Nov 4, 2026

About the company

ORGANO CORPORATION is a Japan-based company mainly engaged in the water treatment engineering business and functional products business. The Company operates through two business segments. The Water Treatment Engineering segment is mainly engaged in the manufacture, sale, maintenance and management of filtration equipment, pure water system equipment and other water treatment related equipment. The Functional Product segment is mainly engaged in the manufacture and sale of standard water treatment equipment, water treatment chemicals and food additives. The Company is also engaged in the chemical plant construction business.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	1,119	1,089	994	997	921	–
Revenue growth	2.8%	9.6%	−0.4%	8.3%	1.3%	4.2%
EPS (basic, normalized)	0.78	0.71	0.48	0.38	0.31	–
EPS growth	9.8%	47.6%	28.0%	20.5%	–	–
Gross margin	36.6%	33.8%	29.2%	26.4%	25.4%	30.3%
Net margin	16.0%	14.8%	11.5%	8.9%	8.2%	11.9%
ROE	21.5%	21.7%	18.4%	14.5%	12.9%	17.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	171
Current ratio	2.73x
Long-term debt (mil)	36.9
Net debt (mil)	58.6
Total equity (mil)	873
Net debt / equity	0.07x
Net debt / EBITDA	0.23x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	1,119	+2.8%	3.0x	251	+9.9%	13.3x	0.78	+9.8%	18.5x
2027	1,270	+13.4%	2.6x	278	+10.7%	12.0x	0.84	+7.5%	17.2x
2028	1,469	+15.7%	2.3x	324	+16.6%	10.3x	0.98	+16.0%	14.9x
2029	1,622	+10.4%	2.1x	357	+10.0%	9.3x	1.08	+10.3%	13.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	1,270	0.0%	−0.9%	+2.1%	0.84	0.0%	−1.2%	−2.2%
2028	1,469	0.0%	+3.1%	+9.4%	0.98	0.0%	+2.4%	+4.0%
2029	1,622	0.0%	+6.4%	–	1.08	0.0%	+4.5%	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	44,120	31,619	42,704	41,375	47,571	38,110	44,683	44,936	49,925	42,183
Sales mean (mil)	44,298	31,667	40,845	43,333	52,002	34,850	42,798	43,600	48,881	41,950
Surprise	−0.4%	−0.2%	+4.6%	−4.5%	−8.5%	+9.4%	+4.4%	+3.1%	+2.1%	+0.6%
EPS reported	30.73	11.65	23.74	25.36	44.32	15.85	34.31	28.15	45.24	14.95
EPS mean	25.87	12.04	19.52	27.49	38.02	18.38	26.67	33.41	39.61	–
Surprise	+18.8%	−3.3%	+21.6%	−7.7%	+16.5%	−13.8%	+28.6%	−15.8%	+14.2%	–

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ORCRY Organo Corp	3.3B	0.23x	16.0%	3.61x	17.2x	14.9x	12.0x	10.3x
KTWIY Kurita Water Industries Ltd.	3.4B	0.49x	9.9%	1.50x	20.6x	19.5x	5.8x	5.5x
GPGI GPGI Inc (Nevada)	3.4B	−0.04x	−227.3%	1.07x	11.8x	9.3x	6.1x	5.0x
FOUR Shift4 Payments, Inc.	3.3B	5.45x	1.9%	2.05x	8.1x	6.8x	7.6x	6.7x
ABM ABM Industries Inc	3.2B	3.35x	1.9%	1.77x	13.5x	12.4x	8.8x	8.2x
MGRC McGrath RentCorp	3.2B	1.70x	16.6%	2.49x	20.1x	18.9x	10.2x	9.6x
Mean		1.86x	−30.2%	2.08x	15.2x	13.6x	8.4x	7.5x
Median		1.10x	5.9%	1.91x	15.4x	13.6x	8.2x	7.4x

Technical analysis

1M−14.7%
3M−14.7%
1Y−14.7%
3Y−14.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Organo Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	1,119	1,089	994	997	921	909
Cost of revenue	709	721	704	734	687	671
Gross profit	410	368	290	263	234	238
Selling, general & administrative expenses	152	139	122	129	128	130
Research & development	21.2	21.7	18.7	19.7	17.6	20.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−0.2	0.1	0	0.2	0.9	2.0
Other operating expenses	0	0	0	0	0	0
Operating income	237	207	149	114	88.2	84.5
Net interest income (expense)	3.6	7.6	5.8	5.5	5.7	1.3
Gain (loss) on sale of assets	0	0	0.1	0	9.5	0.1
Other non-operating income (expense)	0.4	0.7	1.2	0.9	1.0	1.7
Net income before taxes	241	216	156	121	104	87.6
Provision for taxes	62.4	54.5	41.6	32.2	28.5	23.6
Minority interest	–	−0.2	−0.2	−0.3	−0.1	−0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	179	161	114	88.3	75.7	63.9
Extraordinary items	–	–	–	–	–	–
Net income	179	161	114	88.3	75.7	63.9
EBIT, normalized	237	208	149	115	89.2	86.5
EBITDA, normalized	250	220	162	128	100	97.5
Basic EPS, normalized	0.78	0.71	0.48	0.38	0.31	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Organo Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	196	112	117	117	166	116
Receivables	536	559	543	570	450	461
Total inventory	117	150	144	232	111	116
Prepaid expenses	–	–	–	–	–	–
Other current assets	361	275	210	111	119	117
Total current assets	1,210	1,096	1,014	1,030	845	810
Property, plant & equipment	141	143	136	157	173	171
Goodwill	–	–	–	–	–	–
Intangibles	9.9	7.5	6.5	7.1	8.9	10.0
Long-term investments	17.2	15.8	18.7	18.3	16.9	17.3
Note receivable	–	–	–	–	–	–
Other long-term assets	38.9	33.5	31.6	29.5	28.8	30.0
Total assets	1,417	1,296	1,207	1,241	1,073	1,039
Liabilities
Accounts payable	144	187	150	192	200	164
Payable/accrued	–	–	–	–	–	–
Accrued expenses	14.7	14.4	12.5	12.0	12.1	13.0
Short-term debt	159	114	215	207	66.9	126
Current portion of long-term debt	21.1	13.1	10.7	13.8	15.8	5.6
Other current liabilities	108	101	91.5	93.0	58.9	59.9
Total current liabilities	447	429	480	518	354	368
Long-term debt	38.3	24.8	16.4	30.1	47.7	13.7
Minority interest	–	1.6	1.4	1.5	1.4	1.3
Other liabilities	30.8	33.9	36.2	43.3	46.2	48.6
Total liabilities	516	490	534	593	449	432
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	51.8	54.9	54.4	61.9	67.6	74.3
Additional paid-in capital	47.3	50.1	49.6	56.5	61.7	67.8
Retained earnings (accumulated deficit)	762	673	548	520	490	469
Treasury stock	−4.0	−5.0	−3.4	−4.6	−6.0	−4.5
Other equity	43.8	33.2	25.2	15.4	10.0	0.7
Total equity	901	807	674	649	623	607
Total liabilities & shareholders' equity	1,417	1,296	1,207	1,241	1,073	1,039

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Organo Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	241	216	156	121	104	87.6
Depreciation, depletion & amortization	12.5	12.8	13.3	13.7	10.9	10.9
Deferred taxes	–	–	–	–	–	–
Non-cash items	−0.2	−6.5	4.7	2.0	−9.9	1.0
Changes in working capital	−171	−81.5	−150	−276	−14.2	−141
Cash from operations	82.5	141	24.6	−140	91.2	−41.4
Investing activities
Capital expenditures	−18.1	−17.9	−10.9	−10.9	−23.0	−11.3
Other investing cash flows	0.8	3.7	1.5	1.1	10.5	−0.1
Cash from investing	−17.3	−14.2	−9.4	−9.9	−12.5	−11.4
Financing activities
Financing cash flow items	−1.5	−1.5	−1.4	−1.4	−0.9	−0.3
Cash dividends paid	−53.3	−40.5	−22.5	−17.7	−12.7	−11.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	74.5	−96.8	19.7	130	−7.7	56.1
Cash from financing	19.6	−139	−4.2	111	−21.3	44.5
Foreign exchange effects	5.2	6.4	2.7	3.8	3.3	−0.5
Net change in cash	90.1	−5.9	13.8	−34.9	60.8	−8.7
Free cash flow	64.4	123	13.7	−151	68.2	−52.7

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.