Organo Corporation
6368.THIGHScore: 74.1Nuclear Operations / Water · Weight: 16%· Data as of 2026-05-04
Investment Thesis
Near-monopoly on BWR condensate water treatment in Japan — IFD technology in ALL Japanese BWR condensate vessels since 1970. Every reactor restart = direct revenue. KK-6 ABWR (1,356 MW) commercially restarted April 16 2026 — strongest single BWR restart since Fukushima, direct Organo maintenance revenue. FY2025 actuals confirmed: revenue ¥163.3B (+8.6%), OP ¥31.1B (+38%), ROE 21.7%. FY2026 guidance raised twice — OP ¥36B (+15.7%), div ¥190/share (raised from ¥160). Semiconductor UPW moat expanding: TSMC JASM Phase 1 operational, Phase 2 groundbreaking Oct 2025 (operations 2027). Rapidus Chitose confirmed customer. Arizona office serving TSMC Arizona — same growth trajectory as Asia. ~70% domestic power plant water treatment share; ~90% reactor purification systems.
Risk
PB 5.73x EXCEEDS ALL-TIME historical maximum of 3.78x (IRBank 15-year data) — hard valuation flag. Stock re-rated ~10x in 5 years; assumes continued secular growth execution. OP growth decelerating: +38% FY2025 → +15.7% FY2026 guidance. Hamaoka BWR suspended by NRA Jan 2026 (data fabrication by utility). KK-7 restart delayed to 2029-2030. AI semiconductor capex slowdown could hit semiconductor UPW segment.
Monitoring Trigger
FY2025 full results due May 13 2026: watch if FY2026 OP guidance holds or is raised again. If PB >7x without corresponding EPS upgrade, trim. Watch each reactor restart announcement — direct revenue event. If Rapidus Chitose execution falters (revenue risk to that order), reassess.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Water Treatment Engineering | ¥105B | 60% | Nuclear, power plant, semiconductor ultrapure water systems |
| Performance Products | ¥70B | 40% | Ion exchange resins, chemicals, maintenance services |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | All Japanese BWR operators (IFD monopoly) | IFD condensate demineralizers | IFD technology in ALL BWR condensate demineralizer vessels in Japan since 1970. KK-6 ABWR (1356 MW) restarted commercially April 16 2026 — direct Organo revenue event. ~90% reactor purification systems market share. |
| confirmed | TSMC Kumamoto JASM Phase 1 & 2 | Ultrapure water systems | Phase 1 full operations Dec 2024. Phase 2 groundbreaking Oct 2025; operations targeted late 2027 — repeat vendor pipeline confirmed. |
| confirmed | Rapidus Chitose | Pure water manufacturing and water treatment | Organo confirmed as water treatment provider at Rapidus Chitose factory. Rapidus secured ¥267.6B new funding Feb 2026; 2nm production target 2027. |
| confirmed | TSMC Arizona | Ultrapure water solutions | Organo Arizona office already providing solutions for TSMC Arizona. TSMC plans up to 12 Arizona fabs through ~2030 — same long-term pipeline as Asia saw. |
| probable | PWR operators (KEPCO, etc.) | Makeup water, waste treatment | Organo serves both BWR and PWR per product pages. Not the IFD monopoly but established relationships. |