Decommissioning / Waste | MEDIUM | Weight: 10%
Thesis: Only pure-play spent nuclear fuel logistics company on TSE. 40+ year track record in transport/storage casks (since 1978). TEPCO JV for Fukushima decommissioning. US subsidiary NAC International provides dollar-denominated revenue. Decarbonization segment rebranding captures ESG capital.
Risk: Negative FCF (-¥12.8B) and high D/E (0.88). Low op margin (2%). Contract slippage risk on EPC projects.
Monitor: If D/E exceeds 1.0 or FCF negative 2+ more periods, cut to 5%. If TEPCO JV ships first cask, increase.
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Environment | ¥280B | 45% | Waste-to-energy, water treatment |
| Machinery & Infrastructure | ¥180B | 29% | Marine, process equipment |
| Decarbonization | ¥120B | 19% | Nuclear casks, pressure vessels, fuel cycling |
| Other | ¥42B | 7% | Real estate, services |
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| CONFIRMED | TEPCO | Fukushima decommissioning casks (Toso Mirai JV) | JV announced Apr 2024, plant targeting FY2025 startup |
| CONFIRMED | US nuclear utilities (via NAC International) | Spent fuel transport/storage casks | Wholly-owned US subsidiary |
| PROBABLE | Deep Isolation | Deep borehole nuclear waste disposal | Kanadevia/NAC invested in Deep Isolation technology |
| Company | Ticker | PE | Fwd PE | ROE | OpM | FCF |
|---|---|---|---|---|---|---|
| IHI Corporation | 7013.T | 28.94 | 28.02 | 23.6% | 9.1% | +¥68B |
| Hitachi | 6501.T | 26.64 | 25.37 | N/A | 11.1% | +¥1,390B |
| Japan Steel Works | 5631.T | 35.28 | 34.31 | 10.5% | 8.4% | -¥19.7B |
| Yokogawa Electric | 6841.T | 24.82 | 20.73 | 12.2% | 14.6% | +¥88B |
| Fuji Electric | 6504.T | 19.62 | 17.13 | 11.8% | 10.3% | +¥51B |
| Kanadevia | 7004.T | 19.62 | 14.09 | 5.8% | 2.0% | -¥12.8B |
| Organo Corporation | 6368.T | 26.42 | 24.47 | 23.5% | 21.4% | +¥19B |
| Kurita Water Industries | 6370.T | 38.22 | 21.67 | 6.8% | 13.7% | +¥25B |
| Sumitomo Heavy Industries | 6302.T | 20.46 | 18.63 | 4.7% | 4.8% | +¥11B |
Generated by JPstock-agent | 2026-04-12 | Full Comparison | Supply Chain Map