# Kioxia Holdings (285A.JP)

Canonical: https://gigainvestors.com/s/285A.JP

Analysis as of: 2026-10-15T07:09:39.080Z. Financial observations: FY2020–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 12,880.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,811.77 per share, central JPY 2,025.59 per share, high JPY 2,310.23 per share. Buy at or below the central value JPY 2,025.59 per share. Valuation as of 2026-10-15T07:09:39.080Z; scenarios are not confidence intervals.

Expected annual return: 3.9% at the stated quote. About 3.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 4.94×

Chart: Operating margin; fiscal year observations.

- FY2020: -0.18×

- FY2021: 0.01×

- FY2022: 0.14×

- FY2023: -0.08×

- FY2024: -0.23×

- FY2025: 0.26×

- FY2026: 0.37×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.5%

- ROIC, second-lowest year: -7.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 26.3%

- ROIC including acquisitions, ten-year median: 10.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 16.5%

- FY2023: -7.3%

- FY2024: -20.4%

- FY2025: 28.3%

- FY2026: 34.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 573B

- Net income, five-year total: JPY 551B

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.42×

- FY2023: 1.67×

- FY2024: 0.94×

- FY2025: 1.21×

- FY2026: 1.00×

### management: pass

- buybacks unrelated to price (informational)

- Per-share earnings: -47.34 to 519.96 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 0.9%

- Per-share value change: JPY 567.30

- Per-share value, starting three-year median: JPY -47.34

- Per-share value, ending three-year median: JPY 519.96

- Average buyback yield: 9.4%

- Buyback history: 1 years

- ROIC, last three-year median: 28.3%

Chart: Earnings per share; fiscal year observations.

- FY2020: JPY -322.13

- FY2021: JPY -47.34

- FY2022: JPY 204.68

- FY2023: JPY -266.94

- FY2024: JPY -470.97

- FY2025: JPY 519.96

- FY2026: JPY 1K

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -1.7%

- Receivables to sales index (DSRI): 2.02×

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.11×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.29×

Chart: Sloan accruals; fiscal year observations.

- FY2022: -14.4%

- FY2023: -16.0%

- FY2024: -15.3%

- FY2025: -7.0%

- FY2026: -1.7%

## Holders

## Price story

Down 57% since Jun 2026 · sales +37%

Story as of 2026-10-16T10:00:13.987Z; price observation 2026-10-15.

Price needs cash profits to grow 26.3% a year for ten years

### Sales · FY2025–2026

sales +37%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ18.pdf; observed 2026-06-24.

- FY2020: JPY 987B 

- FY2021: JPY 1.18T 

- FY2022: JPY 1.53T 

- FY2023: JPY 1.28T 

- FY2024: JPY 1.08T 

- FY2025: JPY 1.71T 

- FY2026: JPY 2.34T 

### Gross margin · FY2026

gross margin 43.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ18.pdf; observed 2026-06-24.

- FY2025: 33.4% 

- FY2026: 43.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are JPY 2.3 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ18.pdf (filed 2026-06-24); FY2026: revenue 2337628000000; grossProfit 1012904000000; margin = grossProfit / revenue.

### Why customers stay

It earns 16.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2024: grossProfit / revenue = -12%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: grossProfit / revenue = 33.4%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ18.pdf (filed 2026-06-24); FY2026: grossProfit / revenue = 43.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); 7-year return on capital observations [[2022,0.16460131761903524],[2023,-0.07266744144565956],[2024,-0.20413275129889186],[2025,0.28272274096318756],[2026,0.3446624778001477]]; median 0.16460131761903524. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 3 years; bought back JPY 323 billion of shares.

- Source: https://www.jpx.co.jp/english/listing/stocks/new/dh3otn000000libx-att/12KioxiaHoldings-1s.pdf (filed 2026-06-24); FY2022: growth capex 0; upkeep 400862000000; owner earnings 150496000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: growth capex 0; upkeep 225603000000; owner earnings 330232000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ18.pdf (filed 2026-06-24); FY2026: growth capex 0; upkeep 283674000000; owner earnings 553114000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Dividend observations: [[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/KI5.F.json#2026-03-31 (filed 2026-06-24); FY2026: cash repurchases 322998000000 JPY.

### What the price says

The price assumes cash profits grow 26.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Ten-year compound average after fade. Initial solved rate 0.3721009509962644. Price 12880; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2025-01: JPY 602.33 per share

- 2025-02: JPY 890.00 per share

- 2025-03: JPY 796.00 per share

- 2025-04: JPY 618.33 per share

- 2025-05: JPY 699.67 per share

- 2025-06: JPY 834.33 per share

- 2025-07: JPY 826.00 per share

- 2025-08: JPY 865.33 per share

- 2025-09: JPY 1,625.00 per share

- 2025-10: JPY 3,608.33 per share

- 2025-11: JPY 3,135.33 per share

- 2025-12: JPY 3,478.33 per share

- 2026-01: JPY 7,120.00 per share

- 2026-02: JPY 7,070.00 per share

- 2026-03: JPY 6,360.00 per share

- 2026-04: JPY 12,520.00 per share

- 2026-05: JPY 21,950.00 per share

- 2026-06: JPY 29,893.33 per share

- 2026-07: JPY 15,500.00 per share

- 2026-08: JPY 16,663.33 per share

- 2026-09: JPY 18,095.00 per share

- 2026-10: JPY 14,910.00 per share

## Annual estimated value (JPY per share)

- FY2026: low JPY 5,435.32 per share, central JPY 6,076.78 per share, high JPY 6,930.69 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ18.pdf); period 2026-03-31, filed 2026-06-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.