# Kyocera (6971.JP)

Canonical: https://gigainvestors.com/s/6971.JP

Analysis as of: 2026-10-15T07:11:10.776Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

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

Share price: JPY 3,641.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,148.57 per share, central JPY 1,265.30 per share, high JPY 1,420.69 per share. Buy at or below the central value JPY 1,265.30 per share. Valuation as of 2026-10-15T07:11:10.776Z; scenarios are not confidence intervals.

Expected annual return: 5.0% at the stated quote. About 5.0% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.06×

- FY2021: 0.05×

- FY2022: 0.08×

- FY2023: 0.06×

- FY2024: 0.05×

- FY2025: 0.01×

- FY2026: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.4%

- ROIC, second-lowest year: 2.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.0%

- ROIC including acquisitions, ten-year median: 3.2%

- Typical minus recent gross margin: 0.2 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 3.4%

- FY2019: 4.8%

- FY2020: 4.0%

- FY2021: 2.7%

- FY2022: 5.0%

- FY2023: 3.8%

- FY2024: 2.6%

- FY2025: 0.6%

- FY2026: 3.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 401B

- Net income, five-year total: JPY 543B

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.8 pp

- Working capital / revenue, final three-year average: 34.8%

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

- FY2022: 0.86×

- FY2023: 0.81×

- FY2024: 0.71×

- FY2025: -0.39×

- FY2026: 0.76×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- Per-share earnings: 282.62 to 71.58 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 14.1%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: JPY 2.69T

- Cumulative retained earnings: JPY 683B

- Diluted shares, 10-year annual growth: 14.1%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -15.8%

- Per-share value change: JPY -211.04

- Per-share value, starting three-year median: JPY 282.62

- Per-share value, ending three-year median: JPY 71.58

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: JPY 1.03T

- ROIC, last three-year median: 2.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 282.62

- FY2018: JPY 215.22

- FY2019: JPY 284.94

- FY2020: JPY 74.34

- FY2021: JPY 62.23

- FY2022: JPY 102.79

- FY2023: JPY 89.15

- FY2024: JPY 71.58

- FY2025: JPY 17.11

- FY2026: JPY 102.70

### accounting: pass

- Sloan accruals: -1.8%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.60×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.0%

- FY2018: -2.5%

- FY2019: -3.9%

- FY2020: -3.3%

- FY2021: -3.7%

- FY2022: -1.4%

- FY2023: -1.3%

- FY2024: -3.8%

- FY2025: -4.7%

- FY2026: -1.8%

## Holders

## Price story

Price needs cash profits to grow 16.7% a year for ten years · sales +2.8%

Story as of 2026-10-16T10:00:14.551Z; price observation 2026-10-15.

Price needs cash profits to grow 16.7% a year for ten years

### Sales · FY2025–2026

sales +2.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF47.pdf; observed 2026-06-19.

- FY2017: JPY 1.42T 

- FY2018: JPY 1.58T 

- FY2019: JPY 1.62T 

- FY2020: JPY 1.60T 

- FY2021: JPY 1.53T 

- FY2022: JPY 1.84T 

- FY2023: JPY 2.03T 

- FY2024: JPY 2.00T 

- FY2025: JPY 2.01T 

- FY2026: JPY 2.07T 

### Gross margin · FY2026

gross margin 29.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF47.pdf; observed 2026-06-19.

- FY2018: 23.6% 

- FY2019: 28.6% 

- FY2020: 27.6% 

- FY2021: 26.7% 

- FY2022: 27.9% 

- FY2023: 27.9% 

- FY2024: 27.6% 

- FY2025: 27.8% 

- FY2026: 29.4% 

## Owner memo

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

### How it makes money

Annual sales are JPY 2.1 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF47.pdf (filed 2026-06-19); FY2026: revenue 2070203000000; grossProfit 607643000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 27.6% to 29.4% during 2024–26; it earns 3.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: grossProfit / revenue = 27.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2025: grossProfit / revenue = 27.8%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF47.pdf (filed 2026-06-19); FY2026: grossProfit / revenue = 29.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); 10-year return on capital observations [[2018,0.03356191132225312],[2019,0.04800553923631587],[2020,0.04004528787307266],[2021,0.02741665751051558],[2022,0.04967188693493801],[2023,0.037969515686277884],[2024,0.026236355286349454],[2025,0.006263035232054926],[2026,0.03443179803602537]]; median 0.03443179803602537. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 28% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF47.pdf (filed 2026-06-19); Gross margin observations: [[2021,0.26651895969407235],[2022,0.2793150176895578],[2023,0.2789389591434886]]; range within 2 percentage points.

### Where the cash goes

Spends 13.8% of cash earnings on expansion; paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2018: growth capex 9019000000; upkeep 82370000000; cash acquisitions 75322000000; owner earnings 79137000000. Growth capex plus acquisitions / owner earnings = 1.0657593793042446.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2019: growth capex 8906324321.718079; upkeep 109648675678.28192; cash acquisitions 22165000000; owner earnings 57450324321.71808. Growth capex plus acquisitions / owner earnings = 0.5408381012389187.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2020: growth capex 0; upkeep 120734000000; cash acquisitions 83522000000; owner earnings 62125000000. Growth capex plus acquisitions / owner earnings = 1.3444185110663984.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2021: growth capex 0; upkeep 132126000000; cash acquisitions 59877000000; owner earnings 46154000000. Growth capex plus acquisitions / owner earnings = 1.2973306755644147.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2022: growth capex 17942000000; upkeep 128960000000; cash acquisitions 1680000000; owner earnings 127585000000. Growth capex plus acquisitions / owner earnings = 0.1537955088764353.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2023: growth capex 37040000000; upkeep 149603000000; cash acquisitions 3093000000; owner earnings 104013000000. Growth capex plus acquisitions / owner earnings = 0.38584600001922836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: growth capex 0; upkeep 159739000000; cash acquisitions 2515000000; owner earnings 71440000000. Growth capex plus acquisitions / owner earnings = 0.035204367301231804.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF47.pdf (filed 2026-06-19); FY2026: growth capex 14857000000; upkeep 158189000000; owner earnings 107416000000. Growth capex / owner earnings = 0.13831272808520145.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Dividend observations: [[2018,47936000000],[2019,48064000000],[2020,62017000000],[2021,52351000000],[2022,63774000000],[2023,70117000000],[2024,74704000000],[2025,73311000000],[2026,72173000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 16.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Ten-year compound average after fade. Initial solved rate 0.22854631242901147. Price 3641; 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)

- 2016-11: JPY 1,359.00 per share

- 2016-12: JPY 1,453.00 per share

- 2017-01: JPY 1,471.00 per share

- 2017-02: JPY 1,544.50 per share

- 2017-03: JPY 1,550.50 per share

- 2017-04: JPY 1,577.50 per share

- 2017-05: JPY 1,595.25 per share

- 2017-06: JPY 1,626.50 per share

- 2017-07: JPY 1,678.00 per share

- 2017-08: JPY 1,650.00 per share

- 2017-09: JPY 1,745.50 per share

- 2017-10: JPY 1,885.75 per share

- 2017-11: JPY 1,975.25 per share

- 2017-12: JPY 1,843.25 per share

- 2018-01: JPY 1,812.75 per share

- 2018-02: JPY 1,588.25 per share

- 2018-03: JPY 1,501.00 per share

- 2018-04: JPY 1,749.50 per share

- 2018-05: JPY 1,614.00 per share

- 2018-06: JPY 1,561.75 per share

- 2018-07: JPY 1,622.00 per share

- 2018-08: JPY 1,752.50 per share

- 2018-09: JPY 1,705.00 per share

- 2018-10: JPY 1,534.50 per share

- 2018-11: JPY 1,531.25 per share

- 2018-12: JPY 1,377.00 per share

- 2019-01: JPY 1,528.50 per share

- 2019-02: JPY 1,535.25 per share

- 2019-03: JPY 1,625.00 per share

- 2019-04: JPY 1,797.50 per share

- 2019-05: JPY 1,656.00 per share

- 2019-06: JPY 1,758.75 per share

- 2019-07: JPY 1,672.50 per share

- 2019-08: JPY 1,578.75 per share

- 2019-09: JPY 1,676.25 per share

- 2019-10: JPY 1,785.50 per share

- 2019-11: JPY 1,861.75 per share

- 2019-12: JPY 1,870.00 per share

- 2020-01: JPY 1,818.50 per share

- 2020-02: JPY 1,699.00 per share

- 2020-03: JPY 1,602.00 per share

- 2020-04: JPY 1,444.75 per share

- 2020-05: JPY 1,457.75 per share

- 2020-06: JPY 1,466.25 per share

- 2020-07: JPY 1,461.00 per share

- 2020-08: JPY 1,521.75 per share

- 2020-09: JPY 1,499.25 per share

- 2020-10: JPY 1,432.75 per share

- 2020-11: JPY 1,490.75 per share

- 2020-12: JPY 1,581.50 per share

- 2021-01: JPY 1,674.75 per share

- 2021-02: JPY 1,714.50 per share

- 2021-03: JPY 1,756.25 per share

- 2021-04: JPY 1,659.25 per share

- 2021-05: JPY 1,680.50 per share

- 2021-06: JPY 1,717.00 per share

- 2021-07: JPY 1,684.25 per share

- 2021-08: JPY 1,711.50 per share

- 2021-09: JPY 1,750.00 per share

- 2021-10: JPY 1,663.75 per share

- 2021-11: JPY 1,682.75 per share

- 2021-12: JPY 1,796.75 per share

- 2022-01: JPY 1,758.75 per share

- 2022-02: JPY 1,644.75 per share

- 2022-03: JPY 1,720.50 per share

- 2022-04: JPY 1,715.75 per share

- 2022-05: JPY 1,816.75 per share

- 2022-06: JPY 1,814.00 per share

- 2022-07: JPY 1,842.00 per share

- 2022-08: JPY 1,944.50 per share

- 2022-09: JPY 1,825.00 per share

- 2022-10: JPY 1,860.25 per share

- 2022-11: JPY 1,745.25 per share

- 2022-12: JPY 1,638.00 per share

- 2023-01: JPY 1,676.50 per share

- 2023-02: JPY 1,677.00 per share

- 2023-03: JPY 1,722.00 per share

- 2023-04: JPY 1,777.75 per share

- 2023-05: JPY 1,981.50 per share

- 2023-06: JPY 1,947.75 per share

- 2023-07: JPY 1,911.00 per share

- 2023-08: JPY 1,869.50 per share

- 2023-09: JPY 1,896.75 per share

- 2023-10: JPY 1,843.50 per share

- 2023-11: JPY 2,047.50 per share

- 2023-12: JPY 2,058.00 per share

- 2024-01: JPY 2,182.50 per share

- 2024-02: JPY 2,204.50 per share

- 2024-03: JPY 2,028.00 per share

- 2024-04: JPY 1,932.50 per share

- 2024-05: JPY 1,786.00 per share

- 2024-06: JPY 1,851.50 per share

- 2024-07: JPY 1,901.00 per share

- 2024-08: JPY 1,792.50 per share

- 2024-09: JPY 1,660.00 per share

- 2024-10: JPY 1,573.00 per share

- 2024-11: JPY 1,473.50 per share

- 2024-12: JPY 1,575.50 per share

- 2025-01: JPY 1,615.50 per share

- 2025-02: JPY 1,659.00 per share

- 2025-03: JPY 1,675.50 per share

- 2025-04: JPY 1,692.00 per share

- 2025-05: JPY 1,761.50 per share

- 2025-06: JPY 1,733.50 per share

- 2025-07: JPY 1,802.00 per share

- 2025-08: JPY 1,977.00 per share

- 2025-09: JPY 1,989.50 per share

- 2025-10: JPY 2,050.00 per share

- 2025-11: JPY 2,137.00 per share

- 2025-12: JPY 2,196.50 per share

- 2026-01: JPY 2,308.00 per share

- 2026-02: JPY 2,763.50 per share

- 2026-03: JPY 2,378.00 per share

- 2026-04: JPY 2,710.50 per share

- 2026-05: JPY 3,483.00 per share

- 2026-06: JPY 3,561.00 per share

- 2026-07: JPY 3,691.00 per share

- 2026-08: JPY 3,657.00 per share

- 2026-09: JPY 3,646.00 per share

- 2026-10: JPY 3,791.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 802.20 per share, central JPY 876.77 per share, high JPY 976.04 per share

- FY2023: low JPY 831.02 per share, central JPY 913.62 per share, high JPY 1,023.58 per share

- FY2024: low JPY 875.19 per share, central JPY 958.29 per share, high JPY 1,068.92 per share

- FY2025: low JPY 844.46 per share, central JPY 921.29 per share, high JPY 1,023.58 per share

- FY2026: low JPY 1,148.57 per share, central JPY 1,265.30 per share, high JPY 1,420.69 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

Prior published observations retained from 2026-10-15T07:11:10.776Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF47.pdf); period 2026-03-31, filed 2026-06-19.

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.

## Reported holder observations