Kioxia Holdings
ConvictionContext
Vertically integrated IDM: designs and fabricates 3D NAND flash (BiCS) and builds it into consumer/enterprise/data-center SSDs and memory. Manufactures via a decades-long fab joint venture with SanDisk (Yokkaichi + Kitakami, Japan). Cyclical commodity-memory economics: revenue swings on bit demand x average selling price; earnings amplified by high fixed fab costs and heavy capex.
Revenue
JPY 2.34T~$16B) for FY25, fiscal year ended Mar 31, 2026 (reported JPY 2,337.6BRev growth
+37% YoYFY25 vs FY24; +36.99%Gross margin
not disclosednot broken out in FY25 releaseOp margin
~37%operating profit ~JPY 870B on revenue JPY 2.34T, FY25; op profit nearly doubled YoYCapex intensity
~12% of revenuein FY25 (JPY 283.7B); guided to ~JPY 470B/yr average FY26-FY28 (+66% vs FY25), pushing intensity toward ~18-20% - a defining cash dragMarket cap
~$310BJPY 45.6T; TSE Prime 285A, 2026-07-06 close). Briefly overtook Toyota as Japan's most valuable listed company in June 2026; ~56x above the Dec-2024 IPO offer price of JPY 1,455 (peaked ~77x at the June-2026 high of ~JPY 112,700) and up ~660% YTD 2026.The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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