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Kioxia Holdings

285A.T
87
Semiconductors · Technology
Price
¥17170.00
-730.00 (-4.08%)
Market Cap
¥28.19T
Exchange
Tokyo Stock Exchange
Winston Score
87
Winston is happy
An exceptional business — strong profitability, growth, and balance sheet.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
30/30
Growth
Exceptional
17/20
Cash Flow
Exceptional
9/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Not counted
n/a

83 of 95 counted points = Winston Score 87. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+1.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.62B (2022) → 1.65B (2026)

§Winston Score History

The full picture

Kioxia Holdings is a Japanese company that makes NAND flash memory chips — the type of storage used in smartphones, laptops, USB drives, and data center servers. It sells these chips to major electronics manufacturers and cloud computing companies around the world. Kioxia was formerly part of Toshiba and is one of the largest NAND flash memory producers globally, competing with Samsung, SK Hynix, and Micron.

The company earns money by selling memory chips and storage products, including solid-state drives, to device makers and enterprise customers. Kioxia operates primarily in Japan, where it runs large fabrication plants, but sells its products worldwide. Its scale and manufacturing expertise give it a competitive position, though the NAND flash industry is highly cyclical — prices can swing sharply based on supply and demand, which makes revenue and profits unpredictable. The key growth driver is rising demand for data storage in AI infrastructure and cloud data centers.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+415.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

¥0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

75.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

¥1.3T cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Kioxia Holdings grew revenue 415% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
78.1%
Premium pricing power — 78.1% gross margin
Profit after running costs
Operating Margin
74.0%
Excellent — 74.0% operating margin
Return on the money invested
ROCE
69.2%
Exceptional — 69.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+132.1%
Fast-growing sales (+132.1% YoY)
Profit growth
EPS YoY
+515.9%
Earnings growing fast (+515.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
103%
Turns 103% of profit into real cash
Spare cash per sale
FCF Margin
30.4%
Converts sales into free cash efficiently (30.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.28
Conservative — low debt load (0.28)
Covers its interest
Interest Cover
15.89x
Comfortably covers interest (15.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
21.2x
Growth-priced — P/E 21.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+18.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (21.2 → 2.8)

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Dividends

Not applicable for this business.
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