Kioxia Holdings

285A.T

Hardware, Equipment & Parts · Technology

Price

¥50930.00

-3390.00 (-6.24%)

Market Cap

¥27.87T

Exchange

Tokyo Stock Exchange

Winston Score

Winston is happy

An exceptional business — strong profitability, growth, and balance sheet.

Data as of Aug 24, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

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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: 539.1M (2022) → 549.5M (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

For growth stock investors

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

Revenue Growth

+188.9% 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

¥698.0B 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 189% 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)

20.1x

Growth-priced — P/E 20.1

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

Cheaper or dearer next year

P/E vs Forward

+16.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.1 → 3.5)

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Dividends

Not applicable for this business.

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