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Kyocera Corporation

KYOCF
51
Conglomerates · Industrials
Price
$24.15
-0.35 (-1.43%)
Market Cap
$31.35B
Exchange
Other OTC
Winston Score
51
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Good
Cash Flow
Strong
Stability
Exceptional
Valuation
Mixed
Dividends
Weak

Share count rising — dilution

+281.8% over 4y

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

Diluted shares outstanding: 359.5M (2022) → 1.37B (2026)

Winston Score History

The full picture

Kyocera is a Japanese technology company that makes a wide range of products, from ceramic components and semiconductors to solar panels, smartphones, and office printers. Its customers include manufacturers in the automotive, medical, and electronics industries, as well as everyday consumers and businesses. Kyocera is one of the world's largest producers of industrial ceramic components, which are used inside everything from cars to medical devices.

The company earns money by selling hardware products and components across many different industries, which helps spread its risk. Kyocera operates globally but generates most of its revenue in Japan and Asia, with a significant presence in the United States and Europe. Its main competitive advantage is its deep expertise in advanced ceramics, a specialized material that is hard for competitors to replicate. However, its low operating margin and weak return on invested capital suggest the company struggles to turn its broad product lineup into strong profits, which remains a key challenge going forward.

Growth Profile

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

Revenue Growth

+5.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+681.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

¥116.4B/ year

Flat (+0% vs prior year)

5.6% of revenue

In line with sector average (4%)

Steady R&D investment year-over-year

Insider Activity

20.2%ownership

Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

¥2.3T cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Kyocera Corporation is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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
31.7%
Modest — 31.7% gross margin
Profit after running costs
Operating Margin
9.3%
Modest — 9.3% operating margin
Return on the money invested
ROCE
4.2%
Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+6.6%
Slow sales growth (+6.6% YoY)
Profit growth
EPS YoY
+600.9%
Earnings growing fast (+600.9% YoY)

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

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
140%
Turns 140% of profit into real cash
Spare cash per sale
FCF Margin
4.0%
Thin free cash flow (4.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.08
Conservative — low debt load (0.08)
Covers its interest
Interest Cover
12.12x
Comfortably covers interest (12.1x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
29.4x
Growth-priced — P/E 29.4

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

Cheaper or dearer next year
P/E vs Forward
-2.0
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
1.45%
Small dividend — 1.45% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-41.1%
Dividend cut (-41.1% YoY) — warning sign

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