# Kioxia Holdings Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2025/04/01－2026/03/31) (S100YJ18)
> Page: https://vizora.meequs.com/en/company/kioxia-holdings
> Retrieved: 2026-09-30T17:56:59.691Z

## Company

Kioxia Holdings, founded in 2019, is a company in Semiconductors listed on Tokyo. It has 15,218 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kioxia Holdings Corporation |
| Ticker | 285A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/285A.T) |
| Listing | Tokyo |
| Head office | 東京都港区芝浦三丁目1番21号 |
| Representative (per filing) | 代表取締役 早坂 伸夫 |
| Founded | Mar 2019 |
| Share capital | ¥31.3B |
| Employees (consolidated) | 15,218 |
| Average salary (parent only) | ¥13.1M |
| Fiscal year end | March |
| Website | www.kioxia-holdings.com (https://www.kioxia-holdings.com/) |
| Corporate number | 8010401144206 |
| EDINET | E35948 |
| Industries (Vizora) | Semiconductors |

> Profile source: annual securities report (S100YJ18, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.1 | 13 |
| Profitability | 96.4 | 14 |
| Cash conversion | 16.7 | 9 |
| Efficiency | 75 | 14 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Kioxia Holdings brought in ¥2.34T in revenue.
- Out of every ¥100 of sales, about ¥37 is left as operating profit.
- Revenue changed +37.0% from the prior year, operating profit +92.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2337628000000 → ¥554496000000
- Net income → operating cash flow: ¥554496000000 → ¥616540000000（difference ¥62044000000）
- Main uses of operating cash flow: CapEx ¥283674000000 / dividends — / buybacks ¥2000000
- Change in cash: ¥302775000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.34T |  |
| Operating income | ¥870.4B | Margin 37.2% |
| Net income | ¥554.5B | Margin 23.7% |
| Free cash flow | ¥332.9B |  |
| Employees (consolidated) | 15,218 |  |
| EPS | ¥1024.07 |  |
| Diluted EPS | ¥1009.15 |  |
| Book value per share | ¥1681.47 |  |
| Equity ratio | 37.9% | Derived from disclosed figures |
| Shares outstanding | 546,086,290 |  |
| Shareholders | 89,842 |  |
| Average salary (parent only) | ¥13.1M | Filing company only |
| Cash ratio | 12.8% | Cash ÷ revenue 20.1% |
| Vs. industry median margin | +33.9 pp | Semiconductors |
| ROE | 51.9% | Derived from disclosed figures |
| ROA | 16.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 37 per ¥100 of revenue

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1526495000000 | ¥2337628000000 | +53.1% |
| Employees | 14,199 people | 15,218 people | +7.2% |
| Cash and equivalents | ¥469813000000 | ¥470707000000 | +0.2% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,337,628 | 100.0% | S100YJ18 |
| Cost of revenue | 1,324,724 | 56.7% | S100YJ18 |
| Gross profit | 1,012,904 | 43.3% | S100YJ18 |
| SG&A | 146,581 | 6.3% | S100YJ18 |
| Operating income | 870,369 | 37.2% | S100YJ18 |
| Pretax income | 784,095 | 33.5% | S100YJ18 |
| Income tax | 229,599 | 9.8% | S100YJ18 |
| Net income | 554,496 | 23.7% | S100YJ18 |
| Net income attributable to owners | 554,490 | 23.7% | S100YJ18 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 6 |
| Operating income | 37 |
| (Ref.) Net income | 24 |

### Margin funnel

Gross margin 43.3% → Operating margin 37.2% → Net margin 23.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +37.0%; Core profit growth: +92.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.51×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,706,460 | 2,337,628 | 631,168 | +37.0% |
| Gross profit | 569,433 | 1,012,904 | 443,471 | +77.9% |
| Operating income | 451,748 | 870,369 | 418,621 | +92.7% |
| Net income attributable to owners | 272,315 | 554,490 | 282,175 | +103.6% |
| Operating cash flow | 476,416 | 616,540 | 140,124 | +29.4% |
| Free cash flow | 250,813 | 332,866 | 82,053 | +32.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 1,526,495 | — | — | 105,921 | 549,133 | — | S100YJ18 |
| FY ending Mar 2023 | 1,282,101 | — | — | -138,141 | 339,104 | — | S100YJ18 |
| FY ending Mar 2024 | 1,076,584 | -252,698 | -23.5% | -243,728 | 195,111 | -109,986 | S100W440 |
| FY ending Mar 2025 | 1,706,460 | 451,748 | 26.5% | 272,315 | 476,416 | 250,813 | S100YJ18 |
| FY ending Mar 2026 | 2,337,628 | 870,369 | 37.2% | 554,490 | 616,540 | 332,866 | S100YJ18 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥153.6M |
| Operating income per employee (consolidated) | ¥57.2M |
| Net income per employee (consolidated) | ¥36.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 14,199 | 15,231 | 15,249 | 15,042 | 15,218 |
| Average salary (parent company) | — | — | — | ¥11.5M | ¥13.1M |
| Average age (parent company) | — | — | — | 46.5 years | 46.2 years |
| Average tenure (parent company) | — | — | — | 14.5 years | 13.9 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +37.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 616,540 | 26.4% | S100YJ18 |
| Capital expenditure | 283,674 | 12.1% | S100YJ18 |
| Free cash flow | 332,866 | 14.2% | 算出 |
| Investing cash flow | -221,512 | -9.5% | S100YJ18 |
| Financing cash flow | -96,074 | -4.1% | S100YJ18 |
| Share buyback | 2 | 0.0% | S100YJ18 |
| Change in cash | 302,775 | 13.0% | S100YJ18 |
| Cash and equivalents | 470,707 | 20.1% | S100YJ18 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 469,813 | 261,351 | 187,593 | 167,932 | 470,707 | S100YJ18, S100W440 |
| Total assets | 3,068,263 | 2,974,470 | 2,864,941 | 2,919,679 | 3,690,071 | S100YJ18, S100W440 |
| Net assets | — | 658,185 | 449,766 | 737,696 | 1,399,079 | S100W440, S100YJ18 |
| Share capital | — | — | 10,000 | 25,239 | 31,284 | S100W440, S100YJ18 |
| Property, plant and equipment | — | — | 1,168,765 | 1,100,181 | 1,055,255 | S100W440, S100YJ18 |
| Goodwill | — | — | 395,405 | 395,256 | 395,585 | S100W440, S100YJ18 |
| Current assets | — | — | 651,375 | 806,709 | 1,617,829 | S100W440, S100YJ18 |
| Total liabilities | — | — | 2,415,175 | 2,181,983 | 2,290,992 | S100W440, S100YJ18 |
| Equity attributable to owners of parent | — | — | 449,635 | 737,565 | 1,398,929 | S100W440, S100YJ18 |
| Retained earnings | — | — | -463,054 | -189,547 | 366,955 | S100W440, S100YJ18 |
| Treasury stock | — | — | — | — | -2 | S100YJ18 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YJ18 |
| Property, plant and equipment | 28% | S100YJ18 |
| Intangibles and goodwill | 11% | — |
| Other assets | 48% | S100YJ18 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100YJ18 |
| Equity | 38% | S100YJ18 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,068,263 | 2,974,470 | 2,864,941 | 2,919,679 | 3,690,071 |
| Equity | — | 658,185 | 449,766 | 737,696 | 1,399,079 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 469,813 | 261,351 | 187,593 | 167,932 | 470,707 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 45.1% | S100YJ18 |
| Fixed assets ÷ total assets | 28.6% | S100YJ18 |
| Goodwill ÷ parent equity | 28.3% | S100YJ18 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 12.8% |
| Cash ÷ revenue | 20.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 70.8% |
| Cash vs. profit gap | 62,050 JPY mn (of net income 11.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.1% |
| Investing CF relative to operating CF | 35.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | 3.5% | —× | — | S100YJ18 |
| 2023 | — | —× | -4.6% | —× | — | S100YJ18, S100W440 |
| 2024 | — | —× | -8.3% | —× | — | S100W440 |
| 2025 | 16.0% | 0.59× | 9.4% | 4.87× | 45.9% | S100YJ18 |
| 2026 | 23.7% | 0.71× | 16.8% | 3.09× | 51.9% | S100YJ18 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社東芝 | Major shareholder | 17.6% | 2026-03-31 |
| BCPE Pangea Cayman2, Ltd. （常任代理人 三菱UFJモルガン・スタンレー証券株式会社） | Major shareholder | 14.2% | 2026-03-31 |
| BCPE Pangea Cayman 1A, L.P. （常任代理人 三菱UFJモルガン・スタンレー証券株式会社） | Major shareholder | 4.9% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.2% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 3.0% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-03-31 |
| BCPE Pangea Cayman 1B, L.P. （常任代理人 三菱UFJモルガン・スタンレー証券株式会社） | Major shareholder | 1.4% | 2026-03-31 |
| BCPE Pangea Cayman, L.P. | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥2.34T, up 37.0% from ¥1.71T.
- Operating income climbed 92.7% to ¥870.4B, and net income attributable to owners rose 103.6% to ¥554.5B.
- Profits grew much faster than sales, so the company kept far more of each yen it sold.

### Drivers

- Data center customers, driven largely by generative AI, bought heavily, which pushed average selling prices up sharply.
- Shipments measured in storage capacity also increased.
- Customer inventory cutbacks from the previous year ended, and demand from smartphones and PCs recovered.

### Risks

- Flash memory runs in boom-and-bust cycles; if rivals add capacity or customers overstock, prices can fall fast.
- Data center SSD demand comes from a small number of very large buyers, so a change in their orders hits sales directly.
- Heavy spending on plants and R&D keeps fixed costs high, so even a modest dip in sales can swing profit and cash flow widely.

Cited: Annual Securities Report, 8th fiscal term (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 8th fiscal term (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/04/01－2026/03/31) | S100YJ18 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ18,, |
| 有価証券報告書－第7期(2024/04/01－2025/03/31) | S100W440 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W440,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Sandiskグループ | Joint venture | 四日市・北上工場でのメモリ製造合弁（フラッシュパートナーズ等3社） | S100YJ18 |
| 株式会社東芝 | Co-development | 特許権・技術情報の無償クロスライセンス | S100YJ18 |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).