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Japanese maker of NAND flash memory chips, spun off from Toshiba, supplying data centers, phones and PCs.
Japanese maker of NAND flash memory chips, spun off from Toshiba, supplying data centers, phones and PCs.
Sells flash memory and SSDs at industry-set prices, so results swing with supply and demand. It makes chips in joint ventures with Sandisk at plants in Japan. A Bain Capital-led group bought it from Toshiba in 2018, and it listed on the Tokyo exchange in December 2024.
In one line: Japan's SanDisk/Western Digital in NAND.
Moat: narrow (scale, process know-how, IP / patents). One of few NAND makers with leading-edge 3D NAND process technology and a joint-fab partnership with Western Digital.
Headquarters: Tokyo, Japan · Founded: 2017 · Employees: 15,218
Size Kioxia (285A.T) is a Japan Information Technology company (Semiconductors) with a market value of $88.9B, the 16th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥53,340 on 6 Nov 2026.
Performance Over six months the shares gained 138.6%, against -17.0% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 264.8% over the last twelve months (peer median +22.4%); the operating margin is 69.8% (peer median 21.1%).
Valuation It trades at 2.5× forward earnings against a peer median of 23.6× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 101.4 points above its cost of capital (18.8% WACC).
Credit Kioxia has 2 bonds outstanding ($2.20B), rated BBB by the agencies and trading like BBB- at a weighted spread of 140 bp.
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥5.79T | ¥2.34T | ¥1.71T | ¥1.08T | ¥1.28T |
| Revenue growth | — | +37% | +59% | -16% | — |
| Gross profit | ¥4.25T | ¥1.10T | ¥646B | -¥52.4B | ¥127B |
| EBITDA | ¥4.35T | ¥1.18T | ¥754B | ¥87.9B | ¥321B |
| Net income | ¥2.69T | ¥554B | ¥272B | -¥244B | -¥138B |
| Free cash flow | ¥2.55T | ¥335B | ¥253B | -¥109B | -¥167B |
| Capital expenditure | ¥276B | ¥284B | ¥226B | ¥305B | ¥510B |
| Total debt | ¥803B | ¥1.25T | ¥1,000B | ¥1.29T | ¥1.27T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kioxia 285A.T | $88.9B | +139% | +265% | 70% | 2.5× | -3.0% |
| SamsungElec 005930.KS | $886B | -14% | +88% | 46% | 4.0× | -7.2% |
| SK hynix 000660.KS | $608B | -12% | +220% | 74% | 3.1× | -3.1% |
| Western Digital WDC | $98.7B | -45% | +21% | 41% | 9.2× | 20.7% |
| Micron Technology MU | $781B | -8% | +256% | 75% | 3.9× | 7.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 285A.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.7% | -29.3% | 2nd highest of 21 |
| 6-month return | +138.6% | -17.0% | highest of 20 |
| Distance from 52-week high | -52.7% | -49.4% | 8th lowest of 21 |
| Revenue growth (TTM) | +264.8% | +22.4% | 2nd highest of 21 |
| Operating margin | 69.8% | 21.1% | 2nd highest of 21 |
| Forward P/E | 2.5× | 23.6× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -3.0% | 27.7% | least demanding of 15 |
| Growth delivered (Del g) | +18.8% | +9.6% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -21.8 pp | +11.7 pp | least demanding of 15 |
| ROIC minus cost of capital | +101.4 pp | +1.4 pp | highest of 21 |
| EV / EBITDA | 3.1× | 16.8× | cheapest of 15 |
| Net debt / EBITDA | -0.1× | 0.6× | 6th least indebted of 16 |
| Bond spread | 140 bp | 78 bp | widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kioxia 285A.T | Japan | $88.9B | +139% | +265% | 70% | 2.5× | -3.0% | +18.8% |
| Zhongji Innolight 3308.HK | Hong Kong | $80.7B | n/a | +177% | 41% | 16.7× | 27.6% | +39.3% |
| SMIC 0981.HK | Hong Kong | $76.7B | -41% | +20% | 9% | 32.9× | n/a | n/a |
| Cambricon Technologies 688256.SS | China | $75.7B | -30% | +104% | 33% | 87.3× | n/a | n/a |
| Ase Technology 3711.TW | Taiwan | $70.4B | +2% | +25% | 11% | 17.3× | n/a | n/a |
| Infineon Technologies IFX.DE | Germany | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% | +11.3% |
| Marvell Technology MRVL | United States | $124B | -17% | +31% | 17% | 25.0× | 54.4% | +22.5% |
| NXP Semiconductors NXPI | United States | $62.6B | -15% | +15% | 30% | 14.1× | 16.3% | +7.3% |
| TE Connectivity TEL | United States | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% | +5.9% |
| Monolithic Power Systems MPWR | United States | $58.1B | -26% | +40% | 30% | 28.3× | 39.6% | +27.0% |
| Mediatek 2454.TW | Taiwan | $164B | +7% | +6% | 15% | 24.7× | 40.7% | +13.1% |
| SamsungElecMech 009150.KS | South Korea | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% | +7.9% |
| Analog Devices ADI | United States | $176B | -13% | +34% | 36% | 22.4× | 27.8% | +14.5% |
| Qualcomm QCOM | United States | $177B | -24% | +2% | 24% | 17.0× | 15.9% | +5.1% |
| KLA KLAC | United States | $180B | -26% | +16% | 43% | 22.3× | 23.5% | +14.4% |
| Arm ARM | United States | $204B | -18% | +25% | 17% | 67.7× | n/a | n/a |
| Coherent COHR | United States | $38.0B | -42% | +23% | 14% | 16.6× | n/a | n/a |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 31.4× | 34.0% | +3.1% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
Kioxia has 2 bonds outstanding with $2.20B face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 6.06%, a spread of 140 bp over government bonds.