Kyocera Corp (KYOCF)

Price$24.50Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe earnings recovery is largely priced in, while financial assets keep the valuation from looking excessive.

Reported: The primary Tokyo listing trades at about 29.5 times management's revised full-year earnings forecast of ¥122.04 per share. Recent KYOCF data also put trailing earnings near 28 times, which is not a classic value multiple. Kyocera nevertheless held about ¥1.52 trillion of equity and debt investments plus ¥404 billion of cash against ¥247 billion of borrowings in June. Inference: Those assets and a ¥250 billion buyback support a Fair-priced verdict, but leave limited margin for an earnings setback.

Big pictureKyocera has long generated cash, but profits still move with technology cycles and heavy investment needs.

Reported: In the supplied six-year history ending March 2018, revenue ranged from ¥1.28 trillion to ¥1.58 trillion, operating margins mostly stayed near 6% to 8%, and operating cash flow remained positive at ¥109 billion to ¥194 billion annually. Cash left after operating and capital spending ranged roughly from ¥51 billion to ¥128 billion. The latest quarter produced ¥77.3 billion of operating cash flow. Inference: Cash generation is durable, but planned fiscal-2027 capital spending of ¥225 billion makes near-term free cash flow less predictable.

Business strengthThe strong balance sheet and large buyback give shareholders meaningful protection during weaker operating years.

Reported: At June 30, Kyocera had ¥3.32 trillion of parent equity, equal to 72.2% of assets, alongside roughly ¥404 billion of cash and ¥1.52 trillion of share and bond investments. The supplied 2013-2018 record also showed net cash rising from ¥272 billion to ¥395 billion while the share count stayed essentially flat. By July 31, 2026, Kyocera had repurchased 30.4 million shares for ¥110.5 billion. Restricted-stock compensation involved only 61,857 treasury shares. Inference: Financial resilience and shrinking ownership dilution are genuine strengths.

What could change the storyMore durable AI-driven profits could justify the premium; weaker cash conversion would make it look expensive.

Reported: First-quarter profit margins improved sharply: Core Components reached 13.4%, Electronic Components 8.5%, and Solutions 12.2%. Management now forecasts ¥160 billion of annual operating profit, helped by AI-related semiconductor packages and capacitors. A weaker yen added about ¥35 billion to quarterly sales and ¥7 billion to pretax profit versus the prior year. Inference: The bull case requires those gains to persist and new investment to earn good returns. If AI demand or currency support fades while ¥225 billion of capital spending continues, roughly thirty times forecast earnings would look demanding.

AI: News

Forecast raised on AI demandStrong AI-related component demand lifted quarterly profits sharply and prompted management to raise its annual forecast.

Reported: On July 30, Kyocera said first-quarter revenue rose 9.9% to ¥525.4 billion and operating profit increased 164.7% to ¥49.1 billion. It raised its fiscal-2027 operating-profit forecast by 23.1% to ¥160 billion and its parent-profit forecast by 13.5% to ¥160 billion, citing earlier-than-expected AI and semiconductor demand plus yen weakness. Tokyo shares rose about 4% the following session. Inference: The timing is consistent with a favorable reaction, but does not prove the announcement alone caused it.

KDDI stake partly monetizedKyocera converted part of its large KDDI holding into cash, improving flexibility for shareholder returns and restructuring.

Reported: On June 11, Kyocera confirmed that KDDI would purchase 53.68 million KDDI shares from it for ¥124.8 billion, reducing Kyocera's KDDI holding from 14.77% to 13.36%. A ¥121.6 billion gain applies to Kyocera's standalone accounts, but not consolidated operating earnings because of its accounting treatment. Tokyo shares gained 1.1% that day and 2.1% the next. Inference: The sale strengthens the asset-unlocking story, although earlier disclosure and other market factors prevent confident attribution of those moves.

Buyback moved into executionKyocera is spending substantial cash on repurchases, directly reducing the share base supporting each remaining investor.

Reported: Kyocera's August 6 update showed 11.34 million shares repurchased for ¥41.8 billion during July. Cumulative purchases under the current program reached 30.41 million shares for ¥110.5 billion through July 31, against authorization of up to ¥250 billion and 156.54 million shares through March 2027. Tokyo shares fell about 0.9% on the disclosure date. Inference: The program is material to per-share value, but that day's price action provides no clean evidence that investors treated the update as new positive information.

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Financial statements

	2026	2025	2024	2023	2022	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	¥2.07T	¥2.01T	¥2.00T	¥2.03T	—	¥1.58T	¥1.42T	¥1.48T	¥1.53T	¥1.45T	¥1.28T	¥1.19T	¥1.27T	¥1.07T	¥1.13T	¥1.29T
Gross profit	¥607.64B	¥559.17B	¥553.11B	¥564.94B	—	¥376.13B	¥373.28B	¥386.16B	¥389.40B	¥378.90B	¥327.70B	¥320.73B	¥378.06B	¥285.83B	¥291.95B	¥406.67B
Gross margin	29.35%	27.76%	27.60%	27.89%	—	23.85%	26.24%	26.10%	25.51%	26.18%	25.60%	26.93%	29.84%	26.62%	25.87%	31.51%
Research & development	—	—	—	—	—	¥58.27B	¥55.41B	¥58.76B	¥55.28B	¥48.83B	¥47.52B	¥45.56B	¥49.47B	¥49.91B	¥65.93B	—
Operating expenses	¥512.62B	¥532.48B	¥460.19B	¥436.43B	—	¥280.55B	¥268.74B	¥293.50B	¥295.97B	¥258.32B	¥250.78B	¥223.05B	¥222.13B	¥221.97B	¥248.53B	¥254.25B
Operating income	¥95.02B	¥26.70B	¥92.92B	¥128.52B	—	¥95.58B	¥104.54B	¥92.66B	¥93.43B	¥120.58B	¥76.93B	¥97.67B	¥155.92B	¥63.86B	¥43.42B	¥152.42B
Operating margin	4.59%	1.33%	4.64%	6.35%	—	6.06%	7.35%	6.26%	6.12%	8.33%	6.01%	8.20%	12.31%	5.95%	3.85%	11.81%
EBITDA	¥341.08B	¥252.21B	¥311.93B	¥334.04B	—	¥178.38B	¥181.99B	¥169.30B	¥166.42B	¥196.73B	¥150.52B	¥170.79B	¥227.47B	¥136.69B	¥141.00B	¥239.47B
EBITDA margin	16.48%	12.52%	15.56%	16.49%	—	11.31%	12.79%	11.44%	10.90%	13.59%	11.76%	14.34%	17.95%	12.73%	12.49%	18.56%
Net income	¥140.97B	¥24.10B	¥101.07B	¥127.99B	—	¥81.79B	¥103.84B	¥109.05B	¥115.88B	¥88.76B	¥66.47B	¥79.36B	¥122.45B	¥40.09B	¥29.51B	¥107.24B
Net profit margin	6.81%	1.20%	5.04%	6.32%	—	5.19%	7.30%	7.37%	7.59%	6.13%	5.19%	6.66%	9.66%	3.73%	2.61%	8.31%
Basic EPSper basic share	—	—	¥71.58	¥89.15	¥102.79	¥222.43	¥282.62	¥297.24	¥315.85	¥241.93	¥181.18	¥216.29	¥333.62	¥109.24	¥78.64	¥283.29
Diluted EPSper diluted share	—	—	¥71.58	¥89.15	¥102.79	¥222.43	¥282.62	¥297.24	¥315.85	¥241.93	¥181.18	¥216.29	¥333.62	¥109.24	¥78.62	¥282.90