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Kyocera Corporation

KYOCF
58
Consumer Electronics · Technology
Price
$23.05
+0.00 (+0.00%)
Market Cap
$29.93B
Exchange
Other OTC
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.

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)

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.

Winston Score History

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

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

23.5%ownership

Insiders own a meaningful stake in the company

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

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Quality

Gross Margin
29.0%
Modest — 29.0% gross margin
Operating Margin
8.7%
Modest — 8.7% operating margin
ROCE
1.3%
Weak — 1.3% 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 YoY
+7.2%
Steady sales growth (7.2% YoY)
EPS YoY
+285.8%
Earnings growing fast (285.8% YoY)

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

EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
189%
Turns 189% of profit into real cash
FCF Margin
2.6%
Thin free cash flow (2.6%)

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

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Stability

Debt / Equity
0.08
Conservative — low debt load (0.08)
Interest Cover
11.28x
Comfortably covers interest (11.3x)

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

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Valuation

P/E Ratio (TTM)
0.3x
Attractive valuation — P/E 0.3

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
+0.1
GROWING
Earnings roughly flat

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Dividends

Dividend Yield
1.33%
Small dividend — 1.33% yield

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

Dividend Growth
-41.6%
Dividend cut (-41.6% YoY) — warning sign

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