KYOCF · OTC · United States · Semiconductors & Related Devices

KYOCERA CORP

Kyoto · Fiscal year ends in March · Figures in JPY

In shortKYOCERA CORP is profitable, generates cash and holds more cash than debt, with revenue growing (+10.8% last year).

Financial health

Solid

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability28

Operating marginShare of each sale left after running the business, before interest and tax.	6.1%	37/100
Net marginShare of each sale left as profit after every cost, interest and tax.	5.2%	41/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	3.5%	18/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	2.6%	17/100

Weight in the score: 25%

Balance sheet100

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	3.52×	100/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	0.01×	100/100
Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.	Net cash	100/100
Interest coverageHow many times operating profit covers interest. Below 2 is risky.	68.51×	100/100
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	7.48	100/100

Weight in the score: 25%

Cash generation72

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	4.7%	39/100
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	0.91×	77/100
Years with positive free cash flow (last 5)	5 of 5	100/100

Weight in the score: 20%

Stability79
Profitable years (last 5) 5 of 5 100/100
Years of revenue decline (last 5) 2 of 5 33/100
Revenue growth volatility 7.8% 82/100
Operating margin volatility 1.0% 100/100
Weight in the score: 20%
Growth12
Revenue growth, 3-year average 1.1% 23/100
EPS growth, 3-year average -11.0% 0/100
Weight in the score: 10%

Profitable years (last 5)	5 of 5	100/100
Years of revenue decline (last 5)	2 of 5	33/100
Revenue growth volatility	7.8%	82/100
Operating margin volatility	1.0%	100/100

Revenue growth, 3-year average	1.1%	23/100
EPS growth, 3-year average	-11.0%	0/100

Fiscal year 2018 · change vs prior year

Revenue: ¥1.6T; ▲ 10.8%
Net income: ¥81.8B; ▼ 21.2%
Free cash flow: ¥74.8B; ▼ 23.2%
Operating margin: 6.1%; −1.3 pts
Cash & investments: ¥463.0B; –
Total debt: ¥29.5B; ▲ 19.8%
Diluted EPS: ¥222.43; ▼ 21.3%
Return on equity: 3.5%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

GrossOperatingNet

Free cash flow

Cash versus debt

Cash & investmentsTotal debt

Statements

The last 5 fiscal years from the company's annual reports.

JPY millions; negative values in parentheses.

Fiscal year	FY14	FY15	FY16	FY17	FY18
Revenue	1,447,369	1,526,536	1,479,627	1,422,754	1,577,039
Cost of revenue	1,068,465	1,137,137	1,093,467	1,049,472	1,200,911
Gross profit	378,904	389,399	386,160	373,282	376,128
Research & development	48,830	55,285	58,755	55,411	58,273
Selling, general & admin	257,593	277,515	279,361	268,740	280,553
Operating income	120,582	93,428	92,656	104,542	95,575
Interest expense	1,945	1,718	1,814	901	1,395
Pre-tax income	146,268	121,862	145,583	137,849	131,866
Income tax	51,254	(3,441)	31,392	28,442	46,881
Net income	88,756	115,875	109,047	103,843	81,789
Diluted EPS	¥241.93	¥315.85	¥297.24	¥282.62	¥222.43
Diluted shares (millions)	367	367	367	367	368

5 older years available with the 10-year history. Essential plan, from €8.25/month →

🔒 Export to Excel · Investor plan

Risk checks

Altman Z'' score

7.48 Safe zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

5/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: failed
Cash flow exceeds net income: passed
Long-term debt ratio fell: failed
Current ratio improved: failed
No share dilution: passed
Gross margin improved: failed
Asset turnover improved: passed

Sources

20-FPeriod ending Mar 31, 2018Filed Jun 27, 2018Open the report ↗
20-FPeriod ending Mar 31, 2017Filed Jun 28, 2017Open the report ↗
20-FPeriod ending Mar 31, 2016Filed Jun 27, 2016Open the report ↗
20-FPeriod ending Mar 31, 2015Filed Jun 30, 2015Open the report ↗
20-FPeriod ending Mar 31, 2014Filed Jun 30, 2014Open the report ↗
20-FPeriod ending Mar 31, 2013Filed Jun 28, 2013Open the report ↗
20-FPeriod ending Mar 31, 2012Filed Jun 29, 2012Open the report ↗
20-FPeriod ending Mar 31, 2011Filed Jun 29, 2011Open the report ↗

All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works

Latest annual report: Mar 31, 2018 · Data updated Jun 27, 2018

Reading the annual reports…

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Operating marginShare of each sale left after running the business, before interest and tax.

6.1%

37/100

Net marginShare of each sale left as profit after every cost, interest and tax.

5.2%

41/100

Return on equityProfit earned on the money shareholders put in. Above 15% is strong.

3.5%

18/100

Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.

2.6%

17/100

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.

3.52×

100/100

Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.

0.01×

100/100

Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.

Net cash

100/100

Interest coverageHow many times operating profit covers interest. Below 2 is risky.

68.51×

100/100

Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.

7.48

100/100

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.

4.7%

39/100

Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.

0.91×

77/100

Years with positive free cash flow (last 5)

5 of 5

100/100

Profitable years (last 5)	5 of 5	100/100
Years of revenue decline (last 5)	2 of 5	33/100
Revenue growth volatility	7.8%	82/100
Operating margin volatility	1.0%	100/100

Profitable years (last 5)

5 of 5

100/100

Years of revenue decline (last 5)

2 of 5

33/100

Revenue growth volatility

7.8%

82/100

Operating margin volatility

1.0%

100/100

Revenue growth, 3-year average	1.1%	23/100
EPS growth, 3-year average	-11.0%	0/100

Revenue growth, 3-year average

1.1%

23/100

EPS growth, 3-year average

-11.0%

0/100

Trends

Annual figures as reported. Hover a bar or point for the exact value.

Revenue and net income

RevenueNet income

Margins

GrossOperatingNet

Free cash flow

Cash versus debt

Cash & investmentsTotal debt

Statements

The last 5 fiscal years from the company's annual reports.

JPY millions; negative values in parentheses.

Fiscal year	FY14	FY15	FY16	FY17	FY18
Revenue	1,447,369	1,526,536	1,479,627	1,422,754	1,577,039
Cost of revenue	1,068,465	1,137,137	1,093,467	1,049,472	1,200,911
Gross profit	378,904	389,399	386,160	373,282	376,128
Research & development	48,830	55,285	58,755	55,411	58,273
Selling, general & admin	257,593	277,515	279,361	268,740	280,553
Operating income	120,582	93,428	92,656	104,542	95,575
Interest expense	1,945	1,718	1,814	901	1,395
Pre-tax income	146,268	121,862	145,583	137,849	131,866
Income tax	51,254	(3,441)	31,392	28,442	46,881
Net income	88,756	115,875	109,047	103,843	81,789
Diluted EPS	¥241.93	¥315.85	¥297.24	¥282.62	¥222.43
Diluted shares (millions)	367	367	367	367	368

Risk checks

Altman Z'' score

7.48 Safe zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

5/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: failed
Cash flow exceeds net income: passed
Long-term debt ratio fell: failed
Current ratio improved: failed
No share dilution: passed
Gross margin improved: failed
Asset turnover improved: passed

Sources

20-FPeriod ending Mar 31, 2018Filed Jun 27, 2018Open the report ↗
20-FPeriod ending Mar 31, 2017Filed Jun 28, 2017Open the report ↗
20-FPeriod ending Mar 31, 2016Filed Jun 27, 2016Open the report ↗
20-FPeriod ending Mar 31, 2015Filed Jun 30, 2015Open the report ↗
20-FPeriod ending Mar 31, 2014Filed Jun 30, 2014Open the report ↗
20-FPeriod ending Mar 31, 2013Filed Jun 28, 2013Open the report ↗
20-FPeriod ending Mar 31, 2012Filed Jun 29, 2012Open the report ↗
20-FPeriod ending Mar 31, 2011Filed Jun 29, 2011Open the report ↗

All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works

Latest annual report: Mar 31, 2018 · Data updated Jun 27, 2018