KYOCFOTCSemiconductors & Related DevicesFiscal year ends March 31Also trades as KYOAY
KYOCERA CORP
Financials through fiscal 2017, year ended Mar 31, 2018Last filing: 20-F on Jun 27, 2018
$23.04−0.45 (-1.92%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2006 to 2017
Gross margin
23.9%−1.8 pts over 5 years
Operating margin
6.1%+0.1 pts over 5 years
Net margin
5.2%−0.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2017
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.8% | +1.1% | +4.3% | +2.0% | |
| Gross profit | +0.8% | -1.1% | +2.8% | -0.8% | |
| Operating income | -8.6% | +0.8% | +4.4% | -4.6% | |
| Net income | -21.2% | -11.0% | +4.2% | -2.7% | |
| EPS, diluted | -21.3% | -11.0% | +4.2% | -2.4% | |
| Free cash flow | -23.2% | +0.5% | +7.9% | -5.0% | |
| Dividend per share | +9.1% | +6.3% | +14.9% | +7.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2008 | FY2012 | FY2017 | Trend |
|---|---|---|---|---|
| Return on equity | – | 4.3% | 3.5% | |
| Return on assets | – | 3.1% | 2.6% | |
| Current ratio | 4.00 | 3.88 | 3.52 | |
| Debt to equity | 0.04 | 0.02 | 0.01 | |
| Net debt to EBITDA | -1.53× | -1.80× | -2.22× | |
| Interest coverage | 36.0× | 40.7× | 68.5× | |
| Inventory turnover | – | 3.4× | 3.5× | |
| Capex to revenue | 6.8% | 4.6% | 5.3% | |
| Diluted shares | 375M | 367M | 368M |
Where the cash went
Fiscal 2013 to 2017, five years combined
Kyocera generated ¥797.13B from operations and spent ¥518.33B on capital expenditure, dividends and share buybacks. 63% of that went back into the business.
Generated
¥797.13B
Used
¥518.33B
Capital expenditure¥325.14B63%Dividends¥193.12B37%Share buybacks¥68.00M0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.2%
×Asset turnover0.50×
×Equity multiplier1.34×
=Return on equity, FY20173.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2017 | 5.2% | 0.50× | 1.34× | 3.5% |
| FY2016 | 7.3% | 0.46× | 1.34× | 4.5% |
| FY2015 | 7.4% | 0.48× | 1.36× | 4.8% |
| FY2014 | 7.6% | 0.54× | 1.37× | 5.6% |
| FY2013 | 6.1% | 0.59× | 1.38× | 5.0% |
| FY2012 | 5.2% | 0.60× | 1.37× | 4.3% |
| FY2011 | 6.7% | 0.60× | 1.36× | 5.5% |
| FY2010 | 9.7% | 0.67× | 1.37× | 8.9% |
| FY2009 | 3.7% | 0.59× | 1.36× | 3.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2017 against fiscal 2016
4of 9 tests passed in fiscal 2017. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero¥81.79B
- Cash generatingOperating cash flow above zero¥158.95B
- Return on assets improvedROA up on the prior year3.4% → 2.6%
- Earnings backed by cashOperating cash flow above net income¥158.95B vs ¥81.79B
- Less leverageLong-term debt to assets fell0.5% → 0.6%
- Better liquidityCurrent ratio rose3.95 → 3.52
- No dilutionShare count did not rise367M → 368M
- Gross margin improvedGross margin up on the prior year26.24% → 23.85%
- More efficientAsset turnover rose0.46 → 0.51