Worth reading
58In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
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Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateROE-2,018.0pt
基準 2,026Target8%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).
Investment amount by sectorField Strategic Investment / Amount ¥3.6 billion / Period Covered Fiscal year ended March 2026: actual, Field Growth and maintenance investments / Amount ¥4.3 billion / Period Covered Fiscal year ended March 2026: actual
Statements about the use of capital
Payout ratio / DOE policyCumulative total payout ratio of at least 100% over the 3-year period from the fiscal year ending March 2026 through the fiscal year ending March 2028. However, in fiscal years in which net income changes significantly due to special factors, such as extraordinary gains or losses, the amount of shareholder returns will be determined after taking those effects into account. For the fiscal year ended March 2026, the company paid an annual dividend of ¥180 per share.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalAssumed cost of equity: 7%–8%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR rose to around 1.2x as a result of the increase in the share price. PBR was 1.02x at the end of March 2025 and 1.23x at the end of March 2026.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strengthen overseas sales capabilities, primarily in the semiconductor segment
02Improve gross margin
03Improve capital efficiency by strengthening balance sheet management
04Continue proactive shareholder returns
05Expand growth investment related to semiconductors
06Strengthen IR and SR activities
07Strengthening Corporate Governance
Plan assumptionsAgainst the backdrop of rapidly expanding AI demand and other factors, semiconductor manufacturers have been implementing substantially upward-revised investment plans since around the second half of 2025., Demand is expected to expand in earnest from the second half of fiscal 2027 onward., Kioxia plans to invest an average of approximately ¥470 billion annually from fiscal 2026 through fiscal 2028.
Segment targetSegment Semiconductor segment / Indicator Revenue / Target ¥24.3 billion / Timing Fiscal year ending March 2027 (forecast)
Risks identified by the company
Actual results may differ from forecast figures in the future due to various factors.
Reason for revision or withdrawal
Update to the disclosure based on the analysis and assessment of the current situation and the progress of initiatives. Rapidly expanding AI demand and other factors have led semiconductor manufacturers to revise their investment plans upward, resulting in significant changes in the business environment since the medium-term management plan was formulated.
| Item | Details |
|---|---|
| Plan name | Fourth Medium-Term Management Plan |
| Plan period | Fiscal year ending March 2026–fiscal year ending March 2028 |
| Progress against the plan | Annual update |
| ROE target | 6.6% (actual for the fiscal year ended March 2026) → 8.0% or higher (during the Fourth Medium-Term Management Plan period) |
| Payout ratio / DOE policy | Cumulative total payout ratio of at least 100% over the 3-year period from the fiscal year ending March 2026 through the fiscal year ending March 2028. However, in fiscal years in which net income changes significantly due to special factors, such as extraordinary gains or losses, the amount of shareholder returns will be determined after taking those effects into account. For the fiscal year ended March 2026, the company paid an annual dividend of ¥180 per share. |
| Cost of capital | Assumed cost of equity: 7%–8% |
| Self-assessment of PBR and share price | PBR rose to around 1.2x as a result of the increase in the share price. PBR was 1.02x at the end of March 2025 and 1.23x at the end of March 2026. |
| Investment amount by sector | Field Strategic Investment / Amount ¥3.6 billion / Period Covered Fiscal year ended March 2026: actual, Field Growth and maintenance investments / Amount ¥4.3 billion / Period Covered Fiscal year ended March 2026: actual |
| Segment target | Segment Semiconductor segment / Indicator Revenue / Target ¥24.3 billion / Timing Fiscal year ending March 2027 (forecast) |
| Plan assumptions | Against the backdrop of rapidly expanding AI demand and other factors, semiconductor manufacturers have been implementing substantially upward-revised investment plans since around the second half of 2025., Demand is expected to expand in earnest from the second half of fiscal 2027 onward., Kioxia plans to invest an average of approximately ¥470 billion annually from fiscal 2026 through fiscal 2028. |
| Key initiatives | Strengthen overseas sales capabilities, primarily in the semiconductor segment, Improve gross margin, Improve capital efficiency by strengthening balance sheet management, Continue proactive shareholder returns, Expand growth investment related to semiconductors, Strengthen IR and SR activities, Strengthening Corporate Governance |
| Reason for revision or withdrawal | Update to the disclosure based on the analysis and assessment of the current situation and the progress of initiatives. Rapidly expanding AI demand and other factors have led semiconductor manufacturers to revise their investment plans upward, resulting in significant changes in the business environment since the medium-term management plan was formulated. |
| Risks identified | Actual results may differ from forecast figures in the future due to various factors. |
| Date of board resolution | 6 August 2026 |
| Publication date | 6 August 2026 |
Items this document does not state (10)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policyTotal investment planNon-financial targetsResults under the previous planSize of the Target Market
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The disclosure was updated based on the analysis and assessment of the current situation and the progress of initiatives. In addition, against the backdrop of rapidly expanding AI demand and other factors, semiconductor manufacturers have revised their investment plans upward, resulting in significant changes in the business environment since the medium-term management plan was formulated.
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