The Revenue LinesThin moat

Kioxia Holdings (285A) — moat facet

One product sold three ways, and the way that sells drives to data centres went from half the company to two-thirds, mostly on price.

Kioxia makes one product, NAND flash, and reports it as a single segment, the Memory business 1. What it discloses instead is revenue by application, and the three applications behave differently enough to read separately. In the year to March 2026 SSD & Storage had revenue of ¥1,362,638 million, Smart Devices ¥759,978 million and Other ¥215,012 million, out of ¥2,337,628 million 2.

SSD & Storage share of revenue (%)48.0%Year to Mar 202458.1%Year to Mar 202558.3%Year to Mar 202666%June 2026 quarterKioxia Annual Securities Reports FY2024 and FY2025; Q1 FY2026 results
Drives went from half of Kioxia to two-thirds, most of it in the last quarter.

Two years earlier the mix was different. In the year to March 2024, SSD & Storage was ¥516,361 million, Smart Devices ¥374,293 million and Other ¥185,930 million 3. SSD & Storage went from 48% of revenue to 58% 4, and in the June 2026 quarter it was 66% 5. The company has moved from selling flash into consumer devices to selling drives into data centres.

Kioxia discloses no profit by application, because it has one segment. Every line shares the same fabs and the same process, so the margin difference between them is mostly price and mix rather than cost. The company-level swing is the story: a gross loss in the year to March 2024 and a non-GAAP operating margin of 75% in the June 2026 quarter 6.

The leaves follow the chart's bands. The company-level arguments, the process, the joint ventures with Sandisk and the dependence on data-centre customers, are made under The Moat; these pages keep to what each application sells and how fast it is moving.

The test for the three together is whether SSD & Storage keeps rising as a share of revenue when prices stop rising. In the June 2026 quarter prices rose about 70% on low single-digit bit growth 7, so almost all of the shift so far is price.

Moat trajectory: Widening

SSD & Storage rose from 48% of revenue in the year to March 2024 to 66% in the June 2026 quarter.

The number that tests this moat
Moat Explorer calc
SSD & Storage share of revenue, fiscal year
58% in the year to March 2026, from 48% two years earlier

The annual measure of the shift to data centres; a fall once prices stop rising would say the shift was price.

How it's calculated: SSD & Storage revenue / total revenue, years to March 2024 and 2026
Source: Kioxia Annual Securities Report FY2025 ↗
Dig deeper
DIG DEEPER 01
SSD & Storage
The drive business grew 2.6 times in two years; whether it stays two-thirds of the company depends on what happens when prices stop rising.
DIG DEEPER 02
Smart Devices
Flash inside other companies' phones, doubled in two years and now priced high enough to change how much of it they buy.
DIG DEEPER 03
Other
Memory cards and sales to the joint-venture partner, flat while the rest of Kioxia boomed.
References
  1. ReportedKioxia makes one product, NAND flash, and reports it as a single segment, the Memory business .
    Kioxia Holdings Annual Securities Report FY2025 (year to 31 March 2026) - single Memory segment; revenue by application (SSD & Storage, Smart Devices, Other) and their definitions; customers above 10% (Apple ¥476.0bn, 20.4%); production cuts from October 2022 to March 2024; drivers of revenue growth — FY2024-FY2025 · publ. June 2026 · source ↗
  2. ReportedIn the year to March 2026 SSD & Storage had revenue of ¥1,362,638 million, Smart Devices ¥759,978 million and Other ¥215,012 million, out of ¥2,337,628 million .
    Kioxia Holdings Annual Securities Report FY2025 (year to 31 March 2026) - single Memory segment; revenue by application (SSD & Storage, Smart Devices, Other) and their definitions; customers above 10% (Apple ¥476.0bn, 20.4%); production cuts from October 2022 to March 2024; drivers of revenue growth — FY2024-FY2025 · publ. June 2026 · source ↗
  3. ReportedIn the year to March 2024, SSD & Storage was ¥516,361 million, Smart Devices ¥374,293 million and Other ¥185,930 million .
    Kioxia Holdings Annual Securities Report FY2024 (year to 31 March 2025) - revenue by application for the years to March 2024 and 2025; revenue against cost of sales; customers above 10% including the Sandisk group (¥170.5bn and ¥198.6bn) — FY2023-FY2024 · publ. June 2025 · source ↗
  4. Moat Explorer calcSSD & Storage went from 48% of revenue to 58% , and in the June 2026 quarter it was 66% .
    Moat Explorer calculation from Kioxia's Annual Securities Reports and Q1 FY2026 results: shares of revenue and growth multiples — FY2023 to Q1 FY2026 · publ. 2026-09-23 · source ↗
  5. ReportedSSD & Storage went from 48% of revenue to 58% , and in the June 2026 quarter it was 66% .
    Kioxia Holdings first-quarter FY2026 results and earnings call (three months to 30 June 2026), as reported by BigGo Finance - revenue by application, ASP and bit growth, margins, demand outlook, LTA target — Q1 FY2026 · publ. 3 August 2026 · source ↗
  6. ReportedThe company-level swing is the story: a gross loss in the year to March 2024 and a non-GAAP operating margin of 75% in the June 2026 quarter .
    Kioxia Holdings first-quarter FY2026 results and earnings call (three months to 30 June 2026), as reported by BigGo Finance - revenue by application, ASP and bit growth, margins, demand outlook, LTA target — Q1 FY2026 · publ. 3 August 2026 · source ↗
  7. ReportedIn the June 2026 quarter prices rose about 70% on low single-digit bit growth , so almost all of the shift so far is price.
    Kioxia Holdings first-quarter FY2026 results and earnings call (three months to 30 June 2026), as reported by BigGo Finance - revenue by application, ASP and bit growth, margins, demand outlook, LTA target — Q1 FY2026 · publ. 3 August 2026 · source ↗
Sources
Generated September 23, 2026