Major ClientsThin moat

Kioxia Holdings (285A) — moat facet

Kioxia publishes its customers by name, and the table shows Apple at about a fifth of revenue for three years running -- alongside the joint-venture partner that co-owns the factories.

Most companies here disclose customer concentration as an unnamed percentage. Kioxia publishes a table with the names in it, and the table is worth reading in full.

Named customers, share of revenue20.9%Apple FY202420.4%Apple FY202615.8%Sandisk FY202410.0%Dell FY2025Kioxia publishes its customers by name. Almost no company in this collection does.
Three names were 45.4% of revenue in the year to March 2024.

For the three years to March 2024, 2025 and 2026: Apple was ¥225.3 billion (20.9% of revenue), then ¥300.5 billion (17.6%), then ¥476.0 billion (20.4%). Sandisk was ¥170.5 billion (15.8%), then ¥198.6 billion (11.6%), then below the 10% threshold. Dell was ¥94.0 billion (8.7%), then ¥171.2 billion (10.0%), then also below it1.

Three facts fall out of that. Apple has been about a fifth of this company for three years running. The three named customers together were 45.4% of revenue in the year to March 2024. And one of them is the joint-venture partner that co-owns seven of the nine factories2 — a counterparty that is supplier, co-owner, customer and competitor at once.

The concentration fell in the most recent year, and it fell for the ordinary reason: revenue grew 37% and the smaller two customers did not grow with it. That is arithmetic, not diversification.

Geographically the picture is starker still. Revenue by the location of the selling operation put the United States at ¥1,098,832 million of ¥2,337,628 million — 47% — with China at ¥381,857 million and Taiwan at ¥300,932 million3. Meanwhile ¥1,658,950 million of ¥1,667,234 million of non-current assets sit in Japan4.

Kioxia sells to America and China. It manufactures, almost entirely, in one country that is neither.

Moat trajectory: Holding steady

Apple has been about a fifth of revenue for three consecutive years — 20.9%, 17.6%, 20.4%. The two other named customers fell below the disclosure threshold because revenue grew 37%, not because the dependence changed.

The number that tests this moat
Reported
Largest customer, share of revenue
Apple — 20.4% in the year to March 2026

Kioxia names its customers, which almost no company in this collection does: Apple at 20.9%, 17.6% and 20.4% across three years, Sandisk at 15.8% then 11.6% then below the threshold, Dell at 8.7% then 10.0% then below it. The three together were 45.4% of revenue in the year to March 2024.

Source: Kioxia Holdings, Annual Securities Report for the year to 31 March 2026 ↗
Dig deeper
DIG DEEPER 01
Apple, Named, at a Fifth of Revenue
Apple's own filings disclose no customer at ten percent of sales; here is the other side of that arrangement, disclosed by name because the standard…
DIG DEEPER 02
The Customer Who Owns Half the Factories
Supplier, co-owner, customer and competitor at once -- there is no clean word for what Sandisk is, and that is the point.
DIG DEEPER 03
Dell and the Enterprise Channel
It crossed the ten percent line going up and vanished from the table going up faster, which is what a 37 percent revenue year does to a concentration…
DIG DEEPER 04
Sold to America, Made in Japan
Forty-seven percent of the revenue comes from the United States and 99.5 percent of the factories sit in Japan, and every risk in that gap is written…
References
  1. ReportedApple was ¥225.3bn (20.9%), ¥300.5bn (17.6%) and ¥476.0bn (20.4%); Sandisk ¥170.5bn (15.8%), ¥198.6bn (11.6%) and below 10%; Dell ¥94.0bn (8.7%), ¥171.2bn (10.0%) and below 10%.
    Kioxia Holdings Corporation, Annual Securities Report for the year from 1 April 2024 to 31 March 2025 (7th Period) — revenue ¥1,706,460M against ¥1,076,584M; revenue by application SSD & Storage ¥991,147M against ¥516,361M, Smart Devices ¥501,142M against ¥374,293M, Other ¥214,171M against ¥185,930M. Major customers, with the ratio to total sales: Apple group ¥225.3bn (20.9%) in the year to March 2024 and ¥300.5bn (17.6%) in the year to March 2025; Sandisk group ¥170.5bn (15.8%) and ¥198.6bn (11.6%); Dell group ¥94.0bn (8.7%) and ¥171.2bn (10.0%). Revenue in the United States ¥758,666M against ¥393,909M and in China ¥323,357M against ¥217,870M; non-current assets in Japan ¥1,714,351M against ¥1,737,806M. Total equity ¥737.7bn against ¥449.8bn. — year to 31 March 2025 · publ. 2025-06 · source ↗
  2. ReportedSandisk co-owns seven of Kioxia's nine factories through Flash Ventures.
    Kioxia Holdings Corporation, Annual Securities Report for the year from 1 April 2025 to 31 March 2026 (8th Period) — revenue ¥2,337,628M against ¥1,706,460M, gross profit ¥1,012,904M, operating profit ¥869,013M, profit for the year ¥554,490M; research and development cost ¥141,052M against ¥132,798M; purchases of property, plant and equipment ¥281,062M against ¥223,847M; operating cash flow ¥616,540M; proceeds from government grants ¥56,396M against ¥43,748M, from an approved ceiling of ¥150.0bn for flash production at the Yokkaichi and Kitakami plants with about ¥31.8bn not yet received. Revenue by application: SSD & Storage ¥1,362,638M, Smart Devices ¥759,978M, Other ¥215,012M — 'Other' including retail products and sales to the Sandisk group recorded through the three manufacturing joint ventures. Revenue by geography: Japan ¥263,252M, North America and Europe ¥1,217,643M, Asia ¥856,733M, with the United States ¥1,098,832M, China ¥381,857M and Taiwan ¥300,932M. Non-current assets: Japan ¥1,658,950M, North America and Europe ¥1,986M, Asia ¥6,298M. Major customers: Apple group ¥476,014M (20.4%), with the Sandisk and Dell groups omitted for the year as each fell below 10% of sales. Flash Partners Ltd., Flash Alliance Ltd. and Flash Forward LLC are accounted for as joint operations with 50.1% of the voting rights and equal decision-making rights shared with Sandisk. Net interest-bearing debt ¥552,085M against equity of ¥1,398,929M — a net debt-to-equity ratio of 0.39 times, from ¥931,035M against ¥737,565M and 1.26 times a year earlier; USD-denominated senior notes at 6.25% (2030) and 6.625% (2033); goodwill of ¥395,585M from the 1 June 2018 acquisition of the former Toshiba Memory Corporation. Bain Capital funds indirectly hold 21.87% and Toshiba Corporation 17.59% of outstanding common shares, both having sold substantial holdings during the year. Risk factors state that the Yokkaichi Plant is located in an area with a high risk of earthquakes and floods and the Kitakami Plant in an area severely damaged by the 2011 Tohoku Earthquake, and name US-China trade frictions and US tariff policy among factors that may materially affect the business. The company does not provide plans or progress reports for the overall fiscal year. — year to 31 March 2026 · publ. 2026-06 · source ↗
  3. ReportedRevenue by country: the United States ¥1,098,832M of ¥2,337,628M, China ¥381,857M and Taiwan ¥300,932M.
    Kioxia Holdings Corporation, Annual Securities Report for the year from 1 April 2025 to 31 March 2026 (8th Period) — revenue ¥2,337,628M against ¥1,706,460M, gross profit ¥1,012,904M, operating profit ¥869,013M, profit for the year ¥554,490M; research and development cost ¥141,052M against ¥132,798M; purchases of property, plant and equipment ¥281,062M against ¥223,847M; operating cash flow ¥616,540M; proceeds from government grants ¥56,396M against ¥43,748M, from an approved ceiling of ¥150.0bn for flash production at the Yokkaichi and Kitakami plants with about ¥31.8bn not yet received. Revenue by application: SSD & Storage ¥1,362,638M, Smart Devices ¥759,978M, Other ¥215,012M — 'Other' including retail products and sales to the Sandisk group recorded through the three manufacturing joint ventures. Revenue by geography: Japan ¥263,252M, North America and Europe ¥1,217,643M, Asia ¥856,733M, with the United States ¥1,098,832M, China ¥381,857M and Taiwan ¥300,932M. Non-current assets: Japan ¥1,658,950M, North America and Europe ¥1,986M, Asia ¥6,298M. Major customers: Apple group ¥476,014M (20.4%), with the Sandisk and Dell groups omitted for the year as each fell below 10% of sales. Flash Partners Ltd., Flash Alliance Ltd. and Flash Forward LLC are accounted for as joint operations with 50.1% of the voting rights and equal decision-making rights shared with Sandisk. Net interest-bearing debt ¥552,085M against equity of ¥1,398,929M — a net debt-to-equity ratio of 0.39 times, from ¥931,035M against ¥737,565M and 1.26 times a year earlier; USD-denominated senior notes at 6.25% (2030) and 6.625% (2033); goodwill of ¥395,585M from the 1 June 2018 acquisition of the former Toshiba Memory Corporation. Bain Capital funds indirectly hold 21.87% and Toshiba Corporation 17.59% of outstanding common shares, both having sold substantial holdings during the year. Risk factors state that the Yokkaichi Plant is located in an area with a high risk of earthquakes and floods and the Kitakami Plant in an area severely damaged by the 2011 Tohoku Earthquake, and name US-China trade frictions and US tariff policy among factors that may materially affect the business. The company does not provide plans or progress reports for the overall fiscal year. — year to 31 March 2026 · publ. 2026-06 · source ↗
  4. ReportedNon-current assets of ¥1,658,950M of ¥1,667,234M sit in Japan.
    Kioxia Holdings Corporation, Annual Securities Report for the year from 1 April 2025 to 31 March 2026 (8th Period) — revenue ¥2,337,628M against ¥1,706,460M, gross profit ¥1,012,904M, operating profit ¥869,013M, profit for the year ¥554,490M; research and development cost ¥141,052M against ¥132,798M; purchases of property, plant and equipment ¥281,062M against ¥223,847M; operating cash flow ¥616,540M; proceeds from government grants ¥56,396M against ¥43,748M, from an approved ceiling of ¥150.0bn for flash production at the Yokkaichi and Kitakami plants with about ¥31.8bn not yet received. Revenue by application: SSD & Storage ¥1,362,638M, Smart Devices ¥759,978M, Other ¥215,012M — 'Other' including retail products and sales to the Sandisk group recorded through the three manufacturing joint ventures. Revenue by geography: Japan ¥263,252M, North America and Europe ¥1,217,643M, Asia ¥856,733M, with the United States ¥1,098,832M, China ¥381,857M and Taiwan ¥300,932M. Non-current assets: Japan ¥1,658,950M, North America and Europe ¥1,986M, Asia ¥6,298M. Major customers: Apple group ¥476,014M (20.4%), with the Sandisk and Dell groups omitted for the year as each fell below 10% of sales. Flash Partners Ltd., Flash Alliance Ltd. and Flash Forward LLC are accounted for as joint operations with 50.1% of the voting rights and equal decision-making rights shared with Sandisk. Net interest-bearing debt ¥552,085M against equity of ¥1,398,929M — a net debt-to-equity ratio of 0.39 times, from ¥931,035M against ¥737,565M and 1.26 times a year earlier; USD-denominated senior notes at 6.25% (2030) and 6.625% (2033); goodwill of ¥395,585M from the 1 June 2018 acquisition of the former Toshiba Memory Corporation. Bain Capital funds indirectly hold 21.87% and Toshiba Corporation 17.59% of outstanding common shares, both having sold substantial holdings during the year. Risk factors state that the Yokkaichi Plant is located in an area with a high risk of earthquakes and floods and the Kitakami Plant in an area severely damaged by the 2011 Tohoku Earthquake, and name US-China trade frictions and US tariff policy among factors that may materially affect the business. The company does not provide plans or progress reports for the overall fiscal year. — year to 31 March 2026 · publ. 2026-06 · source ↗
Sources
Generated September 23, 2026