Apple, Named, at a Fifth of RevenueThin moat

Kioxia Holdings (285A) — moat facet

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 requires it.

Kioxia's largest customer is Apple, it says so by name, and the relationship has been about a fifth of the company for three consecutive years: 20.9%, 17.6% and 20.4% of revenue in the years to March 2024, 2025 and 20261.

Apple as a share of Kioxia revenue20.9%FY202417.6%FY202520.4%FY2026¥225.3bn, then ¥300.5bn, then ¥476.0bn. Apple's own filings name no customer at 10%.
The same relationship, read from underneath.

The asymmetry is worth sitting with. Apple's own filings disclose no customer at 10% of its sales, and its pages in this collection argue — correctly — that it has no major clients in any meaningful sense, only 2.35 billion devices and a posted price. Here is the other side of that arrangement: a supplier for whom Apple is a fifth of revenue, disclosed by name because the accounting standard requires it.

That is what buying power looks like from underneath. Apple qualifies the part, sets the volume, and negotiates against a supplier that cannot afford to lose it.

There is a genuine counterweight in the current market. Flash is scarce, Kioxia's prices rose about 70% in the June quarter2, and a shortage temporarily reverses who needs whom. But shortages end and relationships do not reset when they do.

The number to watch is the Apple line in this table each year. A supplier whose largest customer is stable at a fifth of revenue has a dependency; one whose largest customer is growing as a share has a problem.

Moat trajectory: Holding steady

A dependency that has sat between 17% and 21% of revenue for three years is neither deepening nor easing. What has changed temporarily is the bargaining position, and shortages end.

The number that tests this moat
Reported
Apple revenue, three years
¥225.3bn → ¥300.5bn → ¥476.0bn

20.9%, 17.6% and 20.4% of the total. Apple's own filings disclose no customer at 10% of its sales; this is the other side of that arrangement, named because the accounting standard requires it. Watch whether the share grows — a stable fifth is a dependency, a rising one is a problem.

Source: Kioxia Holdings, Annual Securities Report for the year to 31 March 2026 ↗
References
  1. ReportedApple was 20.9%, 17.6% and 20.4% of revenue across the years to March 2024, 2025 and 2026.
    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. ReportedAverage selling prices rose about 70% in the June 2026 quarter.
    Kioxia Holdings, first-quarter FY2026 results for the three months to 30 June 2026, as reported from the company's results presentation and earnings call — revenue ¥1,767.1bn, up 76.2% sequentially and 415.5% year on year; non-GAAP operating profit ¥1,326.2bn at a 75% margin; non-GAAP net income ¥887.0bn; non-GAAP EBITDA ¥1,402.1bn; adjusted non-GAAP gross profit ¥1,405.5bn, an 80% margin. Average selling prices rose about 70% with bit shipments growing a low single-digit percentage; eighth-generation BiCS FLASH exceeded 50% of total output. SSD & Storage ¥1,174.7bn, 66% of sales, with data centre and enterprise more than 60% of that and PC-related drives slightly below 40%; Smart Devices ¥525.7bn; Other ¥66.7bn. Operating cash flow ¥866.3bn, days inventory outstanding 102. Cash ¥791.0bn from ¥470.7bn, ¥407.5bn of senior loans repaid, a net cash position of ¥186.7bn against a net debt-to-equity ratio of 120% a year earlier, and an equity ratio of 51%. Guidance for the September quarter: revenue ¥2,390.0bn and non-GAAP operating profit ¥1,900.0bn, again roughly 70% of the growth from price. Capital expenditure of about ¥470bn a year is planned across the three years from FY2026, with roughly ¥200bn of research spending for the year and concentrated investment in the tenth and eleventh BiCS FLASH generations; the company targets roughly 50% long-term agreement coverage for calendar 2028. A buyback of up to 30 million shares (5.5% of those outstanding) for up to ¥800.0bn was authorised for 3 August to 30 October 2026, alongside a three-for-one share split with a 30 September 2026 record date. Calendar 2026 NAND bit growth is put in the high teens, with demand expected to exceed supply in 2027. — quarter to 30 June 2026 · publ. 2026-08-03 · source ↗
Sources
Generated September 23, 2026