OtherThin moat
Kioxia Holdings (285A) — moat facet
Memory cards and sales to the joint-venture partner, flat while the rest of Kioxia boomed.
Other is the smallest application and the least like the rest. It had revenue of ¥215,012 million in the year to March 2026, against ¥214,171 million a year earlier and ¥185,930 million two years earlier 1, 9% of the company 2. The filing defines it as retail products, such as SD memory cards and USB flash drives, and sales to the Sandisk group recorded through the three manufacturing joint ventures 3.
That second part explains the line. Kioxia and Sandisk run seven of Kioxia's nine plants together, and part of what the joint ventures produce is recorded as Kioxia selling to Sandisk. Sandisk bought ¥170.5 billion from Kioxia in the year to March 2024 and ¥198.6 billion in the year to March 2025 4, and fell below the 10% disclosure threshold in the year to March 2026 5. Those purchases are close in size to the whole Other line, which suggests they make up most of it, though the filing does not give the split.
That makes Other different in kind: it grows with the joint ventures' output, not with Kioxia's selling. It barely moved in a year when the company's revenue rose 37%, from ¥214.2 billion to ¥215.0 billion 6.
No profit is disclosed. The joint-venture sales are priced under the partnership's own arrangements rather than in the open market.
The latest quarter was flat as well: Other revenue was ¥66.7 billion in the three months to June 2026, up 2.3% on the previous quarter, while company revenue grew 76.2% 7.
The line matters mainly as a reading of the Sandisk relationship, which was extended in January 2026 through 2034 with Sandisk paying Kioxia $1.165 billion in instalments to 2029 8. The number to watch is the line's share of revenue: steady near 9% while prices boom would mean the joint-venture sales are not repricing with the market; a jump would mean they are.
Revenue of ¥215.0bn against ¥214.2bn a year earlier, while the company grew 37%.
Mostly sales to Sandisk through the joint ventures; a jump would mean they are repricing with the market.
Source: Kioxia Q1 FY2026 results ↗- ReportedIt had revenue of ¥215,012 million in the year to March 2026, against ¥214,171 million a year earlier and ¥185,930 million two years earlier , 9% of the company .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 ↗
- Moat Explorer calcIt had revenue of ¥215,012 million in the year to March 2026, against ¥214,171 million a year earlier and ¥185,930 million two years earlier , 9% of the company .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 ↗
- ReportedThe filing defines it as retail products, such as SD memory cards and USB flash drives, and sales to the Sandisk group recorded through the three manufacturing joint ventures .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 ↗
- ReportedSandisk bought ¥170.5 billion from Kioxia in the year to March 2024 and ¥198.6 billion in the year to March 2025 , and fell below the 10% disclosure threshold in the year to March 2026 .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 ↗
- ReportedSandisk bought ¥170.5 billion from Kioxia in the year to March 2024 and ¥198.6 billion in the year to March 2025 , and fell below the 10% disclosure threshold in the year to March 2026 .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 ↗
- ReportedIt barely moved in a year when the company's revenue rose 37%, from ¥214.2 billion to ¥215.0 billion .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 ↗
- ReportedThe latest quarter was flat as well: Other revenue was ¥66.7 billion in the three months to June 2026, up 2.3% on the previous quarter, while company revenue grew 76.2% .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 ↗
- ReportedThe line matters mainly as a reading of the Sandisk relationship, which was extended in January 2026 through 2034 with Sandisk paying Kioxia $1.165 billion in instalments to 2029 .Kioxia and Sandisk joint press release, 29 January 2026 (republished by TechPowerUp) - Yokkaichi joint venture extended through 31 December 2034; Sandisk to pay Kioxia USD 1.165 billion for manufacturing services and continued availability of supply, in instalments — January 2026 · publ. 29 January 2026 · source ↗