Kioxia has rapidly risen to one of the most talked-about stocks in the global memory industry following its aggressive outlook, which has seen widespread gains in the entire NAND complex. Investors are suddenly reassessing the entire industry following tighter supply, ASPs, and accelerating AI-driven storage demand.
Kioxia’s U.S.-listed ADR (KXIAY) (KXHCF) also serves as a reminder that stocks in the memory industry are prone to violent fluctuations. Following its enormous rally, the stock’s chart has not exactly been stable. Investors should consider the fundamental bullish argument while also considering the risks that come with any cyclical semiconductor stock.
Kioxia Holdings is one of the biggest and most prominent global suppliers of NAND flash memory and storage solutions. The company supplies its products to data centers, personal computers, smartphones, and enterprise solutions. The company’s stock trades on the Tokyo Stock Exchange under ticker 285A. The stock’s U.S.-listed ADR trades on the OTC under ticker KXIAY.
It’s important to note that the stock’s recent decline from the $153 area to the mid-teens isn’t necessarily a fall in the stock’s intrinsic value. The stock has recently had a 10-for-1 forward split. As such, the stock’s price has technically declined by around 90%. On Barchart, the stock’s 52-week range is between $4.12 and $170 (a difference of 4036%). The stock’s Relative Strength Index has recently been around 29.68.
From the valuation point of view, Kioxia is currently expensive based on trailing earnings but reasonable based on forward earnings. The stock is reflecting the market’s view that earnings are about to improve as NAND prices increase throughout 2026.
Kioxia does not pay a dividend on its common shares.
Kioxia announced its consolidated financial results for the nine months ended Dec. 31, 2025. Consolidated revenue for the nine months was ¥1,334,776 million, representing a 1.8% year-over-year (YoY) decline. Non-GAAP operating profit decreased 33.3% YoY to ¥277,031 million, with profit attributable to owners of the company also decreasing more than 40%. Basic earnings per share were ¥271.67, down from ¥485.94 in the prior year.
