KYOCERA CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data KYOCERA CORP files with the SEC in its annual reports.

In JPY millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2009	FY2009	FY2010	FY2011	FY2012	FY2013	FY2014	FY2015	FY2016	FY2018
Revenue	1,128,586	1,073,805	1,266,924	1,190,870	1,280,054	1,447,369	1,526,536	1,479,627	1,422,754	1,577,039
Cost of revenue	836,638	787,970	888,869	870,143	952,350	1,068,465	1,137,137	1,093,467	1,049,472	1,200,911
Gross profit	291,948	285,835	378,055	320,727	327,704	378,904	389,399	386,160	373,282	376,128
Research and development	65,932	49,911	49,474	45,559	47,519	48,830	55,285	58,755	55,411	58,273
Selling, general and administrative	248,529	221,975	222,131	223,052	250,778	257,593	277,515	279,361	268,740	280,553
Operating income	43,419	63,860	155,924	97,675	76,926	120,582	93,428	92,656	104,542	95,575
Interest expense	1,206	2,926	2,259	2,042	1,890	1,945	1,718	1,814	901	1,395
Interest income	15,441	13,202	12,963	13,966	14,666	18,172	22,783	28,609	32,364	40,498
Other non-operating income	12,563	-3,062	16,408	17,218	24,437	25,686	28,434	52,927	33,307	36,291
Pre-tax income	31,735	28,477	112,374	77,813	101,363	146,268	121,862	145,583	137,849	131,866
Income tax	22,779	15,365	42,214	30,135	34,012	51,254	-3,441	31,392	28,442	46,881
Net income to minority interests	3,697	5,338	7,670	5,401	878	6,258	9,428	5,144	5,564	3,196
Net income	29,506	40,095	122,448	79,357	66,473	88,756	115,875	109,047	103,843	81,789
EBITDA	140,996	136,689	227,468	170,795	150,523	196,733	166,422	169,303	181,987	178,379
EPS, basic	78.64	109.24	333.62	216.29	181.18	241.93	315.85	297.24	282.62	222.43
EPS, diluted	78.62	109.24	333.62	216.29	181.18	241.93	315.85	297.24	282.62	222.43
Shares, basic (weighted)	375	367	367	367	367	367	367	367	367	368
Shares, diluted (weighted)	375	367	367	367	367	367	367	367	367	368
Dividend per share	60.00	60.00	65.00	60.00	60.00	80.00	100.00	100.00	110.00	120.00

Balance sheet

	FY2009	FY2009	FY2010	FY2011	FY2012	FY2013	FY2014	FY2015	FY2016	FY2018
Cash and equivalents	269,247	313,126	273,471	273,288	305,454	335,174	351,363	374,020	376,195	424,938
Short-term investments	10,093	11,644	44,012	47,175	43,893	115,900	95,237	101,566	84,703	38,023
Receivables	167,835	203,353	223,145	240,344	291,283	274,842	313,164	284,016	314,262	352,152
Inventory	199,641	177,361	232,899	270,336	296,450	335,802	354,499	327,875	331,155	364,875
Other current assets	48,384	35,370	38,915	40,961	38,299	103,887	158,926	133,671	119,714	137,849
Total current assets	952,316	1,034,455	1,129,501	1,144,603	1,268,383	1,367,435	1,457,547	1,434,761	1,438,697	1,476,616
Property, plant and equipment	266,054	240,099	247,754	260,537	268,824	270,557	261,491	264,487	266,604	300,924
Goodwill	63,226	67,602	64,701	89,039	103,425	116,632	102,167	102,599	110,470	144,268
Intangible assets	60,077	49,593	42,160	49,653	54,583	59,326	56,615	59,106	61,235	80,186
Long-term investments	371,225	381,919	393,879	391,877	519,151	753,059	1,072,040	1,151,533	1,153,002	1,076,395
Other non-current assets	60,904	75,049	68,571	58,394	68,487	69,695	71,324	82,563	80,462	78,688
Total assets	1,773,802	1,848,717	1,946,566	1,994,103	2,282,853	2,636,704	3,021,184	3,095,049	3,110,470	3,157,077
Accounts payable	62,579	89,750	101,265	102,699	111,249	122,424	119,654	115,644	129,460	149,734
Accrued liabilities	41,756	47,131	49,092	49,880	52,420	56,068	59,454	59,959	62,868	68,664
Short-term debt	13,865	13,456	10,687	10,610	9,817	12,360	9,441	9,516	8,235	9,293
Total current liabilities	237,961	289,312	300,615	301,048	326,630	327,451	356,251	367,832	364,661	419,986
Long-term debt	28,538	29,067	24,538	21,197	20,855	19,466	17,881	18,115	16,409	20,237
Other non-current liabilities	18,109	15,629	19,125	14,997	37,875	29,795	16,211	18,019	19,912	40,095
Total liabilities	390,714	441,455	463,207	459,862	567,911	649,478	717,561	721,287	691,561	732,571
Total debt	42,403	42,523	35,225	31,807	30,672	31,826	27,322	27,631	24,644	29,530
Paid-in capital	163,151	163,044	162,336	162,617	163,062	162,666	162,695	162,844	165,230	165,125
Retained earnings	1,150,050	1,168,122	1,268,548	1,324,052	1,368,512	1,415,784	1,502,310	1,571,002	1,638,116	1,675,780
Treasury stock	-50,568	-50,624	-50,691	-51,228	-51,258	-35,033	-35,062	-35,088	-32,309	-32,342
Other comprehensive income	-54,673	-51,010	-75,633	-81,639	50,138	250,963	469,673	469,803	447,479	411,980
Shareholders' equity	1,323,663	1,345,235	1,420,263	1,469,505	1,646,157	1,910,083	2,215,319	2,284,264	2,334,219	2,336,246
Minority interests	59,425	62,027	63,096	64,736	68,785	77,143	88,304	89,498	84,690	88,260
Total equity	1,383,088	1,407,262	1,483,359	1,534,241	1,714,942	1,987,226	2,303,623	2,373,762	2,418,909	2,424,506
Total liabilities and equity	1,773,802	1,848,717	1,946,566	1,994,103	2,282,853	2,636,704	3,021,184	3,095,049	3,110,470	3,157,077
Shares outstanding	367	367	734	367	367	367	367	367	368	368

Cash flow statement

	FY2009	FY2009	FY2010	FY2011	FY2012	FY2013	FY2014	FY2015	FY2016	FY2018
Net income	33,203	45,433	130,118	84,758	67,351	95,014	125,303	114,191	109,407	84,985
Depreciation and amortization	97,577	72,829	71,544	73,120	73,597	76,151	72,994	76,647	77,445	82,804
Deferred income tax	3,852	-9,080	6,470	-4,064	-5,643	10,354	-49,745	-17,795	-8,389	-10,913
Change in receivables	75,866	-38,823	-38,043	-3,803	-14,876	47,306	-16,804	15,611	-30,035	-29,547
Change in inventory	643	10,416	-69,368	-39,762	-13,910	-25,160	-19,938	6,310	-16,349	-49,132
Change in payables	-77,648	40,400	29,422	-10,092	-35,557	-34,589	-13,085	2,400	3,524	9,854
Cash from operations	97,794	137,583	119,687	109,065	109,489	149,141	130,767	194,040	164,231	158,953
Capital expenditures	-77,267	-36,491	-65,844	-67,765	-58,416	-50,890	-57,055	-66,102	-66,901	-84,195
Acquisitions	-47,512	-4,715	-1,581	-35,454	-18,533	-15,975	-1,843	-22,676	-19,673	-75,322
Purchases of investments	-1,192	-4,207	-5,173	-149	-19
Cash from investing	-201,444	-49,318	-121,364	-56,051	-66,142	-101,141	-93,608	-106,809	-112,089	-53,128
Debt issued	1,869	14,707	10,708	10,141	9,055	10,671	10,642	10,996	9,778	13,203
Debt repaid	-5,588	-20,236	-15,707	-19,166	-12,733	-13,247	-13,347	-12,830	-11,177	-12,771
Share buybacks	-38,219	-59	-69	-540	-30	-68
Dividends paid	-24,248	-23,537	-23,654	-25,874	-24,336	-28,624	-32,705	-43,874	-39,982	-47,936
Cash from financing	-62,930	-38,047	-26,820	-50,769	-31,431	-32,805	-39,992	-50,608	-47,972	-51,620
Exchange rate effect	-11,759	-6,339	-11,158	-2,428	20,250	14,525	19,022	-13,966	-1,995	-5,462
Net change in cash	-178,339	43,879	-39,655	-183	32,166	29,720	16,189	22,657	2,175	48,743
Free cash flow	20,527	101,092	53,843	41,300	51,073	98,251	73,712	127,938	97,330	74,758
Interest paid	648	2,675	1,637	1,741	1,433	2,009	1,422	1,408	1,080	1,109
Income taxes paid	51,927	20,988	34,994	34,889	26,112	36,617	44,172	31,134	33,554	39,382

Key metrics

Worked out from the statements above. Latest values use fiscal 2018. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	23.9%	Gross profit / revenue.
Operating margin	6.1%	Operating income / revenue.
EBITDA margin	11.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.4%	Pre-tax income / revenue.
Net margin	5.2%	Net income / revenue.
FCF margin	4.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.1%	Cash from operations / revenue.
Effective tax rate	35.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	3.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.7%	Research and development expense / revenue.
SG&A / revenue	17.8%	Selling, general and administrative expense / revenue.
Capex / revenue	5.3%	Capital expenditures / revenue.
D&A / revenue	5.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-8.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	0.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	2.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-21.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-11.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-21.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-11.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-3.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-23.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	9.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.52x	Current assets / current liabilities.
Quick ratio	1.94x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.10x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.9%	Total debt / total assets.
Liabilities / assets	23.2%	Total liabilities / total assets.
Net debt	-¥433.43B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.43x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	68.5x	Operating income / interest expense.
Working capital	¥1.06T	Current assets - current liabilities.
Goodwill and intangibles / assets	7.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	¥2.11T	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.50x	Revenue / average total assets.
Fixed asset turnover	5.56x	Revenue / average property, plant and equipment.
Inventory turnover	3.45x	Cost of revenue / average inventory.
Days inventory	106 days	365 x average inventory / cost of revenue.
Receivables turnover	4.73x	Revenue / average receivables.
Days sales outstanding	77 days	365 x average receivables / revenue.
Days payables	42 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	140 days	Days inventory + days sales outstanding - days payables.
FCF conversion	91.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	53.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	¥222.43	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	¥222.43	Net income per basic share, as reported (split-adjusted).
Revenue per share	¥4,289.00	Revenue / diluted weighted shares.
FCF per share	¥203.31	Free cash flow / diluted weighted shares.
Operating cash flow per share	¥432.28	Cash from operations / diluted weighted shares.
Book value per share	¥6,354.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	¥5,743.00	Tangible book value / shares outstanding.
Cash per share	¥1,259.00	(Cash + short-term investments) / shares outstanding.
Dividend per share	¥120.00	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	58.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	64.1%	Dividends paid / free cash flow, when free cash flow is positive.

What was KYOCERA CORP's revenue in fiscal 2018?

KYOCERA CORP reported revenue of ¥1.58T for fiscal 2018, 10.8% higher than the year before.

Was KYOCERA CORP profitable in fiscal 2018?

Yes. Net income was ¥81.79B, a net margin of 5.2%.

How much free cash flow did KYOCERA CORP generate in fiscal 2018?

Cash from operations of ¥158.95B minus capital expenditures of ¥84.2B left free cash flow of ¥74.76B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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