KYOCERA CORP

KYOCF

Price: $18.25Market Cap: $23.1B

Investment snapshot

29%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

7 / 4

NEUTRAL / FAIL

Median fair value

$25.54

+39.9% vs price

Models with upside

7 / 17

Positive margin of safety

Strongest signal

11 of 12 pass — Piotroski objects

Key risk

7 of 8 flag KYOCF's growth — Graham, Lynch, Dreman +4 more

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	NEUTRAL	FAIL	FAIL	FAIL · Rank #1449 (Top 46.8%)	PASS	NEUTRAL	BUY	NEUTRAL	FAIL	NEUTRAL	PASS	NEUTRAL	NEUTRAL	BUY	NEUTRAL	BUY	FAIL
Score
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Intrinsic Value (annual)			N/A		N/A					N/A			N/A	N/A	N/A	N/A	N/A
Margin of Safety	+65.5%	+26.1%	N/A	+4.1%	N/A	+49.7%	+28.5%	-7.7%	+66.4%	N/A	+37.5%	-16.7%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2017 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 · Market data at 2026-11-01 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2017 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2017 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 · Qualitative assessment Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 · Qualitative assessment Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 · Market data at 2026-11-01 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 · Price history 2025-01-01–2026-11-01 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 · Qualitative assessment Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 · Price history 2025-01-01–2026-11-01 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 Latest source filing: 2018-06-27 Score computed: 2026-11-14	Annual history · FY 2017 · Price history 2025-01-01–2026-11-01 Latest source filing: 2018-06-27 Score computed: 2026-11-14

Where It Passes

Debt & Leverage92% pass✓ 14✗ 1▾
11 of 12 pass — Piotroski objects
LT Debt vs Net Current AssetsLT Debt $190.1M vs NCA $9.9B
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.01, IC: 68.5x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.01
✓Lynch< 0.33
Cash - Long-term Debt$3.8B
✓LynchPositive preferred
LT Debt / Total Assets Change0.53% -> 0.64%
✗PiotroskiDecreased YoY
Current Assets / Current Liabilities3.52
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.01
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.01
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=68.5x, D/EBITDA=0.2x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.01
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0126; #662/4210 (top 15.7%)
✓AsnessTop 30% of eligible cross-section
Valuation models78% pass✓ 7✗ 2▾
Models split on KYOCF at $18.25 — fair values range $15.64–$54.35
Graham fair value$52.96
✓Graham+65.5% margin vs $18.25
Buffett fair value$24.69
✓Buffett+26.1% margin vs $18.25
Greenblatt fair value$19.03
✓Greenblatt+4.1% margin vs $18.25
Dreman fair value$36.31
✓Dreman+49.7% margin vs $18.25
Munger fair value$25.54
✓Munger+28.5% margin vs $18.25
Pabrai fair value$16.94
✗Pabrai-7.7% margin vs $18.25
Akre fair value$54.35
✓Akre+66.4% margin vs $18.25
Ackman fair value$29.20
✓Ackman+37.5% margin vs $18.25
Templeton fair value$15.64
✗Templeton-16.7% margin vs $18.25
Cash Flow70% pass✓ 9✗ 3▾
7 of 10 pass — Buffett, Lynch and Oshaughnessy object
Free Cash Flow Proxy$768.1M
✗BuffettPositive and growing
FCF Positive and Growing$702.1M
✗LynchPositive and growing
Operating Cash Flow$1.5B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=5.03%, ROA=2.59%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)4.5x
✓Dreman< 8x
P/E or FCF YieldP/E=8.7x, FCF Yield=3.0%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive11/11 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap10.5%
✓Ackman>= 4%
Price / FCF per Share9.6x
✓Ackman<= 25
Positive Operating Cash Flow frequency11/11 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$702.1M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+3.04%; #2037/4519 (top 45.1%)
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Growth13% pass✓ 3✗ 10▾
7 of 8 flag KYOCF's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 15.7% vs Rev: 16.4%
✓LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth3.5%
✗Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 26.1% -> 23.9%, operating margin 6.3% -> 6.1%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR1.7%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Profitability25% pass✓ 9✗ 26▾
12 of 16 flag KYOCF's profitability — Graham, Buffett, Lynch +9 more
Positive EPS (10 years)11/12 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)11/12 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)4.5%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)6.1% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$768.1M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE3.5%
✗Lynch> 15%
EBIT / Enterprise Value4.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=4.6%, ROC=10.1%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets2.59%
✓PiotroskiROA > 0
ROA Change YoY3.34% -> 2.59% (delta: -0.75%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=5.03%, ROA=2.59%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY26.2% -> 23.9%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue8.4%
✓Dreman>= 8%
Net Income / Shareholders' Equity3.5%
✗Dreman> 12%
Margin of SafetyP/E=8.7x, P/B=0.3x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity4.2% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value49.7% (IV=$36.31 vs Price=$18.25)
✓Marks>= 20% below intrinsic value
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue6.1%
✗Ackman>= 15%
Net Income / Shareholders Equity3.5%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend6.3% (2015) -> 6.1% (2017)
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 26.1% -> 23.9%, operating margin 6.3% -> 6.1%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+3.32%; #2269/6340 (top 35.8%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+11.91%; #2670/3702 (top 72.1%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+3.50%; #2618/5226 (top 50.1%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0041; #422/5884 (top 7.2%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years10/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag KYOCF's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio3.52
✓Graham>= 2.0
ROIC (3-5 yr avg)4.3%
✗Buffett> 10%
ROIC - WACC-5.7%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)10.1%
✗Greenblatt> 25%
Current Ratio Change YoY3.95 -> 3.52
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.46x -> 0.50x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities3.52
✓Dreman> 1.5
Return on Invested Capital3.2%
✗Munger> 15%
ROIC (high and growing)FY2015: ROIC=3.2%; FY2016: ROIC=3.5%; FY2017: ROIC=3.2%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC1.3% (RR=41% x ROIC=3.2%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest 3.2%)
✗SleepROIC > 12% in a majority of years
Valuation46% pass✓ 17✗ 11▾
7 of 13 flag KYOCF's valuation — Lynch, Greenblatt, Templeton +4 more
Price / 3-yr avg EPS7.5x
✓Graham<= 15x
Price-to-Book Ratio0.3x
✓Graham<= 1.5x
P/E x P/B2.30
✓Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value4.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=4.6%, ROC=10.1%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS8.7x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)4.5x
✓Dreman< 8x
Price / Book Value per Share0.3x
✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=8.7x, OE Yield=11.3%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=8.7x, FCF Yield=3.0%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=8.7x, P/B=0.3x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value49.7% (IV=$36.31 vs Price=$18.25)
✓Marks>= 20% below intrinsic value
Price / FCF per Share9.6x
✓Ackman<= 25
Price vs. Trailing Low201% of trailing low ($9.10)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+3.32%; #2269/6340 (top 35.8%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.9491; #1582/6449 (top 24.5%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS8.7x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share0.34x
✓SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.6407; #2315/5247 (top 44.1%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+3.04%; #2037/4519 (top 45.1%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-21.51%; #4046/6202 (top 65.2%)
✗OshaughnessyTop 10% of eligible cross-section
Verdicts50% pass✓ 5✗ 5▾
Split decision: 7 NEUTRAL · 4 FAIL · 3 BUY · 2 PASS
Overall verdict
•GrahamNEUTRAL (6/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)✗GreenblattRank #1449✓PiotroskiPASS (F-Score 5)•DremanNEUTRAL (7/11)✓MungerBUY (3/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)•MarksNEUTRAL (5/5)✓AckmanPASS (5/9)•TempletonNEUTRAL (5/8)•SleepNEUTRAL (4/6)✓AsnessBUY (Rank #53/2370 (Top 2.2%))•NeffNEUTRAL (4/6)✓SchlossBUY (6/7)✗OshaughnessyFAIL (Rank #763/963 (Top 79.2%))

Business & financials

Financial snapshot: annual FY 2017. Current investor scores may use newer quarterly data.

Company Profile

Industry: Electronic Equipment

SIC Sector: Electronic & Electrical Equipment

Size: Large Cap($23.1B)

Revenue: $14.8B+16.4% YoY

Net Income: $768.1M-17.3% YoY

Financial Snapshot

Operating Margin6.1%

Return on Equity3.5%

Debt / Equity0.01

Current Ratio3.52

EPS (Diluted)$2.09−17.4% 1y

Buybacks (1y)$309.9K

Buybacks (2y)$533.6K

Shares Retired0.0% / −0.2% 2y

Similar Companies

TXNTEXAS INSTRUMENTS INC

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Shareholder Return

Fiscal 2017

Retired 0.0% of shares last year, 0.2% issued over two.

Buybacks: $309.9K
Dividends: $450.2M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY14

11.9% = 11.9% + −0.0%

FY15

0.5% = 0.5% + 0.0%

FY16

−4.4% = −4.3% + −0.2%

FY17

−17.4% = −17.3% + −0.1%

Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2017 Sources 20-F · 2018-06-27	FY 2016 Sources 20-F · 2018-06-27	FY 2015 Sources 20-F · 2018-06-27	FY 2014 Sources 20-F · 2017-06-28	FY 2013 Sources 20-F · 2016-06-27
Market Cap	$23.1Bcurrent	$3.7Best.	$3.4Best.	$3.3Best.	$3.9Best.
Revenue	$14.8B↑16%	$12.7B↓3%	$13.2B↑4%	$12.7B↓10%	$14.1B
Operating Income	$897.6M↓4%	$935.3M↑13%	$824.6M↑6%	$778.5M↓34%	$1.2B
Net Income	$768.1M↓17%	$929.0M↓4%	$970.5M↑1%	$965.5M↑12%	$862.6M
EPS (Diluted)	$2.09↓17%	$2.53↓4%	$2.65↑1%	$2.63↑12%	$2.35
Gross Margin	23.9%↓9%	26.2%↑1%	26.1%↑2%	25.5%↓3%	26.2%
Operating Margin	6.1%↓18%	7.3%↑17%	6.3%↑2%	6.1%↓27%	8.3%
ROE	3.5%↓21%	4.4%↓7%	4.8%↓9%	5.2%↑13%	4.6%
Total Debt	$277.3M↑26%	$220.5M↓10%	$245.9M↑8%	$227.7M↓26%	$309.3M
Shareholders' Equity	$21.9B↑5%	$20.9B↑3%	$20.3B↑10%	$18.5B↓1%	$18.6B
Current Ratio	3.52↓11%	3.95↑1%	3.90↓5%	4.09↓2%	4.18
Debt / Equity	0.01↑20%	0.01↓13%	0.01↓2%	0.01↓26%	0.02
Operating Cash Flow	$1.5B↑2%	$1.5B↓15%	$1.7B↑58%	$1.1B↓25%	$1.4B
Free Cash Flow	$702.1M↓19%	$870.8M↓24%	$1.1B↑85%	$614.2M↓36%	$954.9M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Electronic Equipment

KYOCF vs Peers — Financial Grading

Revenue$14.8BMedian

Net Income$768.1MBottom 25%

ROE3.5%Bottom 25%

D/E0.01Top 25%

Op. Margin6.1%Median

Curr. Ratio3.52Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
NVIDIA CORPNVDA	$3.93T	$162.85	$215.9B	$120.1B	76.3%	0.05	60.4%	3.91	3/9	6/9	3/7	1/3	F-Score 4	5/11
INTEL CORPINTC	$317.1B	$59.66	$52.9B	$267.0M	-0.2%	0.41	-4.2%	2.02	3/9	0/9	1/7	0/3	F-Score 6	3/11
TEXAS INSTRUMENTS INCTXN	$277.4B	$303.60	$17.7B	$5.0B	30.7%	0.86	34.1%	4.35	6/9	5/9	3/7	1/3	F-Score 7	7/11
ANALOG DEVICES INCADI	$192.8B	$397.97	$11.0B	$2.3B	6.7%	0.24	26.6%	2.19	2/9	3/9	4/7	1/3	F-Score 8	4/11
Motorola Solutions, Inc.MSI	$87.8B	$531.20	$11.7B	$2.2B	89.4%	3.49	25.6%	1.04	2/9	4/9	3/7	1/3	F-Score 6	5/11
L3HARRIS TECHNOLOGIES, INC. /DE/LHX	$50.7B	$272.35	—	$1.6B	8.2%	0.57	—	1.19	2/9	2/9	3/7	1/3	F-Score 7	3/11
NOKIA CORPNOK	$45.7B	$8.07	$23.4B	$764.7M	3.1%	0.16	4.4%	1.58	2/9	1/9	3/7	1/3	F-Score 5	3/11
ERICSSON LM TELEPHONE COERIC	$34.2B	$10.56	$25.7B	$3.1B	26.0%	0.30	16.3%	1.29	2/9	5/9	5/7	3/3	F-Score 7	7/11