TDK Corp

6762.THIGHScore: 68

Passive Components / Magnets / Sensors · Weight: 15%· Data as of 2026-04-19

¥2,775.5-3.98%

6-month daily

Investment Thesis

MLCC + NdFeB magnets + MEMS sensors + DC link caps — broad EV/AI exposure. Q3 FY26 (Feb 2026): record 9M revenue ¥1,858.6B (+11.3%), OP ¥230.7B (+10.4%), net profit +26.5%. Raised FY26 guidance: sales ¥2,370-2,470B (+12%), OP ¥245-265B (+18%). Magnetic Application OP +380% YoY on AI-server HDD head demand. Sensor segment +17% on magnetic/MEMS for ICT.

Risk

Q4 FY26 guided -8% to -11% sequentially (Energy segment -16% to -19%, Sensor -6% to -9%). BEV demand slowdown hit auto passive components/sensors. Restructuring costs booked for aluminum electrolytic + film capacitors. Forward PE 23.7x (StockAnalysis) up from 20.9x prior — valuation gap narrowed vs growth rate. Hungary NdFeB plant still has no named OEM customer disclosure.

Monitoring Trigger

FY26 full-year earnings May 8, 2026. If Q4 comes in better than guided -8% to -11% sequential decline (ICT/HDD strength offsetting BEV weakness), hold. If Magnetic segment +380% YoY momentum normalizes below +100% in FY27 guidance, trim. Watch for first disclosed European OEM for Hungary plant.

Key Dates

2026-05-08earningsFY26 full-year results + FY27 guidance

2026-05-08monitoringQ4 sequential decline vs -8% to -11% guide; AI-server HDD head ramp

2026-06-30rebalanceSemiannual portfolio rebalance

2026-08earningsQ1 FY27 results — first read on BEV auto recovery

2026-10catalystHungary NdFeB plant — watch for named EU OEM customer

2026-11earningsQ2 FY27 results

Key Metrics

26.51

23.71

Fwd PE

2.35

P/B

11.4%

ROE

12.4%

Op Margin

106%

D/E

1.4%

Div Yield

+¥169B

FCF

¥4.97T

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
Passive Components	¥837B	35%	MLCC, film caps, HF components
Energy Application	¥598B	25%	Batteries, DC-DC
Magnetic Application	¥478B	20%	NdFeB magnets, HDD
Sensor Application	¥359B	15%	MEMS, temperature, pressure

Supply Chain Evidence

Evidence	Customer	Product	Detail
confirmed	Apple	MEMS microphones, MLCCs, sensors for iPhone / AirPods; advanced sensors via TDK-Bosch JV for US production	TDK-Bosch to produce advanced sensors and ICs for Apple in US; long-term MEMS microphone supplier
confirmed	Porsche (Formula E)	MLCCs, sensors, capacitors	Official Technology Partner announcement Oct 2025
confirmed	LEM International	TMR dies for EV current sensors	Development agreement Oct 2023
confirmed	AI server OEMs (unnamed)	Aluminum electrolytic capacitors for high-voltage AI server components	Q3 FY26 briefing: AI server adoption driving aluminum electrolytic demand — named as ICT growth driver
confirmed	Nearline HDD OEMs (Seagate, Western Digital, Toshiba)	HDD heads and suspension assemblies	Magnetic Application OP +380% YoY on AI-server nearline HDD demand; volumes +8% guided
probable	European Auto OEMs (unnamed)	NdFeB magnets for EV traction motors — Hungary plant	EUR 150M Hungary NdFeB plant (2024) targeting EU OEMs; no named customer disclosed