Murata Manufacturing
6981.THIGHScore: 63.2Passive Components / MLCC · Weight: 15%· Data as of 2026-05-19
Investment Thesis
~50% global automotive MLCC share. FY2025 actuals: Revenue ¥1.83T (+5.0%), OP ¥281.8B (+0.8%, suppressed by ¥43.8B SAW impairment), NI ¥233.9B. FY2026 guidance: Revenue ¥1.96T (+7.1%), OP ¥380B (+34.8%) — massive recovery as impairment is one-off. AI server MLCCs: 30% CAGR confirmed, ~15,000-25,000 MLCCs per server. AI server power modules: mass production starting 2026, targeting ¥50B by FY2027. New ¥47B factory operational. Price hikes confirmed Apr 1. Near-zero debt (D/E 0.02).
Risk
1) Tariff front-loading: H1 FY2026 demand pulled forward — H2 demand cliff risk. 2) Samsung closing AI MLCC gap (40% vs Murata 45%) — market share erosion possible. 3) PE TTM ~49.7x elevated (impairment-distorted; forward PE ~37x more reasonable). 4) SAW filter business structurally impaired (¥43.8B goodwill written off). 5) Yen strengthening risk on export earnings.
Monitoring Trigger
H1 FY2026 results (Oct 2026): Verify revenue pacing vs ¥1.96T guidance; watch H2 demand cliff from tariff front-loading. AI server power module revenue: If ¥25B+ by end FY2026, ADD to 17%. If Samsung AI MLCC share exceeds Murata, TRIM to 12%.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Components (MLCC) | ¥694B (9M, +10.1% YoY) | ~51% | Automotive/industrial/AI server MLCC, world #1. 7 new automotive parts launched Apr 7. |
| Devices & Modules | ~¥480B (9M est) | ~35% | SAW/BAW filters (impaired ¥43.8B), RF modules, connectivity |
| Other (incl. AI server power modules) | ~¥196B (9M est) | ~14% | Batteries, sensors, AI server power modules (mass production 2026, ¥50B target by FY2027) |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Tesla | Automotive-grade MLCC (9,000+ per Model 3) | WSJ/Benzinga cited; primary MLCC supplier |
| confirmed | Apple | Consumer + automotive grade MLCC | Major customer |
| probable | Toyota/Honda | Automotive MLCC | Murata supplies most Japanese OEMs |
| confirmed | AI hyperscalers (CSP) | AI server MLCCs (~30,000 per server) + power modules | In discussions with major CSP. #3 cost item in AI server BOM after GPU & memory |
Primary IR Documentation
Values and insights cited from official company IR releases (earnings, 決算短信, MoUs, presentations).
Cites: Primary IR portal — financial highlights, Vision 2030, integrated reports
https://corporate.murata.com/en-global/ir
Cites: Full year FY2025: revenue ¥1,830.8B, operating profit ¥281.8B — supports >¥2T FY27 trajectory
https://corporate.murata.com/-/media/corporate/about/newsroom/news/irnews/irnews/2026/0430/25q4-e-fls.ashx
Cites: Seven AEC-Q200 automotive MLCCs — confirms ~50% global auto MLCC share thesis
https://www.businesswire.com/news/home/20260407486750/en/Murata-Begins-Mass-Production-of-Seven-Automotive-MLCCs-with-World-leading-Capacitance-for-Their-Rated-Voltage-and-Size-Supporting-Stable-Operation-of-In-vehicle-Systems-and-Greater-Design-Flexibility
Cites: FY2025 actual: ¥1.83T rev, ¥281.8B OP; FY2026 guidance: ¥1.96T rev, ¥380B OP (+34.8%)
https://corporate.murata.com/-/media/corporate/about/newsroom/news/irnews/irnews/2026/0430b/25q4-e-speach.ashx
Cites: Power module mass production 2026, ¥50B by FY2027, working with one major CSP
https://www.trendforce.com/news/2025/12/17/news-murata-reportedly-to-mass-produce-ai-server-power-modules-in-2026-targets-%C2%A550b-by-fy27