TDK Corp

6762.THIGH

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

Update History

2026-04-19evolveHOLD

View report →

Q3 FY26 (Feb 2026) record 9M results. FY26 guidance raised: sales ¥2,370-2,470B (+12%), OP +18%. Magnetic OP +380% on AI-server HDD. Q4 guided -8 to -11% seq on BEV weakness. StockAnalysis PE 26.5x / fwd 23.7x (higher than prior 23.4/20.9).

pe:23.4126.51forward_pe:20.9423.71pb:2.082.35roe:9.5%11.4%div_yield:1.6%1.4%market_cap:¥4.38T¥4.97Tthesis:priorQ3 FY26 record + AI-server HDD head inflection addedsupply_chain:3 entries6 entries (added Apple, AI-server OEMs, HDD OEMs)key_dates:3 entries6 entries

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[source](2026-01)
confirmed	Porsche (Formula E)	MLCCs, sensors, capacitors	Official Technology Partner announcement Oct 2025[source](2025-10)
confirmed	LEM International	TMR dies for EV current sensors	Development agreement Oct 2023[source](2023-10)
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[source](2026-02)
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[source](2026-02)
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

Primary IR Documentation

Values and insights cited from official company IR releases (earnings, 決算短信, MoUs, presentations).

IR landingTDK Investor Relations landing↗

Cites: Primary IR portal

https://www.tdk.com/en/ir/index.html

Earnings releaseConsolidated Financial Results for FY March 2026 (Apr 28, 2026)↗

Cites: FY2026 record results — strategic pivot toward AI ecosystem applications; supports ¥2.3T FY27 target

https://www.tdk.com/system/files/2026042800_0mqf56xw_en.pdf

Earnings releaseConsolidated Financial Results Q3 FY March 2026 (Feb 2, 2026)↗

Cites: Q3 FY26 record net income — net sales ¥675.2B (+16.2% YoY); raised FY guidance to ¥2,370–2,470B

https://www.tdk.com/system/files/2026020200_tpcdg8if_en.pdf

Sources & References

↗StockAnalysishttps://stockanalysis.com/quote/tyo/6762/statistics/↗Yahoo Finance JPhttps://finance.yahoo.co.jp/quote/6762.T

Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
Murata Manufacturing	~49.7x TTM (impairment-distorted; fwd PE ~37x on FY2026 guidance)	~37x (on FY2026 OP +34.8% guidance)	7.25%	15.4%	+¥239B
TDK Corp	26.51	23.71	11.4%	12.4%	+¥169B
Fuji Electric	20.59	17.97	8.2%	8.7%	+¥51B
Sumitomo Metal Mining	28.63	19.76	5.0%	5.0%	+¥87B
AGC Inc	17.89	14.7	4.7%	6.2%	+¥65B
Kureha Corp	N/A	19	-6.7%	-11.1%	~est. negative (capex ongoing)
Asahi Kasei	13.4	12.9	7.7%	7.5%	+¥134B
Mitsubishi Electric	32.85	30.6	10.1%	9.1%	+¥317B
Nidec Corp			6.3%	5.0%	+¥174B
Hirose Electric	23.3	23.5	9.0%	20.3%	~+¥36B
Sumitomo Electric	25.5	29.7	10.2%	8.2%	+¥102B (est.)
Resonac Holdings	83.53	~31.6x	5.72%	4.3%	+¥24B
Rohm Co.	Loss (NI -¥158.4B SiC impairment)	~125x (near-breakeven NI; FY2028 target >20% OP margin)	Loss	+1.6% Q3 FY2026 (recovering from -9.0% year ago)	-¥44B
Shindengen Electric Manufacturing Co., Ltd.	30.8	N/A	N/A	N/A	N/A
GS Yuasa Corporation	11.04	N/A	9.59%	N/A	N/A
Mitsuba Corporation	5.5	N/A	N/A	N/A	N/A
Daido Steel Co., Ltd.	~11x	N/A	N/A	N/A	+est.
Nippon Seiki Co., Ltd.	12.45	12.05	N/A	N/A	+confirmed
Musashi Seimitsu Industry Co., Ltd.	31.6	N/A	N/A	11.1%	N/A
Stanley Electric Co., Ltd.	13.8		4.5%	6.3%	N/A
Honda Motor Co., Ltd.	7.77		5.82%	7.0%	N/A
Mitsui High-tec, Inc.	15.3	13	11.8%	5.8%	-¥12B
MinebeaMitsumi Inc.	18.7	13.75	9.1%	6.2%	-¥21B
Ryobi Limited	~8x	N/A	4.4%	3.2%	N/A
Tokai Rika Co., Ltd.	~8x	N/A	10.9%	5.9%	+est. ¥15-20B
Nippon Chemi-Con Corporation	91	7	3.1%	2.9%	~0 (thin; ¥20B capex planned)
Japan Aviation Electronics Industry, Ltd.	13.7		5.1%	7.1%	thin (¥63B capex over 3yr)
ARCHION Corporation	11	11	~6%	~2.0%	Negative on integration capex through FY2027
Alps Alpine Co., Ltd.	18.3	N/A	N/A	2.4%	N/A
Nichicon Corporation	16.74	N/A	N/A	3.8%	N/A
Mikuni Corporation	4.2	N/A	N/A — confirm vs J-Quants	N/A — thin, est. 1-3%	N/A
T.RAD Co., Ltd.	N/A — confirm vs StockAnalysis	N/A	N/A — confirm vs J-Quants	N/A	N/A
Renesas Electronics Corporation	N/A (EPS negative — IDT amortization ¥370B/yr; operating profit positive)	N/A	~10.5% (pre-impairment FY2025; currently impaired by amortization)	N/A — confirm vs J-Quants	N/A
Shin-Etsu Chemical Co., Ltd.	24.79x TTM	22.32x (pre-PVC recovery)	~10.5-11.5%	~24.7% (FY2026; compressed -14.4% from PVC weakness)	+¥739.4B (FY2025 — outstanding)
Sumitomo Bakelite Co., Ltd.	~17.2x TTM	~12.0x (FY2025 guidance ¥25.5B NI)	6.54%	10.3% (FY2025 guidance)	+¥46B est (EV/FCF 8.73x, EV ~¥400B)
NSK Ltd	32.12	22.70	1.8%	2.96%	+¥44B (est.)
Toray Industries Inc	25.97	16.62	3.19%	5.0%	N/A
SMC Corporation	29.0	27.24	7.9%	N/A	+¥200B (est., high net income + minimal capex)
Mitsui Kinzoku Company, Limited	~29.7x TTM / ~22.3x forward (StockAnalysis/Simply Wall St, May 2026)	~22.3x	~18.4%	~15.6% (implied: OP ¥117B / revenue ¥750B FY2025E)	N/A (verify J-Quants; positive expected given OP margins)
UBE Corporation	~8.4x TTM (cheaply valued)	N/A	~5.1% (WARNING: below TSE 8% target — ROE guardrail triggered. Override: capex-heavy transition period; electrolyte growth pipeline.)	~4.7% (thin — monitor for recovery to 7%+)	N/A (capex-heavy with Louisiana plant — verify against J-Quants when available)
Taiyo Yuden Co., Ltd.	20.79x TTM (StockAnalysis, May 2026)	27.52x (FY2026 guidance: +8% revenue, +50% OP income)	3.92%	~3.3% TTM (trough); guided to ~4.8–5% FY2026 on +50% OP recovery	N/A
F.C.C. Co., Ltd.	9.5x	N/A	N/A	N/A	N/A
Nittoku Co., Ltd.	14.12x	15.45x	N/A	N/A	N/A
NOK Corporation	15.5x	N/A	~3-5%	4.9%	N/A
Yokowo Co., Ltd.	N/A	N/A	N/A	5.1%	N/A
Yamaha Motor Co., Ltd.	7.5	N/A	1.4%	5.0%	+¥52.5B
Hioki E.E. Corporation	27.8x	N/A	N/A	N/A	N/A
Tsubakimoto Chain Co.	~11.2x	N/A	8.75%	~8.1%	est. +¥20-25B
Central Glass Co., Ltd.	17.7x	~14x (26% EPS growth forecast; analyst consensus)	~8.2% (est: NI ¥8.36B / book value ¥101B)	~3.2% (compressed; was ~6-9% pre-Chinese LiPF6 price war)	N/A (J-Quants not available; cross-validate before entry)
CKD Corporation	~36x	~20x (analyst forecast; likely conservative given 35.7% recent earnings growth)	9.19%	12.4%	N/A
Panasonic Holdings Corporation	32.4x	~15x (FY2027 NI expected +2.2x from ¥75B base)	4.77% (FY2026 trough; guided higher FY2027)	~2.9% (FY2026: OP ¥236.4B / Revenue ¥8,049B; compressed by restructuring charges)	N/A (Panasonic Energy capex-heavy; cross-validate before entry)
UACJ Corporation	15.46x	~22x (FY2027 NI guided ¥28B from ¥38.8B; NI decline; caution)	11.21%	~5.4% (Q3 FY2026 9M operating profit margin improving from prior year)	N/A (capital-intensive aluminum rolling; verify before entry)
Kanto Denka Kogyo Co., Ltd.	N/A (loss year FY2026 due to fire). Forward PE ~32x on FY2027 guided EPS ¥118.3	~32x (FY2027 guided NI ¥6.8B / shares 57.46M = ¥118.3 EPS; price ¥3,775)	-4.74% (FY2026 fire loss). FY2027 guided ROE ~10% (¥6.8B NI / ¥68B book)	~8.7% guided FY2027 (¥10B OP / ¥95B revenue). Depressed in FY2026 (fire losses)	Negative FY2026 (fire year). Recovery expected FY2027.