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Murata Manufacturing

6981.THIGH

Passive Components / MLCC · Weight: 15%· Data as of 2026-05-19

¥5,138-0.35%

6-month daily

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

2026-06-30rebalanceSemiannual portfolio rebalance

2026-10earningsH1 FY2026 earnings — critical: verify OP pacing vs ¥380B guidance and H2 demand trajectory

2026-H2monitoringWatch for tariff-induced H2 demand pullback in MLCC orders

2027-Q1catalystAI server power module revenue ramp — targeting ¥25B+ contribution in FY2026

Update History

2026-04-14evolveHOLD

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Deep research: AI server MLCC new growth vector (30K/server, 30% CAGR), ¥47B factory completed, price hikes Apr 1, SAW ¥43.8B impairment, 15% US tariff impact

pe:40.2540.48forward_pe:25.6625.80pb:2.892.90div_yield:1.5%1.44%thesis:EV-only growth storyAdded AI server MLCC as co-equal growth driver + new factory + price hikesrisk:Cyclical pricingAdded 15% tariff, SAW impairment, Samsung AI MLCC gap closing, H2 demand cliff

2026-05-19evolveUPGRADED

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FY2025 beat: OP ¥281.8B vs ¥270B guided. FY2026 guidance OP +34.8% to ¥380B. AI server power module mass prod 2026. Market cap updated to ¥11.57T.

pe:40.48~49.7x TTMmarket_cap:¥7.59T¥11.57Top_margin:15.1%15.4%thesis:EV+AIFY2025 beat + FY2026 +35% OP guidance + power module launch

Key Metrics

~49.7x TTM (impairment-distorted; fwd PE ~37x on FY2026 guidance)

~37x (on FY2026 OP +34.8% guidance)

Fwd PE

2.9

P/B

7.25%

ROE

15.4%

Op Margin

D/E

1.44%

Div Yield

+¥239B

FCF

¥11.57T

Mkt Cap

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[source](2025-01)
confirmed	Apple	Consumer + automotive grade MLCC	Major customer[source](2025-01)
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[source](2025-01)

Primary IR Documentation

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

IR landingMurata Manufacturing IR landing↗

Cites: Primary IR portal — financial highlights, Vision 2030, integrated reports

https://corporate.murata.com/en-global/ir

Earnings releaseConsolidated Financial Results FY2025 (Apr 30, 2026)↗

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

Press releaseMurata Begins Mass Production of Seven Automotive MLCCs (Apr 7, 2026)↗

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

Earnings releaseFY2025 Earnings Conference Apr 30, 2026 — FY2026 guidance ¥1.96T revenue, ¥380B OP↗

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

Press releaseTrendForce: Murata AI Server Power Module Mass Production 2026, ¥50B target FY2027↗

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

Sources & References

↗StockAnalysishttps://stockanalysis.com/quote/tyo/6981/statistics/↗Murata Q3 FY2026 Earningshttps://corporate.murata.com/-/media/corporate/about/newsroom/news/irnews/irnews/2026/0202b/25q3-e.ashx ↗New MLCC Factoryhttps://corporate.murata.com/en-us/newsroom/news/company/general/2026/0403 ↗AI Server MLCC Demand (TrendForce)https://www.trendforce.com/news/2025/02/06/news-murata-predicts-ai-server-related-mlcc-demand-to-double-sparking-market-rebound-in-2025/

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.