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TDK Corporation

6762.TMEDIUM

Passive Components / Magnets / Sensors · Weight: 10%· Data as of 2026-04-20

Also in:EV

¥2,775.5-3.98%

6-month daily

Investment Thesis

Raised full-year guidance to JPY 2.37T revenue, JPY 245B operating profit, JPY 180B net profit. Forward PE 12.3x is cheap for quality. Diverse passive portfolio (ceramic caps, film caps, inductors, ferrites). Managing nickel/palladium costs via copper electrode substitution.

Risk

Passive segment revenue down 3.4% YoY from auto softness. Battery segment volatility. Less pure-play passive vs Murata.

Monitoring Trigger

Watch for passive component price increase announcements following Taiyo Yuden/Murata. Auto recovery in H2 would lift passive segment.

Key Dates

2026-05earningsFY2026 full-year results confirmation

Key Metrics

12.3

Fwd PE

P/B

8.32%

ROE

10%

Op Margin

N/A

D/E

1.5%

Div Yield

N/A

FCF

¥5.07T

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
Passive Components	Major	#2 Japan	Ceramic caps, inductors, ferrites, film caps
Sensor Application	Secondary	N/A	MEMS sensors, temperature sensors
Energy Application	Major	N/A	Rechargeable batteries (consumer, EV)

Supply Chain Evidence

Evidence	Customer	Product	Detail
confirmed	Apple	Inductors and passive components for iPhones	Major Apple supply chain participant(2026-04)
probable	Automotive OEMs	Passive components for EV battery management	Growing automotive content per vehicle(2026-04)

Sources & References

↗StockAnalysishttps://stockanalysis.com/quote/tyo/6762/statistics/

Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
Nitto Boseki	29	22	13%	13%	N/A
Murata Manufacturing	~49.7x TTM (fwd ~37x on FY2026 guidance)	18.23	8.09%	15.1%	N/A
Fuji Electric	20.6	18	13%	11%	N/A
TDK Corporation	21	12.3	8.32%	10%	N/A
Taiyo Yuden	65	28	3.92%	5%	N/A
Rohm	Loss (FY2025 NI -¥158.4B SiC impairment)	15	Loss	1%	N/A
Asahi Kasei	13.4	12	7.8%	7%	N/A
Arisawa Manufacturing	14.85	14.54	6.85%	7%	N/A