Home/Restocking Cycle — Glass Fiber / Power Semi / Passive Components/Taiyo Yuden

Taiyo Yuden

6976.TMEDIUM

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

¥6,143-3.9%

6-month daily

Investment Thesis

The catalyst company — initiated May 2026 price increases across MLCCs, inductors, ferrite beads. Mizuho upgraded to Buy. Morningstar raised fair value 25% citing tight MLCC supply and margin expansion. Highest-beta play on MLCC restocking cycle. Operating profit guided to JPY 18B (recovering from trough).

Risk

Trailing PE ~65x (trough earnings). If price increases don't stick, margins won't recover. Smaller scale = less diversification vs Murata.

Monitoring Trigger

May 1 price increase effective date — watch customer acceptance and order flow. FY2025 results in May for earnings confirmation.

Key Dates

2026-05earningsFY2025 full-year results — earnings inflection confirmation

2026-05-01catalystMLCC price increase effective date

Key Metrics

Fwd PE

1.5

P/B

3.92%

ROE

Op Margin

N/A

D/E

2.5%

Div Yield

N/A

FCF

¥241B

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
MLCC (Capacitors)	Primary	#3 global	Multi-layer ceramic capacitors for smartphones, industrial
Inductors & Ferrite	Secondary	N/A	Inductors, ferrite beads for noise suppression

Supply Chain Evidence

Evidence	Customer	Product	Detail
confirmed	Apple	MLCCs for iPhone supply chain	Key Apple supplier for passive components(2026-04)
probable	Automotive tier-1s	Automotive-grade MLCCs	Growing auto MLCC content with EV/ADAS(2026-04)

Sources & References

↗Digitimes — Taiyo Yuden price increasehttps://www.digitimes.com/news/a20260417PD209/taiyo-yuden-mlcc-murata-electronic-components-price.html ↗StockAnalysishttps://stockanalysis.com/quote/tyo/6976/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