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Murata Manufacturing

6981.THIGH

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

Also in:AI EV

¥5,138-0.35%

6-month daily

Investment Thesis

40% global MLCC share — the toll-gate on AI infrastructure. Every Nvidia GB300 needs 30,000 MLCCs. Full AI cabinet needs 440,000. Orders at 2x capacity. Price increases 15-35% effective April 1, 2026 — Murata SETS the price, Samsung/Taiyo Yuden follow. 10-year technology lead vs China (1,000 vs 300 ceramic layers). New revenue: AI server power modules targeting JPY 50B by FY2027. Book-to-bill >1.0. AI MLCC CAGR projected 30% to 2030.

Risk

China 48% of revenue — geopolitical escalation risk. Samsung EMCO closing AI gap (40% vs 45% share) with vertical BaTiO3 integration. Silver/nickel cost inflation (60% of production cost). If AI capex cycle reverses, high-end could correct as in 2019 post-2018 super cycle.

Monitoring Trigger

Watch Q1 FY2026 book-to-bill ratio (current 1.01). Samsung AI share trajectory. China rare earth export controls impact on BaTiO3 supply. AI capex guidance from hyperscalers (Microsoft, Google, Amazon).

Key Dates

2026-05earningsFY2025 full-year results

2026-05catalystExpected MLCC price increase announcement (following Taiyo Yuden)

Update History

2026-05-19evolveUPGRADED

View report →

Cross-update from EV evolve: FY2025 beat + FY2026 OP +34.8% guidance. Power module mass prod 2026.

pe:~40x~49.7x TTM (fwd ~37x)

Key Metrics

~49.7x TTM (fwd ~37x on FY2026 guidance)

18.23

Fwd PE

2.8

P/B

8.09%

ROE

15.1%

Op Margin

N/A

D/E

1.39%

Div Yield

N/A

FCF

¥11.57T

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
MLCC (Capacitors)	¥694B	40% global	Multi-layer ceramic capacitors for smartphones, auto, AI servers
Communication Modules	Secondary	N/A	WiFi/Bluetooth modules, SAW/BAW filters

Supply Chain Evidence

Evidence	Customer	Product	Detail
confirmed	Apple	MLCCs for iPhone, Mac, AirPods	Estimated ~30% of Murata revenue from Apple supply chain[source](2026-04)
probable	Nvidia ecosystem	High-cap MLCCs for AI servers (30,000 per server)	AI server MLCC content 6x normal server[source](2026-04)

Sources & References

↗Evertiq — Murata new MLCC buildinghttps://evertiq.com/design/2026-04-07-murata-completes-new-mlcc-production-building-in-japan ↗StockAnalysishttps://stockanalysis.com/quote/tyo/6981/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