Murata Manufacturing Co., Ltd. 6981
TokyoElectronic components and instrumentsFinancials to Sep 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| ¥B | Mar 31 | Sep 30 |
|---|---|---|
| Cash | 653.7 | 600.6 |
| Securities | 11.4 | – |
| Debt | 3.3 | 2.6 |
| Net cash | 661.9 | – |
| Equity | 2,718.7 | 2,759.1 |
- Debt / EBITDA
- 0.00×
- Debt / equity
- 0.00×
- Leases (9/30/26)
- ¥52.3B
- Diluted shares
- 1,820M
- Book value / share
- ¥1,516.31
- Price / book
- 3.5×
- Net cash / share
- –
- Market cap
- ¥9.53T
- Enterprise value
- –
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 20.9% | +15.6 pts | |
| Operating margin | 25.1% | +3.8 pts | |
| FCF margin | 21.9% | +4.5 pts | |
| Capex / revenue | 7.5% | -1.3 pts | |
| Capacitor revenue | ¥323.1B | +36% | |
| Inductor and EMI-filter revenue | ¥70.7B | +21% | |
| RF devices and communications-module revenue | ¥112.3B | -7% | |
| Components operating profit | ¥142.0B | +64% | |
| Gross margin | 45.7% | +2.9 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About 6981
Murata makes ceramic capacitors, inductors, radio components, batteries and sensors. Capacitors supplied 51% of revenue in the year ended March 2026.
- Capex Knowhow Scale
High-end MLCC leadership is reinforced by integrated materials-to-product manufacturing, miniaturization and reliability know-how, the industry's largest company-reported supply capacity, and a 40% company-estimated global share.
- Capex Knowhow Scale
Murata groups inductors and EMI filters with capacitors as first-layer component businesses built on materials, manufacturing, supply, and cost capabilities.
- IP Choke Point
Murata combines SAW-filter process, manufacturing, and supply scale with proprietary I.H.P.-SAW and acquired XBAR technology.
- Oct 1, 2026
Murata agreed to merge Saitama Murata and close its development site in May 2027, consolidating staff and functions with minimal expected impact on group results.
- Sep 30, 2026
Murata began mass production of a smaller three-terminal MLCC that reduces mounting area by about 64%, supporting its miniaturization capability.
- Sep 28, 2026
Murata signed an alliance with Melt Interface Technologies to develop sensing-based input devices for AI and robotics; the announced products have no disclosed contract revenue.
- Sep 1, 2026
Murata announced approximately JPY6.2 billion for a Thai EMI-filter building to meet demand, with completion planned for November 2027.
- Aug 11, 2026
The Ninth Circuit affirmed dismissal of the Resonant tender-offer shareholder suit, removing that pleaded legal claim without establishing the acquisition’s commercial success.
Ownership
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On this page
Financial record
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM | Trend | Change 2017–26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (¥) | |||||||||||||
| Revenue | 593.31 | 715.64 | 820.64 | 799.26 | 849.32 | 944.29 | 889.49 | 868.18 | 932.79 | 999.52 | 1,109.47 | +6.0%/yr | |
| Cash flow | 127.45 | 117.50 | 145.81 | 182.53 | 194.63 | 219.57 | 146.41 | 259.18 | 241.79 | 232.14 | 259.91 | +6.9%/yr | |
| Earnings | 81.54 | 76.21 | 107.82 | 95.35 | 123.51 | 163.65 | 128.64 | 95.72 | 125.11 | 127.70 | 158.10 | +5.1%/yr | |
| Free cash flow | 44.59 | -42.44 | -6.12 | 33.55 | 90.49 | 141.15 | 42.23 | 134.14 | 138.61 | 94.45 | 115.66 | +8.7%/yr | |
| Capex | 82.86 | 159.95 | 151.92 | 148.98 | 104.13 | 78.42 | 104.18 | 125.04 | 103.18 | 137.69 | 144.25 | +5.8%/yr | |
| Dividends | 24.39 | 26.64 | 30.00 | 31.22 | 35.00 | 40.00 | 48.52 | 50.00 | 54.35 | 60.45 | 65.16 | +10.6%/yr | |
| Book value | 707.89 | 759.86 | 835.72 | 882.65 | 1,000.73 | 1,179.29 | 1,244.49 | 1,353.04 | 1,380.88 | 1,484.25 | 1,516.31 | +8.6%/yr | |
| Diluted shares (M) | 1,914 | 1,917 | 1,919 | 1,919 | 1,919 | 1,919 | 1,896 | 1,889 | 1,869 | 1,832 | 1,820 | -0.5%/yr | |
| Totals (¥B) | |||||||||||||
| Revenue | 1,135.5 | 1,371.8 | 1,575.0 | 1,534.0 | 1,630.2 | 1,812.5 | 1,686.8 | 1,640.2 | 1,743.4 | 1,830.9 | 2,018.8 | +5.5%/yr | |
| Operating income | 201.2 | 163.3 | 266.8 | 253.2 | 313.2 | 424.1 | 298.2 | 215.4 | 279.7 | 281.8 | 362.6 | +3.8%/yr | |
| Net income | 156.1 | 146.1 | 206.9 | 183.0 | 237.1 | 314.1 | 243.9 | 180.8 | 233.8 | 233.9 | 287.7 | +4.6%/yr | |
| Free cash flow | 85.3 | -81.4 | -11.7 | 64.4 | 173.7 | 270.9 | 80.1 | 253.4 | 259.1 | 173.0 | 210.5 | +8.2%/yr | |
| Buybacks | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 80.0 | 0.0 | 80.0 | 100.0 | 99.2 | +118.5%/yr | |
| Dividends | 46.7 | 51.1 | 57.6 | 59.9 | 67.2 | 76.8 | 92.0 | 94.5 | 101.6 | 110.7 | 118.6 | +10.1%/yr | |
| Net cash | 350.7 | 206.2 | 155.7 | 175.2 | 340.1 | 457.5 | 369.1 | 573.9 | 664.4 | 661.9 | – | +¥311.2B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 38.1 | 32.4 | 38.1 | 37.9 | 38.2 | 42.4 | 39.9 | 38.8 | 41.2 | 42.3 | 44.2 | +4.2 pts | |
| Operating margin | 17.7 | 11.9 | 16.9 | 16.5 | 19.2 | 23.4 | 17.7 | 13.1 | 16.0 | 15.4 | 18.0 | -2.3 pts | |
| Net margin | 13.7 | 10.6 | 13.1 | 11.9 | 14.5 | 17.3 | 14.5 | 11.0 | 13.4 | 12.8 | 14.3 | -1.0 pts | |
| FCF margin | 7.5 | -5.9 | -0.7 | 4.2 | 10.7 | 14.9 | 4.7 | 15.5 | 14.9 | 9.4 | 10.4 | +1.9 pts | |
| ROIC | 15.4 | 10.1 | 14.2 | 12.9 | 15.3 | 18.1 | 11.5 | 8.4 | 11.3 | 10.6 | – | -4.9 pts | |
| Return on equity | 11.5 | 10.0 | 12.9 | 10.8 | 12.3 | 13.9 | 10.3 | 7.1 | 9.1 | 8.6 | 10.4 | -2.9 pts | |
| R&D % of revenue | 7.2 | 6.9 | 6.4 | 6.7 | 6.2 | 6.1 | 7.4 | 8.1 | 8.6 | 8.7 | 8.4 | +1.5 pts | |
| Stock pay % of revenue | – | – | – | – | – | – | 0.0 | 0.0 | 0.0 | 0.1 | – | – | |
| Capex % of revenue | 14.0 | 22.4 | 18.5 | 18.6 | 12.3 | 8.3 | 11.7 | 14.4 | 11.1 | 13.8 | 13.0 | -0.2 pts | |
Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- Capacitors (primarily MLCC)51.1%1 claim
- Inductors and EMI Filters12.2%1 claim
- High-Frequency Devices and Communications Modules21.6%1 claim
- Batteries and Power Supply8.4%No moat
- Functional Devices (including sensors)5.8%No moat
- Other0.8%No moat
Moat claims
- Applies to
- Capacitors (primarily MLCC)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
High-end MLCC leadership is reinforced by integrated materials-to-product manufacturing, miniaturization and reliability know-how, the industry's largest company-reported supply capacity, and a 40% company-estimated global share. The advantage is strongest in demanding automotive and data-center grades; standard MLCCs remain exposed to price declines and rival capacity.
June-quarter capacitor revenue rose 30.0% to JPY282.508 billion and component operating profit reached JPY113.550 billion, but currency and factory use helped while selling prices still fell.
- Capacitor revenue¥323.1B+36%
- Components operating profit¥142.0B+64%
- Industry overcapacity leading to price wars
- Fast catch-up by major rivals (process tech and capacity)
- Geopolitical and supply-chain disruptions
- SourceMurata Value Report 2024 - MLCC manufacturing and supply scaleOct 23, 2024
- SourceMurata Q1 FY2026 presentation - component profit sensitivityJul 31, 2026
- Applies to
- Inductors and EMI Filters
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Murata groups inductors and EMI filters with capacitors as first-layer component businesses built on materials, manufacturing, supply, and cost capabilities. Company-estimated shares of 60% in RF inductors and 40% in EMI filters indicate meaningful scale, but the combined category spans less differentiated products and capable rivals can multi-source or catch up.
June-quarter revenue rose 22.4% to JPY64.254 billion and Murata committed about JPY6.2 billion to more EMI-filter capacity; price declines and multi-sourcing still constrain the advantage.
- Inductor and EMI-filter revenue¥70.7B+21%
- Components operating profit¥142.0B+64%
- TDK, Taiyo Yuden, Yageo, and other rivals expand comparable capacity or performance
- Customer multi-sourcing and price declines overwhelm scale economics
- Materials inflation or utilization declines compress component margins
- SourceMurata Value Report 2024 - first-layer component capabilitiesOct 23, 2024
- SourceMurata Q1 FY2026 presentation - component profit sensitivityJul 31, 2026
- Applies to
- High-Frequency Devices and Communications Modules
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 6, 2026
Murata combines SAW-filter process, manufacturing, and supply scale with proprietary I.H.P.-SAW and acquired XBAR technology. This remains a differentiated RF capability, but the company-estimated SAW share fell to 40% in the 2024 value report, the entire Resonant goodwill was impaired in FY2025, and China-based competition and delayed high-frequency adoption weaken durability.
FY2026 RF and communications revenue fell 11.0% to JPY394.829 billion and JPY43.798 billion of Resonant goodwill was written off; the latest wider segment still lost JPY12.902 billion despite higher sales.
- RF devices and communications-module revenue¥112.3B-7%
- Technology substitution (e.g., different filter architectures)
- Customer vertical integration or tighter co-design with competitors
- Regulatory/export restrictions affecting RF supply chains
- China-based competitors continue taking share in standard SAW filters
- XBAR adoption remains behind the original commercialization timetable
- SourceMurata corporate announcement - Resonant acquisition and XBAR technologyMar 29, 2022
- SourceMurata Q3 FY2025 presentation - Resonant impairment counterevidenceFeb 2, 2026
Profile change log
- Oct 6, 2026 · business change
Murata agreed to merge Saitama Murata and close its development site in May 2027, consolidating staff and functions with minimal expected impact on group results.
- Oct 6, 2026 · business change
Murata began mass production of a smaller three-terminal MLCC that reduces mounting area by about 64%, supporting its miniaturization capability.
- Oct 6, 2026 · business change
Murata signed an alliance with Melt Interface Technologies to develop sensing-based input devices for AI and robotics; the announced products have no disclosed contract revenue.
- Oct 6, 2026 · business change
Murata announced approximately JPY6.2 billion for a Thai EMI-filter building to meet demand, with completion planned for November 2027.
- Oct 6, 2026 · business change
The Ninth Circuit affirmed dismissal of the Resonant tender-offer shareholder suit, removing that pleaded legal claim without establishing the acquisition’s commercial success.
- Oct 6, 2026 · business change
Murata raised its March 2027 revenue forecast to JPY2.110 trillion and operating profit forecast to JPY430 billion as data-center demand and yen depreciation exceeded its earlier assumptions.
- Oct 6, 2026 · business change
Murata wrote off JPY43.798 billion of Resonant goodwill as Chinese SAW-filter competition increased and higher-frequency demand arrived later than expected, weakening the RF investment case.
- Oct 6, 2026 · business change
Murata acquired Sony’s battery business, broadening its cell portfolio and adding production and integration risk.
- Oct 6, 2026 · analyst revision
Segment weights now use the full year ended March 2026 rather than one quarter. The 38%-42% MLCC and SAW ranges are replaced by Murata’s stated 40% estimates. Added sourced trajectories, operating KPI history, debate, management and end-market context; moat strengths and evidence statuses are unchanged.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global multilayer ceramic capacitors
Multilayer ceramic capacitors supplied as components to electronics, vehicle and industrial manufacturers. Excludes other capacitor technologies and completed electronic equipment.
- Murata
- Samsung Electro-Mechanics
- Taiyo Yuden
- TDK
- Yageo
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| 6981 | 63 | 44.2% | 18.0% | |
| Industry median | 10 | 62 | 48.2% | 18.0% |
| Sector median | 77 | 75 | 64.7% | 23.8% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- AI servers need more high-capacitance parts as computing power and board complexity rise. This has a strong effect on high-end demand.
- Vehicle electronics, electric drivetrains and driver-assistance systems increase the number and reliability requirements of capacitors.
- Miniaturization creates demand for thinner ceramic layers and smaller packages, which favor suppliers that can hold quality at high volume.
- Exchange rates strongly affect Japanese suppliers: dollar sales rise in yen when the yen weakens, while global pricing and imported inputs limit the benefit.
- Consumer-device replacement and channel inventories remain cyclical; high order growth can include precautionary stockpiling.
- Rival capacity additions and customer multi-sourcing can end shortages and restore price pressure.
- Chinese suppliers entering customer qualification can take standard-product demand and gradually challenge higher grades.
- Nickel, copper, energy costs, tariffs and export restrictions can raise costs or disrupt supply.
Bulls & bears
Can high-end capacitor and inductor demand sustain profitable growth after currency and utilization gains fade, while RF, battery and sensor investments earn a return?
Arguments
What to watch
- 1Capacitor and inductor/EMI revenue and Components operating profit
- 2Devices and Modules operating profit and RF revenue
- 3Cash capex, operating cash flow and factory utilization
Next check: Next quarterly or annual results; monitor the new September operating data, cash conversion and investment commitments. Exact next results date remains unconfirmed.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 63/100 by <a href="https://www.findmymoat.com/stocks/XTKS:6981">Find My Moat</a> (as of September 2026)Curation & Accuracy
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