Murata Manufacturing Co., Ltd.
6981・Prime Market・Electric Appliances
Components
Murata's core segment, manufacturing and selling capacitors, inductors and other components, accounting for approximately 63% of consolidated revenue.
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (external customers) | ¥1,159,734 million | ¥1,033,118 million | ↑ |
| Operating profit | ¥315,132 million | ¥275,150 million | ↑ |
| Operating margin | 26.8% | 26.4% | ↑ |
| ROIC (pre-tax) | 22.4% | 21.2% | ↑ |
| Capacitors revenue | ¥936,418 million | ¥831,845 million | ↑ |
| Inductors & EMI Filters revenue | ¥223,316 million | ¥201,273 million | ↑ |
Business Details
This is Murata Manufacturing's core business, with Capacitors (Multilayer Ceramic Capacitors (MLCC), etc.) and Inductors & EMI Suppression Filters as its main products. It supplies a wide range of applications including smartphones, automobiles, servers, and PCs, with revenue from external customers in FY2026 (ending March 2026) reaching ¥1,159,734 million (63.3% of consolidated revenue). The segment maintains a highly profitable structure with an operating margin of 26.8%, and ROIC (pre-tax) reached 22.4%. Manufacturing and sales are conducted globally through production sites both in Japan and overseas.
Recent Overview
Driven by demand for MLCCs for AI servers, both revenue and operating profit increased significantly year on year.
In the Components segment for FY2026 (ending March 2026), revenue increased 12.3% year on year to ¥1,159,734 million, primarily due to growth in Multilayer Ceramic Capacitors driven by a wide range of applications, particularly servers, while operating profit rose 14.5% year on year to ¥315,132 million. Operating margin improved to 26.8% (from 26.4% in the prior period), and ROIC (pre-tax) improved to 22.4% (from 21.2% in the prior period). Inductors & EMI Suppression Filters also increased due to demand for smartphones, mobility, and servers, with revenue in this category rising 11.0%. Orders received for Capacitors rose 27.7% year on year to ¥1,063,569 million, and the order backlog for Capacitors increased significantly by 89.5% to ¥269,158 million, suggesting continued demand into the next period.
Key Products
Growth Drivers
- Expanding demand driven by increased MLCC content per unit for AI servers and data centers
- Increased demand for mobility-related Capacitors, Inductors, and EMI Suppression Filters driven by progress in vehicle electrification (xEV) and AD/ADAS
- Recovery in Inductors and Capacitors for smartphones
- Improved capacity utilization and cost reduction through production capacity expansion (capital expenditure of ¥247,778 million)
- Differentiation and higher value-added products through development of world's smallest-class products
- Expanding demand for Capacitors for distributors, industrial equipment, and energy markets
Risks
- Impact on profit margins from continued downward pressure on product prices
- Demand fluctuation risk in consumer markets such as smartphones and PCs (concerns over renewed inventory adjustments)
- Foreign exchange risk (impact on revenue and profit from yen appreciation: average rate of ¥150.78 in FY2026 (ending March 2026), a yen appreciation of ¥1.79 compared to the prior period)
- Geopolitical risk and supply chain disruption risk associated with production concentration in China and Asia
- Dependence on major customers and impact of demand fluctuations
- Impact on demand and costs from trade policy developments (tariffs, etc.) in various countries
Last updated: June 24, 2026