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Makes MLCC capacitors, inductors and other passive electronic components for smartphones, autos and electronics.
Makes MLCC capacitors, inductors and other passive electronic components for smartphones, autos and electronics.
Sells passive parts, the capacitors and coils every circuit board needs, in very large volumes at small unit prices, so earnings follow how many parts go into each device and how tight MLCC supply is. Automotive and server uses add parts per product and are less seasonal than phones.
In one line: A smaller Murata/TDK peer.
Moat: narrow (process know-how, customer qualification). Established MLCC manufacturing know-how, but smaller scale than Murata/TDK/Samsung Electro-Mechanics.
Headquarters: Tokyo, Japan · Founded: 1950 · Employees: 20,604
Size Taiyo Yuden (6976.T) is a Japan Information Technology company (Electronic Components) with a market value of $5.63B, the 220th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥6,674 on 6 Nov 2026.
Performance Over six months the shares gained 4.4%, against -15.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 5.6% over the last twelve months (peer median +23.2%); the operating margin is 5.8% (peer median 11.7%).
Valuation It trades at 28.8× forward earnings against a peer median of 29.1× (10th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 47% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +44 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 13.8 points below its cost of capital (17.3% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥364B | ¥355B | ¥341B | ¥323B | ¥320B |
| Revenue growth | — | +4% | +6% | +1% | — |
| Gross profit | ¥84.6B | ¥78.2B | ¥68.5B | ¥63.0B | ¥85.6B |
| EBITDA | ¥70.8B | ¥68.6B | ¥56.4B | ¥48.3B | ¥66.8B |
| Net income | ¥18.2B | ¥14.8B | ¥2.33B | ¥8.32B | ¥23.2B |
| Free cash flow | n/a | ¥17.1B | -¥28.8B | -¥28.8B | -¥23.9B |
| Capital expenditure | n/a | ¥41.1B | ¥62.7B | ¥79.9B | ¥63.3B |
| Total debt | ¥148B | ¥187B | ¥171B | ¥155B | ¥103B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Taiyo Yuden 6976.T | $5.63B | +4% | +6% | 6% | 28.8× | 47.0% |
| Murata Manufacturing 6981.T | $57.1B | -5% | +15% | 20% | 23.0× | 29.8% |
| Tdk 6762.T | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% |
| SamsungElecMech 009150.KS | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% |
| Kyocera 6971.T | $23.4B | +3% | +7% | 6% | 22.5× | 21.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6976.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -40.1% | -31.4% | 4th lowest of 21 |
| 6-month return | +4.4% | -15.0% | 4th highest of 21 |
| Distance from 52-week high | -72.3% | -49.6% | lowest of 21 |
| Revenue growth (TTM) | +5.6% | +23.2% | 2nd lowest of 21 |
| Operating margin | 5.8% | 11.7% | 7th lowest of 21 |
| Forward P/E | 28.8× | 29.1× | 10th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 47.0% | 24.1% | 2nd most demanding of 8 |
| Growth delivered (Del g) | +3.4% | +14.3% | lowest of 8 |
| Hurdle (Req g minus delivered) | +43.6 pp | +9.9 pp | most demanding of 8 |
| ROIC minus cost of capital | -13.8 pp | -2.0 pp | lowest of 21 |
| EV / EBITDA | 13.2× | 25.3× | 4th cheapest of 9 |
| Net debt / EBITDA | 0.7× | -0.5× | 3rd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Taiyo Yuden 6976.T | Japan | $5.63B | +4% | +6% | 6% | 28.8× | 47.0% | +3.4% |
| Founder Technology 600601.SS | China | $5.70B | -27% | +73% | 19% | 47.6× | n/a | n/a |
| ITEQ 6213.TW | Taiwan | $5.45B | +75% | +16% | 9% | 16.6× | n/a | n/a |
| Lotes 3533.TW | Taiwan | $5.39B | -36% | +13% | 28% | 17.6× | 1.9% | +14.3% |
| Dynamic Electronics 603175.SS | China | $5.37B | -15% | +15% | 5% | n/a | n/a | n/a |
| Compeq Manufacturing 2313.TW | Taiwan | $5.93B | -42% | +8% | 11% | 15.9× | 14.6% | +4.7% |
| Shenzhen Everwin Precision Technology 300115.SZ | China | $5.95B | -12% | +19% | 2% | 124.0× | n/a | n/a |
| Advanced Fiber Resources Zhuhai 300620.SZ | China | $6.50B | -27% | +86% | 18% | 107.0× | n/a | n/a |
| Sichuan Huafeng Technology 688629.SS | China | $4.85B | -49% | +46% | 9% | 87.5× | n/a | n/a |
| Shenzhen Fastprint Circuit Tech 002436.SZ | China | $6.54B | -7% | +26% | 6% | 57.3× | n/a | n/a |
| Tripod Technology 3044.TW | Taiwan | $6.57B | -15% | +21% | 19% | 10.7× | n/a | n/a |
| Wuhan Jingce Electronic 300567.SZ | China | $4.80B | -14% | +31% | 0% | 119.3× | n/a | n/a |
| Jiangxi Redboard Technology 603459.SS | China | $6.70B | -4% | +36% | 17% | n/a | 53.4% | +36.1% |
| Orbbec 688322.SS | China | $6.73B | +37% | +1% | 0% | 202.4× | n/a | n/a |
| Guangdong Kingshine Electronic Technology 300903.SZ | China | $4.69B | +45% | +36% | 4% | 276.3× | n/a | n/a |
| VICR VICR | United States | $6.78B | -43% | +41% | 25% | 25.9× | 46.0% | +6.6% |
| Silergy 6415.TW | Taiwan | $4.58B | -11% | +13% | 12% | 30.5× | n/a | n/a |
| Camtek CAMT | United States | $4.53B | -53% | +12% | 23% | 19.6× | 29.7% | +26.1% |
| TTM Technologies TTMI | United States | $7.01B | -58% | +38% | 12% | 8.5× | 24.1% | +6.7% |
| Delton Technology (Guangzhou) 001389.SZ | China | $4.43B | -48% | +77% | 25% | 18.6× | n/a | n/a |
| Nantong Jianghai Capacitor 002484.SZ | China | $4.28B | -15% | +17% | 14% | 27.6× | 23.2% | +15.9% |