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World's largest maker of MLCC ceramic capacitors, plus batteries, RF modules and sensors for electronics.
World's largest maker of MLCC ceramic capacitors, plus batteries, RF modules and sensors for electronics.
Sells tiny components in huge numbers into phones, cars and computers, so earnings follow device production and the supply-demand balance for capacitors. It makes its own ceramic materials and much of its own production equipment, which protects its process. Apple is a major customer, and most sales go to Asia.
In one line: Japan's dominant capacitor maker — a much bigger AVX/Kemet.
Moat: wide (scale, process know-how, customer qualification). Global #1 MLCC share built on decades of ceramic materials process know-how and deep customer qualification.
Headquarters: Kyoto, Japan · Founded: 1944 · Employees: 74,302
Size Murata Manufacturing (6981.T) is a Japan Information Technology company (Electronic Production Equipment) with a market value of $57.1B, the 29th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,882 on 6 Nov 2026.
Performance Over six months the shares fell 5.3%, against -27.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 7 in its peer set.
Growth Revenue grew 14.5% over the last twelve months (peer median +38.2%); the operating margin is 19.8% (peer median 16.8%).
Valuation It trades at 23.0× forward earnings against a peer median of 15.7× (most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +27 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 3.4 points below its cost of capital (15.9% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.02T | ¥1.83T | ¥1.74T | ¥1.64T | ¥1.69T |
| Revenue growth | — | +5% | +6% | -3% | — |
| Gross profit | ¥893B | ¥733B | ¥683B | ¥604B | ¥642B |
| EBITDA | ¥586B | ¥496B | ¥462B | ¥435B | ¥462B |
| Net income | ¥288B | ¥234B | ¥234B | ¥181B | ¥244B |
| Free cash flow | ¥231B | ¥194B | ¥284B | ¥273B | ¥93.5B |
| Capital expenditure | ¥262B | ¥252B | ¥193B | ¥236B | ¥198B |
| Total debt | ¥54.9B | ¥55.8B | ¥60.0B | ¥106B | ¥155B |
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 |
|---|---|---|---|---|---|---|
| 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% |
| Taiyo Yuden 6976.T | $5.63B | +4% | +6% | 6% | 28.8× | 47.0% |
| SamsungElecMech 009150.KS | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% |
| Yageo 2327.TW | $23.3B | +8% | +32% | 27% | 13.9× | 17.7% |
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 | 6981.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -44.7% | -39.2% | 3rd lowest of 8 |
| 6-month return | -5.3% | -27.0% | 2nd highest of 7 |
| Distance from 52-week high | -62.1% | -58.2% | 3rd lowest of 8 |
| Revenue growth (TTM) | +14.5% | +38.2% | 2nd lowest of 8 |
| Operating margin | 19.8% | 16.8% | 4th highest of 8 |
| Forward P/E | 23.0× | 15.7× | most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 29.8% | 18.1% | 2nd most demanding of 7 |
| Growth delivered (Del g) | +2.3% | +14.5% | 2nd lowest of 7 |
| Hurdle (Req g minus delivered) | +27.4 pp | +8.5 pp | most demanding of 7 |
| ROIC minus cost of capital | -3.4 pp | +16.0 pp | 2nd lowest of 8 |
| EV / EBITDA | 14.4× | 18.0× | 3rd cheapest of 6 |
| Net debt / EBITDA | -0.9× | 0.4× | least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Murata Manufacturing 6981.T | Japan | $57.1B | -5% | +15% | 20% | 23.0× | 29.8% | +2.3% |
| Delta Electronic 2308.TW | Taiwan | $82.9B | -51% | +38% | 17% | 19.0× | 18.5% | +14.4% |
| Quanta Computer 2382.TW | Taiwan | $36.0B | -10% | +63% | 3% | 10.1× | n/a | n/a |
| Teradyne TER | United States | $34.1B | -39% | +75% | 33% | 20.2× | 20.9% | +0.4% |
| Asia Vital Components 3017.TW | Taiwan | $27.4B | -15% | +99% | 24% | 17.5× | 9.0% | +28.6% |
| Flex FLEX | United States | $25.8B | -51% | +18% | 6% | 11.2× | 15.9% | +3.0% |
| Yageo 2327.TW | Taiwan | $23.3B | +8% | +32% | 27% | 13.9× | 17.7% | +14.5% |
| HKC 001399.SZ | China | $18.2B | n/a | +2% | 10% | n/a | 30.7% | +17.5% |