Murata Manufacturing (6981)
Murata Manufacturing (6981) is the world’s largest maker of multilayer ceramic capacitors, the passives in nearly every electronic device and a growing input to AI servers. For the year ended March 2026 it posted record net sales of 1,830.9 billion yen, up 5%, and guided the next year up 7% on data-center demand. It reports next on July 31, 2026.
| Ticker | 6981 |
|---|---|
| Exchange | TSE |
| Sector | Information Technology · Electronic Components (MLCC) |
| Country | Japan |
| Wikidata | Q613325 |
| Last updated | 2026-06-15 |
Next event: Next earnings · fiscal Q1 (Apr-Jun 2026) , confirmed · First quarter of the fiscal year ending March 2027, scheduled for July 31, 2026 per Murata's IR calendar. (source)
Latest reported quarter: Fiscal year ended March 31, 2026 (full year) (reported 2026-04-30)
Murata reported record net sales of 1,830.9 billion yen (about $12 billion at the company's 150.78 yen per dollar average) for the year ended March 31, 2026, up 5%, with operating profit of 281.8 billion yen (+0.8%) and a 15.4% operating margin. Capacitors, mainly MLCCs, grew 12.6% to 936.4 billion yen and were over half of revenue, led by servers, with a fiscal Q4 book-to-bill of 1.24.
| Net sales (full year) | ¥1,830.9B +5.0% YoY · Record; about $12B at ¥150.78/USD |
|---|---|
| Operating profit | ¥281.8B +0.8% YoY · 15.4% operating margin |
| Capacitors (MLCC) revenue | ¥936.4B +12.6% YoY · Over half of revenue, led by servers |
| Net income | ¥233.9B · EPS ¥127.66 |
Revenue by segment
| Capacitors (MLCC) | ¥936.4B · 51.1% of revenue +12.6% YoY |
|---|---|
| Inductors & EMI filters | ¥223.3B · 12.2% of revenue +11.0% YoY |
| High-Frequency Device & Communications Module | ¥394.8B · 21.6% of revenue -11.0% YoY |
| Battery & Power | ¥154.1B · 8.4% of revenue -1.1% YoY |
Guidance: Forecast for year ending March 31, 2027
| Net sales | ¥1,960.0B · Second straight record, on data-center capacitor demand |
|---|---|
| Operating profit | ¥380.0B |
| Additional MLCC capacity investment | ~¥80B · Across two years, to meet data-center demand; total capex ¥250B |
Forecast issued April 30, 2026; assumes ¥150/USD. Annual dividend raised to ¥70; buyback up to ¥150B announced.
Recent & upcoming events
- · April 2026 price increase on key components. Murata implemented a price increase on key passive components effective April 1, 2026, citing soaring silver prices and AI-driven demand, with high-end MLCC utilization above 80%. (source)
- · New MLCC building completed at Izumo. Murata completed a new 10-story MLCC production building at Izumo Murata Manufacturing, a roughly 47 billion yen investment, to meet medium- to long-term MLCC demand. (source)
- · Record FY results and data-center-led guidance. Record net sales of 1,830.9 billion yen; guidance for the next year of 1,960.0 billion yen (+7.1%) and 380.0 billion yen operating profit (+34.8%) on data-center capacitor demand, plus about 80 billion yen of additional MLCC capex and a 150 billion yen buyback. (source)
Figures are from Murata's earnings release and conference materials for the fiscal year ended March 31, 2026. USD figures are approximate conversions at the company's ¥150.78/USD average; Murata reports in Japanese yen.
Figures are as of 2026-06-15 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Murata Manufacturing do?
Murata is a Kyoto-based components maker and the world leader in multilayer ceramic capacitors (MLCCs), the tiny ceramic passives that smooth and store power inside almost every circuit. Capacitors were 936.4 billion yen, over half of revenue, in the year ended March 2026, with the rest from inductors and EMI filters, high-frequency and communication modules, batteries and power, and functional devices (Murata, Apr 30, 2026). A high-end smartphone holds roughly a thousand MLCCs; an AI server holds many more.
How is AI driving Murata’s business?
AI servers pack far more capacitors than traditional servers to feed power-hungry accelerators, and Murata is the prime beneficiary. Server-related capacitor sales rose 85-90% in the year ended March 2026, capacitor average selling prices rose on a richer mix, and the fiscal Q4 book-to-bill ratio reached 1.24 (Murata, Apr 30, 2026). The company is adding about 80 billion yen of MLCC capacity for data centers and completed a new MLCC building at Izumo in April 2026 (Murata, Apr 3, 2026). President and CEO Norio Nakajima has quantified the demand step-up:
“The number of MLCCs used in AI servers is eight times that of traditional servers.”
— Norio Nakajima, President and CEO, Murata Manufacturing (TrendForce, Feb 6, 2025)
What did Murata report for the year ended March 2026?
Net sales were a record 1,830.9 billion yen (about $12 billion at the company’s 150.78 yen per dollar average), up 5%, with operating profit of 281.8 billion yen, up 0.8%, and a 15.4% operating margin (Murata, Apr 30, 2026). Net income was 233.9 billion yen and earnings per share were 127.66 yen. Capacitors grew 12.6% to 936.4 billion yen, led by servers, while the high-frequency segment fell 11% on softer smartphones.
What is Murata’s guidance?
For the year ending March 2027, Murata guided net sales to a second straight record of 1,960.0 billion yen, up 7%, and operating profit to 380.0 billion yen, up 35%, citing stronger data-center capacitor demand and a better product mix (Murata, Apr 30, 2026). It plans 250 billion yen of capital spending, including about 80 billion yen of additional MLCC capacity across two years, raised the dividend to 70 yen, and announced a buyback of up to 150 billion yen.
What are the risks for Murata?
- Cyclicality. MLCC demand swings with smartphones and PCs; the high-frequency segment fell 11% in the year ended March 2026 (Murata, Apr 30, 2026).
- Input costs. Rising silver and raw-material prices pressure capacitor margins and drove an April 2026 price increase (TrendForce, Mar 17, 2026).
- Capacity bets. The data-center capex plan assumes AI-server demand holds.
- Competition. Samsung Electro-Mechanics, TDK, and Taiyo Yuden compete in the same passives markets.
Related securities, concepts & terms
Murata is a representative company of the AI Capacitors (MLCC) concept.
- AI Capacitors (MLCC) parent
- TDK Corporation (6762) sibling
- Samsung Electro-Mechanics (009150) sibling
- MLCC (Multilayer Ceramic Capacitor) related
Frequently asked questions about Murata
What does Murata Manufacturing do?
Murata is the world's largest maker of multilayer ceramic capacitors (MLCCs) and ceramic-based passive components, which sit in nearly every electronic device. Capacitors were over half of revenue in the year ended March 2026, and the business now spans smartphones, cars, and AI servers (Murata, Apr 30, 2026).
What was Murata's latest revenue?
For the fiscal year ended March 31, 2026, Murata posted record net sales of 1,830.9 billion yen (about $12 billion), up 5%, with operating profit of 281.8 billion yen and a 15.4% operating margin (Murata, Apr 30, 2026). Capacitors grew 12.6% to 936.4 billion yen, led by servers.
How is AI driving Murata's business?
AI servers use far more MLCCs than traditional servers, and Murata's president has said the count is about eight times higher (TrendForce, Feb 6, 2025). Murata reported server-related capacitor sales up 85-90% and guided the year ending March 2027 to 7% sales growth and 35% higher operating profit on data-center demand, while adding about 80 billion yen of MLCC capacity (Murata, Apr 30, 2026).
When does Murata report its next earnings?
Murata is scheduled to report fiscal Q1 results (April-June 2026, the first quarter of the year ending March 2027) on July 31, 2026, per its IR calendar (Murata IR calendar). It last reported full-year results on April 30, 2026.
What are the risks for Murata?
MLCC is cyclical and exposed to the smartphone and PC markets, where Murata's high-frequency segment fell 11% in the year ended March 2026. Capacity additions are capital-intensive, raw-material costs such as silver are rising, and the company competes with Samsung Electro-Mechanics, TDK, and Taiyo Yuden (Murata, Apr 30, 2026).
Sources & references
- Consolidated Financial Results for the Year Ended March 31, 2026 (IFRS) · Murata Manufacturing Co., Ltd., 2026-04-30
- Earnings Forecast (year ending March 31, 2027) · Murata Manufacturing Co., Ltd., 2026-04-30
- Murata Investor Relations Calendar · Murata Manufacturing Co., Ltd., 2026-06-15
- Completion of New Production Building at Izumo Murata Manufacturing · Murata Manufacturing Co., Ltd., 2026-04-03
- MLCC Giant Murata Reportedly Confirms April 1 Price Hike on Key Components · TrendForce, 2026-03-17
- Murata Predicts AI-server MLCC Demand to Double · TrendForce, 2025-02-06