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Financial results presentation6981Murata Manufacturing Co.,Ltd.Electrical Equipment and Precision Instruments

FY2026 Financial Results Briefing Materials

In FY2025, revenue reached a record high, driven by growth in capacitors for servers and other applications, while operating profit also exceeded the previous fiscal year. For FY2026, based on an expected expansion in data center demand, the company plans higher revenue and profit, an increased dividend, its largest-ever share buyback, and additional capital investment.

Worth reading
90Important
Scored from 5 of 6 sections
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
982
¥100 million (year-on-year increase in FY2026 operating profit)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFY2025 (fiscal year ended March 2026), full year; FY2026 (fiscal year ending March 2027), full-year forecast12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales18,309 Hundreds of millions of yen+5.0%
Operating profit2,818 Hundreds of millions of yen+0.8%
Net income¥2,339 100 million 0.0%profit for the year attributable to owners of the parent
Operating profit margin
Actual results15.4% (16.0% in the previous fiscal year)
Full-year outlook19.4%
Year-on-year changeActual: ▲0.6 percentage points; full-year forecast: +4.0 percentage points versus actual
Results for the three months of the current quarter
Q4 FY2025
Revenue
4,606 Hundreds of millions of yen
Operating profit
788 Hundreds of millions of yen
Income before taxes
844 Hundreds of millions of yen
Profit for the period attributable to owners of the parent
766 Hundreds of millions of yen
Full-year earnings forecast
Revenue
19,600 Hundreds of millions of yen
Operating profit
3,800 Hundreds of millions of yen
Income before taxes
3,900 Hundreds of millions of yen
Profit for the period attributable to owners of the parent
2,930 Hundreds of millions of yen
Capital expenditure
2,500 Hundreds of millions of yen
Research and development costs
1,670 Hundreds of millions of yen
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Benefit from higher capacity utilization (estimate)1,560 Hundreds of millions of yen
  • Rationalization benefits (estimate)400 Hundreds of millions of yen
  • Product price reductions (estimate)-1,050 Hundreds of millions of yen
  • Foreign exchange movements (estimate)-80 Hundreds of millions of yen
  • Increase in depreciation expense-49 Hundreds of millions of yen
  • Increase in semi-variable and fixed costs-350 Hundreds of millions of yen
  • Other factors, including product mix differences-410 Hundreds of millions of yen
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Exchange rate150 JPY/USD
  • Production value19,850 Hundreds of millions of yen
  • Depreciation1,780 Hundreds of millions of yen
  • Research and development costs1,670 Hundreds of millions of yen
  • Capital expenditures2,500 Hundreds of millions of yen
  • Smartphone component units incorporated12 100 million units
  • Automobile production volume9,295 10,000 units
  • PC component units incorporated3.6 100 million units
New initiatives
  • Approximately ¥80 billion in additional capital investment for data center capacitors (approximately ¥40 billion in FY2026 and ¥40 billion in FY2027)
  • Launch of sales of multiple power products for data centers
  • Share buyback of up to ¥150 billion and cancellation of the repurchased shares
  • Continued strengthening of authentication and access management, more advanced detection capabilities, monitoring of external distribution channels, and expanded third-party assessments and audits
Key KPIsA metric the company considers important as a management benchmark.
  • Bill-to-book ratio1.24 times
    Year on year against the same period last yearOrders increased from the immediately preceding quarter
  • ROIC (after tax)9.7 %
    Year on year against the same period last year-0.3 percentage points
  • FY2025 data center-related revenue1,767 Hundreds of millions of yen
    Year on year against the same period last year+73.9%
  • FY2025 production value18,450 Hundreds of millions of yen
    Year on year against the same period last year+¥119 billion
  • FY2026 forecast production value19,850 Hundreds of millions of yen
    Year on year against the same period last year+¥140 billion
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Smartphone component units incorporatedFY2025 12.4; FY2026 forecast 12.0
    Year on year against the same period last year▲3%
  • Automobile production volumeFY2025 9,217; FY2026 forecast 9,295
    Year on year against the same period last year＋1%
  • PC component units incorporatedFY2025 4.0; FY2026 forecast 3.6
    Year on year against the same period last year▲10%
  • Overall capacitor ASPFY2026 forecast: +5–10% year on year
    Year on year against the same period last year＋5～10%
Segment results
  • Capacitors
    Revenue9,364 Hundreds of millions of yen
    Year on year against the same period last year+12.6%
  • Inductors and EMI filters
    Revenue2,233 Hundreds of millions of yen
    Year on year against the same period last year+11.0%
  • High-frequency and communications
    Revenue3,948 Hundreds of millions of yen
    Year on year against the same period last year-11.0%
  • Energy and power
    Revenue1,541 Hundreds of millions of yen
    Year on year against the same period last year-1.1%
  • Functional devices
    Revenue1,071 Hundreds of millions of yen
    Year on year against the same period last year+9.5%
  • Other
    Revenue152 Hundreds of millions of yen
    Year on year against the same period last year+16.0%
  • Components
    Revenue11,597 Hundreds of millions of yen
    Operating profit3,151 Hundreds of millions of yen
    Year on year against the same period last year
    Revenue 12.3 / Operating profit 14.5
  • Devices and Modules
    Revenue6,560 Hundreds of millions of yen
    Year on year against the same period last year
    Revenue -5.8 / Operating profit Profit decrease
Medium-term management plan targets
  • Capital expenditure
    Target value6,800
  • Strategic Investment
    Target value2,200
  • Shareholder Returns
    Target value4,000
  • DOE
    Target valueTargeting achievement of 5%
Financial targets
  • ROIC (after tax)
    Target value12.3
  • DOE
    Target value5
    Actual valueFY2026 forecast: 4.6%
Orders received and order backlog
Q4 FY2025
Orders received
5,707 Hundreds of millions of yen
Order backlog
4,462 Hundreds of millions of yen
Capital expenditures
2,500 Hundreds of millions of yen
Annual Dividend
FY2025
Annual¥65 per share
Breakdown
Interim30
End of period35
FY2026 forecast
Annual¥70 per share
Breakdown
Interim35
End of period35
Acquisition of treasury shares
Maximum amount¥1,500 100 million, 10,000 shares
Maximum number of shares¥7,500 100 million, 10,000 shares
Period11 May 2026–29 January 2027
Repurchased sharesScheduled cancellation
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFY2025 (fiscal year ended March 2026), full year; FY2026 (fiscal year ending March 2027), full-year forecast
Net Sales18,309 Hundreds of millions of yen (YoY +5.0%)
Operating profit2,818 Hundreds of millions of yen (YoY +0.8%)
Net income¥2,339 100 million (profit for the year attributable to owners of the parent) (YoY 0.0%)
Operating profit marginActual results 15.4% (16.0% in the previous fiscal year) / Full-year outlook 19.4% / Year-on-year change Actual: ▲0.6 percentage points; full-year forecast: +4.0 percentage points versus actual
Results for the three months of the current quarterSubject Q4 FY2025 / Revenue 4,606 Hundreds of millions of yen / Operating profit 788 Hundreds of millions of yen / Income before taxes 844 Hundreds of millions of yen / Profit for the period attributable to owners of the parent 766 Hundreds of millions of yen
Full-year earnings forecastRevenue 19,600 Hundreds of millions of yen / Operating profit 3,800 Hundreds of millions of yen / Income before taxes 3,900 Hundreds of millions of yen / Profit for the period attributable to owners of the parent 2,930 Hundreds of millions of yen / Capital expenditure 2,500 Hundreds of millions of yen / Research and development costs 1,670 Hundreds of millions of yen
Segment resultsSegment Capacitors / Revenue 9,364 Hundreds of millions of yen / Year on year against the same period last year 12.6, Segment Inductors and EMI filters / Revenue 2,233 Hundreds of millions of yen / Year on year against the same period last year 11, Segment High-frequency and communications / Revenue 3,948 Hundreds of millions of yen / Year on year against the same period last year -11, Segment Energy and power / Revenue 1,541 Hundreds of millions of yen / Year on year against the same period last year -1.1, Segment Functional devices / Revenue 1,071 Hundreds of millions of yen / Year on year against the same period last year 9.5, Segment Other / Revenue 152 Hundreds of millions of yen / Year on year against the same period last year 16, Segment Components / Revenue 11,597 Hundreds of millions of yen / Operating profit 3,151 Hundreds of millions of yen / Year on year against the same period last year Revenue 12.3 / Operating profit 14.5, Segment Devices and Modules / Revenue 6,560 Hundreds of millions of yen / Operating profit Not disclosed / Year on year against the same period last year Revenue -5.8 / Operating profit Profit decrease
Breakdown of Factors Affecting the ChangeFactors Benefit from higher capacity utilization (estimate) / Amount 1,560 Hundreds of millions of yen, Factors Rationalization benefits (estimate) / Amount 400 Hundreds of millions of yen, Factors Product price reductions (estimate) / Amount -1,050 Hundreds of millions of yen, Factors Foreign exchange movements (estimate) / Amount -80 Hundreds of millions of yen, Factors Increase in depreciation expense / Amount -49 Hundreds of millions of yen, Factors Increase in semi-variable and fixed costs / Amount -350 Hundreds of millions of yen, Factors Other factors, including product mix differences / Amount -410 Hundreds of millions of yen
Key KPIsIndicator name Bill-to-book ratio / Value 1.24 times / Year on year against the same period last year Orders increased from the immediately preceding quarter, Indicator name ROIC (after tax) / Value 9.7 % / Year on year against the same period last year -0.3 percentage points, Indicator name FY2025 data center-related revenue / Value 1,767 Hundreds of millions of yen / Year on year against the same period last year 73.9 Hundreds of millions of yen, Indicator name FY2025 production value / Value 18,450 Hundreds of millions of yen / Year on year against the same period last year +¥119 billion, Indicator name FY2026 forecast production value / Value 19,850 Hundreds of millions of yen / Year on year against the same period last year +¥140 billion
Unit price and quantity metricsIndicator name Smartphone component units incorporated / Value FY2025 12.4; FY2026 forecast 12.0 / Year on year against the same period last year ▲3%, Indicator name Automobile production volume / Value FY2025 9,217; FY2026 forecast 9,295 / Year on year against the same period last year ＋1%, Indicator name PC component units incorporated / Value FY2025 4.0; FY2026 forecast 3.6 / Year on year against the same period last year ▲10%, Indicator name Overall capacitor ASP / Value FY2026 forecast: +5–10% year on year / Year on year against the same period last year ＋5～10%
Assumptions Underlying the Business OutlookItem Exchange rate / Value 150 JPY/USD, Item Production value / Value 19,850 Hundreds of millions of yen, Item Depreciation / Value 1,780 Hundreds of millions of yen, Item Research and development costs / Value 1,670 Hundreds of millions of yen, Item Capital expenditures / Value 2,500 Hundreds of millions of yen, Item Smartphone component units incorporated / Value 12 100 million units, Item Automobile production volume / Value 9,295 10,000 units, Item PC component units incorporated / Value 3.6 100 million units
Medium-term management plan targetsItem Capital expenditure / Target value 6,800 Hundreds of millions of yen, Item Strategic Investment / Target value 2,200 Hundreds of millions of yen, Item Shareholder Returns / Target value 4,000 Hundreds of millions of yen, Item DOE / Target value Targeting achievement of 5%
Financial targetsIndicator name ROIC (after tax) / Target value 12.3 % (FY2026 forecast), Indicator name DOE / Target value 5 % (medium-term policy) / Actual value FY2026 forecast: 4.6%
Annual DividendFY2025 Annual ¥65 per share / Breakdown Interim 30 / End of period 35 / FY2026 forecast Annual ¥70 per share / Breakdown Interim 35 / End of period 35
Acquisition of treasury sharesMaximum amount ¥1,500 100 million, 10,000 shares / Maximum number of shares ¥7,500 100 million, 10,000 shares / Period 11 May 2026–29 January 2027 / Repurchased shares Scheduled cancellation
Capital expenditures2,500 Hundreds of millions of yen
Orders received and order backlogOrders received 5,707 Hundreds of millions of yen / Order backlog 4,462 Hundreds of millions of yen / Subject Q4 FY2025
New initiativesApproximately ¥80 billion in additional capital investment for data center capacitors (approximately ¥40 billion in FY2026 and ¥40 billion in FY2027), Launch of sales of multiple power products for data centers, Share buyback of up to ¥150 billion and cancellation of the repurchased shares, Continued strengthening of authentication and access management, more advanced detection capabilities, monitoring of external distribution channels, and expanded third-party assessments and audits
Items this document does not state (11)
Ordinary incomeGross Profit MarginSelling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookPayout ratioMarket Size / ShareKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

In FY2025, growth in capacitors, particularly for servers, benefits from higher production volumes, and cost reductions contributed to higher revenue and profit. These benefits were partly offset by lower product prices, higher fixed costs, and increased one-time expenses, including goodwill-related costs. For FY2026, growth in data center-related demand, benefits from higher production volumes, and a more favorable product mix are expected to drive profit growth.

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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
FY2026 Financial Results Briefing Materials | Murata Manufacturing Co.,Ltd. (6981) timely disclosure | Komori