World No.1 in MLCC (multilayer ceramic capacitors)
Murata Manufacturing
The world's No.1 MLCC maker with about 40% global share, and roughly 45% in high-end AI-server MLCC. FY2025 revenue reached a record 1,830.9 billion yen with operating profit of 281.8 billion yen. Capacitor revenue rose 12.6% on server demand and led results. AI servers use far more MLCCs than standard servers, driving demand, and Murata competes with Samsung Electro-Mechanics. It supplies smartphones such as Apple and data centers.
6981.T Updated Jul 12, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, Murata Manufacturing is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 38 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue 1,830.9B yen (record high); operating profit 281.8B yen
- Customer concentration · Data centers, AI servers, smartphones, automotive; competes with Samsung Electro-Mechanics.
- Segments · Capacitors (MLCC)(936.4B yen (+12.6%); No.1 ~40% global) · Inductors & EMI filters · Communications, modules, batteries
Revenue from
- Apple High confidence· Market share 40% · 2025 · global MLCC share (No.1)
Supplies MLCCs to Apple devices. Murata is the No.1 MLCC maker with about 40% global share.Confirms KO Finance Scope Published May 26, 2026: AI-driven MLCC demand, Samsung Electro-Mechanics and Murata at full utilization - AI 서버·데이터센터 (MLCC) High confidence· growth 12.6% · FY2025 · capacitor revenue YoY, server-led
Data-center and AI-server MLCCs drove capacitor revenue +12.6% in FY2025. Analysts raised AI-server MLCC growth to 30% CAGR (about 30,000 MLCCs per GB300 server; 15k to 20k per baseboard).Confirms KO Finance Scope Published May 26, 2026: AI-driven MLCC demand, Samsung Electro-Mechanics and Murata at full utilizationConfirms EN Investing.com Published May 1, 2026: Murata raises MLCC growth forecast for AI servers to 30% CAGR - 스마트폰 OEM (MLCC) High confidence
Supplies MLCCs for high-end smartphones. In FY2025 MLCCs increased for servers, smartphones and distributors, with share gains in next-generation high-end models. - NVIDIA Medium confidence· Count 30,000 MLCC/server · GB300 · per GB300 server
Supplies MLCCs for NVIDIA AI-server boards; about 30,000 MLCCs per GB300 server (analyst estimate).Confirms EN Investing.com Published May 1, 2026: Murata raises MLCC growth forecast for AI servers to 30% CAGR - 자동차·산업 기기 (Mobility) Medium confidence· Market share 45% · 2025 · automotive-grade MLCC share
Supplies automotive capacitors and sensors. FY2025 Mobility revenue 474.5B yen (+4.8%); Murata holds about 40-50% of automotive-grade MLCC. - Foxconn (Hon Hai) Medium confidence
Supplies MLCCs into Foxconn's AI-server and device assembly (EMS).Confirms KO Finance Scope Published May 26, 2026: AI-driven MLCC demand, Samsung Electro-Mechanics and Murata at full utilization
Pays to
- MLCC 증설·설비 투자 High confidence· Amount 250 JPY_bn · FY2026 · capex, +80B additional MLCC
MLCC capacity expansion for data-center demand. FY2026 capex 250.0B yen, with about 80B additional investment for data-center capacitors (about 40B booked in FY2026), and further MLCC investment planned for FY2027.Confirms EN Investing.com Published May 1, 2026: Murata raises MLCC growth forecast for AI servers to 30% CAGR - 세라믹 원료·니켈 전극 소재 Low confidence
Dielectric ceramic powder (barium titanate), nickel inner electrodes and rare-earth additives. Murata is highly vertically integrated in materials; amounts undisclosed.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +248.1 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +175.7 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +104 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +91.2 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +66.1 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +46.7 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +44.4 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +36.1 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +23.4 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +21.7 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| IREN | lead2 | · | -92.3 | +472 | +37.3 | +284.6 | +8.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Tempus AI | lead2 | · | · | · | · | +74.9 | -1.4 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -1.6 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | -3.3 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22.7 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -23.2 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -24.5 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -25.3 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -27.4 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -36.5 |
| Pony.ai | lead2 | · | · | · | · | +1 | -54.6 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Murata Manufacturing | node | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
Murata's thesis is 'the earnings leverage of an MLCC oligopoly lifted by AI servers.' As the world No.1 with ~40% MLCC share (~45% in high-end AI-server MLCC), an AI server uses far more MLCCs than a standard one (~30,000 per GB300), so FY2025 capacitor revenue +12.6% led record results (revenue JPY 1,830.9B). On the steady demand of smartphones (Apple and others) and automotive, data centers stack on as a new growth axis, and FY2026 capex of JPY 250B (an extra JPY 80B for datacenter MLCC) is that bet. Heavy in-house materials give strong cost defense, but the share contest with Samsung Electro-Mechanics is a variable. What to watch is AI-server MLCC growth (a raised 30% CAGR) and the absorption of new capacity.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ¥13,667 · Price ¥9,860 (07-10) · Upside +39%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| J.P. Morgan Securities Japan | Overweight | ¥15,200 | Jun 15, 2026 | Report ↗ |
| UBS | Buy | ¥13,200 | Jun 15, 2026 | Report ↗ |
| Goldman Sachs | Buy | ¥12,600 | Jun 9, 2026 | Report ↗ |
On AI-server MLCC supercycle expectations, JPMorgan (15,200 yen), UBS (13,200 yen) and Goldman Sachs (12,600 yen) all roughly doubled-to-tripled their targets in June 2026, leaving coverage overwhelmingly bullish.