Murata

村田製作所 / 株式会社村田製作所

A Japanese electronic-components manufacturer supplying multilayer ceramic capacitors, inductors, and filters essential for AI servers and data-center power-delivery networks.

TSE: 6981 (Prime Market)
Other: MRAAY (US OTC ADR)
Profile as of September 12, 2026
#20 in the AsiaAI Tech Index
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Murata is a major beneficiary of higher component content in AI servers because power integrity and voltage regulation become more demanding as accelerator power consumption rises. Its AI exposure is real but indirect, and its products remain substitutable by other qualified passive-component suppliers over time.

Key figures

Revenue FY2025: 1.831 trillion yen
Revenue growth FY2025: 5.0%
Operating margin FY2025: 15.4%
Net income FY2025: 233.9 billion yen
R&D spend FY2025: 158.9 billion yen (8.7% of revenue)
Capital expenditure FY2025: 247.8 billion yen
Market capitalization 2026-09-11: 13.56 trillion yen (about US$87.36 billion) Estimate
Capacitor share of revenue FY2025: 51.1%
Data-center-related revenue FY2025 estimate: 176.7 billion yen
Global MLCC revenue share 2024: About 31.8%
Greater China revenue share FY2025: 47.2%

Overview

Murata Manufacturing was established in October 1944 and incorporated in 1950. It has grown into a leading Japanese supplier of passive electronic components and power-related products that stabilize, filter, store, and manage electrical energy. Its core products include high-capacitance multilayer ceramic capacitors, inductors, EMI suppression filters, and high-frequency components.

The company operates as an independent, publicly traded entity with 83 consolidated subsidiaries globally. It does not fabricate logic processors or AI accelerators, but rather supplies the critical passive components that surround them. Its components are used across communication devices, mobility, computers, industrial equipment, and other electronics applications, making it a foundational supplier to the broader hardware ecosystem. This broad footprint provides resilience, though its recent growth is increasingly tied to the high-performance computing sector.

The AI angle

AI demand reaches Murata through component content per server rather than through direct sales of AI processors, memory, or cloud services. AI accelerators raise current density and tighten voltage-tolerance requirements, which significantly increases the need for high-capacitance decoupling capacitors, inductors, filters, and power modules. The most direct AI-server products are high-capacitance MLCCs used around processors, memory, voltage-regulator modules, and power-delivery networks.

Murata states that FY2025 capacitor revenue increased for servers and that EMI suppression-filter revenue increased for servers and mobility. The company estimates its FY2025 data-center-related revenue at 176.7 billion yen, equivalent to about 9.7% of consolidated revenue. It forecasts this category to reach 370.6 billion yen in FY2026, representing a 109.7% increase. Murata does not publicly identify specific hyperscalers or AI chip designers as named customers, but its components enter these systems through board and equipment manufacturers.

Technology and moat

Murata's competitive position rests on ceramic-material formulation, thin-layer ceramic processing, electrode technology, miniaturization, high-volume automated manufacturing, and reliability qualification. In high-capacitance MLCCs, the technical challenge is to deliver capacitance density, stable electrical characteristics, compact form factor, and reliability under heat, voltage cycling, and high-frequency switching conditions.

This advantage is difficult to copy because MLCC performance depends on materials science and controlled mass production rather than a single patent or simple assembly process. Process know-how includes dielectric powder chemistry, internal-electrode printing, lamination, and sintering. Furthermore, qualification cycles make it difficult for customers to change suppliers quickly in high-reliability server and automotive applications. Its advantage is strongest where customers need compact, high-capacitance passive components at large scale, creating a barrier to entry for new competitors.

Five-pillar assessment

Scale and market position: A leading global supplier of passive electronic components, holding an estimated 31.8% revenue share in the global MLCC market in 2024.
Technology and R&D: Deep expertise in ceramic materials science, thin-layer processing, and high-volume automated manufacturing for high-capacitance, high-reliability components.
Supply-chain centrality: Supplies critical components to major server and equipment manufacturers, though specific named AI customers and upstream suppliers remain undisclosed.
Financial momentum: Experiencing strong AI-led growth in data-center components, with FY2025 data-center revenue estimated at 176.7 billion yen and forecast to double in FY2026.
Governance and quality: Independent public company with a dispersed shareholder base and a board featuring 50% independent outside directors, including an independent chair.

Supply chain and relationships

Murata depends on upstream suppliers for ceramic powders, electronic materials, metallization materials, specialized production equipment, process-control systems, and power semiconductors. Named upstream suppliers and their specific exposure are not disclosed in the company's public filings, reflecting a broader industry practice of confidentiality around materials sourcing.

Downstream, Murata supplies board, server, and power-supply manufacturers. It does not publicly disclose customer-specific revenue shares or name its AI customers, though its components can enter systems built around NVIDIA, AMD, and Intel processors. Its customer base is broad, spanning communications, mobility, and computing. Revenue is geographically concentrated by destination, with Greater China contributing 47.2% of FY2025 revenue, highlighting its reliance on Asian manufacturing hubs.

Customers

NVIDIAInferredComponents enter systems built around its accelerators
AMDInferredComponents enter systems built around its accelerators
IntelInferredComponents enter systems built around its processors

Competitors

Samsung Electro-MechanicsInferredCompetes in high-capacitance MLCCs for AI servers
TDKInferredCompetes in passive components, inductors, and filters
Taiyo YudenInferredCompetes in MLCCs and inductors for servers
YageoInferredCompetes in MLCCs and other passive components
Kyocera AVXInferredCompetes in capacitor and passive-component markets

Geopolitics and risk

Murata's primary geopolitical risk stems from its geographic revenue exposure. Greater China accounted for 47.2% of FY2025 revenue, making the company sensitive to Chinese electronics demand, local competition, and trade rules.

While Murata's own passive components are generally not the direct target of US-China export controls, they are incorporated into global server supply chains that depend on restricted accelerators and advanced semiconductors. Tighter controls can reduce overall system shipments, indirectly impacting Murata's component demand. Additionally, a disruption involving Taiwan would affect global semiconductor and electronics manufacturing supply chains, which could constrain customer production and reduce demand for Murata's components across multiple end markets.

Risk matrix
Risk	Severity	Why it matters
Greater China revenue exposure	High	Greater China accounted for 47.2% of FY2025 revenue, creating sensitivity to local demand and trade rules.
US-China export-control escalation	High	Tighter controls on AI chips can reduce overall server shipments, indirectly impacting component demand.
China-Taiwan conflict risk	High	A disruption would affect global electronics manufacturing supply chains and constrain customer production.
AI-server demand cyclicality	Medium	Subject to hyperscaler capital-expenditure cycles and inventory corrections.
Smartphone exposure	Medium	Weakness in smartphone-related modules offsets some server-led growth.
High-end MLCC substitution	Medium	Competitors can compete for sockets after customer qualification, limiting pricing power.
Capacity and manufacturing execution	Medium	Increasing capital expenditure requires strong utilization to maintain returns.
Currency exposure	Medium	Sells 92.7% of revenue outside Japan, making it sensitive to yen appreciation.

Governance and ownership

Murata is an independent, publicly traded Japanese company listed on the Prime Market of the Tokyo Stock Exchange. It is not state-owned, nor is it controlled by a founding family, chaebol, or keiretsu parent. Its shareholder base is dispersed among institutional investors and trust banks.

The Board of Directors has 12 members, including six independent outside directors, and is chaired by an independent outside director, Takashi Nishijima. The company is subject to Japanese corporate law, financial disclosure requirements, and global regulations applicable to electronic components, ensuring a standard level of corporate transparency.

What to watch

Whether Murata reaches its FY2026 estimate of 370.6 billion yen in data-center-related revenue.
Whether FY2026 Capacitors revenue reaches the company forecast of 1.158 trillion yen.
Whether computer-application revenue growth reflects AI-server demand rather than broader PC demand.
Whether high-frequency device and communications-module revenue stabilizes amid weaker smartphone demand.
Whether planned capital expenditure of 255.0 billion yen in FY2026 translates into capacity without weakening returns.
Whether Greater China revenue remains near its FY2025 level amid export-control and local-competition changes.

Recent developments

July 31, 2026Reported first-quarter FY2026 revenue of 502.3 billion yen and raised planned FY2026 capital expenditure to 255.0 billion yen.
April 30, 2026Reported FY2025 revenue of 1.831 trillion yen and operating profit of 281.8 billion yen.
April 30, 2025Reported FY2024 revenue of 1.743 trillion yen and identified AI-server infrastructure investment as a growth driver for MLCCs.

Coverage on AsiaAI.FYI

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Murata’s iPaS Substrates: Solving the Power Delivery Bottleneck in AI Accelerators September 14, 2026
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With Anthropic’s Fable 5 Export Ban Lifted, Can Western AI Reclaim East Asia? July 1, 2026
Can Samsung and SK Hynix Save South Korea With a $520 Billion Megacluster June 29, 2026

About this profile

Compiled with AI-assisted research from company filings, market data, and published reporting as of September 12, 2026, then reviewed by AsiaAI.FYI. Figures marked Estimate are not company-reported. Check primary filings before relying on any number.

Confidence: B. Audited and company-reported financial, employee, governance and revenue data are strong, while named customers, customer concentration, and exact AI-server revenue composition are not fully disclosed.

Main sources: Murata FY2025 annual securities report; Murata financial highlights; Murata operating-segment disclosures; Murata earnings releases; Third-party industry and market research.

All 48 sources

Position in the AI stack

Supplies high-capacitance capacitors, inductors, and filters that help AI servers manage power delivery.

Legal name: Murata Manufacturing Co., Ltd.
Headquarters: Nagaokakyo, Kyoto, Japan
Founded: 1944
Founders: Akira Murata / 村田昭
Leadership: Norio Nakajima / 中島規巨, President and Representative Director
Takashi Nishijima / 西島剛志, Independent Outside Director and Chair of the Board
Employees: 74,302 (2026-03-31)
Ownership: Publicly listed
Listings: TSE: 6981 (Prime Market)
Other: MRAAY (US OTC ADR)
Business: Passive electronic components and power-related products
Sector: Electronic Components
Website: murata.com