TDK Corporation
Electronic ComponentsFounded 1935- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
TDK Corporation
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$10.1B
Market Cap
$38.0B
Net Income
$415M
Employees
103,000
TDK's net income of $415 million on $10.1 billion in revenue in fiscal 2024 reflects a margin structure that looks thin until you examine the product mix underneath it. The high-specification MLCC lines and ATL battery cells carry significantly better economics than the standard passive components that represent the bulk of unit volume. Revenue has compressed from $11.5 billion in fiscal 2022 to $10.1 billion in 2024 — a $1.4 billion decline driven by two simultaneous headwinds. Consumer electronics customers burned through inventory rather than placing new orders. Electric vehicle adoption rates fell short of projections in North America and Europe, reducing demand for the automotive-grade MLCCs and power management components that TDK had been counting on to replace declining consumer volume. The $38 billion market capitalization implies a roughly 3.8x revenue multiple — modest for a company with TDK's technical depth, but consistent with the market's tendency to price materials-intensive manufacturers closer to industrial multiples than technology multiples. TDK sits in an awkward middle ground: too dependent on physical manufacturing to earn software-like valuations, too technically specialized to trade at commodity multiples. What the market capitalization does not fully reflect is the replacement value of TDK's manufacturing knowledge. The process chemistry behind ATL's battery electrolytes, the sintering parameters for high-layer-count MLCCs, the MEMS sensor integration expertise from InvenSense — none of these can be purchased off a shelf. A competitor starting from zero would need roughly two decades and several billion dollars to reach the same position. That is the actual asset being valued at $38 billion.
Revenue Trend Analysis
YoY Change
-6.5%
2-Year CAGR
-6.3%
Peak Year
2022
Trend
Declining Trend
TDK Corporation has reported revenue across 3 fiscal years, compounding at -6.3% annually over 2 years. The most recent year saw a 6.5% decline versus the prior year. Revenue peaked in 2022 at $11.5B. Out of 2 reported periods, 0 showed growth and 2 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $10.1B | $415M | -6.5% |
| FY2023 | $10.8B | — | -6.1% |
| FY2022 | $11.5B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
TDK reported revenue of approximately 2.10 trillion yen in fiscal year 2024 ended March 2024, equivalent to roughly $10.1 billion at then-prevailing exchange rates. Revenue had grown sharply during the smartphone and electric-vehicle expansion years of the late 2010s and early 2020s, more than doubling from roughly 1 trillion yen in fiscal 2015 thanks largely to ATL battery sales scaling with Apple iPhone volumes and the addition of EPCOS and InvenSense acquisitions. Fiscal 2023 revenue had peaked at around 2.18 trillion yen before easing in fiscal 2024 on softer smartphone demand and inventory adjustments at consumer electronics customers. Operating income margins typically run in the 7 to 10 percent range, with the Energy Application Products segment producing the largest operating profit pool because of ATL's scale advantages. The company is listed on the Tokyo Stock Exchange under code 6762 and reports in Japanese yen, which means reported dollar figures fluctuate with exchange rates. Currency effects have been material in recent years as the yen weakened against the dollar, boosting yen-denominated revenue from foreign sales.
TDK Corporation is listed on the Prime Market of the Tokyo Stock Exchange under ticker code 6762 and is a constituent of the Nikkei 225 index. The company maintains an American Depositary Receipt program under the symbol TTDKY for US over-the-counter trading. Market capitalization sits around $38 billion as of recent trading, though the absolute figure fluctuates with both share price and the yen-dollar exchange rate. The shareholder base is dominated by Japanese institutional investors including major asset managers and life insurers, with significant foreign ownership through index funds and global tech investors. TDK is widely tracked as a proxy for Apple component demand and for the broader Japanese passive-component sector. Dividend policy emphasizes stable payouts with gradual growth, and the company has carried out share buybacks at various points to return capital. Capital expenditure has been heavy in recent years to expand ATL battery capacity and to build out automotive component capacity, which has weighed on free cash flow during the investment phase but is expected to support future revenue from EV and energy-storage markets.
TDK does not break out Amperex Technology Limited as a separate reported subsidiary, but ATL is the dominant contributor to the Energy Application Products segment, which has consistently been the largest segment by revenue and operating profit. In recent fiscal years the Energy Application Products segment generated operating margins in the high single digits to low double digits, supported by ATL's leading market share in lithium-ion polymer pouch cells for smartphones. The segment is exposed to swings in smartphone unit sales, raw-material prices for lithium, cobalt, and nickel, and to product-mix shifts as customers move between cell chemistries. Capital intensity is high because new cell capacity requires multi-year construction and qualification cycles, and TDK has guided that the EV and energy-storage opportunity will require continued heavy investment. ATL faces competition from LG Energy Solution, Samsung SDI, and Panasonic in premium pouch cells, and from CATL, BYD, and other Chinese players in larger-format and EV cells. The strategic challenge for TDK is to extend ATL's pouch-cell dominance into adjacent markets such as wearables, drones, two-wheel mobility, and small-format EVs without overinvesting ahead of demand.
TDK invests roughly 7 to 8 percent of consolidated revenue in research and development each year, equivalent to around 150 to 170 billion yen, or roughly $1 billion at recent exchange rates. The R&D spend funds long-term materials research in ferrite, dielectrics, and battery chemistry, plus product engineering across capacitors, inductors, sensors, and HDD heads. The company runs major research centers in Akita, Chiba, and Kanagawa in Japan, plus engineering sites in Germany inherited from EPCOS, in California through InvenSense, and in China through ATL. Patent activity is correspondingly high, with TDK consistently ranking among the top patent holders in Japan in fields such as magnetic materials, capacitors, and battery technology. Strategic R&D themes include solid-state batteries, where TDK has demonstrated CeraCharge chip-format solid-state cells, next-generation MLCCs for automotive electrification, MEMS sensors for advanced driver-assistance systems and smartphones, and energy-harvesting components. The materials-led R&D model is intended to sustain technology leadership and to support premium pricing in qualification-driven markets where switching costs are high once a component is designed in.
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CorpDigest. "TDK Corporation Revenue & Financials." CorpDigest, https://corpdigest.com/company/tdk/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>TDK Corporation reported $10B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/tdk/financials" target="_blank" rel="noopener">CorpDigest — TDK Corporation financials</a></div>