Murata vs TDK: Revenue, Profit and Business Model
Murata had ~$12.3B of annual revenue in FY2026 and ~$1.6B of net income. TDK had ~$16.8B of annual revenue in FY2026 and ~$1.3B of net income.
Latest financial snapshot
Financial summary
Murata
Murata's revenue fell from ~$12.1 billion (1,812.5 billion yen) in fiscal 2022 to ~$11 billion (1,640.2 billion yen) in fiscal 2024 as smartphone and PC demand weakened, then recovered to ~$11.7 billion (1,743.4 billion yen) in fiscal 2025 and ~$12.3 billion (1,830.9 billion yen) in fiscal 2026 (up 5.0%), with net income of about $1.57 billion (233.8 billion yen). Momentum accelerated in the first quarter of fiscal 2027 (April to June 2026): revenue rose 20.7% year on year to ~$3.37 billion (502.3 billion yen) and net income reached ~$545 million (81.4 billion yen), helped by data center, automotive, and mobility demand plus a weaker yen. Murata then raised its full-year revenue forecast to ~$14.1 billion (2,110.0 billion yen), up 15.2%. Murata Manufacturing Co., Ltd. is a colossal Japanese electronics manufacturer, utterly dominating the global market for ceramic capacitors with a valuation generally exceeding $35 billion.
TDK
TDK reported record FY March 2026 results: net sales of ~$16.8 billion (¥2,504.8 billion), up 13.6%; operating profit of ~$1.83 billion (¥272.4 billion), up 21.5%, for a 10.9% margin; and net profit attributable to owners of ~$1.31 billion (¥195.7 billion). Growth came from small batteries and sensors for ICT devices and from HDD heads and suspensions, while automotive passive components weakened with slow BEV sales. For FY March 2027 TDK initially guided to net sales of ~$17.3 billion (¥2,580 billion), operating profit of ~$1.98 billion (¥295 billion) and net profit of ~$1.51 billion (¥225 billion). The year started strongly: first-quarter net sales rose 38.3% to ~$4.96 billion (¥741.0 billion) and operating profit rose 53.0% to ~$578 million (¥86.3 billion), both first-quarter records, driven by AI data center demand.
Revenue and profit by year
Where the revenue comes from
Murata
- Components63.3%
Includes capacitors, inductors, and EMI filters; fiscal 2026 revenue was ~$7.77 billion (1,159,734 million yen).
- Devices and Modules35.9%
Includes high-frequency devices, communications modules, batteries, power supplies, and functional devices; fiscal 2026 revenue was ~$4.39 billion (655,966 million yen).
- Others0.8%
Other revenue was ~$102 million (15,156 million yen) in fiscal 2026.
TDK
- Energy Application Products~55%
Small-capacity lithium-ion polymer batteries from ATL for smartphones, laptops, tablets and wearables, plus TDK-Lambda power supplies. About $9.18 billion (¥1.37 trillion) of FY2026 net sales.
- Passive Components~20%
Ceramic, aluminum electrolytic and film capacitors, inductors, high-frequency and piezo components sold under the TDK and EPCOS brands, with automotive and industrial as major markets.
- Sensor Application Products~10%
MEMS motion sensors and microphones (InvenSense), Hall-effect sensors (Micronas) and TMR magnetic sensors for phones, cars and industrial equipment.
- Magnetic Application Products~10%
HDD heads and suspension assemblies, driven by nearline drives for data centers. About $1.76 billion (¥262.9 billion) of FY2026 net sales.
Business model and strategy
Murata
How it makes money
Murata sells components business-to-business to device makers, automotive suppliers, contract manufacturers, and distributors. It earns most of its money from the Components segment (capacitors, inductors, and EMI filters), which produced ~$7.77 billion (1,159.7 billion yen), or 63.3% of fiscal 2026 revenue; capacitors alone were 51.1%.
Growth strategy
Under its Vision 2030 direction, Murata is shifting its mix toward higher-value parts for AI and data centers, automotive electrification and ADAS, and industrial communications, while pruning general-purpose consumer MLCCs. Capacity additions focus on small, high-capacitance MLCCs at sites such as Izumo.
Competitive advantage
Murata's edge comes from in-house ceramic materials development, process know-how for stacking hundreds of thin dielectric layers, and very high-volume manufacturing yields. Once a part is qualified into a phone, vehicle, or server design, switching suppliers means retesting and reliability risk, which keeps customers sticky.
TDK
How it makes money
TDK sells components to device and equipment makers rather than to consumers. It reports four segments. Energy Application Products, the largest at about 55% of FY2026 net sales, combines ATL's small-capacity lithium-ion polymer batteries for smartphones, tablets, laptops and wearables with power supplies for industrial and ICT equipment.
Growth strategy
Under its medium-term plan, TDK is steering growth toward three themes it calls DX, EX and AI-related demand: components and sensors for AI servers and data centers, batteries and power supplies for devices and industrial equipment, and passive components and sensors for electrified vehicles and renewable energy.
Competitive advantage
TDK's advantage comes from materials know-how built since 1935 and from scale in a few niches where qualification takes years. ATL is one of the largest suppliers of small lithium-ion polymer cells, and phone makers rarely switch suppliers mid-cycle because of the safety testing involved.
Questions about Murata vs TDK
Which company has higher revenue — Murata Manufacturing Co., Ltd. or TDK Corporation?
Murata Manufacturing Co., Ltd. had ~$12.3B (FY2026), while TDK Corporation had ~$16.8B (FY2026). By latest annual revenue, TDK Corporation is the larger business, with Murata Manufacturing Co., Ltd. showing a smaller revenue base.
What is the market cap of Murata Manufacturing Co., Ltd. vs TDK Corporation?
Murata Manufacturing Co., Ltd.'s market capitalisation stands at $90.5B, while TDK Corporation's is $35.9B. Murata Manufacturing Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to TDK Corporation.
How does revenue per employee compare for Murata Manufacturing Co., Ltd. and TDK Corporation?
Murata Manufacturing Co., Ltd. has $165k / employee in revenue per employee, while TDK Corporation has $158k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Murata Manufacturing Co., Ltd. and TDK Corporation make money?
Murata Manufacturing Co., Ltd. and TDK Corporation generate revenue in fundamentally different ways. Murata Manufacturing Co., Ltd.: Murata sells components business-to-business to device makers, automotive suppliers, contract manufacturers, and distributors. TDK Corporation: TDK sells components to device and equipment makers rather than to consumers.
Which company is valued higher relative to revenue — Murata Manufacturing Co., Ltd. or TDK Corporation?
On a price-to-sales (P/S) basis, Murata Manufacturing Co., Ltd. trades at 7.4x P/S and TDK Corporation at 2.1x P/S. Murata Manufacturing Co., Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to TDK Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Murata Manufacturing Co., Ltd. bigger than TDK Corporation?
By last reported revenue, TDK Corporation (~$16.8B (FY2026)) is the larger company compared to Murata Manufacturing Co., Ltd. (~$12.3B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Murata vs TDK overview