# Murata Manufacturing Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第90期(2025/04/01－2026/03/31) (S100YHPY), 有価証券報告書－第89期(2024/04/01－2025/03/31) (S100W2ZR)
> Page: https://vizora.meequs.com/en/company/murata
> Retrieved: 2026-09-30T19:09:19.298Z

## Company

Murata, founded in 1965, is a company in Batteries listed on TSE Prime. It has 72,572 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Murata Manufacturing Co., Ltd. |
| Ticker | 6981 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6981.T) |
| Listing | TSE Prime |
| Head office | 京都府長岡京市東神足1丁目10番1号 |
| Representative (per filing) | 代表取締役社長 中島 規巨 |
| Founded | May 1965 |
| Share capital | ¥69.4B |
| Employees (consolidated) | 72,572 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | corporate.murata.com (https://corporate.murata.com/) |
| Corporate number | 4130001030475 |
| EDINET | E01914 |
| Industries (Vizora) | Batteries, Electronic Components |

> Profile source: annual securities report (S100YHPY, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 92 | 56 |
| Cash conversion | 61.5 | 48 |
| Efficiency | 27.7 | 56 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 60% of Murata's sales come from Components, with Devices and Modules making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +6.3% from the prior year.

## Company structure

- Segment revenue mix: Components 59.7%、Devices and Modules 40.3%
- Revenue → net income: ¥1743352000000 → ¥232973000000
- Net income → operating cash flow: ¥232973000000 → ¥451905000000（difference ¥218932000000）
- Main uses of operating cash flow: CapEx ¥192842000000 / dividends ¥101581000000 / buybacks ¥80006000000
- Change in cash: ¥3141000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.74T |  |
| Operating income | ¥279.7B | Margin 16.0% |
| Net income | ¥233.8B | Margin 13.4% |
| Free cash flow | ¥259.1B |  |
| Largest business | Components | of segment revenue 59.7% |
| Employees (consolidated) | 72,572 |  |
| EPS | ¥125.08 |  |
| Book value per share | ¥409.33 |  |
| Equity ratio | 85.2% | Derived from disclosed figures |
| Shares outstanding | 1,963,001,000 |  |
| Treasury shares | 100,640,700 |  |
| Shareholders | 155,717 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 20.6% | Cash ÷ revenue 35.9% |
| Vs. industry median margin | +10.1 pp | Electronic Components |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 96% of positive segment profit
- FY2025, segment profit share differs by 37 points

## What changed in 5 years

Accounting standard changed in FY2022; percentage changes are omitted.

| Metric | FY ending Mar 2020 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1534045000000 | ¥1743352000000 | — |
| Employees | 74,109 people | 72,572 people | — |
| Cash and equivalents | ¥302320000000 | ¥625148000000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2020 → FY ending Mar 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → コンポーネント | 59.7% |
| 新設・再編 → デバイス・モジュール | 40.3% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,743,352 | 100.0% | S100YHPY |
| Cost of revenue | 1,025,650 | 58.8% | S100YHPY |
| Gross profit | 717,702 | 41.2% | S100YHPY |
| SG&A | 277,681 | 15.9% | S100YHPY |
| Operating income | 279,702 | 16.0% | S100YHPY |
| Pretax income | 304,404 | 17.5% | S100YHPY |
| Income tax | 71,431 | 4.1% | S100YHPY |
| Net income | 232,973 | 13.4% | S100YHPY |
| Net income attributable to owners | 233,818 | 13.4% | S100YHPY |

## Per ¥100 of revenue（FY ending Mar 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 16 |
| Other operating | 9 |
| Operating income | 16 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 41.2% → Operating margin 16.0% → Net margin 13.4%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2024 → FY ending Mar 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,640,158 | 1,743,352 | 103,194 | +6.3% |
| Net income attributable to owners | 180,838 | 233,818 | 52,980 | +29.3% |
| Operating cash flow | 489,637 | 451,905 | -37,732 | -7.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,135,524 | — | — | 156,060 | 243,920 | — | S100LPV9 |
| FY ending Mar 2018 | 1,371,842 | — | — | 146,086 | 225,249 | — | S100P5NP |
| FY ending Mar 2019 | 1,575,026 | — | — | 206,930 | 279,842 | — | S100R773 |
| FY ending Mar 2020 | 1,534,045 | — | — | 183,012 | 350,334 | — | S100TSIJ |
| FY ending Mar 2021 | 1,630,193 | — | — | 237,057 | 373,571 | — | S100W2ZR |
| FY ending Mar 2022 | 1,812,521 | — | — | 314,124 | 421,458 | — | S100YHPY |
| FY ending Mar 2023 | 1,686,796 | 298,231 | 17.7% | 243,946 | 277,641 | 80,076 | S100TSIJ |
| FY ending Mar 2024 | 1,640,158 | — | — | 180,838 | 489,637 | — | S100YHPY |
| FY ending Mar 2025 | 1,743,352 | 279,702 | 16.0% | 233,818 | 451,905 | 259,063 | S100YHPY |

## People and productivity（FY ending Mar 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥3.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 75,184 | 77,581 | 73,164 | 73,165 | 72,572 |
| Average salary (parent company) | ¥7.3M | ¥8M | ¥8M | — | ¥8M |
| Average age (parent company) | 40.1 years | 40.1 years | 40.1 years | — | 40.1 years |
| Average tenure (parent company) | 14.7 years | 14.3 years | 14.1 years | — | 14.1 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +6.3%

## Segments（FY ending Mar 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Components | 1,033,118 | 59.7% | 275,150 | 26.6% |
| Devices and Modules | 697,165 | 40.3% | 9,995 | 1.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Components | 59.7% | 96.5% | 36.8 | 26.6% |
| Devices and Modules | 40.3% | 3.5% | -36.8 | 1.4% |

Segment → industry: Devices and Modules → Batteries / Devices and Modules → Electronic Components / Components → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 451,905 | 25.9% | S100YHPY |
| Capital expenditure | 192,842 | 11.1% | S100YHPY |
| Free cash flow | 259,063 | 14.9% | 算出 |
| Investing cash flow | -208,070 | -11.9% | S100YHPY |
| Financing cash flow | -242,733 | -13.9% | S100YHPY |
| Dividends paid | 101,581 | 5.8% | S100YHPY |
| Share buyback | 80,006 | 4.6% | S100YHPY |
| Change in cash | 3,141 | 0.2% | S100YHPY |
| Cash and equivalents | 625,148 | 35.9% | S100YHPY |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 407,699 | 512,072 | 469,406 | 622,007 | 625,148 | S100W2ZR, S100TSIJ, S100YHPY |
| Total assets | 2,462,261 | 2,804,081 | 2,858,303 | 3,037,895 | 3,028,194 | S100W2ZR, S100TSIJ, S100YHPY |
| Net assets | — | 2,239,989 | 2,359,942 | 2,555,609 | 2,579,975 | S100TSIJ, S100W2ZR, S100YHPY |
| Share capital | — | 69,444 | 69,444 | — | 69,444 | S100TSIJ, S100YHPY |
| Property, plant and equipment | — | 1,084,161 | 1,146,222 | — | 1,183,727 | S100TSIJ, S100YHPY |
| Goodwill | — | 114,722 | 123,247 | — | 135,746 | S100TSIJ, S100YHPY |
| Current assets | — | 1,435,824 | 1,407,612 | — | 1,497,935 | S100TSIJ, S100YHPY |
| Total liabilities | — | 564,092 | 498,361 | — | 448,219 | S100TSIJ, S100YHPY |
| Equity attributable to owners of parent | — | 2,239,679 | 2,359,985 | — | 2,580,805 | S100TSIJ, S100YHPY |
| Retained earnings | — | 2,099,426 | 2,246,258 | — | 2,400,684 | S100TSIJ, S100YHPY |
| Treasury stock | — | -53,538 | -133,494 | — | -135,192 | S100TSIJ, S100YHPY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YHPY |
| Property, plant and equipment | 39% | S100YHPY |
| Intangibles and goodwill | 4% | — |
| Other assets | 36% | S100YHPY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100YHPY |
| Equity | 85% | S100YHPY |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,462,261 | 2,804,081 | 2,858,303 | 3,037,895 | 3,028,194 |
| Equity | — | 2,239,989 | 2,359,942 | 2,555,609 | 2,579,975 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 407,699 | 512,072 | 469,406 | 622,007 | 625,148 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 67.9% | S100YHPY |
| Fixed assets ÷ total assets | 39.1% | S100YHPY |
| Goodwill ÷ parent equity | 5.3% | S100YHPY |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 20.6% |
| Cash ÷ revenue | 35.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 161.6% |
| Cash vs. profit gap | 218,087 JPY mn (of net income 93.3%) |
| Shareholder returns / net income | 77.7% |
| Shareholder returns / FCF | 70.1% |
| Shareholder payments — dividends / net income | 43.4% |
| Shareholder payments — dividends / FCF | 39.2% |
| CapEx intensity (capex ÷ revenue) | 11.1% |
| Investing CF relative to operating CF | 46.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | 9.6% | —× | — | S100W2ZR |
| 2022 | 17.3% | 0.69× | 11.9% | 1.18× | 14.0% | S100YHPY, S100TSIJ |
| 2023 | 14.5% | 0.60× | 8.6% | 1.23× | 10.6% | S100TSIJ |
| 2024 | 11.0% | 0.56× | 6.1% | 1.20× | 7.4% | S100YHPY |
| 2025 | 13.4% | 0.57× | 7.7% | 1.18× | 9.1% | S100YHPY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 17.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社京都銀行 | Major shareholder | 1.8% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2025 was ¥1.74T, up +6.3%.
- Net income rose much faster, from ¥180.8B to ¥233.8B, a +29.3% gain.
- Operating cash flow slipped the other way, down -7.7% to ¥451.9B.

### Drivers

- Investment in AI servers boosted multilayer ceramic capacitor sales for computers, and car demand added to them
- Devices and Modules swung from an operating loss to a small operating profit
- Fuller factories and cost cuts outweighed lower prices and higher fixed costs

### Risks

- Most sales are overseas, so a stronger yen cuts profit
- Chinese component makers are catching up quickly, making the fight for share harder
- Sales lean heavily on capacitors, so a technology that replaces them would hit hard

Cited: Annual securities report (89th term) (MD&A); Annual securities report (90th term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第90期(2025/04/01－2026/03/31) | S100YHPY | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHPY,, |
| 有価証券報告書－第89期(2024/04/01－2025/03/31) | S100W2ZR | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2ZR,, |
| 有価証券報告書－第88期(2023/04/01－2024/03/31) | S100TSIJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSIJ,, |
| 有価証券報告書－第87期(2022/04/01－2023/03/31) | S100R773 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R773,, |
| 訂正有価証券報告書－第86期(令和3年4月1日－令和4年3月31日) | S100P5NP | 2022-09-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P5NP,, |
| 有価証券報告書－第85期(令和2年4月1日－令和3年3月31日) | S100LPV9 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPV9,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).