# TDK Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第130期(2025/04/01－2026/03/31) (S100YD2Y)
> Page: https://vizora.meequs.com/en/company/tdk
> Retrieved: 2026-09-30T17:49:04.151Z

## Company

TDK is a company in Batteries listed on TSE Prime. It has 106,545 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TDK CORPORATION |
| Ticker | 6762 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6762.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋二丁目5番1号 |
| Representative (per filing) | 代表取締役社長執行役員CEO 齋藤 昇 |
| Share capital | ¥32.6B |
| Employees (consolidated) | 106,545 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | March |
| Website | www.tdk.com (https://www.tdk.com/) |
| Corporate number | 7010001034849 |
| EDINET | E01780 |
| Industries (Vizora) | Batteries, Electronic Components |

> Profile source: annual securities report (S100YD2Y, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Batteries (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.3 | 8 |
| Profitability | 81.3 | 8 |
| Cash conversion | 91.7 | 6 |
| Efficiency | 43.8 | 8 |

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 55% of TDK's sales come from Energy Application Products, with Passive Components and Magnetic Application Products making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +13.6% from the prior year, operating profit +21.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.5T |  |
| Operating income | ¥272.4B | Margin 10.9% |
| Net income | ¥195.7B | Margin 7.8% |
| Free cash flow | — |  |
| Largest business | Energy Application Products | of segment revenue 54.7% |
| Employees (consolidated) | 106,545 |  |
| EPS | ¥103.09 |  |
| Diluted EPS | ¥102.97 |  |
| Book value per share | ¥304.91 |  |
| Equity ratio | 49.5% | Derived from disclosed figures |
| Shares outstanding | 1,943,860,000 |  |
| Treasury shares | 47,085,700 |  |
| Shareholders | 65,618 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 19.1% | Cash ÷ revenue 33.6% |
| Vs. industry median margin | +3.6 pp | Batteries |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, one segment accounts for 73% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1479008000000 | ¥2504820000000 | +69.4% |
| Operating income | ¥111814000000 | ¥272415000000 | +143.6% |
| Operating margin | 7.6% | 10.9% | +3.3 pp |
| Employees | 129,284 people | 106,545 people | -17.6% |
| Cash and equivalents | ¥380387000000 | ¥842775000000 | +121.6% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 受動部品 → 受動部品 | 23.7% |
| 受動部品 → 事業再編・廃止 | 3.8% |
| センサ応用製品 → センサ応用製品 | 5.5% |
| 磁気応用製品 → 磁気応用製品 | 10.5% |
| 磁気応用製品 → 事業再編・廃止 | 3.0% |
| エナジー応用製品 → エナジー応用製品 | 50.0% |
| その他 → その他 | 2.1% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → センサ応用製品 | 3.5% |
| 新設・再編 → エナジー応用製品 | 4.7% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy Application Products | 5 years | +13.1% | ¥1370304000000 | 18.0% | 2 |
| Passive Components | 5 years | +7.8% | ¥593201000000 | 7.1% | 2 |
| Magnetic Application Products | 5 years | +5.7% | ¥262903000000 | 10.3% | 2 |
| Sensor Application Products | 5 years | +22.5% | ¥224623000000 | 9.2% | 2 |
| Other | 5 years | +1.0% | ¥53789000000 | -19.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,504,820 | 100.0% | S100YD2Y |
| Cost of revenue | 1,721,416 | 68.7% | S100YD2Y |
| Gross profit | 783,404 | 31.3% | S100YD2Y |
| SG&A | 544,033 | 21.7% | S100YD2Y |
| Operating income | 272,415 | 10.9% | S100YD2Y |
| Pretax income | 276,810 | 11.1% | S100YD2Y |
| Income tax | 77,642 | 3.1% | S100YD2Y |
| Net income | 199,167 | 8.0% | S100YD2Y |
| Net income attributable to owners | 195,663 | 7.8% | S100YD2Y |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 22 |
| Other operating | -2 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 31.3% → Operating margin 10.9% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.6%; Core profit growth: +21.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.58×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,204,806 | 2,504,820 | 300,014 | +13.6% |
| Gross profit | 688,042 | 783,404 | 95,362 | +13.9% |
| Operating income | 224,192 | 272,415 | 48,223 | +21.5% |
| Net income attributable to owners | 167,161 | 195,663 | 28,502 | +17.1% |
| Operating cash flow | 445,839 | 507,672 | 61,833 | +13.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,178,257 | — | — | 145,099 | 160,136 | — | S100LMH9 |
| FY ending Mar 2018 | 1,271,747 | — | — | 63,463 | 91,310 | — | S100ODQV |
| FY ending Mar 2019 | 1,381,806 | — | — | 82,205 | 140,274 | — | S100R0PF |
| FY ending Mar 2020 | 1,363,037 | — | — | 57,780 | 222,390 | — | S100TOOW |
| FY ending Mar 2021 | 1,479,008 | 111,814 | 7.6% | 74,681 | 230,855 | — | S100ODQV |
| FY ending Mar 2022 | 1,902,124 | 166,775 | 8.8% | 131,298 | 178,987 | — | S100R0PF |
| FY ending Mar 2023 | 2,180,817 | 168,827 | 7.7% | 114,187 | 262,772 | — | S100TOOW |
| FY ending Mar 2024 | 2,103,876 | 172,893 | 8.2% | 124,687 | 447,007 | — | S100VZFD |
| FY ending Mar 2025 | 2,204,806 | 224,192 | 10.2% | 167,161 | 445,839 | — | S100YD2Y |
| FY ending Mar 2026 | 2,504,820 | 272,415 | 10.9% | 195,663 | 507,672 | — | S100YD2Y |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.5M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 116,808 | 102,908 | 101,453 | 105,067 | 106,545 |
| Average salary (parent company) | ¥7.8M | ¥7.9M | ¥7.8M | ¥8.3M | ¥9.2M |
| Average age (parent company) | 43.4 years | 43.0 years | 42.7 years | 43.2 years | 43.0 years |
| Average tenure (parent company) | 18.3 years | 17.9 years | 17.7 years | 17.2 years | 16.9 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +13.6%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Passive Components | 593,201 | 23.7% | 41,831 | 7.1% |
| Sensor Application Products | 224,623 | 9.0% | 20,748 | 9.2% |
| Magnetic Application Products | 262,903 | 10.5% | 26,951 | 10.3% |
| Energy Application Products | 1,370,304 | 54.7% | 246,682 | 18.0% |
| Other | 53,789 | 2.1% | -10,230 | -19.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Passive Components | 23.7% | 12.4% | -11.2 | 7.1% |
| Sensor Application Products | 9.0% | 6.2% | -2.8 | 9.2% |
| Magnetic Application Products | 10.5% | 8.0% | -2.5 | 10.3% |
| Energy Application Products | 54.7% | 73.4% | 18.7 | 18.0% |
| Other | 2.1% | — | — | -19.0% |

Loss-making segment (excluded from profit shares): Other -10,230 JPY mn

Segment → industry: Energy Application Products → Batteries / Magnetic Application Products → Electronic Components / Sensor Application Products → Electronic Components / Passive Components → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 507,672 | 20.3% | S100YD2Y |
| Investing cash flow | -377,751 | -15.1% | S100YD2Y |
| Financing cash flow | -64,747 | -2.6% | S100YD2Y |
| Dividends paid | 60,736 | 2.4% | S100YD2Y |
| Change in cash | 145,468 | 5.8% | S100YD2Y |
| Cash and equivalents | 842,775 | 33.6% | S100YD2Y |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 439,339 | 506,185 | 649,998 | 697,307 | 842,775 | S100TOOW, S100VZFD, S100YD2Y |
| Total assets | 3,041,653 | 3,147,027 | 3,415,304 | 3,541,415 | 4,415,175 | S100R0PF, S100TOOW, S100VZFD, S100YD2Y |
| Net assets | 1,303,755 | 1,462,867 | 1,714,941 | 1,811,254 | 2,203,545 | S100TOOW, S100VZFD, S100YD2Y |
| Share capital | 32,641 | 32,641 | 32,641 | 32,641 | 32,641 | S100R0PF, S100TOOW, S100VZFD, S100YD2Y |
| Property, plant and equipment | 945,042 | 930,288 | 991,072 | 1,030,122 | 1,225,762 | S100R0PF, S100TOOW, S100VZFD, S100YD2Y |
| Goodwill | 137,352 | 149,516 | 168,383 | 164,868 | 188,481 | S100R0PF, S100TOOW, S100VZFD, S100YD2Y |
| Current assets | 1,533,172 | 1,607,311 | 1,727,975 | 1,836,858 | 2,455,232 | S100R0PF, S100TOOW, S100VZFD, S100YD2Y |
| Total liabilities | 1,737,898 | 1,684,160 | 1,700,363 | 1,730,161 | 2,211,630 | S100R0PF, S100TOOW, S100VZFD, S100YD2Y |
| Equity attributable to owners of parent | 1,300,317 | 1,458,446 | 1,707,332 | 1,800,070 | 2,187,234 | S100R0PF, S100TOOW, S100VZFD, S100YD2Y |
| Retained earnings | 974,767 | 1,054,738 | 1,138,732 | 1,273,453 | 1,409,670 | S100R0PF, S100TOOW, S100VZFD, S100YD2Y |
| Treasury stock | -16,698 | -16,259 | -16,073 | -15,843 | -15,665 | S100R0PF, S100TOOW, S100VZFD, S100YD2Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YD2Y |
| Property, plant and equipment | 28% | S100YD2Y |
| Intangibles and goodwill | 4% | — |
| Other assets | 49% | S100YD2Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100YD2Y |
| Equity | 50% | S100YD2Y |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,041,653 | 3,147,027 | 3,415,304 | 3,541,415 | 4,415,175 |
| Equity | 1,303,755 | 1,462,867 | 1,714,941 | 1,811,254 | 2,203,545 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 439,339 | 506,185 | 649,998 | 697,307 | 842,775 |

## 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) | 48.9% | S100YD2Y |
| Fixed assets ÷ total assets | 27.8% | S100YD2Y |
| Goodwill ÷ parent equity | 8.6% | S100YD2Y |

Goodwill over 4 years: 137,352 → 188,481 JPY; total investing cash flow: -1,355,133 JPY. This does not imply causation.

### 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) | 19.1% |
| Cash ÷ revenue | 33.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 186.4% |
| Cash vs. profit gap | 312,009 JPY mn (of net income 159.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 74.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.9% | 0.63× | 4.3% | 2.34× | 10.1% | S100R0PF |
| 2023 | 5.2% | 0.70× | 3.7% | 2.24× | 8.3% | S100TOOW |
| 2024 | 5.9% | 0.64× | 3.8% | 2.07× | 7.9% | S100VZFD |
| 2025 | 7.6% | 0.63× | 4.8% | 1.98× | 9.5% | S100YD2Y |
| 2026 | 7.8% | 0.63× | 4.9% | 2.00× | 9.8% | S100YD2Y |

## 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 | 27.0% | 2026-03-31 |
| 株式会社日本カストディ銀行 (信託口) | Major shareholder | 11.7% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A LONDONSECS LENDING OMNIBUS ACCOUNT(常任代理人 株式会社みずほ銀行) | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行) | Major shareholder | 2.1% | 2026-03-31 |
| CITIBANK,N.A.-NY, AS DEPOSITARY BANK FOR DEPOSITARY SHARE HOLDERS (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.0% | 2026-03-31 |
| HSBC HONGKONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES (常任代理人 香港上海銀行東京支店) | Major shareholder | 1.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行) | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 (常任代理人 株式会社みずほ銀行) | Major shareholder | 1.3% | 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 | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥2.5T, up 13.6% from ¥2.2T.
- Operating income grew faster, rising 21.5% to ¥272.4B.
- Net income attributable to owners reached ¥195.7B (+17.1%), and operating cash flow was ¥507.7B (+13.9%).

### Drivers

- Demand for data-center hard drives stayed high, so TDK shipped more HDD heads and suspensions
- Small batteries for smartphones sold more thanks to new phone models, and mid-size batteries for industrial equipment also grew
- Higher volumes, cost cuts and savings from last year's restructuring lifted profit, while price discounts, higher R&D spending (mainly on batteries) and a stronger yen held it back

### Risks

- Price competition with Japanese, Korean, Taiwanese and Chinese rivals is intense, and pressure to cut prices keeps growing
- A large share of sales and production is tied to China, so political or economic changes there could hurt results
- One customer group accounts for a large share of revenue, mainly through battery sales

Cited: Annual Securities Report (130th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (130th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第130期(2025/04/01－2026/03/31) | S100YD2Y | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD2Y,, |
| 有価証券報告書－第129期(2024/04/01－2025/03/31) | S100VZFD | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZFD,, |
| 有価証券報告書－第128期(2023/04/01－2024/03/31) | S100TOOW | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOOW,, |
| 有価証券報告書－第127期(2022/04/01－2023/03/31) | S100R0PF | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0PF,, |
| 有価証券報告書－第126期(令和3年4月1日－令和4年3月31日) | S100ODQV | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODQV,, |
| 有価証券報告書－第125期(令和2年4月1日－令和3年3月31日) | S100LMH9 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMH9,, |

## 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).