A top MLCC supplier for AI servers

Research evidence excerpt

A top MLCC supplier for AI servers

Macquarie Equity Research Murata Manufacturing

Key Risks to Investment Thesis Company Description

• Delay of capex for AI servers and data centres. Murata Manufacturing is the world’s leading MLCC

• MLCC pricing: Requests for larger-than-expected price cuts manufacturer, with clear leadership in technology, production

from auto or smartphone makers. capacity, and profitability. AI servers are expected to be a

• MLCC content: Lower-than-expected MLCC content growth major growth driver, as both the number of MLCCs per server

and blended ASP are set to increase significantly. Murata is per auto or smartphone.

also expanding its investments in MLCCs for automotive and

• Non-MLCC: Inability to obtain new orders for RF modules/ edge AI applications. In addition, RF modules and devices

devices for smartphones. represent another key growth area.

• FX: A stronger yen would dampen earnings.

Figure 1 - Murata: Sales by segment (FY3/29E) Figure 2 - Murata: OP by segment (FY3/29E)

Functional device RF /

Energy / Power

4% Inductor / EMICommunication

8%

filter module

12% 4%

RF /

Communication

module

16%

Capacitor (MLCC)

60%

Inductor / EMI filter

12%

84%

Source: Company data, Macquarie Research, July 2026 Source: Company data, Macquarie Research, July 2026

Murata Manufacturing (6981 JP) JPY/(bn) unless otherwise noted

Income Statement Mar FY 2026A 2027E 2028E 2029E Q4/26A Q1/27E Balance Sheet 2026A 2027E 2028E 2029E

Revenue 1,831 1,998 2,386 2,861 460.6 458.7 Cash 653.7 772.7 1,020 1,467

Cost of Goods Sold 1,056 1,142 1,352 1,607 261.5 262.3 Receivables 328.2 366.0 437.0 524.2

Gross Profit 774.8 855.5 1,033 1,254 199.1 196.4 Inventories 520.5 536.9 608.4 723.3

EBITDA 460.0 589.1 804.3 1,076 84.8 143.4 Investments 74.6 74.6 74.6 74.6