# TDK (6762.JP)

Canonical: https://gigainvestors.com/s/6762.JP

Analysis as of: 2026-10-15T07:11:05.692Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 2,903.50 per share; close as of 2026-10-15.

Estimated value: low JPY 1,649.13 per share, central JPY 2,157.40 per share, high JPY 2,460.26 per share. Buy at or below the central value JPY 2,157.40 per share. Valuation as of 2026-10-15T07:11:05.692Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.18×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.07×

- FY2021: 0.08×

- FY2022: 0.09×

- FY2023: 0.08×

- FY2024: 0.08×

- FY2025: 0.10×

- FY2026: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.1%

- ROIC, second-lowest year: 7.5%

- Typical minus recent gross margin: -2.4 pp

- Typical gross margin (annual median): 28.8%

- Recent gross margin (lower of latest and 3-year median): 31.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.7%

- ROIC including acquisitions, ten-year median: 5.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 19.5%

- FY2018: 7.0%

- FY2019: 8.2%

- FY2020: 7.5%

- FY2021: 7.5%

- FY2022: 9.8%

- FY2023: 7.7%

- FY2024: 8.1%

- FY2025: 10.4%

- FY2026: 11.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 698B

- Net income, five-year total: JPY 785B

- Return on incremental invested capital: 12.0%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 4.7 pp

- Working capital / revenue, final three-year average: 27.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.95×

- FY2023: 0.91×

- FY2024: 0.68×

- FY2025: 0.92×

- FY2026: 0.93×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.2% vs 10.4%

- Per-share earnings: 34.28 to 88.10 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: JPY 2.84T

- Cumulative retained earnings: JPY 538B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 12.5%

- Per-share value change: JPY 53.82

- Per-share value, starting three-year median: JPY 34.28

- Per-share value, ending three-year median: JPY 88.10

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 164B

- Cumulative net income, 10 years: JPY 1.21T

- ROIC, first three-year median: 8.2%

- ROIC, last three-year median: 10.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 76.68

- FY2018: JPY 33.52

- FY2019: JPY 43.40

- FY2020: JPY 30.50

- FY2021: JPY 39.41

- FY2022: JPY 69.29

- FY2023: JPY 60.24

- FY2024: JPY 65.74

- FY2025: JPY 88.10

- FY2026: JPY 103.09

### accounting: pass

- Sloan accruals: -7.1%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.59×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.9%

- FY2018: -1.5%

- FY2019: -2.9%

- FY2020: -8.7%

- FY2021: -6.1%

- FY2022: 0.5%

- FY2023: -4.7%

- FY2024: -9.4%

- FY2025: -7.9%

- FY2026: -7.1%

## Holders

## Price story

Down 29% since May 2026 · sales +13.6%

Story as of 2026-10-16T10:00:14.515Z; price observation 2026-10-15.

Price needs cash profits to grow 10.7% a year for ten years

### Sales · FY2025–2026

sales +13.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YD2Y.pdf; observed 2026-06-17.

- FY2017: JPY 1.18T 

- FY2018: JPY 1.27T 

- FY2019: JPY 1.38T 

- FY2020: JPY 1.36T 

- FY2021: JPY 1.48T 

- FY2022: JPY 1.90T 

- FY2023: JPY 2.18T 

- FY2024: JPY 2.10T 

- FY2025: JPY 2.20T 

- FY2026: JPY 2.50T 

### Gross margin · FY2026

gross margin 31.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YD2Y.pdf; observed 2026-06-17.

- FY2017: 27.4% 

- FY2018: 26.8% 

- FY2019: 28.7% 

- FY2020: 29.6% 

- FY2021: 28.8% 

- FY2022: 29.6% 

- FY2023: 26.8% 

- FY2024: 28.7% 

- FY2025: 31.2% 

- FY2026: 31.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic components; annual sales are JPY 2.5 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YD2Y.pdf (filed 2026-06-17); FY2026: revenue 2504820000000; grossProfit 783404000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 28.7% to 31.3% during 2024–26; it earns 8.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2024: grossProfit / revenue = 28.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2025: grossProfit / revenue = 31.2%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YD2Y.pdf (filed 2026-06-17); FY2026: grossProfit / revenue = 31.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); 10-year return on capital observations [[2017,0.1948295344618213],[2018,0.07010207816550257],[2019,0.08163203738933862],[2020,0.07483199252803457],[2021,0.07453127675873122],[2022,0.09833067112440066],[2023,0.07693798733359268],[2024,0.08099755366355237],[2025,0.10388261019709069],[2026,0.11061596988918433]]; median 0.0813147955264455. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 52.4% of cash earnings; earns 12% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2020: growth capex 0; upkeep 173429000000; owner earnings 9335000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2021: growth capex 56087855208.486115; upkeep 156267144791.5139; owner earnings 62716855208.486115. Growth capex / owner earnings = 0.8943027360354152.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2022: growth capex 114306000000; upkeep 177031000000; owner earnings 173919000000. Growth capex / owner earnings = 0.6572369896331051.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2023: growth capex 69424000000; upkeep 206285000000; cash acquisitions 6754000000; owner earnings 103789000000. Growth capex plus acquisitions / owner earnings = 0.7339698812012834.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2024: growth capex 0; upkeep 218589000000; cash acquisitions 9693000000; owner earnings 84358000000. Growth capex plus acquisitions / owner earnings = 0.11490315085706157.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2025: growth capex 29062000000; upkeep 196228000000; cash acquisitions 5975000000; owner earnings 152978000000. Growth capex plus acquisitions / owner earnings = 0.22903293284001622.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YD2Y.pdf (filed 2026-06-17); FY2026: growth capex 94399000000; upkeep 204192000000; cash acquisitions 1343000000; owner earnings 182740000000. Growth capex plus acquisitions / owner earnings = 0.5239247017620663.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); Incremental return on capital 0.12039342826561526, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); Dividend observations: [[2017,15132000000],[2018,15138000000],[2019,18948000000],[2020,21469000000],[2021,22738000000],[2022,23987000000],[2023,37198000000],[2024,42152000000],[2025,48536000000],[2026,60736000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 10.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); Ten-year compound average after fade. Initial solved rate 0.1413873137983711. Price 2903.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -4.818030820016043 → FY2026 96.28119061856356. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 512.67 per share

- 2016-12: JPY 536.00 per share

- 2017-01: JPY 542.00 per share

- 2017-02: JPY 509.33 per share

- 2017-03: JPY 470.00 per share

- 2017-04: JPY 460.00 per share

- 2017-05: JPY 446.00 per share

- 2017-06: JPY 492.67 per share

- 2017-07: JPY 530.00 per share

- 2017-08: JPY 491.33 per share

- 2017-09: JPY 509.33 per share

- 2017-10: JPY 578.00 per share

- 2017-11: JPY 611.33 per share

- 2017-12: JPY 599.33 per share

- 2018-01: JPY 670.00 per share

- 2018-02: JPY 651.33 per share

- 2018-03: JPY 639.33 per share

- 2018-04: JPY 630.00 per share

- 2018-05: JPY 652.00 per share

- 2018-06: JPY 754.67 per share

- 2018-07: JPY 795.33 per share

- 2018-08: JPY 832.67 per share

- 2018-09: JPY 826.00 per share

- 2018-10: JPY 650.00 per share

- 2018-11: JPY 596.67 per share

- 2018-12: JPY 514.67 per share

- 2019-01: JPY 571.33 per share

- 2019-02: JPY 580.00 per share

- 2019-03: JPY 578.00 per share

- 2019-04: JPY 646.00 per share

- 2019-05: JPY 493.33 per share

- 2019-06: JPY 556.00 per share

- 2019-07: JPY 564.67 per share

- 2019-08: JPY 564.00 per share

- 2019-09: JPY 644.67 per share

- 2019-10: JPY 722.00 per share

- 2019-11: JPY 767.33 per share

- 2019-12: JPY 826.00 per share

- 2020-01: JPY 791.33 per share

- 2020-02: JPY 696.67 per share

- 2020-03: JPY 558.67 per share

- 2020-04: JPY 625.33 per share

- 2020-05: JPY 672.00 per share

- 2020-06: JPY 712.00 per share

- 2020-07: JPY 778.67 per share

- 2020-08: JPY 734.00 per share

- 2020-09: JPY 760.67 per share

- 2020-10: JPY 814.00 per share

- 2020-11: JPY 981.33 per share

- 2020-12: JPY 1,036.00 per share

- 2021-01: JPY 1,125.33 per share

- 2021-02: JPY 1,016.00 per share

- 2021-03: JPY 1,022.00 per share

- 2021-04: JPY 990.00 per share

- 2021-05: JPY 929.33 per share

- 2021-06: JPY 899.33 per share

- 2021-07: JPY 829.33 per share

- 2021-08: JPY 771.33 per share

- 2021-09: JPY 809.00 per share

- 2021-10: JPY 826.00 per share

- 2021-11: JPY 900.00 per share

- 2021-12: JPY 898.00 per share

- 2022-01: JPY 820.00 per share

- 2022-02: JPY 920.00 per share

- 2022-03: JPY 892.00 per share

- 2022-04: JPY 813.00 per share

- 2022-05: JPY 893.00 per share

- 2022-06: JPY 838.00 per share

- 2022-07: JPY 832.00 per share

- 2022-08: JPY 983.00 per share

- 2022-09: JPY 891.00 per share

- 2022-10: JPY 931.00 per share

- 2022-11: JPY 976.00 per share

- 2022-12: JPY 867.00 per share

- 2023-01: JPY 921.00 per share

- 2023-02: JPY 912.00 per share

- 2023-03: JPY 945.00 per share

- 2023-04: JPY 929.00 per share

- 2023-05: JPY 1,068.00 per share

- 2023-06: JPY 1,113.40 per share

- 2023-07: JPY 1,087.40 per share

- 2023-08: JPY 1,062.80 per share

- 2023-09: JPY 1,108.40 per share

- 2023-10: JPY 1,111.60 per share

- 2023-11: JPY 1,374.00 per share

- 2023-12: JPY 1,343.40 per share

- 2024-01: JPY 1,488.40 per share

- 2024-02: JPY 1,557.20 per share

- 2024-03: JPY 1,497.40 per share

- 2024-04: JPY 1,416.80 per share

- 2024-05: JPY 1,570.20 per share

- 2024-06: JPY 1,973.00 per share

- 2024-07: JPY 2,107.00 per share

- 2024-08: JPY 1,969.40 per share

- 2024-09: JPY 1,823.00 per share

- 2024-10: JPY 1,842.50 per share

- 2024-11: JPY 1,929.00 per share

- 2024-12: JPY 2,072.50 per share

- 2025-01: JPY 1,888.50 per share

- 2025-02: JPY 1,586.00 per share

- 2025-03: JPY 1,546.00 per share

- 2025-04: JPY 1,521.50 per share

- 2025-05: JPY 1,600.00 per share

- 2025-06: JPY 1,695.50 per share

- 2025-07: JPY 1,857.00 per share

- 2025-08: JPY 1,936.00 per share

- 2025-09: JPY 2,148.50 per share

- 2025-10: JPY 2,673.00 per share

- 2025-11: JPY 2,559.50 per share

- 2025-12: JPY 2,211.00 per share

- 2026-01: JPY 1,981.00 per share

- 2026-02: JPY 2,424.50 per share

- 2026-03: JPY 1,966.00 per share

- 2026-04: JPY 2,890.50 per share

- 2026-05: JPY 4,108.00 per share

- 2026-06: JPY 3,570.00 per share

- 2026-07: JPY 3,008.00 per share

- 2026-08: JPY 3,078.00 per share

- 2026-09: JPY 2,981.00 per share

- 2026-10: JPY 3,164.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 205.15 per share, central JPY 212.56 per share, high JPY 222.42 per share

- FY2023: low JPY 907.29 per share, central JPY 1,191.51 per share, high JPY 1,357.01 per share

- FY2024: low JPY 888.39 per share, central JPY 1,037.81 per share, high JPY 1,158.14 per share

- FY2025: low JPY 1,071.13 per share, central JPY 1,347.10 per share, high JPY 1,520.38 per share

- FY2026: low JPY 1,649.13 per share, central JPY 2,157.40 per share, high JPY 2,460.26 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YD2Y.pdf); period 2026-03-31, filed 2026-06-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations