Taiyo Yuden Co Ltd

6976: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Taiyo Yuden Earnings: Tight MLCC Supply and Restructuring Drive Margin Expansion; Fair Value up 25%

Kazunori Ito

Feb 9, 2026

Taiyo Yuden's sales for the December quarter increased 2% year over year, with weakness in telecom devices partially offsetting the solid recovery in multilayer ceramic capacitors. The operating margin of 8.5%, the highest in three years, was driven by improved MLCC capacity utilization.

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Taiyo Yuden Co Ltd

Taiyo Yuden Earnings: Tight MLCC Supply and Restructuring Drive Margin Expansion; Fair Value up 25%

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