Market cap ¥4.98TNext earnings 2026-10-30Updated Oct 24, 2026 · valuation updating
Our verdict
No fair value
We are missing the financial data our models need for this company. It will appear once the data arrives.
Not valued: there are no financial statements on file yet.
ACCE opinionTDK Corporation (6762.T)
Fair value
Not available
ACCE price target
¥2907
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ¥2625 at the close on 23 Oct 2026, 08:30 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
68
out of 100
P/E
15.3x
forward 24.6x
1-year return
+8.9%
Dividend yield
1.44%
TDK Corporation in four questions
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Overview
ACCE thesis
TDK makes passive components (multilayer ceramic capacitors, inductors, and magnetic heads) and power supplies that go into smartphones, servers, automotive electronics and industrial equipment, so it sits upstream of nearly every electronic device rather than in any single end market. Its edge is scale and process know-how in ceramic and magnetic materials, which makes qualification by large OEMs sticky once a part is designed in. The near-term driver is AI server and data-center power demand, where higher-current power and passive components are being pulled forward. Revenue growth of 38.3% against an 11.6% operating margin and a 31.1% gross margin shows the top line moving faster than profitability so far, and the forward P/E of 26.0 sits well above the trailing 15.9, so the market is pricing in a margin recovery that has yet to show up in the reported numbers. That gap between growth and earnings conversion is the question to test before anything else.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Negative free cash flow
Free cash flow is reported at $-33.7bn despite 38.3% revenue growth and 8.7% net margin. Heavy capital spending or working capital build is absorbing earnings, so profits are not converting to cash.
moderate
Five-year revenue decline
The five-year revenue CAGR is -38.0%, against recent year-on-year growth of 38.3%. The recent rebound may be recovering from a deep prior contraction, so the trend is not yet established.
moderate
Stock trades below ACCE target
At JPY 2780.50 the stock sits 9.7% below the ACCE price target of ¥2907.00. The forward P/E of 26.0 is well above the trailing 15.3, so the market is pricing in lower earnings ahead.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Analysts' mean price target of JPY 4190.63 sits 50.7% above the current share price of ¥2624.50.
Earnings per share beat expectations by 48.0%, coming in at 42.45 against 28.68 expected at the June results.
The ACCE price target of ¥2907.00 sits 9.7% above the current price of ¥2624.50, so the stock trades below our own target.
Why it could disappoint
Free cash flow over the last twelve months was negative at -JPY 33.7B, so the business has not been turning profits into cash.
The forward P/E of 26.0x is well above the trailing 15.3x, which implies analysts expect earnings to fall.
Revenue growth averaged -38.0% per year over five years, far weaker than the 38.3% jump in the latest year.
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