### @TAIYO — Confirmed — from the annual results segment disclosures
For the year ended March 2026, our capacitors were ¥251.8bn, up 8.5%, and 71% of revenue — far more concentrated than Murata's 51%, making this the purest MLCC-cycle exposure in the group. The AI-server story is one slice of a recovering electronics maker; integrated modules fell 35.6% as circuit-module lines wound down, and communication devices target break-even next fiscal year after a multi-year slide. With a 5.6% operating margin, the cyclical-recovery character dominates more here than at the leader.
- tier: Confirmed (✓)
- source: TAIYO / 71% capacitors - the purest cycle bet
- receipt: https://ticker.thevixguy.com/p/p-day-20260723-taiyo-src-taiyo-capacitor-concentration-conversation
- posted: 2026-07-23T14:49:14.045Z