May 2026
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Largest Telecom Service Providers Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
SoftBank Group, NTT Group, SoftBank, KDDI and Okinawa Cellular.
 | SoftBank is a Japan-based telecom and e-commerce conglomerate that has expanded mainly through acquisitions, and its key assets include a 40%-owned mobile and fixed broadband telecom operator business in Japan. It also owns 90% of semiconductor chip designer Arm Holdings following the 2023 IPO of this business, and has a vast portfolio of mainly internet- and e-commerce-focused early-stage investments. It is also a general partner of the USD 100 billion SoftBank Vision Fund 1 and sole investor in SoftBank Vision Fund 2, both of which primarily invest in pre-IPO internet and AI companies. Recently, it has begun investing in OpenAI. | $54 | +227% | $308B | $422B | 9.3x | 21.4x | ||
| NTT owns NTT DoCoMo, the largest wireless operator in Japan, with 53 million mobile handset subscribers. It also owns NTT East and NTT West, the two regional incumbent fixed-line operators in Japan, with about 23.6 million broadband lines (around 72% of which are wholesaled). The firm also provides IT and communications systems integration via NTT Communications and NTT Data. | $1 | -4% | $75B | $160B | 1.9x | 7.4x | ||
| SoftBank is an established, telecommunications services provider in Japan owning a mobile network with around 50 million mobile customers and 24% market share. It also provides some fixed line services, which are mostly resold so are low margin. The company also owns 32.4% of LY Corp, and SoftBank and LY Corp each own 32% of PayPay so SoftBank consolidates PayPay. SoftBank Group sold 33.5% of SoftBank Corp in an IPO in 2018 and has since sold down further to a 40% holding. | $1 | -3% | $65B | $94B | 2.3x | 8.6x | ||
| KDDI is Japan's second-largest wireless operator (30% market share), the largest pay-TV operator (53% market share) and the second-largest provider of fibre-to-the-home broadband (12% market share). It has grown through acquisition and is focusing on increasing the number of customers who subscribe to more than one telecommunication service. It is also looking to grow its Life Design business which includes commerce, energy, and finance and had over 53 million Internet of Things connections by the end of June 2025. | $17 | +7% | $63B | $87B | 2.4x | 7.8x | ||
| Okinawa Cellular Telephone Co is a telecommunications company. It is engaged in telecommunications business that provides mobile services, domestic and international communication services, Internet services, etc. | $23 | +41% | $2B | $2B | 3.9x | 13.6x | ||
| GMO Internet group Inc operates through four main segments, Internet infrastructure, Online advertising and media, Internet securities, and Cryptocurrency. Internet infrastructure, the largest segment, provides basic Internet services, such as domain hosting and e-commerce payments. Online advertising and media segment provides marketing services for online businesses. The Internet securities division provides consumer financial services, and the Cryptocurrency segment operates business pertaining to mining and exchange of cryptocurrency. The company generates the vast majority of revenue in Japan. | $21 | -8% | $2B | ($4B) | (2.0x) | (7.4x) | ||
| GMO internet Inc Internet infrastructure business and Internet advertising and media business that includes Domain business, Cloud hosting business, Access (provider) business Media/AdTech Business, Data Technology Business, Agency Business, and Solutions businesses. | $3 | -73% | $953M | $976M | 1.9x | 11.8x | ||
| Vision Inc provides telecommunications services. The company's services include Information and Communications, Fixed-line telecommunications, Mobile Communications, Broadband, Office automation equipment, and Internet media. It also offers WiFi services. | $6 | -11% | $316M | $254M | 1.0x | 5.5x | ||
| FreeBit Co Ltd provides Internet-related services mainly to corporations and individuals, in areas such as development of core Internet technologies and the operation of large-scale systems. The group's reportable segments are 5G infrastructure support business, 5G lifestyle support business, and 5G DX support business for companies and creators. Maximum revenue is generated from the 5G lifestyle support business, which provides mobile communication services for individuals, internet connection services for individuals and collective housing, and company housing management services. The 5G infrastructure support business provides business support services for ISPs, MVNOs (MVNE), and corporations, and the 5G DX support business offers online marketing and ad technology-related services. | $9 | +10% | $195M | $196M | 0.5x | 5.3x | ||
| Broadmedia Corporation engages in the content distribution business in Japan. The company operates through six segments: Education, Media Content, Studio Production, Broadcasting, Technology, and Others. It generates the majority of its revenue from the Technology segment, which offers technology services, such as the delivery of content through CDN, and digital cinema and Internet services. | $11 | -6% | $79M | $55M | 0.6x | 11.2x | ||
| Ucloudlink Group Inc is engaged in the provision of data connectivity services and sales of Wi-Fi terminals and data related products to enable personal and enterprise users to access mobile internet in more than 100 countries and areas. Leveraging its inventive cloud SIM technology and architecture, the company redefine the mobile data connectivity experience, allowing users to gain access to mobile data traffic allowance shared by network operators on its marketplace. It has aggregated mobile data traffic allowances from 391 MNOs in 163 countries and regions in its cloud SIM architecture. The company derives maximum revenue from Japan. | $1 | -48% | $38M | $10M | 0.1x | 0.9x | ||
| Median | $9 | -4% | $2B | $976M | 1.9x | 7.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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