October 2026
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 GMO Internet group.
 | SoftBank Group is a Tokyo-listed technology investment and telecommunications holding company founded in 1981. Its assets include a controlling interest in semiconductor designer Arm, ownership positions in Japanese telecommunications and internet businesses, and a global portfolio of public and private technology companies. SoftBank also sponsors the Vision Funds, which invest large pools of capital in growth-stage companies across artificial intelligence, software, consumer internet, mobility and related sectors. The group earns operating revenue from consolidated businesses and investment returns through asset management, equity ownership and disposals. In September 2021 SoftBank Vision Fund 2 led Sorare’s USD 680 million Series B financing, which valued the fantasy-sports company at USD 4.3 billion. The live Sorare round already names SoftBank Group as lead investor; the Aldea correction only adds the missing participating investor and aligns the date with Sorare’s official announcement. | $31 | -30% | $175B | $329B | 6.7x | 50.3x | ||
| NTT Group is the Japanese telecommunications and information technology group led by NTT, Inc., a holding company headquartered in Otemachi, Chiyoda, Tokyo and listed on the Tokyo Stock Exchange. The company traces its origins to Japan's state telegraph service; the government-owned Nippon Telegraph and Telephone Public Corporation was set up in 1952, privatised on 1 April 1985 as Nippon Telegraph and Telephone Corporation, and renamed NTT, Inc. on 1 July 2025. Its main subsidiaries are mobile operator NTT Docomo, which also sells broadband; NTT East and NTT West, the regional fixed-line and fibre-to-the-home operators; NTT Data, which provides system integration, IT consulting, cloud and managed services, cybersecurity and data centre infrastructure worldwide; plus NTT Urban Solutions and NTT Anode Energy. It serves consumers, businesses and public bodies, earning recurring fees for mobile and fixed communications services and project and service fees from its IT business. In fiscal 2025 (the year to March 2026) it reported revenue of ¥14.41 trillion and net income of ¥1.04 trillion, with about 347,700 employees, and it ranks among the world's largest telecommunications companies by revenue. Japan's Minister of Finance holds 34.25% of the shares. Akira Shimada is president and chief executive and Jun Sawada is chairman. | $1 | +6% | $89B | $178B | 2.0x | 8.0x | ||
| 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. | $2 | +8% | $73B | $113B | 2.5x | 17.4x | ||
| KDDI is a Japanese telecommunications operator headquartered in Iidabashi, Chiyoda, Tokyo, and the country's second-largest mobile carrier by number of contracts after NTT Docomo. Its roots go back to DDI, founded in 1984 by Kyocera founder Kazuo Inamori, and KDDI was formed in 2000 by merging DDI, the former international monopoly KDD and mobile operator IDO. It sells mobile services under the au brand and the UQ Mobile and povo sub-brands, fixed broadband under au Hikari, and cable television through its J:COM joint venture. It also runs data centres through Telehouse, corporate network and cloud services, and financial services through au Financial Holdings. KDDI earns most of its revenue from monthly mobile and broadband subscriptions, and reported revenue of about ¥5.24 trillion and 44,952 employees in fiscal 2020. It invests in start-ups through its corporate venture programme, the KDDI Open Innovation Fund. In sports technology it backed multi-angle replay company 4DReplay in 2017 and 2019 and Tokyo sports video-analysis software maker RUN.EDGE in 2020. KDDI is listed on the Tokyo Stock Exchange. | $18 | +14% | $68B | $97B | 2.5x | 8.5x | ||
| GMO Internet group Inc operates through main segment namely, Internet infrastructure business, Internet advertising and media, Internet securities, Internet financial services and Cryptocurrency. Internet infrastructure, the key 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. | $25 | +12% | $2.3B | - | - | - | ||
| 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. | $22 | +30% | $2B | $2B | 3.6x | 12.5x | ||
| 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 | -49% | $950M | $837M | 1.7x | 10.1x | ||
| 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 | -19% | $305M | $247M | 1.0x | 5.3x | ||
| 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. | $11 | +6% | $239M | $244M | 0.7x | 6.6x | ||
| 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. | $12 | +6% | $83M | $58M | 0.6x | 7.2x | ||
| 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. | $0 | -89% | $9M | - | - | - | ||
| Median | $11 | +6% | $2B | $2B | 2.0x | 8.5x |
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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