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Japan's dominant telecommunications group, providing fixed-line, mobile (via NTT Docomo), data center and IT services.
Japan's dominant telecommunications group, providing fixed-line, mobile (via NTT Docomo), data center and IT services.
Earns monthly fees from mobile, broadband and fixed lines and project-based fees from IT services, with mobile the largest part. It took Docomo private in 2020 and NTT Data in 2025, pulling the group's businesses under one roof. By law the Japanese government must hold at least a third of the shares.
In one line: A Japanese AT&T combined with Equinix (data centers).
Moat: narrow (scale, installed base, regulatory licence). Incumbent nationwide network infrastructure plus a growing global data center/IT services arm.
Headquarters: Tokyo, Japan · Founded: 1952 · Employees: 344,196
Size Ntt (9432.T) is a Japan Communication Services company (Specialty Telecommunications) with a market value of $86.6B, the 17th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥160 on 6 Nov 2026.
Performance Over six months the shares gained 5.0%, against -7.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +3.7%); the operating margin is 12.0% (peer median 11.8%).
Valuation It trades at 12.7× forward earnings against a peer median of 19.4× (7th cheapest of 18).
Capital Return on invested capital runs 0.4 points below its cost of capital (5.0% WACC).
Credit Ntt has 27 bonds outstanding ($26.7B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 113 bp.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥15.0T | ¥14.4T | ¥13.7T | ¥13.4T | ¥13.1T |
| Revenue growth | — | +5% | +2% | +2% | — |
| Gross profit | ¥2.10T | ¥2.50T | ¥2.39T | ¥2.63T | ¥2.50T |
| EBITDA | ¥3.62T | ¥3.72T | ¥3.57T | ¥3.74T | ¥3.57T |
| Net income | ¥942B | ¥1.04T | ¥1.00T | ¥1.28T | ¥1.21T |
| Free cash flow | -¥1.91T | -¥771B | ¥232B | ¥290B | ¥409B |
| Capital expenditure | ¥2.47T | ¥2.26T | ¥2.13T | ¥2.08T | ¥1.85T |
| Total debt | ¥18.7T | ¥16.9T | ¥11.3T | ¥10.7T | ¥9.15T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ntt 9432.T | $86.6B | +5% | +8% | 12% | 12.7× | n/a |
| Kddi 9433.T | $66.4B | +10% | +4% | 18% | 14.2× | -1.4% |
| Softbank 9434.T | $71.3B | +6% | +8% | 14% | 18.5× | 3.4% |
| AT&T T | $146B | -14% | +4% | 22% | 8.5× | -4.8% |
| Equinix EQIX | $100B | -5% | +11% | 15% | 53.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9432.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.8% | +0.9% | 5th lowest of 21 |
| 6-month return | +5.0% | -7.7% | 5th highest of 20 |
| Distance from 52-week high | -11.6% | -23.0% | 5th highest of 21 |
| Revenue growth (TTM) | +8.0% | +3.7% | 8th highest of 21 |
| Operating margin | 12.0% | 11.8% | 11th highest of 21 |
| Forward P/E | 12.7× | 19.4× | 7th cheapest of 18 |
| ROIC minus cost of capital | -0.4 pp | -0.6 pp | 10th highest of 21 |
| EV / EBITDA | 8.5× | 8.3× | 7th most expensive of 16 |
| Net debt / EBITDA | 4.6× | 2.0× | 5th most indebted of 17 |
| Bond spread | 113 bp | 163 bp | 4th tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ntt 9432.T | Japan | $86.6B | +5% | +8% | 12% | 12.7× | n/a | n/a |
| Softbank 9984.T | Japan | $128B | -32% | +9% | -5% | 18.5× | n/a | n/a |
| China Mobile 0941.HK | Hong Kong | $227B | -2% | +4% | 19% | 11.3× | -16.3% | +5.7% |
| EchoStar ECHO | United States | $27.5B | -26% | -20% | 11% | 25.5× | n/a | n/a |
| Telefonica TEF.MC | Spain | $21.4B | -16% | -11% | 5% | 10.8× | 11.7% | -4.0% |
| China Tower 0788.HK | Hong Kong | $20.2B | -18% | +4% | 20% | 9.7× | -1.0% | +3.6% |
| Telia TELIA.ST | Sweden | $19.2B | 0% | 0% | 18% | 21.1× | -1.1% | -1.9% |
| China Satellite Communications 601698.SS | China | $13.9B | -40% | -2% | 10% | n/a | 40.0% | -0.3% |
| AST SpaceMobile ASTS | United States | $12.6B | -57% | +2,257% | -410% | n/a | n/a | n/a |
| Infrastrutture Wireless Italiane INW.MI | Italy | $7.39B | +1% | +1% | 53% | 19.4× | 8.2% | +10.2% |
| ASR Microelectronics 688220.SS | China | $6.56B | +6% | +28% | 1% | 170.1× | n/a | n/a |
| 1&1 1U1.DE | Germany | $5.79B | +7% | +8% | 3% | 34.4× | 12.5% | +1.8% |
| Iridium Communications IRDM | United States | $4.68B | +6% | +4% | 19% | 64.8× | 21.0% | +8.4% |
| Space Exploration Technologies SPCX | United States | $1.82T | n/a | +33% | -11% | 38.4× | n/a | n/a |
| PLDT, Inc. Sponsored ADR PHI | United States | $3.88B | -11% | -2% | 22% | 8.7× | -2.9% | +0.8% |
| freenet FNTN.DE | Germany | $3.06B | -7% | +10% | 14% | 11.4× | -11.3% | -1.1% |
| Helios Towers HTWS.L | United Kingdom | $3.05B | -8% | +6% | 36% | 30.1× | 13.4% | +15.0% |
| U-NEXT 9418.T | Japan | $2.04B | +17% | +20% | 6% | 17.6× | 0.4% | +17.7% |
| StarHub CC3.SI | Singapore | $1.41B | +4% | -8% | 5% | 48.0× | 7.2% | +3.0% |
| CITIC Telecom International 1883.HK | Hong Kong | $1.14B | -14% | 0% | 12% | 9.2× | -10.5% | +1.4% |
| Guomai Technologies 002093.SZ | China | $1.08B | -14% | +3% | 24% | n/a | 11.7% | +6.5% |
Ntt has 27 bonds outstanding with $26.7B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 4.77%, a spread of 113 bp over government bonds.