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Japan's second-largest mobile carrier (au brand), also providing broadband, energy retail and enterprise IT/data center services.
Japan's second-largest mobile carrier (au brand), also providing broadband, energy retail and enterprise IT/data center services.
Earns monthly fees from mobile, with the au brand and cheaper sub-brands, plus broadband and enterprise IT. It sells electricity, banking and shopping services to the same subscribers to keep them. In 2024 it took joint control of the convenience-store chain Lawson with Mitsubishi Corporation.
In one line: A Japanese AT&T/Verizon peer.
Moat: narrow (regulatory licence, installed base, scale). Licensed spectrum and nationwide network infrastructure with a large, sticky subscriber base.
Headquarters: Tokyo, Japan · Founded: 1984 · Employees: 73,198
Size Kddi (9433.T) is a Japan Communication Services company (Wireless Telecommunications) with a market value of $66.4B, the 24th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,834 on 6 Nov 2026.
Performance Over six months the shares gained 9.7%, against -4.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 13 in its peer set.
Growth Revenue grew 4.0% over the last twelve months (peer median +8.0%); the operating margin is 18.0% (peer median 21.7%).
Valuation It trades at 14.2× forward earnings against a peer median of 12.1× (5th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points above its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥6.14T | ¥6.07T | ¥5.92T | ¥5.70T | ¥5.63T |
| Revenue growth | — | +3% | +4% | +1% | — |
| Gross profit | ¥2.63T | ¥2.59T | ¥2.51T | ¥2.43T | ¥2.40T |
| EBITDA | ¥1.80T | ¥1.75T | ¥1.77T | ¥1.57T | ¥1.68T |
| Net income | ¥743B | ¥707B | ¥686B | ¥600B | ¥651B |
| Free cash flow | ¥747B | ¥1.31T | ¥958B | ¥1.12T | ¥834B |
| Capital expenditure | ¥680B | ¥679B | ¥683B | ¥750B | ¥634B |
| Total debt | ¥5.30T | ¥5.38T | ¥4.44T | ¥2.43T | ¥1.65T |
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 |
|---|---|---|---|---|---|---|
| Kddi 9433.T | $66.4B | +10% | +4% | 18% | 14.2× | -1.4% |
| Ntt 9432.T | $86.6B | +5% | +8% | 12% | 12.7× | n/a |
| Softbank 9434.T | $71.3B | +6% | +8% | 14% | 18.5× | 3.4% |
| Rakuten 4755.T | $8.59B | -18% | +11% | 6% | n/a | -2.0% |
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 | 9433.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.7% | +1.8% | 6th lowest of 13 |
| 6-month return | +9.7% | -4.6% | 3rd highest of 13 |
| Distance from 52-week high | -9.2% | -11.7% | 5th highest of 13 |
| Revenue growth (TTM) | +4.0% | +8.0% | 6th lowest of 14 |
| Operating margin | 18.0% | 21.7% | 7th lowest of 14 |
| Forward P/E | 14.2× | 12.1× | 5th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | -1.4% | 1.1% | 7th least demanding of 14 |
| Growth delivered (Del g) | +2.7% | +5.0% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | -4.1 pp | -2.8 pp | 7th least demanding of 14 |
| ROIC minus cost of capital | +2.2 pp | +1.4 pp | 6th highest of 14 |
| EV / EBITDA | 8.6× | 7.3× | 5th most expensive of 13 |
| Net debt / EBITDA | 2.5× | 2.7× | 7th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kddi 9433.T | Japan | $66.4B | +10% | +4% | 18% | 14.2× | -1.4% | +2.7% |
| Softbank 9434.T | Japan | $71.3B | +6% | +8% | 14% | 18.5× | 3.4% | +6.2% |
| America Movil SAB de CV Sponsored ADR AMX | United States | $78.5B | -5% | +16% | 22% | 13.5× | -7.3% | +4.7% |
| China Telecom 601728.SS | China | $88.5B | +15% | -4% | 6% | 21.8× | -16.6% | +5.9% |
| Orange ORA.PA | France | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% | -0.9% |
| Telstra TLS.AX | Australia | $39.0B | -4% | -1% | 16% | 24.2× | 5.6% | +1.2% |
| Vodafone Group Public VOD.L | United Kingdom | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% | -2.2% |
| Jio Platforms JPL.NS | India | $137B | n/a | +15% | 32% | n/a | 28.0% | +14.6% |
| Bharti Airtel BHARTIARTL.NS | India | $139B | +15% | +20% | 32% | 33.3× | 20.4% | +16.0% |
| AT&T T | United States | $146B | -14% | +4% | 22% | 8.5× | -4.8% | -6.1% |
| T-Mobile US TMUS | United States | $172B | -16% | +9% | 22% | 12.0× | -3.0% | +5.2% |
| Verizon VZ | United States | $189B | -3% | +1% | 24% | 8.8× | -7.2% | +1.5% |
| Rogers Communications RCI-B.TO | Canada | $18.3B | -6% | +8% | 23% | 10.7× | 1.1% | +9.3% |
| Telefonica Brasil SA Sponsored ADR VIV | United States | $18.2B | -27% | +16% | 16% | 10.7× | -3.6% | +5.0% |