# NTT, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2025/04/01－2026/03/31) (S100YCP3)
> Page: https://vizora.meequs.com/en/company/ntt
> Retrieved: 2026-09-30T17:06:18.420Z

## Company

NTT, founded in 1984, is a company in Telecom Carriers listed on TSE Prime. It has 344,196 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NTT, Inc. (旧英訳名 NIPPON TELEGRAPH AND TELEPHONE CORPORATION) |
| Ticker | 9432 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9432.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目5番1号 |
| Representative (per filing) | 代表取締役社長 島田 明 |
| Founded | Dec 1984 |
| Share capital | ¥938B |
| Employees (consolidated) | 344,196 |
| Average salary (parent only) | ¥10.6M |
| Fiscal year end | March |
| Website | group.ntt (https://group.ntt/) |
| Corporate number | 7010001065142 |
| EDINET | E04430 |
| Industries (Vizora) | Telecom Carriers, Broadband & ISPs, IT Services & System Integration, Electric Power & Gas, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YCP3, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Telecom Carriers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 8 |
| Profitability | 50 | 11 |
| Cash conversion | 25 | 10 |
| Efficiency | 13.6 | 11 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 39% of NTT's sales come from Integrated ICT business, with Global Solutions business and Regional communications business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +3.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.4T |  |
| Operating income | ¥1.71T | Margin 11.8% |
| Net income | ¥1.04T | Margin 7.2% |
| Free cash flow | — |  |
| Largest business | Integrated ICT business | of segment revenue 39.3% |
| Employees (consolidated) | 344,196 |  |
| EPS | ¥12.61 |  |
| Book value per share | ¥84.57 |  |
| Equity ratio | 20.8% | Derived from disclosed figures |
| Shares outstanding | 90,550,316,400 |  |
| Treasury shares | 9,063,346,200 |  |
| Shareholders | 2,991,428 |  |
| Average salary (parent only) | ¥10.6M | Filing company only |
| Cash ratio | 4.1% | Cash ÷ revenue 13.3% |
| Vs. industry median margin | 0 pp | Telecom Carriers |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11943966000000 | ¥14409121000000 | +20.6% |
| Operating income | ¥1671391000000 | ¥1706221000000 | +2.1% |
| Operating margin | 14.0% | 11.8% | -2.2 pp |
| Employees | 324,667 people | 344,196 people | +6.0% |
| Cash and equivalents | ¥935727000000 | ¥1921882000000 | +105.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 総合ICT事業 → 総合ICT事業 | 24.1% |
| 移動通信事業 → 事業再編・廃止 | 19.4% |
| グローバル・ソリューション事業 → グローバル・ソリューション事業 | 13.8% |
| 地域通信事業 → 地域通信事業 | 13.2% |
| 長距離・国際通信事業 → 事業再編・廃止 | 8.5% |
| その他（不動産、エネルギー等） → その他（不動産、エネルギー等） | 5.5% |
| データ通信事業 → 事業再編・廃止 | 9.5% |
| その他の事業 → 事業再編・廃止 | 6.0% |
| 新設・再編 → 総合ICT事業 | 15.2% |
| 新設・再編 → グローバル・ソリューション事業 | 16.7% |
| 新設・再編 → 地域通信事業 | 6.4% |
| 新設・再編 → その他（不動産、エネルギー等） | 5.2% |

Segment revenue source references: 12 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Integrated ICT business | 5 years | +1.9% | ¥6458073000000 | 14.6% | 2 |
| Global Solutions business | 5 years | +8.2% | ¥5004614000000 | 9.8% | 2 |
| Regional communications business | 5 years | +0.0% | ¥3210207000000 | 9.6% | 2 |
| Others (Real Estate, Energy and Others) | 5 years | +5.6% | ¥1752599000000 | -0.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,409,121 | 100.0% | S100YCP3 |
| Operating income | 1,706,221 | 11.8% | S100YCP3 |
| Pretax income | 1,581,923 | 11.0% | S100YCP3 |
| Income tax | 499,285 | 3.5% | S100YCP3 |
| Net income | 1,082,638 | 7.5% | S100YCP3 |
| Net income attributable to owners | 1,037,032 | 7.2% | S100YCP3 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Operating expenses | 88 |
| Operating income | 12 |
| (Ref.) Net income | 7 |

### Margin funnel

Operating margin 11.8% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.1%; Core profit growth: +3.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.67×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,704,727 | 14,409,121 | 704,394 | +5.1% |
| Operating income | 1,649,571 | 1,706,221 | 56,650 | +3.4% |
| Net income attributable to owners | 1,000,016 | 1,037,032 | 37,016 | +3.7% |
| Operating cash flow | 2,364,031 | 1,485,190 | -878,841 | -37.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 11,391,016 | — | — | 800,129 | 2,917,357 | — | S100LRAE |
| FY ending Mar 2018 | 11,782,148 | — | — | 897,887 | 2,541,270 | — | S100PE6K |
| FY ending Mar 2019 | 11,879,842 | — | — | 854,561 | 2,406,157 | — | S100R2ZO |
| FY ending Mar 2020 | 11,899,415 | 1,562,151 | 13.1% | 855,306 | 2,995,211 | — | S100TPQI |
| FY ending Mar 2021 | 11,943,966 | 1,671,391 | 14.0% | 916,181 | 3,009,064 | — | S100W1FL |
| FY ending Mar 2022 | 12,156,447 | 1,768,593 | 14.5% | 1,181,083 | 3,010,257 | — | S100YCP3 |
| FY ending Mar 2023 | 13,136,194 | 1,828,986 | 13.9% | 1,213,116 | 2,261,013 | — | S100YCP3 |
| FY ending Mar 2024 | 13,374,569 | 1,922,910 | 14.4% | 1,279,521 | 2,374,159 | — | S100YCP3 |
| FY ending Mar 2025 | 13,704,727 | 1,649,571 | 12.0% | 1,000,016 | 2,364,031 | — | S100YCP3 |
| FY ending Mar 2026 | 14,409,121 | 1,706,221 | 11.8% | 1,037,032 | 1,485,190 | — | S100YCP3 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.9M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 333,840 | 338,651 | 338,467 | 341,321 | 344,196 |
| Average salary (parent company) | ¥9.5M | ¥9.7M | ¥10.2M | ¥10.7M | ¥10.6M |
| Average age (parent company) | 41.8 years | 41.9 years | 41.9 years | 41.8 years | 41.4 years |
| Average tenure (parent company) | 16.7 years | 16.8 years | 16.5 years | 16.1 years | 15.6 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +5.1%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Integrated ICT business | 6,458,073 | 39.3% | 942,062 | 14.6% |
| Global Solutions business | 5,004,614 | 30.5% | 488,211 | 9.8% |
| Regional communications business | 3,210,207 | 19.5% | 307,402 | 9.6% |
| Others (Real Estate, Energy and Others) | 1,752,599 | 10.7% | -1,572 | -0.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Integrated ICT business | 39.3% | 54.2% | 14.9 | 14.6% |
| Global Solutions business | 30.5% | 28.1% | -2.4 | 9.8% |
| Regional communications business | 19.5% | 17.7% | -1.9 | 9.6% |
| Others (Real Estate, Energy and Others) | 10.7% | — | — | -0.1% |

Loss-making segment (excluded from profit shares): Others (Real Estate, Energy and Others) -1,572 JPY mn

Segment → industry: Integrated ICT business → Telecom Carriers / Regional communications business → Broadband & ISPs / Global Solutions business → IT Services & System Integration / Others (Real Estate, Energy and Others) → Electric Power & Gas / Others (Real Estate, Energy and Others) → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,485,190 | 10.3% | S100YCP3 |
| Investing cash flow | -1,023,424 | -7.1% | S100YCP3 |
| Financing cash flow | 441,332 | 3.1% | S100YCP3 |
| Dividends paid | 433,963 | 3.0% | S100YCP3 |
| Share buyback | 204,910 | 1.4% | S100YCP3 |
| Change in cash | 920,888 | 6.4% | S100YCP3 |
| Cash and equivalents | 1,921,882 | 13.3% | S100YCP3 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 834,564 | 793,920 | 982,874 | 1,000,994 | 1,921,882 | S100TPQI, S100W1FL, S100YCP3 |
| Total assets | 23,862,241 | 25,308,851 | 29,604,223 | 30,062,483 | 46,721,259 | S100R2ZO, S100TPQI, S100W1FL, S100YCP3 |
| Net assets | 9,018,132 | 9,350,627 | 10,893,059 | 11,344,639 | 10,217,533 | S100TPQI, S100W1FL, S100YCP3 |
| Share capital | 937,950 | 937,950 | 937,950 | 937,950 | 937,950 | S100R2ZO, S100TPQI, S100W1FL, S100YCP3 |
| Property, plant and equipment | 9,326,888 | 9,717,103 | 10,421,986 | 10,662,316 | 11,276,887 | S100R2ZO, S100TPQI, S100W1FL, S100YCP3 |
| Goodwill | 1,213,009 | 1,283,448 | 1,698,851 | 1,719,148 | 2,079,718 | S100R2ZO, S100TPQI, S100W1FL, S100YCP3 |
| Current assets | 5,716,592 | 6,654,868 | 8,324,087 | 8,370,359 | 11,344,700 | S100R2ZO, S100TPQI, S100W1FL, S100YCP3 |
| Total liabilities | 14,844,109 | 15,958,224 | 18,711,164 | 18,717,844 | 36,503,726 | S100R2ZO, S100TPQI, S100W1FL, S100YCP3 |
| Equity attributable to owners of parent | 8,282,456 | 8,561,353 | 9,844,160 | 10,221,587 | 9,727,623 | S100R2ZO, S100TPQI, S100W1FL, S100YCP3 |
| Retained earnings | 7,293,915 | 8,150,117 | 9,078,084 | 9,726,370 | 8,926,197 | S100R2ZO, S100TPQI, S100W1FL, S100YCP3 |
| Treasury stock | -226,459 | -737,290 | -937,291 | -1,139,170 | -1,343,643 | S100R2ZO, S100TPQI, S100W1FL, S100YCP3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YCP3 |
| Property, plant and equipment | 24% | S100YCP3 |
| Intangibles and goodwill | 5% | — |
| Other assets | 67% | S100YCP3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 78% | S100YCP3 |
| Equity | 22% | S100YCP3 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 23,862,241 | 25,308,851 | 29,604,223 | 30,062,483 | 46,721,259 |
| Equity | 9,018,132 | 9,350,627 | 10,893,059 | 11,344,639 | 10,217,533 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 834,564 | 793,920 | 982,874 | 1,000,994 | 1,921,882 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 78.3% | S100YCP3 |
| Fixed assets ÷ total assets | 24.1% | S100YCP3 |
| Goodwill ÷ parent equity | 21.4% | S100YCP3 |

Goodwill over 4 years: 1,213,009 → 2,079,718 JPY; total investing cash flow: -8,448,367 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 4.1% |
| Cash ÷ revenue | 13.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.0% |
| Cash vs. profit gap | 448,158 JPY mn (of net income 43.2%) |
| Shareholder returns / net income | 61.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 41.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 68.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 9.7% | 0.51× | 4.9% | 2.88× | 14.3% | S100R2ZO, S100YCP3 |
| 2023 | 9.2% | 0.53× | 4.9% | 2.92× | 14.4% | S100TPQI, S100YCP3 |
| 2024 | 9.6% | 0.49× | 4.7% | 2.98× | 13.9% | S100W1FL, S100YCP3 |
| 2025 | 7.3% | 0.46× | 3.4% | 2.97× | 10.0% | S100YCP3 |
| 2026 | 7.2% | 0.38× | 2.7% | 3.85× | 10.4% | S100YCP3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 財務大臣 | Major shareholder | 35.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| トヨタ自動車株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.1% | 2026-03-31 |
| ＮＴＴ社員持株会 | Major shareholder | 0.8% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口4） | Major shareholder | 0.6% | 2026-03-31 |
| モックスレイ・アンド・カンパニー・エルエルシー （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.5% | 2026-03-31 |
| ジェーピー モルガン チェース バンク385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.5% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 grew from ¥13.7T to ¥14.4T, up +5.1%.
- Profit grew more slowly: operating income was ¥1.71T (+3.4%) and net income attributable to owners was ¥1.04T (+3.7%).
- Operating cash flow fell from ¥2.36T to ¥1.49T, a change of -37.2%.

### Drivers

- Business-customer sales grew across segments, the finance-led Smart Life business expanded, and selling data center assets to a REIT added to revenue
- In the Integrated ICT business, higher spending on keeping customers and improving network quality pushed operating income down
- The Others segment (real estate, energy) swung to an operating loss after an impairment in the power business, reflecting higher interest rates and construction costs

### Risks

- New entrants and pricing competition in telecom could make it harder to keep and grow the customer base
- Delays in building AI capabilities or developing models could raise costs and mean missed growth opportunities
- The IOWN next-generation optical network roadmap may not progress as planned

Cited: Annual Securities Report, 41st fiscal period (Apr 2025 - Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 41st fiscal period (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/04/01－2026/03/31) | S100YCP3 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCP3,, |
| 有価証券報告書－第40期(2024/04/01－2025/03/31) | S100W1FL | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1FL,, |
| 有価証券報告書－第39期(2023/04/01－2024/03/31) | S100TPQI | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPQI,, |
| 有価証券報告書－第38期(2022/04/01－2023/03/31) | S100R2ZO | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2ZO,, |
| 訂正有価証券報告書－第37期(令和3年4月1日－令和4年3月31日) | S100PE6K | 2022-10-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PE6K,, |
| 有価証券報告書－第36期(令和2年4月1日－令和3年3月31日) | S100LRAE | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRAE,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| SBIホールディングス | Capital alliance | 資本業務提携（第三者割当でNTTが出資） | S100YK3R |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).