Industry map/IT, Telecom & Internet
Broadband & ISPs industry map
Who earns the money in Broadband & ISPs, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 24 companies · ¥4.73T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥4.73T
- Companies
- 24
- Avg. salary（parent only）
- ¥6.7M
- Industry weather
- Sunny
YoY +4.4%
Avg. age 39.9
Operating income +5.2%
NTT[9432]
Regional communications business
- Revenue
- ¥3.21T▲3.1%
- Operating income
- ¥307.4B▲4.0%
Margin 9.6%
Whole company: Revenue ¥14.4T · Net income ¥1.04T
Avg. salary ¥10.6M · 41.4（parent only）
Internet Initiative Japan[3774]
Network services and SI business
- Revenue
- ¥342.4B▲9.1%
- Operating income
- ¥33.6B▲16.1%
Margin 9.8%
Whole company: Revenue ¥345.4B · Net income ¥24.2B
Avg. salary ¥7.5M · 37.5（parent only）
- NTT owns 6.9%
The Kansai Electric Power Company[9503]
IT Communications
- Revenue
- ¥222.2B▼0.6%
- Operating income
- ¥47.1B▲0.3%
Margin 21.2%
Whole company: Revenue ¥4.06T · Net income ¥380.1B
Avg. salary ¥9.4M · 42.4（parent only）
U-Next Holdings[9418]
Communication and energy service
- Revenue
- ¥156.8B▲38.4%
- Operating income
- ¥13.2B▲13.9%
Margin 8.4%
Whole company: Revenue ¥390.4B · Net income ¥18.4B
Avg. salary ¥6.5M · 37.8（parent only）
- Hikari Tsushin owns 3.2%
Mitani Corporatin[8066]
Lifestyle and community service
- Revenue
- ¥140.2B▼1.4%
- Operating income
- ¥4.07B▲3.5%
Margin 2.9%
Whole company: Revenue ¥339B · Net income ¥23.5B
Avg. salary ¥9.2M · 41.2（parent only）
Hikari Tsushin[9435]
Communication
- Revenue
- ¥127.5B▲4.0%
- Operating income
- ¥29.4B▲14.4%
Margin 23.0%
Whole company: Revenue ¥734.8B · Net income ¥151B
Avg. salary ¥35.2M · 49.0（parent only）
FreeBit[3843]
5G Lifestyle Support Business + 1 more
- Revenue
- ¥34.7B▲1.4%
- Operating income
- ¥4.95B▲2.7%
Margin 14.3%
Whole company: Revenue ¥55.1B · Net income ¥2.75B
Avg. salary ¥6.8M · 41.6（parent only）
- Hikari Tsushin owns 6.6%
Kyushu Electric Power Company[9508]
ICT services
- Revenue
- ¥105.8B▲10.6%
- Operating income
- ¥10.6B▲0.5%
Margin 10.0%
Whole company: Revenue ¥2.25T · Net income ¥154.5B
Avg. salary ¥8.4M · 42.1（parent only）
TOKAI Holdings[3167]
Information Communications + 1 more
- Revenue
- ¥99.2B▲3.8%
- Operating income
- ¥10.5B▲15.6%
Margin 10.6%
Whole company: Revenue ¥244.8B · Net income ¥10.7B
Avg. salary ¥7M · 39.9（parent only）
Nojima[7419]
Internet business
- Revenue
- ¥72.4B▲3.7%
- Operating income
- ¥5.51B▼10.9%
Margin 7.6%
Whole company: Revenue ¥982.8B · Net income ¥38.9B
Avg. salary ¥5.6M · 35.0（parent only）
GMO Internet[4784]
Internet infrastructure
- Revenue
- ¥65.9B
- Operating income
- ¥8.63B
Margin 13.1%
Whole company: Revenue ¥78.5B · Net income ¥5.56B
Avg. salary ¥6M · 38.9（parent only）
The Chugoku Electric Power Company[9504]
Telecommunication
- Revenue
- ¥34B▲1.9%
- Operating income
- ¥4.88B▲3.8%
Margin 14.4%
Whole company: Revenue ¥1.44T · Net income ¥68.5B
Avg. salary ¥8.9M · 42.1（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Forval · Last One Mile · IPS · ASAHI Net · Toumei · Fibergate · Forvaltelecom · WirelessGate · Broad Enterprise · Excite Holdings · GameWith · Prodelight
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | NTTRegional communications business | ¥3.21T | 67.8% | 9.6% | +0.0% | — |
| 2 | Internet Initiative JapanNetwork services and SI business | ¥342.4B | 7.2% | 9.8% | +11.3% | ¥22B |
| 3 | The Kansai Electric Power CompanyIT Communications | ¥222.2B | 4.7% | 21.2% | +1.3% | ¥91.9B |
| 4▲2 | U-Next HoldingsCommunication and energy service | ¥156.8B | 3.3% | 8.4% | — | ¥4.39B |
| 5▼1 | Mitani CorporatinLifestyle and community service | ¥140.2B | 3.0% | 2.9% | +2.9% | ¥21.6B |
| 6▼1 | Hikari TsushinCommunication | ¥127.5B | 2.7% | 23.0% | — | ¥37.7B |
| 7 | Kyushu Electric Power CompanyICT services | ¥105.8B | 2.2% | 10.0% | +6.9% | ¥72.5B |
| 8 | TOKAI HoldingsInformation Communications + 1 more | ¥99.2B | 2.1% | 10.6% | +4.3% | ¥10.2B |
| 9 | NojimaInternet business | ¥72.4B | 1.5% | 7.6% | +0.2% | ¥42.8B |
| 10new | GMO InternetInternet infrastructure | ¥65.9B | 1.4% | 13.1% | — | ¥11.7B |
| 11▼1 | FreeBit5G Lifestyle Support Business + 1 more | ¥34.7B | 0.7% | 14.3% | +2.0% | ¥4.01B |
| 12▼1 | The Chugoku Electric Power CompanyTelecommunication | ¥34B | 0.7% | 14.4% | +1.4% | -¥29.9B |
| 13▼1 | ForvalForvaltelecom Business Group | ¥23.5B | 0.5% | 5.3% | +2.4% | ¥2.21B |
| 14▲2 | Last One Mile | ¥15.5B | 0.3% | 7.4% | — | ¥1.32B |
| 15▼2 | IPSGlobal Telecommunications Business + 1 more | ¥15.3B | 0.3% | 34.5% | +40.1% | -¥2.49B |
| 16▼2 | ASAHI Net | ¥13.5B | 0.3% | 13.3% | +4.0% | -¥825M |
| 17▼2 | ToumeiOffice Hikari 119 package | ¥12.6B | 0.3% | 13.8% | +5.8% | ¥2.39B |
| 18new | Fibergatetelecommunications business | ¥12.5B | 0.3% | 23.6% | — | ¥1.58B |
| 19▼2 | ForvaltelecomIP and Mobile solution business | ¥9.38B | 0.2% | 11.5% | -6.4% | ¥350.3M |
| 20▼2 | WirelessGate | ¥8.35B | 0.2% | 2.1% | — | ¥164.5M |
| 21▼2 | Broad Enterprise | ¥7.41B | 0.2% | 13.2% | +31.2% | -¥2.63B |
| 22▼2 | Excite HoldingsBroadband | ¥3.61B | 0.1% | 15.0% | +1.2% | -¥237.3M |
| 23new | GameWithISP | ¥352.4M | 0.0% | -30.6% | — | -¥329.4M |
| 24new | ProdelightCommision | ¥108.7M | 0.0% | 0.4% | — | -¥125.3M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- SG&A
- Other
- Operating profit
- IPS422632
- Hikari Tsushin503416
- Fibergate582715
- ASAHI Net701713
- Broad Enterprise602713
- NTT8812
- The Kansai Electric Power Company8911
- FreeBit711811
- Toumei662311
- Internet Initiative Japan781210
- Mitani Corporatin81910
- Kyushu Electric Power Company9010
- GMO Internet672310
- U-Next Holdings67258
- TOKAI Holdings60328
- Last One Mile29648
- Nojima7222
- The Chugoku Electric Power Company94
- Prodelight5242
- Forval6332
- Forvaltelecom7718
- Excite Holdings4254
- WirelessGate4751
- GameWith6541loss ¥6
Ownership links
From the major-shareholder section of annual securities reports.
- GMOインターネットグループ株式会社Outside
- SubsidiaryGMO Internet90.6%
- ForvalIn industry
- SubsidiaryForvaltelecom70.2%
- 株式会社プレミアムウォーターホールディングスOutside
- AffiliateLast One Mile34.4%
- アルプスアルパイン(株)Outside
- StakeFreeBit16.1%
- 三谷セキサン株式会社Outside
- StakeMitani Corporatin15.6%
- KDDI株式会社Outside
- StakeInternet Initiative Japan11.5%
- ユナイテッド㈱Outside
- StakeExcite Holdings9.9%
- ソフトバンク(株)Outside
- StakeFreeBit7.3%
- Hikari TsushinIn industry
- StakeToumei7.3%
- StakeFreeBit6.6%
- StakeU-Next Holdings3.2%
- NTTIn industry
- StakeInternet Initiative Japan6.9%
- 日本ビジネスシステムズ株式会社Outside
- StakeProdelight5.9%
- 株式会社デジタルハーツホールディングスOutside
- StakeGameWith5.3%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
- NTT vs Internet Initiative Japan
- NTT vs Mitani Corporatin
- NTT vs The Kansai Electric Power Company
- Internet Initiative Japan vs Mitani Corporatin
- Internet Initiative Japan vs The Kansai Electric Power Company
- Mitani Corporatin vs The Kansai Electric Power Company
- NTT vs Internet Initiative Japan vs Mitani Corporatin vs The Kansai Electric Power Company
All companies in Broadband & ISPs (by revenue)
All 24 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- NTT¥3.21T · 9.6%
- Internet Initiative Japan¥342.4B · 9.8%
- The Kansai Electric Power Company¥222.2B · 21.2%
- U-Next Holdings¥156.8B · 8.4%
- Mitani Corporatin¥140.2B · 2.9%
- Hikari Tsushin¥127.5B · 23.0%
- Kyushu Electric Power Company¥105.8B · 10.0%
- TOKAI Holdings¥99.2B · 10.6%
- Nojima¥72.4B · 7.6%
- GMO Internet¥65.9B · 13.1%
- FreeBit¥34.7B · 14.3%
- The Chugoku Electric Power Company¥34B · 14.4%
- Forval¥23.5B · 5.3%
- Last One Mile¥15.5B · 7.4%
- IPS¥15.3B · 34.5%
- ASAHI Net¥13.5B · 13.3%
- Fibergate¥13.2B · 23.2%
- Toumei¥12.6B · 13.8%
- Forvaltelecom¥9.38B · 11.5%
- WirelessGate¥8.35B · 2.1%
- Broad Enterprise¥7.41B · 13.2%
- Excite Holdings¥3.61B · 15.0%
- GameWith¥431.5M · -2.8%
- Prodelight¥108.7M · 0.4%
Revenue · Op. margin
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