Industry map/IT, Telecom & Internet
Telecom Carriers industry map
Who earns the money in Telecom Carriers, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 22 companies · ¥24.6T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥24.6T
- Companies
- 22
- Avg. salary（parent only）
- ¥7.1M
- Industry weather
- Cloudy
YoY +5.0%
Avg. age 39.6
Operating income -0.7%
SoftBank Group[9984]
SoftBank
- Revenue
- ¥7.03T▲7.5%
- Operating income
- —
Whole company: Revenue ¥7.8T · Net income ¥5T
Avg. salary ¥13.2M · 41.2（parent only）
NTT[9432]
Integrated ICT business
- Revenue
- ¥6.46T▲3.9%
- Operating income
- ¥942.1B▼7.7%
Margin 14.6%
Whole company: Revenue ¥14.4T · Net income ¥1.04T
Avg. salary ¥10.6M · 41.4（parent only）
Kddi[9433]
Personal + 1 more
- Revenue
- ¥6.05T▲4.0%
- Operating income
- ¥1.09T▲1.0%
Margin 18.1%
Whole company: Revenue ¥6.07T · Net income ¥707.1B
Avg. salary ¥10.5M · 42.3（parent only）
- Hikari Tsushin・Alliance
Okinawa Cellular Telephone Company[9436]
- Revenue
- ¥86.3B▲2.4%
- Operating income
- ¥18.7B▲5.2%
Margin 21.6%
Avg. salary ¥7.2M · 39.2（parent only）
- Kddi owns 54.3%
Soracom[147A]
- Revenue
- ¥12.4B▲38.1%
- Operating income
- ¥871.3M▲32.7%
Margin 7.0%
Avg. salary ¥11.4M · 41.9（parent only）
- Kddi owns 42.5%
SoftBank[9434]
Consumer + 1 more
- Revenue
- ¥3.97T▲3.8%
- Operating income
- ¥743.2B▲6.1%
Margin 18.7%
Whole company: Revenue ¥7.04T · Net income ¥550.8B
Avg. salary ¥8.7M · 42.0（parent only）
- FreeBit・Capital alliance
- Hikari Tsushin・Alliance
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）
- SoftBank owns 7.3%
- Hikari Tsushin owns 6.6%
- SoftBank・Capital alliance
Rakuten Group[4755]
Mobile
- Revenue
- ¥482.8B▲9.6%
- Operating income
- —
Whole company: Revenue ¥2.5T · Net income -¥177.9B
Avg. salary ¥8.5M · 36.0（parent only）
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）
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）
- SoftBank・Alliance
- Kddi・Alliance
Forval[8275]
Forvaltelecom Business Group
- Revenue
- ¥23.5B▲0.1%
- Operating income
- ¥1.25B▲8.9%
Margin 5.3%
Whole company: Revenue ¥71.5B · Net income ¥1.48B
Avg. salary ¥6.2M · 38.3（parent only）
Vision[9416]
Global WiFi business
- Revenue
- ¥21B▲5.7%
- Operating income
- ¥6.35B▲6.1%
Margin 30.2%
Whole company: Revenue ¥39B · Net income ¥4.52B
Avg. salary ¥5.6M · 36.4（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: MarketEnterprise · Japan Communications · Benefit Japan · Forvaltelecom · Meeq · Cyberlinks · Excite Holdings · Aplix · Inbound Platform · Sophia Holdings
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 | SoftBank GroupSoftBank | ¥7.03T | 28.6% | — | +5.3% | -¥2.16T |
| 2 | NTTIntegrated ICT business | ¥6.46T | 26.3% | 14.6% | +2.4% | — |
| 3 | KddiPersonal + 1 more | ¥6.05T | 24.6% | 18.1% | +2.8% | ¥1.11T |
| 4 | SoftBankConsumer + 1 more | ¥3.97T | 16.1% | 18.7% | +2.6% | ¥823.3B |
| 5 | Rakuten GroupMobile | ¥482.8B | 2.0% | — | +20.7% | ¥218.1B |
| 6 | The Kansai Electric Power CompanyIT Communications | ¥222.2B | 0.9% | 21.2% | +1.3% | ¥91.9B |
| 7 | Hikari TsushinCommunication | ¥127.5B | 0.5% | 23.0% | — | ¥37.7B |
| 8 | Okinawa Cellular Telephone Company | ¥86.3B | 0.4% | 21.6% | +4.1% | ¥10.3B |
| 9 | FreeBit5G Lifestyle Support Business + 1 more | ¥34.7B | 0.1% | 14.3% | +2.0% | ¥4.01B |
| 10 | ForvalForvaltelecom Business Group | ¥23.5B | 0.1% | 5.3% | +2.4% | ¥2.21B |
| 11 | VisionGlobal WiFi business | ¥21B | 0.1% | 30.2% | +23.4% | ¥1.75B |
| 12▲3 | Soracom | ¥12.4B | 0.1% | 7.0% | +25.4% | ¥1.28B |
| 13▲3 | MarketEnterpriseMobile business | ¥11.8B | 0.0% | 4.7% | +32.3% | ¥417.4M |
| 14 | Japan Communications | ¥11.6B | 0.0% | 9.8% | +25.9% | -¥711.5M |
| 15▼2 | Benefit JapanInternet communication services business | ¥11.1B | 0.0% | 11.9% | — | -¥481.3M |
| 16▼4 | ForvaltelecomIP and Mobile solution business | ¥9.38B | 0.0% | 11.5% | -6.4% | ¥350.3M |
| 17 | Meeq | ¥7.15B | 0.0% | 18.1% | — | ¥881.4M |
| 18 | CyberlinksMobile for resale | ¥4.21B | 0.0% | 9.0% | +9.2% | ¥399M |
| 19 | Excite HoldingsBroadband | ¥3.61B | 0.0% | 15.0% | +1.2% | -¥237.3M |
| 20 | AplixStock business Enterprise | ¥2.51B | 0.0% | — | — | — |
| 21 | Inbound PlatformMobile network business | ¥1.64B | 0.0% | 5.9% | — | ¥314.4M |
| 22 | Sophia HoldingsTelecommunications business | ¥214.7M | 0.0% | 12.8% | — | ¥29.8M |
* 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
- Okinawa Cellular Telephone Company7822
- Kddi572518
- Meeq622018
- Vision443917
- Hikari Tsushin503416
- SoftBank523415
- NTT8812
- The Kansai Electric Power Company8911
- FreeBit711811
- Japan Communications622810
- Cyberlinks682210
- Inbound Platform256510
- Benefit Japan43498
- Soracom51427
- Forval6332
- Forvaltelecom7718
- Excite Holdings4254
- MarketEnterprise6632
- Rakuten Group99
- SoftBank Group4852
- Sophia Holdings6438loss ¥1
- Aplix6630loss ¥2
Ownership links
From the major-shareholder section of annual securities reports.
- ForvalIn industry
- SubsidiaryForvaltelecom70.2%
- 株式会社エアトリOutside
- SubsidiaryInbound Platform65.1%
- KddiIn industry
- SubsidiaryOkinawa Cellular Telephone Company54.3%
- AffiliateSoracom42.5%
- アルプスアルパイン(株)Outside
- StakeFreeBit16.1%
- 京セラ株式会社Outside
- StakeKddi14.8%
- ユナイテッド㈱Outside
- StakeExcite Holdings9.9%
- トヨタ自動車株式会社Outside
- StakeKddi9.5%
- SoftBankIn industry
- StakeFreeBit7.3%
- 東京センチュリー株式会社Outside
- StakeMeeq6.8%
- Hikari TsushinIn industry
- 日本郵政株式会社Outside
- StakeRakuten Group6.0%
- 大阪瓦斯株式会社Outside
- StakeMeeq3.1%
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
All companies in Telecom Carriers (by revenue)
All 22 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.
- SoftBank Group¥7.03T
- NTT¥6.46T · 14.6%
- Kddi¥6.05T · 18.1%
- SoftBank¥3.97T · 18.7%
- Rakuten Group¥482.8B
- The Kansai Electric Power Company¥222.2B · 21.2%
- Hikari Tsushin¥127.5B · 23.0%
- Okinawa Cellular Telephone Company¥86.3B · 21.6%
- FreeBit¥34.7B · 14.3%
- Forval¥23.5B · 5.3%
- Vision¥21B · 30.2%
- Soracom¥12.4B · 7.0%
- MarketEnterprise¥11.8B · 4.7%
- Japan Communications¥11.6B · 9.8%
- Benefit Japan¥11.1B · 11.9%
- Forvaltelecom¥9.38B · 11.5%
- Meeq¥7.15B · 18.1%
- Cyberlinks¥4.21B · 9.0%
- Excite Holdings¥3.61B · 15.0%
- Aplix¥2.51B
- Inbound Platform¥1.64B · 5.9%
- Sophia Holdings¥214.7M · 12.8%
Revenue · Op. margin
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