# SoftBank (9434.JP)

Canonical: https://gigainvestors.com/s/9434.JP

Analysis as of: 2026-10-15T07:12:00.718Z. Financial observations: FY2016–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 242.70 per share; close as of 2026-10-15.

Estimated value: low JPY 181.01 per share, central JPY 203.17 per share, high JPY 232.67 per share. Buy at or below the central value JPY 203.17 per share. Valuation as of 2026-10-15T07:12:00.718Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.19×

- FY2020: 0.19×

- FY2021: 0.19×

- FY2022: 0.17×

- FY2023: 0.18×

- FY2024: 0.14×

- FY2025: 0.15×

- FY2026: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 14.1%

- ROIC, second-lowest year: 13.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.8%

- ROIC including acquisitions, ten-year median: 9.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 14.2%

- FY2018: 11.3%

- FY2019: 14.8%

- FY2020: 13.7%

- FY2021: 14.9%

- FY2022: 13.0%

- FY2023: 18.7%

- FY2024: 13.8%

- FY2025: 14.2%

- FY2026: 14.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.18×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 3.09T

- Net income, five-year total: JPY 2.61T

- Working capital / revenue, annual change: -1.7 pp

- Working capital / revenue, final three-year average: 2.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.06×

- FY2023: 1.24×

- FY2024: 1.32×

- FY2025: 1.00×

- FY2026: 1.30×

### management: pass

- Historical market-dollar context (not the management verdict): 2019 to 2026 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.2% vs 14.0%

- Per-share earnings: 9.76 to 10.99 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.7%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: JPY 4.27T

- Cumulative retained earnings: JPY 550B

- Diluted shares, 10-year annual growth: 1.7%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2019

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 1.5%

- Per-share value change: JPY 1.23

- Per-share value, starting three-year median: JPY 9.76

- Per-share value, ending three-year median: JPY 10.99

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 3.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: JPY 4.88T

- ROIC, first three-year median: 14.2%

- ROIC, last three-year median: 14.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 10.75

- FY2018: JPY 9.76

- FY2019: JPY 9.66

- FY2020: JPY 9.93

- FY2021: JPY 10.38

- FY2022: JPY 11.00

- FY2023: JPY 11.25

- FY2024: JPY 10.32

- FY2025: JPY 10.99

- FY2026: JPY 11.35

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.61×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -9.6%

- FY2018: -6.1%

- FY2019: -6.3%

- FY2020: -7.9%

- FY2021: -6.9%

- FY2022: -5.3%

- FY2023: -4.3%

- FY2024: -4.8%

- FY2025: -5.2%

- FY2026: -4.6%

## Holders

## Price story

Price needs cash profits to grow 3.3% a year for ten years · sales +7.6%

Story as of 2026-10-16T10:00:14.910Z; price observation 2026-10-15.

Price needs cash profits to grow 3.3% a year for ten years

### Sales · FY2025–2026

sales +7.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YE76.pdf; observed 2026-06-19.

- FY2017: JPY 3.48T 

- FY2020: JPY 4.86T 

- FY2021: JPY 5.21T 

- FY2022: JPY 5.69T 

- FY2023: JPY 5.91T 

- FY2024: JPY 6.08T 

- FY2025: JPY 6.54T 

- FY2026: JPY 7.04T 

### Gross margin · FY2026

gross margin 48.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YE76.pdf; observed 2026-06-19.

- FY2017: 46.0% 

- FY2020: 47.8% 

- FY2021: 48.1% 

- FY2022: 49.2% 

- FY2023: 46.0% 

- FY2024: 48.2% 

- FY2025: 48.3% 

- FY2026: 48.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in telecom services; annual sales are JPY 7 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YE76.pdf (filed 2026-06-19); FY2026: revenue 7038680000000; grossProfit 3383995000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 48.1% to 48.3% during 2024–26; it earns 14.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: grossProfit / revenue = 48.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2025: grossProfit / revenue = 48.3%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YE76.pdf (filed 2026-06-19); FY2026: grossProfit / revenue = 48.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); 10-year return on capital observations [[2017,0.14172347380673408],[2018,0.11311704998705231],[2019,0.148134127835418],[2020,0.13716960462036212],[2021,0.14938964553013986],[2022,0.12980268429152483],[2023,0.18664612021865204],[2024,0.13782047162830785],[2025,0.14157047106425313],[2026,0.1400971877070866]]; median 0.14083382938566985. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/3AG1.F.json#2017-03-31 (filed 2026-06-19); FY2017: growth capex 0; upkeep 366406000000; owner earnings 526963000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2018: growth capex 0; upkeep 643730000000; owner earnings 234300000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2019: growth capex 0; upkeep 453363000000; owner earnings 510293849339.49054. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2020: growth capex 0; upkeep 431783000000; owner earnings 700480127045.7183. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2021: growth capex 0; upkeep 479522000000; owner earnings 685767477871.9054. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2022: growth capex 0; upkeep 709092000000; cash acquisitions 1298000000; owner earnings 549619922432.3249. Growth capex plus acquisitions / owner earnings = 0.002361632006088396.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2023: growth capex 0; upkeep 609222000000; cash acquisitions 0; owner earnings 657267553385.0564. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: growth capex 0; upkeep 554074000000; cash acquisitions 74418000000; owner earnings 646281298952.1655. Growth capex plus acquisitions / owner earnings = 0.11514800152914226.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2025: growth capex 0; upkeep 746657000000; cash acquisitions 22259000000; owner earnings 527222543315.43787. Growth capex plus acquisitions / owner earnings = 0.042219363117563836.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YE76.pdf (filed 2026-06-19); FY2026: growth capex 0; upkeep 570465000000; owner earnings 713580976550.4258. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Dividend observations: [[2017,388000000],[2018,1140783000000],[2019,22056000000],[2020,397496000000],[2021,405497000000],[2022,403609000000],[2023,405559000000],[2024,406752000000],[2025,408836000000],[2026,418902000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 3.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Ten-year compound average after fade. Initial solved rate 0.03493516333307023. Price 242.6999969482422; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2019-01: JPY 134.30 per share

- 2019-02: JPY 139.00 per share

- 2019-03: JPY 124.70 per share

- 2019-04: JPY 131.20 per share

- 2019-05: JPY 141.00 per share

- 2019-06: JPY 139.95 per share

- 2019-07: JPY 146.90 per share

- 2019-08: JPY 149.05 per share

- 2019-09: JPY 146.40 per share

- 2019-10: JPY 148.50 per share

- 2019-11: JPY 148.60 per share

- 2019-12: JPY 145.95 per share

- 2020-01: JPY 149.60 per share

- 2020-02: JPY 141.25 per share

- 2020-03: JPY 137.45 per share

- 2020-04: JPY 146.40 per share

- 2020-05: JPY 136.60 per share

- 2020-06: JPY 137.50 per share

- 2020-07: JPY 141.45 per share

- 2020-08: JPY 139.25 per share

- 2020-09: JPY 117.75 per share

- 2020-10: JPY 121.25 per share

- 2020-11: JPY 128.45 per share

- 2020-12: JPY 129.30 per share

- 2021-01: JPY 137.70 per share

- 2021-02: JPY 144.10 per share

- 2021-03: JPY 143.85 per share

- 2021-04: JPY 140.95 per share

- 2021-05: JPY 140.65 per share

- 2021-06: JPY 145.35 per share

- 2021-07: JPY 142.95 per share

- 2021-08: JPY 147.35 per share

- 2021-09: JPY 151.45 per share

- 2021-10: JPY 155.45 per share

- 2021-11: JPY 156.25 per share

- 2021-12: JPY 145.45 per share

- 2022-01: JPY 143.40 per share

- 2022-02: JPY 145.05 per share

- 2022-03: JPY 142.80 per share

- 2022-04: JPY 151.50 per share

- 2022-05: JPY 148.00 per share

- 2022-06: JPY 150.65 per share

- 2022-07: JPY 153.85 per share

- 2022-08: JPY 152.95 per share

- 2022-09: JPY 144.65 per share

- 2022-10: JPY 146.55 per share

- 2022-11: JPY 149.75 per share

- 2022-12: JPY 148.80 per share

- 2023-01: JPY 148.65 per share

- 2023-02: JPY 153.75 per share

- 2023-03: JPY 152.90 per share

- 2023-04: JPY 153.15 per share

- 2023-05: JPY 148.55 per share

- 2023-06: JPY 154.00 per share

- 2023-07: JPY 157.80 per share

- 2023-08: JPY 167.00 per share

- 2023-09: JPY 169.05 per share

- 2023-10: JPY 170.50 per share

- 2023-11: JPY 179.85 per share

- 2023-12: JPY 175.95 per share

- 2024-01: JPY 196.35 per share

- 2024-02: JPY 197.25 per share

- 2024-03: JPY 195.00 per share

- 2024-04: JPY 191.10 per share

- 2024-05: JPY 188.75 per share

- 2024-06: JPY 196.45 per share

- 2024-07: JPY 196.50 per share

- 2024-08: JPY 203.80 per share

- 2024-09: JPY 187.20 per share

- 2024-10: JPY 192.80 per share

- 2024-11: JPY 193.10 per share

- 2024-12: JPY 198.90 per share

- 2025-01: JPY 200.20 per share

- 2025-02: JPY 213.70 per share

- 2025-03: JPY 208.40 per share

- 2025-04: JPY 215.90 per share

- 2025-05: JPY 221.40 per share

- 2025-06: JPY 223.00 per share

- 2025-07: JPY 218.60 per share

- 2025-08: JPY 228.20 per share

- 2025-09: JPY 217.70 per share

- 2025-10: JPY 218.70 per share

- 2025-11: JPY 223.20 per share

- 2025-12: JPY 214.80 per share

- 2026-01: JPY 209.00 per share

- 2026-02: JPY 213.80 per share

- 2026-03: JPY 211.10 per share

- 2026-04: JPY 221.90 per share

- 2026-05: JPY 215.30 per share

- 2026-06: JPY 208.10 per share

- 2026-07: JPY 223.40 per share

- 2026-08: JPY 237.10 per share

- 2026-09: JPY 241.10 per share

- 2026-10: JPY 241.70 per share

## Annual estimated value (JPY per share)

- FY2024: low JPY 188.72 per share, central JPY 210.23 per share, high JPY 238.86 per share

- FY2025: low JPY 180.60 per share, central JPY 202.48 per share, high JPY 231.62 per share

- FY2026: low JPY 181.01 per share, central JPY 203.17 per share, high JPY 232.67 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YE76.pdf); period 2026-03-31, filed 2026-06-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations