Value Creation Process

Maximizing corporate value, centered on the Beyond Carrier strategy

SoftBank works to sustainably grow its communications business while proactively developing businesses across a wide range of information and technology fields, beyond the framework of a communications carrier, to maximize its corporate value. By serving as a catalyst for digitalization across society and solving social issues, we aim to become the Corporate Group needed most by people around the world.

Value Creation Process
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Sources of competitive advantage and results
(inputs and outcomes)

The Group has wide-ranging capital, built up through its businesses, that offers competitive advantages. In particular, we boast one of the largest user bases in Japan, a crucial factor for promoting society-wide digitalization. Spanning a wide range of fields, including communications, e-commerce, payments and social media, our enormous domestic customer base will contribute greatly to the Group’s future business development and corporate value enhancement. We will continue working to create new social value and, through such efforts, achieve sustainable corporate growth.


Financial Capital

Total (equity attributable to owners of the parent) ¥2,224.9 billion
Adjusted free cash flow (excluding Z Holdings, etc.)*1 ¥618.6 billion
Long-term ratings R&I: A+; JCR: AA–*2
(as of August 23, 2023)
Financial soundness

SoftBank focuses on adjusted free cash flow (FCF), which is calculated as operating cash flow less capital expenditures and growth investment. To maintain high shareholder returns while investing in growth, we will continue to generate a stable annual adjusted FCF and strive to maintain a sound financial standing.

Manufactured Capital

Capital expenditures ¥407.5 billion*3
Growth investment ¥15.8 billion
Investment in growth

SoftBank undertakes capital expenditure to build high-quality communications networks. We conduct efficient capital expenditure to further develop 5G technologies while also making ongoing investments in new businesses, mainly though M&A.

Intellectual Capital

Cutting-edge technologies and business models of the SoftBank Group’s portfolio companies
Value of the SoftBank brand Best Japan Brands 2023:
USD 5,295 million*4
Collaboration and synergy within the SoftBank Group

As a member of the SoftBank Group, SoftBank Corp. collaborates with the SoftBank Group’s global unicorns, including the portfolio companies of the parent, to incorporate cutting-edge technologies and business models with relatively low up-front investment.

Human Capital

Consolidated Group employees 54,986
(as of March 31, 2023)
Group sales and technological abilities

The Group boasts a large force of sales personnel, primarily in the Enterprise segment, who engage in sales of solutions (consulting), going beyond sales of products alone. Furthermore, our numerous engineers back up the Group’s diverse businesses.

Social and Relationship Capital

User base*5
  • Smartphone subscribers:
    29.26 million
    (as of March 31, 2023)
  • Yahoo! JAPAN users:
    85.00 million
  • LINE users:
    95.00 million
  • PayPay users:
    over 56.00 million
Unrivaled business foundation

SoftBank has one of the largest user bases in Japan, which is a major strength in its businesses. As we aim for society-wide digitalization that leaves no one behind, we will leverage the customer contact points we have developed through our businesses and utilize the Group’s business platforms to the fullest to create new value.

Natural Capital

Electricity use 2,278,902 MWh
Working toward Net Zero*6

Under its Carbon-Neutral 2030 Declaration, SoftBank aims to reduce greenhouse gas emissions from its own business processes and energy consumption to zero by FY2030. On top of this, the Group is working toward our “Net Zero” goal of reducing greenhouse gas emissions associated with all business activities (supply chain emissions) to net zero by FY2050.


Corporate Value Enhancement


Operating income ¥1,060.2 billion
Net income*7 ¥531.4 billion
Employee satisfaction 3.62 out of 5

Social Value Creation


Dividends*8 ¥405.6 billion returned to shareholders
Taxes*8 ¥265.7 billion returned to society
Personnel costs*9 ¥501.1 billion returned to employees
  1. *1
    Adjusted free cash flow = Free cash flow + (proceeds from the securitization of installment sales receivables − repayments thereof) ; Excludes free cash flow of the Z Holdings Group, PayPay, etc., as well as loans to Board Directors, etc.; includes dividend payments received from A Holdings Corporation. PayPay, etc. includes A Holdings Corporation, B Holdings Corporation, PayPay Corporation and PayPay Card Corporation.
  2. *2
    R&I: Japan Rating & Investment Center; JCR: Japan Credit Rating Agency
  3. *3
    Capital expenditures of the Consumer and Enterprise segments Acceptance basis. Excludes investments in devices for rental services, shared equipment (contributions by other operators), and the impact of adopting IFRS 16 “Leases.”
  4. *4
    Brand value calculated by Interbrand Japan
  5. *5
    The figure for Yahoo! JAPAN is average monthly users from January to October 2022, based on Nielsen’s “TOPS OF 2022: DIGITAL IN JAPAN, Top 10 by Total Digital Reach in Japan.” Does not include overlap of smartphone and personal computer users.
    The figure for LINE is active monthly users (MAU in Japan) (as of March 2023)
    The figure for PayPay is registered users (as of March 2023)
  6. *6
    Carbon-Neutral 2030 Declaration applies to Scope 1 and 2; “Net Zero” applies to Scope 1, 2 and 3; Each scope continues to expand from SoftBank Corp. to its Group companies (consolidated subsidiaries).
  7. *7
    Net income attributable to owners of the Company
  8. *8
    Dividends and taxes paid are presented on a consolidated cash flow basis.
  9. *9
    Personnel costs are wages and benefits for employees and officers (on the basis of the Consolidated Statement of Income breakdown of expenses by nature).
Value Creation Process