Worth reading
60In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
650
¥100 million (fiscal 2030 revenue target; operating profit target: ¥1.5 billion)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales-82.5%
基準 11,632Target2,030JPY million (FY2025 actual) / ¥100 million (FY2030 target)
Operating profit+0.2%
基準 2,025Target2,030JPY million (FY2025 actual) / ¥100 million (FY2030 target)
ROIC+5.0pt
基準 2,025Target2,030%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planNew Business Strategy (formulated and announced in 2016) → In the communications business, established a path toward interconnection with NTT DOCOMO’s voice and SMS networks. In the FPoS business, reached the stage at which commercial services can be launched
Total investment plan¥600 million (to be raised by March 2026 as investment funding to become ネオキャリア)
Investment amount by sectorField Software, equipment and other items / Amount Not disclosed
Statements about the use of capital
Cost of capitalWACC: 4.5% (FY2025 actual). The FY2030 figure will vary depending on the external environmentThe cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Key initiatives
01Expanding the Customer Base
02Expanding sales channels
03Selling hardware
04Expanding the IoT business
05Issuing attribute certificates through the establishment of an attribute certification authority
06Issuing digital IDs for equipment and machines
07Developing the business as a foundation for Sovereign AI (sovereign AI)
Plan assumptionsCommunications services business revenue CAGR over the next 5 years: 33.8%, ARPU: ¥980, Communications services lines: increase from 940,000 lines in FY2025 at a CAGR of 35.3%, Mobile lines provided by MVNOs: approximately 40 million lines as of 2025, The company’s MVNO market share: 2.3% as of FY2025, with a target of 10.5% in FY2030, If interconnection with NTT DOCOMO’s voice and SMS networks is established in November 2026, the company will be able to provide a full range of communications services, WACC will vary depending on the external environment
Segment targetSegment Communications services business / Net Sales ¥5 billion (fiscal 2030) / Operating profit ¥750 million (fiscal 2030), Segment Digital trust business / Net Sales ¥1.5 billion (fiscal 2030) / Operating profit ¥750 million (fiscal 2030), Segment Consolidated total / Net Sales ¥6.5 billion (fiscal 2030) / Operating profit ¥1.5 billion (fiscal 2030)
Non-financial targetsIndicator Communications services lines / Target value 4.25 million lines / Timing FY2030, Indicator MVNO line market share / Target value 10.5% / Timing FY2030, Indicator Access to eSIMs worldwide / Target value Access enabled through the company’s electronic certification authority / Timing During fiscal 2027
Size of the Target MarketMobile lines provided by MVNOs are estimated at approximately 40 million lines as of 2025. The company’s market share was 2.3% as of FY2025, and it is targeting 10.5% in FY2030. The market size on a value basis and source are Not disclosed
Risks identified by the company
Investment to become ネオキャリア may increase depreciation and amortization expenses for software, equipment and other items, potentially temporarily affecting accounting profit
Reason for revision or withdrawal
The company established a technological foundation through 10 years of initiatives based on the “New Business Strategy” formulated and announced in 2016. In addition, the business model as ネオキャリア is scheduled to begin in the current fiscal year, the fiscal year ending March 2027.
| Item | Details |
|---|---|
| Plan name | Vision 2030 |
| Plan period | Start year: Not disclosed, final year: fiscal 2030 |
| Progress against the plan | Formulated |
| Sales Target | 11,632 (FY2025 actual) → ¥6.5 billion (FY2030 target) |
| Operating profit target | 1,134 (FY2025 actual) → ¥1.5 billion (FY2030 target) |
| ROIC target | 12.6% (FY2025 actual) → 25% (FY2030 target) |
| Cost of capital | WACC: 4.5% (FY2025 actual). The FY2030 figure will vary depending on the external environment |
| Total investment plan | ¥600 million (to be raised by March 2026 as investment funding to become ネオキャリア) |
| Investment amount by sector | Field Software, equipment and other items / Amount Not disclosed |
| Segment target | Segment Communications services business / Net Sales ¥5 billion (fiscal 2030) / Operating profit ¥750 million (fiscal 2030), Segment Digital trust business / Net Sales ¥1.5 billion (fiscal 2030) / Operating profit ¥750 million (fiscal 2030), Segment Consolidated total / Net Sales ¥6.5 billion (fiscal 2030) / Operating profit ¥1.5 billion (fiscal 2030) |
| Non-financial targets | Indicator Communications services lines / Target value 4.25 million lines / Timing FY2030, Indicator MVNO line market share / Target value 10.5% / Timing FY2030, Indicator Access to eSIMs worldwide / Target value Access enabled through the company’s electronic certification authority / Timing During fiscal 2027 |
| Plan assumptions | Communications services business revenue CAGR over the next 5 years: 33.8%, ARPU: ¥980, Communications services lines: increase from 940,000 lines in FY2025 at a CAGR of 35.3%, Mobile lines provided by MVNOs: approximately 40 million lines as of 2025, The company’s MVNO market share: 2.3% as of FY2025, with a target of 10.5% in FY2030, If interconnection with NTT DOCOMO’s voice and SMS networks is established in November 2026, the company will be able to provide a full range of communications services, WACC will vary depending on the external environment |
| Key initiatives | Expanding the Customer Base, Expanding sales channels, Selling hardware, Expanding the IoT business, Issuing attribute certificates through the establishment of an attribute certification authority, Issuing digital IDs for equipment and machines, Developing the business as a foundation for Sovereign AI (sovereign AI) |
| Results under the previous plan | New Business Strategy (formulated and announced in 2016) → In the communications business, established a path toward interconnection with NTT DOCOMO’s voice and SMS networks. In the FPoS business, reached the stage at which commercial services can be launched |
| Reason for revision or withdrawal | The company established a technological foundation through 10 years of initiatives based on the “New Business Strategy” formulated and announced in 2016. In addition, the business model as ネオキャリア is scheduled to begin in the current fiscal year, the fiscal year ending March 2027. |
| Size of the Target Market | Mobile lines provided by MVNOs are estimated at approximately 40 million lines as of 2025. The company’s market share was 2.3% as of FY2025, and it is targeting 10.5% in FY2030. The market size on a value basis and source are Not disclosed |
| Risks identified | Investment to become ネオキャリア may increase depreciation and amortization expenses for software, equipment and other items, potentially temporarily affecting accounting profit |
| Publication date | 7 May 2026 |
Items this document does not state (7)
Operating profit margin targetNet income targetROE targetPayout ratio / DOE policyTreasury share acquisition policySelf-assessment of PBR and share priceDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In addition to having established a technological foundation through 10 years of initiatives based on the “New Business Strategy” formulated in 2016, the company plans to launch a new communications services model premised on interconnection with NTT DOCOMO’s voice and SMS networks, as well as its digital trust business, in the fiscal year ending March 2027.
How to read this page
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