SoftBank Group's reported June 30, 2026 snapshot put net asset value (NAV) at ¥12,686 per share, against a reference share price of ¥5,963. On those same-date inputs, the simple NAV discount is about 53.0%. That is a useful starting point for understanding the investment holding company, but not a verdict on value: the figure depends on portfolio marks, adjusted debt and the risks the market assigns to them.
Key Takeaways
- SoftBank Group's official June 30, 2026 NAV snapshot was ¥72.30 trillion, or ¥12,686 per share, after adjusted net debt of ¥10.81 trillion.
- Using the company's ¥5,963 reference share price from that snapshot, the arithmetic NAV discount is 53.0%: 1 − ¥5,963 ÷ ¥12,686.
- NAV is an estimated, dated holding-company measure. It is not cash that shareholders can automatically claim, and it can move with listed holdings, private-company valuations, currencies, financing and corporate actions.
- The reported loan-to-value (LTV) ratio was 13.0%, below SoftBank Group's stated normal-condition ceiling of 25%. LTV is a leverage measure, not a measure of earnings or a share-price forecast.
- The next scheduled company-wide refresh is the Q2 FY2026 earnings release on November 10, 2026. Readers should update the inputs rather than carry forward the June discount.
What SoftBank Group's June 2026 NAV actually measures
SoftBank Group defines NAV as the equity value of holdings minus adjusted net interest-bearing debt. For an investment holding company, that differs from an accounting book-value shortcut: its numerator is a current-value estimate of a portfolio, while its debt calculation makes several stated adjustments. The company's NAV page says the figures below are as of June 30, 2026 unless otherwise stated.
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| June 30, 2026 measure | Amount | Definition / use | Source |
|---|---|---|---|
| Equity value of holdings | ¥83.11tn | Holdings after the company's asset-backed-financing adjustments | SoftBank Group NAV page |
| Adjusted net debt | ¥10.81tn | Debt measure used in the NAV calculation | SoftBank Group NAV page |
| NAV | ¥72.30tn | Equity value of holdings less adjusted net debt | SoftBank Group NAV page |
| NAV per share | ¥12,686 | NAV divided by 5,699 million issued shares excluding treasury stock | SoftBank Group NAV page |
| LTV | 13.0% | Adjusted net debt divided by equity value of holdings | SoftBank Group NAV page |
The published holdings total is a portfolio, not one security. Arm was the largest adjusted component at ¥49.91 trillion. The same page also listed SoftBank Vision Fund 1 at ¥3.60 trillion, SoftBank Vision Fund 2 at ¥19.29 trillion, the Latin America Funds at ¥1.00 trillion, adjusted SoftBank Corp. at ¥2.79 trillion, adjusted T-Mobile at zero and other assets at ¥6.51 trillion. Component totals can differ slightly from the displayed total because figures are rounded.
A worked NAV-discount calculation
The calculation is straightforward only when the price and NAV refer to the same date. The following is a worked historical example, using SoftBank Group's own June 30, 2026 reference inputs; it is not a current quote or a price target.
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| Input | Value | Period / unit | Source |
|---|---|---|---|
| Reported NAV per share | ¥12,686 | June 30, 2026; yen per share | SoftBank Group NAV page |
| Reference share price | ¥5,963 | June 30, 2026; yen per share | SoftBank Group NAV page |
| Formula | 1 − share price ÷ NAV per share | Discount as a percentage | ATG Press calculation |
| Result | 53.0% | 1 − ¥5,963 ÷ ¥12,686 = 0.530 | ATG Press calculation from the two inputs above |
A discount means the market price was below the company's stated per-share NAV at that point in time. It does not establish that the share was mispriced by 53%. For a holding company, a market discount can reflect uncertainty about future marks, monetisation timing, taxes, debt refinancing, corporate costs, governance, liquidity and whether minority shareholders will receive the full value implied by the portfolio calculation.
For a useful Japan governance comparison, see ATG Press's guide to researching Japan-listed subsidiaries, which explains why a structure is a research question rather than an automatic valuation conclusion.
Why adjusted debt and LTV belong beside NAV
The equity-value side of NAV draws attention, but the debt treatment determines how much of that asset value is left in the company's calculation. SoftBank Group reconciled ¥22.29 trillion of consolidated net interest-bearing debt to ¥10.81 trillion of adjusted net debt by deducting ¥6.03 trillion at self-financing entities and ¥5.45 trillion of other adjustments. Those categories are part of the company's published methodology; they should not be casually ignored or added back by a reader.
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| LTV check | June 30, 2026 value | Why it matters | Source |
|---|---|---|---|
| Reported LTV | 13.0% | Adjusted net debt ÷ equity value of holdings | SoftBank Group NAV page |
| Stated normal-condition policy | Below 25% | Management's financial-policy threshold | Management policy |
| Stated extraordinary-condition threshold | 35% | Upper threshold cited by management | Management policy |
| Distance to normal-condition threshold | 12.0 percentage points | 25.0% − 13.0%; arithmetic, not a forecast | ATG Press calculation |
LTV can rise even if debt is unchanged when the market value of holdings falls. It can also change when the group funds investments, sells assets, refinances or changes the debt associated with an asset. That is why a reader should track the numerator and denominator separately rather than treating a single low LTV reading as permanent.
What can make the discount widen or narrow
The discount is not one independent number. It changes when either the share price changes or the NAV inputs change. The most useful reading order is:
- Check the date on the NAV page and whether the company has updated its portfolio marks.
- Separate listed holdings with observable market prices from fund and private-company values that rely on the company's methodology and valuation dates.
- Recheck adjusted net debt, LTV and the cash or refinancing context.
- Identify completed or newly funded transactions that can alter the asset mix or funding need.
- Use the current market price only with a NAV figure from a comparable date, and label any mismatch clearly.
SoftBank Group's 2026 annual-report discussion says the group had already funded two tranches of its announced US$30 billion follow-on OpenAI investment by July 2026, with the remaining US$10 billion scheduled for October 2026. That disclosure is a reminder that the June 30 snapshot is not a live balance sheet. It should be read as a baseline before the next results update, not as a static description of the group.
The company also says it aims to maintain cash sufficient to cover at least two years of bond redemptions. A reader can use that policy, together with LTV and the debt reconciliation, to frame funding risk without turning a mechanical NAV discount into an investment recommendation.
What to check at the next update
SoftBank Group's IR calendar lists Q2 FY2026 earnings for November 10, 2026. A practical refresh checklist is:
- the new NAV per share and the dates used for listed-holding prices and exchange rates;
- the change in equity value of holdings, including any updated asset-backed-financing adjustment;
- adjusted net debt and LTV, alongside the company's stated policy thresholds;
- cash, bond-redemption coverage and funding developments;
- investment, disposal or valuation disclosures that change the portfolio mix; and
- the market price on the same date as the refreshed NAV if calculating a new discount.
For a different capital-allocation lens, ATG Press has also tracked Sony's ¥500 billion buyback progress. A buyback programme and a holding-company NAV discount are not comparable valuation signals, but both reward readers who distinguish a headline from the underlying mechanism.
Sources
- SoftBank Group, Net Asset Value per Share, current page using June 30, 2026 data; accessed October 27, 2026.
- SoftBank Group, Management Policy and Priority Issues to Address, dated June 22, 2026; accessed October 27, 2026.
- SoftBank Group, CFO Message — SoftBank Group Report 2026, information as of July 27, 2026; accessed October 27, 2026.
- SoftBank Group, IR Calendar, accessed October 27, 2026.
Disclaimer
This article is for informational purposes only and does not constitute investment advice.
