SoftBank Group’s latest investor materials show why its net asset value (NAV) is useful but easy to misuse. For the three months ended June 30, 2026, SoftBank reported adjusted stand-alone NAV of ¥72.3 trillion and loan-to-value (LTV) of 13.0%, compared with ¥40.1 trillion and 17.0% at March 31, 2026. Those figures are not a share-price target. They are a starting point for understanding the value of SoftBank Group Corp.’s holdings, the debt attached to the holding company and the sensitivity of both to market prices.
This guide explains the formulas, rebuilds the June calculation from SoftBank’s own table, and sets out a repeatable checklist for international investors researching Tokyo-listed SoftBank Group (TSE: 9984).
Key takeaways
- NAV is adjusted holding value minus adjusted stand-alone net interest-bearing debt.
- LTV is adjusted stand-alone net interest-bearing debt divided by adjusted holding value.
- SoftBank’s June 30, 2026 NAV was ¥72.3 trillion, while its adjusted holdings value was ¥83.11 trillion and adjusted net debt was ¥10.81 trillion.
- Arm accounted for ¥49.91 trillion of adjusted holdings value in the June appendix, so the NAV is highly sensitive to the valuation of a small number of large positions.
- NAV and LTV are company-reported analytical metrics, not forecasts or guarantees of the common-share price.
What SoftBank Group NAV and LTV mean
In SoftBank’s presentation, “SBG” means SoftBank Group Corp. on a stand-alone basis. SoftBank defines NAV as:
> NAV = adjusted SBG stand-alone equity value of holdings − adjusted SBG stand-alone net interest-bearing debt
It defines LTV as:
> LTV = adjusted SBG stand-alone net interest-bearing debt ÷ adjusted SBG stand-alone equity value of holdings
“Stand-alone” matters. SoftBank Group excludes self-financing entities such as SoftBank Corp., Arm and its investment funds from the holding-company calculation unless the stated method says otherwise. “Adjusted” matters too: SoftBank removes or modifies debt associated with asset-backed financing, such as margin loans secured by Arm or SoftBank Corp. shares.
The practical difference is simple. NAV asks, “What is left after the relevant debt?” LTV asks, “How large is that debt compared with the holdings supporting it?” A lower LTV can provide more room to absorb a fall in listed-asset prices, but it does not remove valuation or execution risk.
The June 2026 calculation in one table
SoftBank’s Q1 FY2026 investor briefing gives the following figures. Amounts are in trillions of yen and are as of June 30, 2026 unless stated otherwise.
Swipe horizontally to view all columns.
| Metric | March 31, 2026 | June 30, 2026 | What changed |
|---|---|---|---|
| NAV | ¥40.1T | ¥72.3T | Higher equity value of holdings was the main driver |
| LTV | 17.0% | 13.0% | Holdings value increased faster than adjusted net debt |
| Cash position | ¥3.5T | ¥2.3T | Down ¥1.2T |
| Adjusted net debt | ¥8.2T | ¥10.8T | Up ¥2.6T |
The arithmetic is approximately consistent: ¥83.11 trillion of adjusted holdings value less ¥10.81 trillion of adjusted net debt equals roughly ¥72.3 trillion. The small difference is rounding. SoftBank’s pro forma reference figures use specified closing prices and foreign-exchange assumptions, including August 5 prices for Arm, SoftBank Corp. and Intel, so the date label should stay attached to the number.
Which holdings drive the number
The June appendix breaks adjusted holding value into the following components:
Swipe horizontally to view all columns.
| Holding or category | Adjusted value | Calculation point |
|---|---|---|
| Arm | ¥49.91T | American depositary share (ADS)-equivalent holding value less Arm-backed financing adjustment |
| SoftBank Corp. | ¥2.79T | Shares held multiplied by share price, less share-backed financing adjustment |
| SoftBank Vision Fund 1 (SVF1) | ¥3.60T | SoftBank’s share of fund NAV and related adjustments |
| SoftBank Vision Fund 2 (SVF2) | ¥19.29T | SoftBank’s share of fund NAV and related adjustments |
| SoftBank Latin America Funds | ¥1.00T | SoftBank’s share of fund NAV and related adjustments |
| T-Mobile | ¥0.00T | Adjusted value in the June table |
| Others | ¥6.51T | Other listed and unlisted holdings under the stated method |
| Total | ¥83.11T | Sum of the adjusted components |
The central analytical point is concentration. Arm alone was ¥49.91 trillion, or about 60% of the adjusted holdings value. That makes the group’s reported NAV particularly exposed to Arm’s share price, foreign exchange and the financing terms connected with pledged shares. The table does not mean every asset can be sold immediately at its marked value.
Why the NAV jump was not the same as cash profit
SoftBank’s consolidated Q1 figures show net sales of ¥2,019.6 billion and net income attributable to owners of the parent of ¥347.3 billion for the three months ended June 30, 2026. Total gain on investments was ¥1,859.4 billion, including a ¥1,332.9 billion gain associated with Intel in the investment-business segment, according to the investor briefing.
Those accounting figures and the NAV movement answer different questions. The NAV change is a market-value bridge for selected holdings and debt. Net income is an accounting-period result. A rise in the marked value of a holding can increase NAV without creating cash available for dividends or debt repayment. Conversely, monetization can change cash and debt while altering future exposure to the asset sold.
For research purposes, keep three lines separate: marked holding value, accounting gain or loss, and cash actually received or deployed.
How to use LTV without treating it as a safety score
SoftBank’s June presentation shows adjusted net debt of ¥10.81 trillion against adjusted holding value of ¥83.11 trillion, producing 13.0% LTV. It also shows a 25% reference line for normal circumstances and a 35% line for extraordinary circumstances in its historical LTV framework.
These lines are company-defined reference points, not an independent credit rating. A disciplined review should ask:
1. Which share prices and exchange rates set the holdings value? 2. Which liabilities are removed through asset-backed-finance adjustments? 3. How much cash remains at the stand-alone holding company? 4. Are new investments funded with debt, asset sales, operating cash or a combination? 5. What happens to LTV if the largest listed holding falls while debt stays constant?
The fifth question is a stress test, not a forecast. A simple sensitivity calculation can show direction: if adjusted holdings value falls while adjusted net debt does not, LTV rises and NAV falls. The magnitude depends on the starting values and the specific holding that moves.
A repeatable SoftBank research checklist
When the next quarterly release arrives, use this order:
- Open SoftBank Group’s English investor-relations page and identify the reporting period.
- Record NAV, LTV, cash and adjusted net debt with their dates.
- Reconcile the headline NAV with the appendix for adjusted holdings value and debt.
- Identify the two or three holdings responsible for most of the period change.
- Read the financing notes for margin loans, bridge loans, bonds and hybrid-finance adjustments.
- Separate pro forma reference prices from balance-sheet amounts and from cash proceeds.
- Compare the common share price with NAV only after defining the NAV date, share count and any per-share conversion method.
- Read the company’s risk language before drawing conclusions from unrealized values.
What international investors should watch next
The next useful update is not simply whether NAV is higher. Watch whether the change comes from Arm and other listed prices, fund marks, foreign exchange, new investment, monetization or debt financing. Also watch the timing of SoftBank’s planned investments and the cash/debt bridge that follows them.
SoftBank’s Q1 briefing said its core financial strategy remained focused on maintaining discipline in LTV management. That is a company statement, not evidence that future volatility will be low. For an international reader, the most useful ongoing comparison is therefore a small dashboard of NAV, LTV, adjusted holdings value, adjusted net debt, cash and the largest holding weights—each with a clear data date.
SoftBank Group’s NAV is best read as a structured lens on a concentrated technology-investment holding company. It becomes less useful when it is detached from the debt adjustments, valuation dates and unrealized nature of the underlying assets.
Sources
- SoftBank Group Q1 FY2026 Investor Briefing, published August 6, 2026; reporting period ended June 30, 2026. See pages 27, 30, 35–36 and 54–58.
- SoftBank Group Investor Relations, accessed August 30, 2026.
- SoftBank Group Report 2026, published July 27, 2026.
- SoftBank Group IR News, accessed August 30, 2026.
This article is for informational purposes only and does not constitute investment advice.
