mst@fyi:~$ analyze softbank_nav
SoftBank shows why stated NAV is not enough.
SoftBank publishes a detailed NAV bridge. The discount can be large, but investors must underwrite Arm concentration, Vision Fund marks, leverage, tax, and capital allocation.
SoftBank NAV/shareofficial snapshot: 31 Mar 2026
Actual Numbers
official company NAV bridgeNAV/shareJPY 7,029
reference share priceJPY 3,555
snapshot discount49.4%
LTV17.0%
NAVJPY 40.06tn
equity holdingsJPY 48.26tn
net debtJPY 8.21tn
shares ex treasury5,699mn
Asset Bridge
JPY tn| Arm adjusted | 19.15 | largest listed asset and biggest sentiment driver |
|---|---|---|
| SVF2 | 17.19 | large mark-to-model component versus clean listed stakes |
| SVF1 | 3.38 | legacy Vision Fund exposure |
| SBKK adjusted | 2.85 | telecom stake after financing adjustments |
| Others | 4.61 | residual listed/unlisted holdings |
| SK read-through | SK Inc resembles SoftBank more than SK Square does: larger upside, but more trust required. | |