NTT, Inc. (9432.T) stock analysis

In our weekly check, NTT, Inc. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 11 pass, warnings: 10, red flags: 4.

About NTT, Inc.

NTT, Inc. is a Communication Services company (Telecommunications Services) based in Japan, listed on JPX as 9432.T.

What our checks show for 9432.T

Red flags

• The net margin fell by 2.6 points over 5 years, to 7.1%: the company keeps less of each sale as profit.
• The gross margin fell by 5.2 points, to 15.1%: costs are rising faster than prices.
• Free cash flow is negative (-5.2% of revenue): the business spends more cash than it brings in.
• Pay in shares equals 0% of free cash flow: it dilutes shareholders.

Warning signs

• Net debt is 4.2x a year of EBITDA (debt/equity 1.77). That limits room in a downturn and raises refinancing risk.
• Analysts expect only about 3.9% a year of growth in revenue.
• Analysts expect the net margin to shrink by 0.1 points from today's 7.1%.
• Revenue grew only 4% a year over the last 3 years.
• Earnings per share fell 2.7% a year over the last 3 years.
• Net profit fell 4.6% a year over the last 3 years.
• The net margin is only 7.1%: little room if costs rise.
• The stock has fallen as much as 51% from a peak. Would you have held through that?
• Recovering from its deepest fall took about 2 years.
• Return on capital (ROCE) is only 8%.

Strengths

• Operating cash flow is 1.46x net profit: the profit arrives as real cash.
• The dividend takes 41% of profit: there is a cushion.
• A large company: market value $90.72 billion.
• The price moves calmly: 16.2% annual volatility.
• Beta -0.17: the stock usually moves less than the market.
• Actively traded: about 220 million shares a day.

Next earnings report: 2026-11-04

Similar companies

BHARTIARTL.NS · 9433.T · 9984.T

Questions

What grade does NTT, Inc. (9432.T) have?

In our weekly check, NTT, Inc. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 11 pass, warnings: 10, red flags: 4. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of 9432.T stock?

This week's biggest flags for NTT, Inc.: Margins falling, Gross margin falling, Weak free cash flow. In total 14 of 25 checks show a warning or a red flag.

What does NTT, Inc. do?

NTT, Inc. is a Communication Services company (Telecommunications Services) based in Japan, listed on JPX as 9432.T.

When does NTT, Inc. report earnings next?

The next earnings report is expected on 2026-11-04. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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