AMD vs Hitachi: Revenue, Profit and Business Model
AMD reported $34.6B of revenue in FY2025 and $4.3B of net income. Hitachi reported ~$70.9B of revenue in FY2026 and ~$5.4B of net income.
Latest financial snapshot
Financial summary
AMD
AMD's decade is a turnaround with a paper trail. Revenue fell to $4.0B in 2015 and the company lost $660M; its market value ended that year near $2.3B. Zen-based Ryzen and EPYC parts, and Intel's process delays, shifted the mix toward servers and then AI accelerators. FY2025 revenue was $34.6B, up 34% from $25.8B, with net income of $4.3B, a 50% gross margin, $8.1B of research and development spending, and $4.1B of marketing, general and administrative expense. Cash, cash equivalents, and short-term investments rose to $10.6B from $5.1B a year earlier, against $3.3B of total debt principal. The result also absorbed about $440M of net inventory and related charges tied to US export controls on Instinct MI308 products.
Hitachi
Hitachi posted a ~$5.27 billion (¥787.3 billion) net loss for fiscal 2008, then the largest ever by a Japanese manufacturer. Under Takashi Kawamura and Hiroaki Nakanishi it cut loss-making consumer businesses, and later leaders sold listed subsidiaries such as Hitachi Chemical (2020), Hitachi Metals (2023), and a controlling stake in Hitachi Construction Machinery (2022). Revenue dipped from ~$72.9 billion (¥10.88 trillion) in FY2022 to ~$65.2 billion (¥9.73 trillion) in FY2023 as those units left, then climbed back to ~$71 billion (¥10.59 trillion) in FY2025 on organic growth. FY2025 adjusted EBITA was a record ~$8.78 billion (¥1.31 trillion) (12.4% margin) and net income was ~$5.38 billion (¥802.3 billion), up about 30%. In Q1 FY2026 (April-June 2026) revenue rose 20% to ~$18.2 billion (¥2,709.6 billion), helped by currency, and management raised full-year guidance.
Revenue and profit by year
AMD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $34.6B | $4.3B | 12.5% | +34.3% | Source |
| FY2024 | $25.8B | $1.6B | 6.4% | +13.7% | Source |
| FY2023 | $22.7B | $854M | 3.8% | -3.9% | Source |
| FY2022 | $23.6B | $1.3B | 5.6% | +43.6% | Source |
| FY2021 | $16.4B | $3.2B | 19.2% | +68.3% | Source |
| FY2020 | $9.8B | $2.5B | 25.5% | +45.0% | Source |
| FY2019 | $6.7B | $341M | 5.1% | +4.0% | Source |
| FY2018 | $6.5B | $337M | 5.2% | +23.3% | Source |
| FY2017 | $5.3B | -$33M | -0.6% | +21.6% | Source |
| FY2016 | $4.3B | -$498M | -11.5% | — | Source |
Where the revenue comes from
AMD
- Data Center~48%
EPYC server CPUs, Instinct AI accelerators, Pensando DPUs, AI network interface cards, FPGAs, and adaptive SoCs sold to cloud providers, enterprises, and HPC customers. Net revenue was $16.6B in FY2025, up 32%.
- Client and Gaming~42%
Ryzen desktop and notebook processors, chipsets, Radeon discrete GPUs, and semi-custom SoCs for PlayStation and Xbox consoles. Net revenue was $14.6B in FY2025, up 51%, with Client at $10.6B and Gaming at $3.9B.
- Embedded~10%
Xilinx-derived FPGAs, adaptive SoCs, system-on-modules, and embedded CPUs sold into telecommunications, aerospace, defense, automotive, and industrial markets. Net revenue was $3.5B in FY2025, down 3%.
Hitachi
- Digital Systems & Services
Reported sector
Japanese IT systems for finance and government, GlobalLogic digital engineering, cloud and managed services, and Lumada solutions.
- Energy
Reported sector
Hitachi Energy grid infrastructure, HVDC, transformers, and related service contracts.
- Mobility
Reported sector
Hitachi Rail trains, signalling and train control (including former Thales GTS), and maintenance.
- Connective Industries
Reported sector
Building systems, industrial products and systems, Hitachi High-Tech, and, until its sale, home appliances.
Business model and strategy
AMD
How it makes money
Advanced Micro Devices runs a fabless semiconductor model. It designs CPUs, GPUs, AI accelerators, FPGAs, and adaptive SoCs, and contracts the wafer manufacturing to outside foundries, primarily TSMC. That structure keeps leading-edge fabrication off AMD's balance sheet and makes engineering its largest investment: research and development cost $8.1B in FY2025, about 23% of revenue.
Growth strategy
AMD's growth plan centers on data center AI, funded by $8.1B of research and development in FY2025. It has bought capability rather than waiting to build it: Xilinx in February 2022 for FPGAs and adaptive computing, a deal announced in October 2020 at about $35B in stock and worth roughly $49B at close; Pensando in May 2022 for DPUs at about $1.9B; Silo AI in August 2024 for AI software engineering at about $665M;
Competitive advantage
AMD's advantage is design and packaging execution without fab ownership. Because it buys capacity from TSMC instead of running leading-edge fabs, it can move to a newer process node as soon as the foundry has one in volume. Its chiplet approach assembles a processor from smaller dies linked by Infinity Fabric, which improves usable yield and makes high core-count parts cheaper to build than a single large die.
Hitachi
How it makes money
Hitachi is a B2B infrastructure and IT company. It sells long-lived physical assets (transformers, HVDC converter stations, trains, signalling, elevators, semiconductor metrology tools) and then earns recurring service, maintenance, and software revenue on that installed base. Lumada is the umbrella for the data, AI, and digital services layered on top, and Hitachi reports Lumada as a growing share of total revenue.
Growth strategy
Hitachi grows by attaching software and services to its installed base and by reshaping its portfolio. It is expanding Hitachi Energy factory capacity for transformers and HVDC, integrating Thales GTS into Hitachi Rail, and scaling Lumada through GlobalLogic and AI partnerships.
Competitive advantage
Hitachi's edge is owning both the operational technology and the IT. Hitachi Energy (built on ABB's former Power Grids business) is one of a handful of suppliers able to deliver HVDC links and large power transformers at scale, Hitachi Rail became a top-tier signalling supplier after buying Thales GTS in 2024, and GlobalLogic plus Hitachi's Japanese IT business supply the software.
Questions about AMD vs Hitachi
Which company has higher revenue — Advanced Micro Devices, Inc. or Hitachi, Ltd.?
Advanced Micro Devices, Inc. reported $34.6B (FY2025), while Hitachi, Ltd. reported ~$70.9B (FY2026). By last reported revenue, Hitachi, Ltd. is the larger business, with Advanced Micro Devices, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Advanced Micro Devices, Inc. vs Hitachi, Ltd.?
Advanced Micro Devices, Inc.'s market capitalisation stands at $999.5B, while Hitachi, Ltd.'s is $157.8B. Advanced Micro Devices, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Hitachi, Ltd..
Which is more financially efficient — Advanced Micro Devices, Inc. or Hitachi, Ltd.?
Advanced Micro Devices, Inc. generates $1.12M / employee in revenue per employee, while Hitachi, Ltd. generates $246k / employee. Advanced Micro Devices, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Advanced Micro Devices, Inc. and Hitachi, Ltd. make money?
Advanced Micro Devices, Inc. and Hitachi, Ltd. generate revenue in fundamentally different ways. Advanced Micro Devices, Inc.: Advanced Micro Devices runs a fabless semiconductor model. Hitachi, Ltd.: Hitachi is a B2B infrastructure and IT company.
Which company is valued higher relative to revenue — Advanced Micro Devices, Inc. or Hitachi, Ltd.?
On a price-to-sales (P/S) basis, Advanced Micro Devices, Inc. trades at 28.9x P/S and Hitachi, Ltd. at 2.2x P/S. Advanced Micro Devices, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Hitachi, Ltd.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Advanced Micro Devices, Inc. bigger than Hitachi, Ltd.?
By last reported revenue, Hitachi, Ltd. (~$70.9B (FY2026)) is the larger company compared to Advanced Micro Devices, Inc. ($34.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AMD vs Hitachi overview