Baker Hughes vs BYD: Revenue, Profit and Business Model
Baker Hughes reported $27.7B of revenue in FY2025 and $2.6B of net income. BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income.
Latest financial snapshot
Baker Hughes
- Latest revenue
- $27.7B (FY2025)
- Net income
- $2.6B
- Net margin
- 9.3%
- Revenue growth
- +8.7% a year, FY2016–FY2025
BYD
- Latest revenue
- ~$111.8B (FY2025)
- Net income
- ~$4.5B
- Net margin
- 4.0%
- Revenue growth
- +29.7% a year, FY2018–FY2025
Financial summary
Baker Hughes
FY2025 revenue was $27,733M, down 0.3% from $27,829M, with attributable net income of $2,588M against $2,979M a year earlier, a 13% decline driven largely by the prior-year release of tax valuation allowances and by $215M of restructuring. Profitability still improved on the measure management targets: adjusted EBITDA reached a record $4,825M, a 17.4% margin against 16.5% in FY2024. The mix did the work, with IET segment EBITDA up 21% to $2,482M while OFSE fell 9% to $2,618M. Cash conversion was the other bright spot, with $3,810M from operations and record free cash flow of $2,732M after $1,078M of net capital spending. The balance sheet ended the year with $3,715M of cash against $5,398M of long-term debt and $689M of current debt, and equity of $19,010M on total assets of $40,881M. Dividends of $910M and $384M of buybacks were paid out during the year, with the quarterly dividend at $0.23 per share. Research and development was $600M and selling, general and administrative expense $2,387M.
BYD
BYD's revenue grew more than fivefold in five years, from ~$21.8 billion (CN¥156.6 billion) in 2020 to ~$112 billion (CN¥803.96 billion) in 2025, as its new energy vehicle sales rose to 4.6 million units. Profit peaked in 2024 at about $5.59 billion (CN¥40.2 billion) and fell 19% in 2025 to ~$4.53 billion (CN¥32.62 billion) attributable to shareholders, BYD's first annual decline in four years, which the company linked to product mix changes and a lower gross margin. Gross margin slipped from 19.1% in 2024 to 17.5% in 2025. The first half of 2026 brought revenue of ~$47.9 billion (CN¥344.8 billion) (down 7.1%) and net profit of ~$1.71 billion (CN¥12.3 billion) (down 20.5%), although second-quarter profit rose year on year for the first time in five quarters on record exports. Overseas revenue of ~$25.2 billion (CN¥181.3 billion) overtook revenue from China for the first time.
Revenue and profit by year
Baker Hughes
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $27.7B | $2.6B | 9.3% | -0.3% | Source |
| FY2024 | $27.8B | $3B | 10.7% | +9.1% | Source |
| FY2023 | $25.5B | $1.9B | 7.6% | +20.6% | Source |
| FY2022 | $21.2B | -$601M | -2.8% | +3.2% | Source |
| FY2021 | $20.5B | -$219M | -1.1% | -1.0% | Source |
| FY2020 | $20.7B | -$9.9B | -48.0% | -13.1% | Source |
| FY2019 | $23.8B | $128M | 0.5% | +4.2% | Source |
| FY2018 | $22.9B | $195M | 0.9% | +33.2% | Source |
| FY2017 | $17.2B | -$103M | -0.6% | +31.3% | Source |
| FY2016 | $13.1B | — | 0.0% | — | Source |
BYD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$111.8B | ~$4.5B | 4.0% | +3.5% | Source |
| FY2024 | ~$108B | ~$5.6B | 5.2% | +29.0% | Source |
| FY2023 | ~$83.7B | ~$4.2B | 5.0% | +42.0% | Source |
| FY2022 | ~$58.9B | ~$2.3B | 3.9% | +96.2% | Source |
| FY2021 | ~$30B | ~$420.6M | 1.4% | +38.0% | Source |
| FY2020 | ~$21.8B | ~$588M | 2.7% | +22.6% | Source |
| FY2019 | ~$17.8B | ~$223.8M | 1.3% | -1.8% | Source |
| FY2018 | ~$18.1B | ~$386.4M | 2.1% | — | Source |
Where the revenue comes from
Baker Hughes
- Oilfield Services and Equipment (OFSE)51.7%
OFSE revenue was $14,324M in FY2025, down 8% from $15,628M in FY2024 as rig counts fell. The split by product line was Production Solutions $3,806M, Completions, Intervention and Measurements $3,750M, Well Construction $3,646M and Subsea and Surface Pressure Systems $3,122M. International revenue was $10,551M and North America $3,773M. Segment EBITDA was $2,618M, an 18.3% margin, on work generally contracted well by well or by project.
- Industrial and Energy Technology (IET)48.3%
IET revenue was $13,409M in FY2025, up 10% from $12,201M, made up of Gas Technology Equipment $6,619M, Gas Technology Services $3,028M, Industrial Products $1,991M, Industrial Solutions $1,123M and Climate Technology Solutions $647M. Segment EBITDA was $2,482M, up 21%, a 18.5% margin. IET held $32.4B of the $35.9B remaining performance obligation at year end, split $11.6B equipment and $16.1B services, so a large share of future revenue is already contracted.
BYD
- Automobiles and related products~81%
Sales of BYD, Denza, Fangchengbao and Yangwang passenger cars, buses and trucks, plus related products such as batteries and energy storage. The segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025 and ~$38.3 billion (CN¥275.3 billion) (79.9% of revenue) in the first half of 2026.
- Mobile handset components and assembly~19%
Contract manufacturing and assembly of phones, tablets, smart car components and other devices, mainly through BYD Electronic. The segment produced ~$21.6 billion (CN¥155.2 billion) in FY2025, and electronics revenue rose 1.0% to ~$9.65 billion (CN¥69.4 billion) in the first half of 2026.
Business model and strategy
Baker Hughes
How it makes money
Baker Hughes sells engineered equipment and the services that keep it running. In Oilfield Services and Equipment it is paid for jobs and projects: directional drilling, drill bits, completions, pressure pumping, artificial lift, oilfield chemicals and subsea production systems, billed well by well or under multi-year frame agreements with national oil companies and majors.
Growth strategy
The strategy is to shift weight from short-cycle oilfield work toward equipment and lifecycle services with longer contracts. Management describes the 2026 to 2028 period as Horizon Two and frames the aim as a more industrialised energy solutions company with a production-oriented mix and more durable cash flow.
Competitive advantage
The defensible part of Baker Hughes is the installed base of turbomachinery and the service contracts attached to it. Once its gas turbines and refrigerant compressors are inside a liquefaction train or a gas processing plant, the operator buys spare parts, overhauls and remote monitoring from Baker Hughes for the life of the asset, which is why Gas Technology Services alone held $16.1B of remaining performance oblig…
BYD
How it makes money
BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Its automobiles and related products segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025, about 81% of group revenue.
Growth strategy
BYD's growth plan has three parts. First, build locally abroad: plants in Thailand, Uzbekistan and Camaçari, Brazil are producing cars, Hungary is due to start series production in the fourth quarter of 2026, and a Turkish plant was paused in June 2026 while BYD concentrates on Europe. Second, move upmarket through Denza, Fangchengbao and Yangwang, which sell at higher prices than core BYD models.
Competitive advantage
BYD's advantage is cost control from owning its supply chain. It makes its own LFP Blade battery cells, motors, electronic controls and power chips, so it can sell a Seagull hatchback from around CN¥70,000 in China and still run a profitable car business, and it can put new technology such as the second-generation Blade Battery and FLASH charging into many models at once.
Questions about Baker Hughes vs BYD
Which company has higher revenue — Baker Hughes Company or BYD Company Ltd?
Baker Hughes Company reported $27.7B (FY2025), while BYD Company Ltd reported ~$111.8B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with Baker Hughes Company reporting a smaller revenue base.
What is the market cap of Baker Hughes Company vs BYD Company Ltd?
Baker Hughes Company's market capitalisation stands at $56.9B, while BYD Company Ltd's is $113.4B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Baker Hughes Company.
Which is more financially efficient — Baker Hughes Company or BYD Company Ltd?
Baker Hughes Company generates $495k / employee in revenue per employee, while BYD Company Ltd generates $123k / employee. Baker Hughes Company 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 Baker Hughes Company and BYD Company Ltd make money?
Baker Hughes Company and BYD Company Ltd generate revenue in fundamentally different ways. Baker Hughes Company: Baker Hughes sells engineered equipment and the services that keep it running. BYD Company Ltd: BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems.
Which company is valued higher relative to revenue — Baker Hughes Company or BYD Company Ltd?
On a price-to-sales (P/S) basis, Baker Hughes Company trades at 2.1x P/S and BYD Company Ltd at 1.0x P/S. Baker Hughes Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BYD Company Ltd. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Baker Hughes Company bigger than BYD Company Ltd?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Baker Hughes Company ($27.7B (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 Baker Hughes vs BYD overview