BYD vs Nubank: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. Nubank reported $15.8B of revenue in FY2025 and $2.9B of net income.
Latest financial snapshot
Financial summary
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.
Nubank
Nubank turned its first annual profit in 2023 ($1.03 billion on $8.03 billion revenue) and has scaled fast since. Under IFRS it reported FY2024 revenue of $11.52 billion and net income of $1.97 billion, then FY2025 revenue of $15.77 billion and net income of $2.87 billion. Using its newer managerial P&L, it reported Q4 2025 revenue of $4.9 billion and net income of $895 million with a 33% ROE. In Q2 2026, gross revenue rose 39% to $5.88 billion and net income reached $1.061 billion, up 49% FX-neutral, with a record 33% return on equity.
Revenue and profit by year
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 |
Nubank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $15.8B | $2.9B | 18.2% | +37.0% | Source |
| FY2024 | $11.5B | $2B | 17.1% | +43.4% | Source |
| FY2023 | $8B | $1B | 12.8% | +67.5% | Source |
| FY2022 | $4.8B | -$364.6M | -7.6% | +182.2% | Source |
| FY2021 | $1.7B | -$165M | -9.7% | +130.4% | Source |
| FY2020 | $737.1M | -$171.5M | -23.3% | +20.4% | Source |
| FY2019 | $612.1M | -$92.5M | -15.1% | — | Source |
Where the revenue comes from
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.
Nubank
- Interest And Financial IncomeMajor
Interest and gains from credit cards, loans, securities, and other financial instruments.
- Fee And Commission IncomeMaterial
Interchange, payment, account, insurance, investment, and marketplace-related fees.
- Deposit SpreadMaterial
Funding and yield economics from Nubank's large deposit base.
- Cross-Sell ProductsGrowth
Insurance, investments, secured lending, payroll lending, merchant products, and new geographies.
Business model and strategy
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.
Nubank
How it makes money
Nubank earns revenue mainly from interest on credit card balances, personal loans, payroll and secured loans, and from yield on the securities it buys with customer deposits. Fee and commission income adds interchange on card spending, late fees, and commissions from insurance, investments and marketplace sales.
Growth strategy
Nubank is growing by deepening products for existing customers (secured and payroll loans, investments, insurance, small-business banking), scaling Mexico after its 2026 bank launch and Colombia, and entering the US through a sponsor bank while its national bank charter is finalized.
Competitive advantage
Nubank's edge is cost and scale. It runs without branches, reported a cost to serve below $1 per active customer per month and a record efficiency ratio of 19.9% in Q4 2025, and gains most new customers through referrals. Transaction and deposit data from more than 130 million customers feed its underwriting models, and that data advantage grows as more Brazilians use Nubank as their primary account.
Questions about BYD vs Nubank
Which company has higher revenue — BYD Company Ltd or Nu Holdings Ltd.?
BYD Company Ltd reported ~$111.8B (FY2025), while Nu Holdings Ltd. reported $15.8B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with Nu Holdings Ltd. reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs Nu Holdings Ltd.?
BYD Company Ltd's market capitalisation stands at $113.4B, while Nu Holdings Ltd.'s is $66.3B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Nu Holdings Ltd..
Which is more financially efficient — BYD Company Ltd or Nu Holdings Ltd.?
BYD Company Ltd generates $123k / employee in revenue per employee, while Nu Holdings Ltd. generates $1.57M / employee. Nu Holdings Ltd. 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 BYD Company Ltd and Nu Holdings Ltd. make money?
BYD Company Ltd and Nu Holdings Ltd. generate revenue in fundamentally different ways. 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. Nu Holdings Ltd.: Nubank earns revenue mainly from interest on credit card balances, personal loans, payroll and secured loans, and from yield on the securities it buys with customer deposits.
Which company is valued higher relative to revenue — BYD Company Ltd or Nu Holdings Ltd.?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and Nu Holdings Ltd. at 4.2x P/S. Nu Holdings Ltd. 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 BYD Company Ltd bigger than Nu Holdings Ltd.?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Nu Holdings Ltd. ($15.8B (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 BYD vs Nubank overview