Hitachi vs Morgan Stanley: Revenue, Profit and Business Model
Hitachi reported ~$70.9B of revenue in FY2026 and ~$5.4B of net income. Morgan Stanley reported $70.6B of revenue in FY2025 and $16.9B of net income.
Latest financial snapshot
Hitachi
- Latest revenue
- ~$70.9B (FY2026)
- Net income
- ~$5.4B
- Net margin
- 7.6%
- Revenue growth
- +0.8% a year, FY2022–FY2026
Morgan Stanley
- Latest revenue
- $70.6B (FY2025)
- Net income
- $16.9B
- Net margin
- 23.9%
- Revenue growth
- +8.2% a year, FY2016–FY2025
Financial summary
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.
Morgan Stanley
Net revenues rose from $34.6B in 2016 to $70.6B in 2025, with net income reaching $16.9B in 2025. Under James Gorman (CEO 2010-2023) the firm added Smith Barney, E*TRADE, and Eaton Vance to build recurring fee revenue. Under Ted Pick, results accelerated: Q2 2026 net revenue of $21.35B was up 27% year over year, net income of $5.58B was up 58%, and first-half 2026 revenue was about $42B with ROTCE near 27%.
Revenue and profit by year
Hitachi
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$70.9B | ~$5.4B | 7.6% | +8.2% | Source |
| FY2025 | ~$65.5B | ~$4.1B | 6.3% | +0.6% | Source |
| FY2024 | ~$65.2B | ~$4B | 6.1% | -10.6% | Source |
| FY2023 | ~$72.9B | ~$4.3B | 6.0% | +6.0% | Source |
| FY2022 | ~$68.8B | ~$3.9B | 5.7% | — | Source |
Morgan Stanley
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $70.6B | $16.9B | 23.9% | +14.4% | Source |
| FY2024 | $61.8B | $13.4B | 21.7% | +14.1% | Source |
| FY2023 | $54.1B | $9.1B | 16.8% | +0.9% | Source |
| FY2022 | $53.7B | $11B | 20.6% | -10.2% | Source |
| FY2021 | $59.8B | $15B | 25.2% | +22.6% | Source |
| FY2020 | $48.8B | $11B | 22.6% | +17.4% | Source |
| FY2019 | $41.5B | $9B | 21.8% | +3.6% | Source |
| FY2018 | $40.1B | $8.7B | 21.8% | +5.7% | Source |
| FY2017 | $37.9B | $6.1B | 16.1% | +9.6% | Source |
| FY2016 | $34.6B | $6B | 17.3% | — | Source |
Where the revenue comes from
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.
Morgan Stanley
- Institutional Securities
Not formally reported
Advisory, underwriting, sales and trading, prime brokerage, lending, and capital markets services.
- Wealth Management
Not formally reported
Advisor fees, brokerage commissions, net interest income, lending, deposits, E*TRADE, and workplace services.
- Investment Management
Not formally reported
Asset-management fees from institutional and individual investors, including Eaton Vance and Parametric products.
- Banking and lending
Not formally reported
Net interest income and lending products connected to wealth and institutional clients.
Business model and strategy
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.
Morgan Stanley
How it makes money
Morgan Stanley reports three segments. Institutional Securities earns advisory and underwriting fees, equity and fixed-income trading revenue, prime brokerage financing, and corporate lending income. Wealth Management earns asset-based advisory fees, brokerage commissions, and net interest income on client deposits and loans across its advisor network, E*TRADE, and Morgan Stanley at Work.
Growth strategy
The strategy is to grow client assets across the wealth and investment management franchise, use Morgan Stanley at Work and E*TRADE as feeders into advisor-led accounts, and keep share in equities, advisory, and underwriting. The firm also deploys AI tools for advisors, including assistants built with OpenAI.
Competitive advantage
Morgan Stanley's edge is the combination of a leading equities and advisory franchise with one of the largest wealth platforms in the US. Workplace stock plans and E*TRADE bring in employees and self-directed investors early, and advisor-led wealth management retains them as their assets grow. That mix of fee-based wealth revenue and cyclical Wall Street revenue gives it steadier earnings than a pure investment bank.
Questions about Hitachi vs Morgan Stanley
Which company has higher revenue — Hitachi, Ltd. or Morgan Stanley?
Hitachi, Ltd. reported ~$70.9B (FY2026), while Morgan Stanley reported $70.6B (FY2025). By last reported revenue, Hitachi, Ltd. is the larger business, with Morgan Stanley 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 Hitachi, Ltd. vs Morgan Stanley?
Hitachi, Ltd.'s market capitalisation stands at $157.8B, while Morgan Stanley's is $330.9B. Morgan Stanley carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Hitachi, Ltd..
Which is more financially efficient — Hitachi, Ltd. or Morgan Stanley?
Hitachi, Ltd. generates $246k / employee in revenue per employee, while Morgan Stanley generates $851k / employee. Morgan Stanley 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 Hitachi, Ltd. and Morgan Stanley make money?
Hitachi, Ltd. and Morgan Stanley generate revenue in fundamentally different ways. Hitachi, Ltd.: Hitachi is a B2B infrastructure and IT company. Morgan Stanley: Morgan Stanley reports three segments.
Which company is valued higher relative to revenue — Hitachi, Ltd. or Morgan Stanley?
On a price-to-sales (P/S) basis, Hitachi, Ltd. trades at 2.2x P/S and Morgan Stanley at 4.7x P/S. Morgan Stanley 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 Hitachi, Ltd. bigger than Morgan Stanley?
By last reported revenue, Hitachi, Ltd. (~$70.9B (FY2026)) is the larger company compared to Morgan Stanley ($70.6B (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 Hitachi vs Morgan Stanley overview