Hitachi vs Siemens: Revenue, Profit and Business Model
Hitachi had ~$70.9B of annual revenue in FY2026 and ~$5.4B of net income. Siemens had ~$89.2B of annual revenue in FY2025 and ~$10.9B of net income.
Latest financial snapshot
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. Hitachi, Ltd. is a colossal Japanese multinational conglomerate corporation, maintaining a market valuation generally exceeding $85 billion.
Siemens
Revenue grew from ~$70.4B (EUR62.3B) in FY2021 to ~$89.2B (EUR78.9B) in FY2025, and net income reached a record ~$11.8B (EUR10.4B) in FY2025, the third straight annual high. FY2026 started with stable reported revenue (Q2: ~$22.4B (EUR19.8B), hit by currency effects) but strong orders, then a record Q3 with ~$23.5B (EUR20.8B) revenue, ~$3.95B (EUR3.5B) industrial profit, a 17.3% industrial business margin and ~$4.63B (EUR4.1B) free cash flow. Nine-month net income was ~$7.91B (EUR7.0B), down year over year only because FY2025 included gains from the Innomotics sale. Siemens AG is a colossal German multinational technology conglomerate and the absolute largest industrial manufacturing company in Europe, maintaining a market valuation generally exceeding $130 billion.
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 |
Siemens
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$89.2B | ~$10.9B | 12.2% | +3.9% | Source |
| FY2024 | ~$85.8B | ~$9.4B | 10.9% | +1.4% | Source |
| FY2023 | ~$84.6B | ~$9B | 10.6% | +4.0% | Source |
| FY2022 | ~$81.3B | ~$4.2B | 5.2% | +15.6% | Source |
| FY2021 | ~$70.4B | ~$7B | 9.9% | +9.0% | Source |
| FY2020 | ~$64.6B | — | — | — | 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.
Siemens
- Digital Industries~23%
Factory automation, drives, controls, PLM, simulation and manufacturing software.
- Smart Infrastructure~29%
Electrical distribution, building automation, data-center infrastructure and digital services.
- Mobility~16%
Rolling stock, rail automation, signaling and long-term service.
- Siemens Healthineers~30%
Medical imaging, diagnostics, advanced therapies and oncology exposure.
- Financial Services
Small but strategic
Financing products that support industrial customers and Siemens projects.
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.
Siemens
How it makes money
Siemens makes money by selling industrial hardware, software and long-term service to businesses and public operators. Digital Industries sells SIMATIC controllers, drives and the Xcelerator software portfolio (NX, Teamcenter, Simcenter, Altair and EDA tools), increasingly as subscriptions.
Growth strategy
The ONE Tech Company strategy focuses Siemens on automation, digitalization and electrification. Key moves include the roughly $10B Altair Engineering acquisition and the $5.1B Dotmatics deal in 2025 to deepen simulation and life-science software, shifting software customers to subscription and SaaS, industrial AI copilots built with partners such as Nvidia and Microsoft, and further portfolio simplification through…
Competitive advantage
Siemens' edge is breadth across the industrial lifecycle. Few rivals can sell both the design and simulation software used to engineer a product or plant and the automation hardware that runs it on the factory floor.
Questions about Hitachi vs Siemens
Which company has higher revenue — Hitachi, Ltd. or Siemens AG?
Hitachi, Ltd. had ~$70.9B (FY2026), while Siemens AG had ~$89.2B (FY2025). By latest annual revenue, Siemens AG is the larger business, with Hitachi, Ltd. showing 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 Siemens AG?
Hitachi, Ltd.'s market capitalisation stands at $157.8B, while Siemens AG's is $237.0B. Siemens AG carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Hitachi, Ltd..
How does revenue per employee compare for Hitachi, Ltd. and Siemens AG?
Hitachi, Ltd. has $246k / employee in revenue per employee, while Siemens AG has $280k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Hitachi, Ltd. and Siemens AG make money?
Hitachi, Ltd. and Siemens AG generate revenue in fundamentally different ways. Hitachi, Ltd.: Hitachi is a B2B infrastructure and IT company. Siemens AG: Siemens makes money by selling industrial hardware, software and long-term service to businesses and public operators.
Which company is valued higher relative to revenue — Hitachi, Ltd. or Siemens AG?
On a price-to-sales (P/S) basis, Hitachi, Ltd. trades at 2.2x P/S and Siemens AG at 2.7x P/S. Siemens AG 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 Siemens AG?
By last reported revenue, Siemens AG (~$89.2B (FY2025)) is the larger company compared to Hitachi, Ltd. (~$70.9B (FY2026)). 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 Siemens overview