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Hitachi vs Target: Revenue, Profit and Business Model

Hitachi reported ~$70.9B of revenue in FY2026 and ~$5.4B of net income. Target reported $104.8B of revenue in FY2025 and $3.7B 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

Target

Latest revenue
$104.8B (FY2025)
Net income
$3.7B
Net margin
3.5%
Revenue growth
+4.5% 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.

Target

Target's revenue fell three years in a row, from $109.1 billion in fiscal 2022 to $104.8 billion in fiscal 2025, while FY2025 net income was $3.705 billion. Fiscal 2026 has reversed the trend so far. Q2 FY2026 net sales rose 5.3% to $26.5 billion, comparable sales grew 3.8% on a 3.6% traffic gain, and digital comparable sales rose 8.7% with same-day delivery up more than 25%. Q2 GAAP EPS was $4.11 versus $2.05 a year earlier, but $1.65 of that came from $994 million of pretax tariff refunds; excluding refunds, EPS grew about 20%. Management now guides to roughly 5% net sales growth for fiscal 2026 and EPS of $9.90 to $10.90.

Revenue and profit by year

Hitachi

Hitachi revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2026~$70.9B~$5.4B7.6%+8.2%Source
FY2025~$65.5B~$4.1B6.3%+0.6%Source
FY2024~$65.2B~$4B6.1%-10.6%Source
FY2023~$72.9B~$4.3B6.0%+6.0%Source
FY2022~$68.8B~$3.9B5.7%—Source
Full Hitachi financials

Target

Target revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2025$104.8B$3.7B3.5%-1.7%Source
FY2024$106.6B$4.1B3.8%-0.8%Source
FY2023$107.4B$4.1B3.9%-1.6%Source
FY2022$109.1B$2.8B2.5%+2.9%Source
FY2021$106B$6.9B6.6%+13.3%Source
FY2020$93.6B$4.4B4.7%+19.8%Source
FY2019$78.1B$3.3B4.2%+3.7%Source
FY2018$75.4B$2.9B3.9%+3.6%Source
FY2017$72.7B$2.9B4.0%+3.5%Source
FY2016$70.3B$2.7B3.9%—Source
Full Target financials

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.

Target

  • Stores and digital merchandise

    Primary revenue source

    Sales of food, essentials, apparel, beauty, home, electronics, toys and seasonal products through stores and digital channels.

  • Owned brands

    Strategic margin driver

    Target-owned and exclusive brands that support margin and differentiation.

  • Same-day services and Shipt

    Growth and retention stream

    Delivery, pickup, Drive Up and Target Circle 360 services that deepen loyalty.

  • Roundel retail media

    High-margin supplemental stream

    Advertising revenue from brands using Target's retail media network.

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.

Hitachi business model in full

Target

How it makes money

Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.

Growth strategy

Target is focusing on merchandising authority, guest experience, technology acceleration, team and community strength, stores-as-hubs, same-day fulfillment, retail media and owned-brand renewal.

Competitive advantage

Target's advantage is the mix of curated merchandise, owned brands, convenient stores, same-day fulfillment and a brand position between discount utility and design-led retail.

Target business model in full

Questions about Hitachi vs Target

Which company has higher revenue — Hitachi, Ltd. or Target Corporation?

Hitachi, Ltd. reported ~$70.9B (FY2026), while Target Corporation reported $104.8B (FY2025). By last reported revenue, Target Corporation is the larger business, with Hitachi, Ltd. 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 Target Corporation?

Hitachi, Ltd.'s market capitalisation stands at $157.8B, while Target Corporation's is $72.0B. Hitachi, Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Target Corporation.

Which is more financially efficient — Hitachi, Ltd. or Target Corporation?

Hitachi, Ltd. generates $246k / employee in revenue per employee, while Target Corporation generates $252k / employee. Target Corporation 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 Target Corporation make money?

Hitachi, Ltd. and Target Corporation generate revenue in fundamentally different ways. Hitachi, Ltd.: Hitachi is a B2B infrastructure and IT company. Target Corporation: Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.

Which company is valued higher relative to revenue — Hitachi, Ltd. or Target Corporation?

On a price-to-sales (P/S) basis, Hitachi, Ltd. trades at 2.2x P/S and Target Corporation at 0.7x P/S. Hitachi, Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Target Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.

Is Hitachi, Ltd. bigger than Target Corporation?

By last reported revenue, Target Corporation ($104.8B (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 Target overview

Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.