Hitachi vs Travelers: Revenue, Profit and Business Model
Hitachi reported ~$70.9B of revenue in FY2026 and ~$5.4B of net income. Travelers reported $48.8B of revenue in FY2025 and $6.3B 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.
Travelers
Travelers reported $48.828 billion in total revenues and $6.288 billion in net income for 2025, up from $46.423 billion and $4.999 billion in 2024. Core income was about $6.3 billion, or $27.59 per diluted share, for a core return on equity of 19.4%, and net written premiums reached a record $44.4 billion. Results kept improving in 2026: second-quarter net income was $2.208 billion ($10.26 per diluted share) versus $1.509 billion a year earlier, with an 83.6% combined ratio, $518 million of catastrophe losses and $883 million of after-tax net investment income. The company returned $1.577 billion to shareholders in that quarter alone.
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 |
Travelers
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $48.8B | $6.3B | 12.9% | +5.2% | Source |
| FY2024 | $46.4B | $5B | 10.8% | +12.2% | Source |
| FY2023 | $41.4B | $3B | 7.2% | +12.1% | Source |
| FY2022 | $36.9B | $2.8B | 7.7% | +5.9% | Source |
| FY2021 | $34.8B | $3.7B | 10.5% | +8.9% | Source |
| FY2020 | $32B | $2.7B | 8.4% | +1.3% | Source |
| FY2019 | $31.6B | $2.6B | 8.3% | +4.3% | Source |
| FY2018 | $30.3B | $2.5B | 8.3% | +4.8% | Source |
| FY2017 | $28.9B | $2.1B | 7.1% | +4.6% | Source |
| FY2016 | $27.6B | $3B | 10.9% | — | 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.
Travelers
- Net earned premiums~88%
Premiums from Business Insurance, Bond & Specialty Insurance and Personal Insurance policies. Travelers wrote a record $44.4 billion of net premiums in 2025.
- Net investment income~9%
Income from the high-grade, mostly fixed-income portfolio funded by policyholder float and shareholder capital.
- Fee income and other revenues~3%
Fees from servicing workers' compensation residual-market pools and national accounts, plus other revenues such as Simply Business brokerage commissions.
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.
Travelers
How it makes money
The Travelers Companies operates a leading property and casualty (P&C) commercial and personal insurance underwriting model. The company generates revenue through two complementary engines: insurance premium collection across Business Insurance, Bond & Specialty Insurance, and Personal Insurance, and net investment income generated by its large, high-grade fixed-income float portfolio exceeding $100 billion.
Growth strategy
Travelers' growth strategy is built around its dual 'Perform and Transform' framework. Under 'Perform', the company emphasizes underwriting discipline, granular risk pricing, aggressive claims management, and investment yield optimization across its three core divisions: Business Insurance, Bond & Specialty Insurance, and Personal Insurance.
Competitive advantage
Travelers has brand trust, deep agent and broker relationships, underwriting data, claim infrastructure, financial strength, and specialty capabilities such as surety. Its independent-agent reach gives it broad commercial distribution without building a purely direct-to-consumer marketing machine.
Questions about Hitachi vs Travelers
Which company has higher revenue — Hitachi, Ltd. or The Travelers Companies, Inc.?
Hitachi, Ltd. reported ~$70.9B (FY2026), while The Travelers Companies, Inc. reported $48.8B (FY2025). By last reported revenue, Hitachi, Ltd. is the larger business, with The Travelers Companies, Inc. 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 The Travelers Companies, Inc.?
Hitachi, Ltd.'s market capitalisation stands at $157.8B, while The Travelers Companies, Inc.'s is $77.0B. Hitachi, Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Travelers Companies, Inc..
Which is more financially efficient — Hitachi, Ltd. or The Travelers Companies, Inc.?
Hitachi, Ltd. generates $246k / employee in revenue per employee, while The Travelers Companies, Inc. generates $1.50M / employee. The Travelers Companies, Inc. 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 The Travelers Companies, Inc. make money?
Hitachi, Ltd. and The Travelers Companies, Inc. generate revenue in fundamentally different ways. Hitachi, Ltd.: Hitachi is a B2B infrastructure and IT company. The Travelers Companies, Inc.: The Travelers Companies operates a leading property and casualty (P&C) commercial and personal insurance underwriting model.
Which company is valued higher relative to revenue — Hitachi, Ltd. or The Travelers Companies, Inc.?
On a price-to-sales (P/S) basis, Hitachi, Ltd. trades at 2.2x P/S and The Travelers Companies, Inc. at 1.6x P/S. Hitachi, Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Travelers Companies, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Hitachi, Ltd. bigger than The Travelers Companies, Inc.?
By last reported revenue, Hitachi, Ltd. (~$70.9B (FY2026)) is the larger company compared to The Travelers Companies, Inc. ($48.8B (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 Hitachi vs Travelers overview