Honda vs PROTON: Revenue, Profit and Business Model
Honda had ~$146B of annual revenue in FY2026 and a net loss of ~$2.8B. PROTON had $97.5M (unaudited) of annual revenue in FY2024.
Latest financial snapshot
Financial summary
Honda
Honda's revenue rose from ~$97.5 billion (JPY 14.55 trillion) in FY2022 to ~$145 billion (JPY 21.69 trillion) in FY2025 as a weaker yen and strong US hybrid demand lifted results. FY2026 revenue edged up to $146 billion (JPY 21.80 trillion), but EV charges of ~$10.6 billion (JPY 1.58 trillion) produced a ~$2.78 billion (JPY 414.3 billion) operating loss and a ~$2.84 billion (JPY 423.9 billion) net loss. Without those charges, adjusted operating profit was ~$6.97 billion (JPY 1.04 trillion). In Q1 FY2027 (April to June 2026) operating profit hit a record ~$3.56 billion (JPY 530.7 billion) and net profit was ~$3.02 billion (JPY 450.9 billion), and Honda raised its FY2027 net profit forecast to ~$2.68 billion (JPY 400 billion). Honda Motor Co., Ltd. is a monumental Japanese public multinational conglomerate, renowned globally and commanding a market valuation typically exceeding $50 billion.
PROTON
Proton is privately held, so it does not publish revenue or profit. The best public indicators are volume and share: 150,975 units in 2023, about 153,000 in 2024, 157,976 in 2025 and 141,421 in January-August 2026 (+40.2% year on year). Its results flow into DRB-HICOM's automotive segment; DRB-HICOM as a whole reported FY2025 revenue of about RM17.3 billion, which also includes banking, services, property and other car brands. Management targeted around 200,000 sales for 2026.
Revenue and profit by year
Honda
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$146B | ~-$2.8B | -1.9% | +0.5% | Source |
| FY2025 | ~$145.3B | ~$5.6B | 3.9% | +6.2% | Source |
| FY2024 | ~$136.9B | ~$7.4B | 5.4% | +20.8% | Source |
| FY2023 | ~$113.3B | ~$4.4B | 3.9% | +16.2% | Source |
| FY2022 | ~$97.5B | ~$4.7B | 4.9% | +10.5% | Source |
| FY2021 | ~$88.2B | ~$4.4B | 5.0% | -11.8% | Source |
| FY2020 | ~$100B | ~$3.1B | 3.1% | -6.0% | Source |
| FY2019 | ~$106.5B | ~$4.1B | 3.8% | +3.4% | Source |
| FY2018 | ~$102.9B | ~$7.1B | 6.9% | +9.7% | Source |
| FY2017 | ~$93.8B | ~$4.1B | 4.4% | -4.1% | Source |
| FY2016 | ~$97.8B | ~$2.3B | 2.4% | — | Source |
PROTON
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 (unaudited) | $97.5M | — | — | — | Source |
| FY2023 (unaudited) | $82M | — | — | — | Source |
| FY2022 (unaudited) | $70M | — | — | — | Source |
Where the revenue comes from
Honda
- Automobiles~65%
Passenger vehicles, hybrids, EVs, SUVs, parts, accessories, and related service revenue sold through global dealer networks.
- Motorcycles~17%
Motorcycles, scooters, parts, and related products sold globally, especially in Asia and other high-volume mobility markets.
- Financial Services~16%
Vehicle loans, leases, dealer financing, and related finance products that support automobile and motorcycle demand.
- Power Products and Other~2%
Power equipment, marine engines, aircraft-related activity, and other mobility-adjacent operations.
PROTON
- Domestic vehicle sales (Proton Edar)
Not disclosed
Saga, S70, X50, X70 and X90 sales through 187 outlets in Malaysia.
- e.MAS electric vehicles (PRO-NET)
Not disclosed
EV and PHEV sales through 48 dedicated e.MAS dealerships.
- Exports and Geely contract assembly
Not disclosed
Exports via Proton International Corporation, plus Geely models built at Tanjong Malim for export.
- Parts and after-sales service
Not disclosed
Genuine parts, servicing and warranty work for the Proton car parc.
Business model and strategy
Honda
How it makes money
Honda earns money in four reportable segments. Automobiles (Honda and Acura cars and light trucks, led by the CR-V, Civic, Accord and hybrid e:HEV models) generate most revenue, with North America the largest profit market. Motorcycles generate high-volume, high-margin sales, especially in India, Indonesia, Vietnam and Brazil, and posted record profit in FY2026.
Growth strategy
Honda reset its electrification plan in 2026. In March it cancelled the US-built Honda 0 SUV, 0 Saloon and Acura RSX EVs, and in May it scrapped its 2030 and 2040 EV sales targets, including the goal of selling only battery-electric and fuel-cell vehicles by 2040. The new plan leans on hybrids, a next-generation e:HEV system, motorcycles in emerging markets, and more flexible EV timing.
Competitive advantage
Honda's edge comes from three things. It leads the global motorcycle market with roughly 40% unit share, which gives it a profit base most automakers lack. Its two-motor hybrid system is competitive in the markets where hybrid demand is growing fastest, especially the US.
PROTON
How it makes money
Proton makes money by designing, assembling and selling passenger cars, mostly in Malaysia. Vehicles are built at Tanjong Malim, Perak, and sold through Proton Edar's network of 187 outlets (end-2025), plus a separate network of 48 e.MAS dealerships run by subsidiary PRO-NET.
Growth strategy
Proton's growth levers are electrification, exports and plant utilisation. It opened Malaysia's first dedicated EV assembly plant at Tanjong Malim in September 2025 (20,000 units a year initially, scalable to 45,000), formed Proton International Corporation in July 2025 to run exports, re-entered Singapore with the e.MAS 7 in 2025 and assembles Geely cars for export, which pushed January-August 2026 exports to 6,059…
Competitive advantage
Proton's edge comes from pairing local scale with Geely technology. It licenses proven Geely platforms, engines and software, which cut development cost and time, while keeping national-car brand loyalty, high local content (RM3.2 billion of parts bought from Malaysian suppliers in 2025) and the country's second-largest dealer network.
Questions about Honda vs PROTON
Which company has higher revenue — Honda Motor Co., Ltd. or PROTON Holdings Berhad?
Honda Motor Co., Ltd. had ~$146B (FY2026), while PROTON Holdings Berhad had $97.5M (unaudited) (FY2024). By latest annual revenue, Honda Motor Co., Ltd. is the larger business, with PROTON Holdings Berhad 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 Honda Motor Co., Ltd. vs PROTON Holdings Berhad?
Honda Motor Co., Ltd. has a market capitalisation of $50.3B. A public market cap figure for PROTON Holdings Berhad was not available (it may be privately held).
How does revenue per employee compare for Honda Motor Co., Ltd. and PROTON Holdings Berhad?
Honda Motor Co., Ltd. generates $748k / employee in revenue per employee. A comparable figure for PROTON Holdings Berhad requires matching employee and revenue data from the same reporting period.
How do Honda Motor Co., Ltd. and PROTON Holdings Berhad make money?
Honda Motor Co., Ltd. and PROTON Holdings Berhad generate revenue in fundamentally different ways. Honda Motor Co., Ltd.: Honda earns money in four reportable segments. PROTON Holdings Berhad: Proton makes money by designing, assembling and selling passenger cars, mostly in Malaysia.
Is Honda Motor Co., Ltd. bigger than PROTON Holdings Berhad?
By last reported revenue, Honda Motor Co., Ltd. (~$146B (FY2026)) is the larger company compared to PROTON Holdings Berhad ($97.5M (unaudited) (FY2024)). 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 Honda vs PROTON overview