LKQ vs TVS Motor: Revenue, Profit and Business Model
LKQ had $13.7B of annual revenue in FY2025 and $608M of net income. TVS Motor had ~$6.5B of annual revenue in FY2026 and ~$350.1M of net income.
Latest financial snapshot
Financial summary
LKQ
LKQ's revenue has been flat for four years: $13.27B in 2023, $13.82B in 2024 (restated) and $13.65B in 2025. FY2025 operating income was $993 million and net income attributable to stockholders was $607 million, while free cash flow was $847 million, of which $469 million was returned to shareholders. 2026 started weaker. Q1 diluted EPS fell to $0.30 from $0.61, and Q2 revenue fell 3.0% to $3.41 billion with net income of $134 million ($0.52 per share) versus $185 million a year earlier. Adjusted Q2 EPS was $0.67 versus $0.84. Free cash flow for the first half of 2026 was negative $36 million, total debt was $4.0 billion, and the company paid $154 million of dividends in the first half. LKQ Corporation is a massive American global provider of alternative and specialty parts to repair automobiles, commanding a market valuation typically over $12 billion.
TVS Motor
In FY2026 TVS Motor posted consolidated revenue of ~$6.5 billion (₹56,028 crore) (up from ~$5.12 billion (₹44,134 crore)) and profit attributable to owners of ~$350 million (₹3,018 crore), up 35%. Standalone revenue rose 30% to ~$5.48 billion (₹47,270 crore), operating EBITDA grew 37% to ~$705 million (₹6,079 crore) (12.9% margin) and operating PBT rose 40% to ~$577 million (₹4,975 crore). Momentum continued in Q1 FY2027 (April-June 2026): consolidated revenue rose 33.5% to ~$1.89 billion (₹16,296 crore) and consolidated net profit jumped 67% to ~$118 million (₹1,019 crore), with standalone EBITDA margin at 12.8%.
Revenue and profit by year
LKQ
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $13.7B | $608M | 4.5% | -1.2% | Source |
| FY2024 | $13.8B | $693M | 5.0% | +4.2% | Source |
| FY2023 | $13.3B | $938M | 7.1% | +3.7% | Source |
| FY2022 | $12.8B | $1.1B | 9.0% | -2.3% | Source |
| FY2021 | $13.1B | $1.1B | 8.3% | +12.6% | Source |
| FY2020 | $11.6B | $638M | 5.5% | -7.0% | Source |
| FY2019 | $12.5B | $541.3M | 4.3% | +5.3% | Source |
| FY2018 | $11.9B | $480.1M | 4.0% | +22.0% | Source |
| FY2017 | $9.7B | $533.7M | 5.5% | +13.4% | Source |
| FY2016 | $8.6B | $464M | 5.4% | — | Source |
TVS Motor
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$6.5B | ~$350.1M | 5.4% | +26.9% | Source |
| FY2025 | ~$5.1B | ~$259.3M | 5.1% | +13.6% | Source |
| FY2024 | ~$4.5B | ~$195.6M | 4.3% | +21.1% | Source |
| FY2023 | ~$3.7B | ~$154.1M | 4.1% | +31.7% | Source |
| FY2022 | ~$2.8B | ~$87.8M | 3.1% | — | Source |
Where the revenue comes from
LKQ
- Europe Segment - Aftermarket Parts and Services~46.2%
The Europe segment generated $6.31 billion in FY2025, down 1.5% from $6.41 billion in FY2024. This segment provides alternative vehicle replacement and maintenance products in over 20 European countries, built on four key acquisitions: Euro Car Parts (UK), Sator/Fource (Netherlands/Belgium/France), Rhiag (Italy/Eastern Europe), and Stahlgruber (Germany/Central Europe). Segment EBITDA was $584 million (9.3% margin).
- North America Segment - Collision, Mechanical, and Recycled Parts~41.4%
The North America segment generated $5.65 billion in FY2025, down 2.5% from $5.76 billion in FY2024. This segment provides aftermarket collision replacement products, paint and body repair products, alternative mechanical replacement products, and recycled parts through a network of distribution centers and processing facilities across the U.S. and Canada. Segment EBITDA was $814 million (14.4% margin).
- Specialty Segment - Aftermarket Equipment and Accessories~12.4%
The Specialty segment generated $1.69 billion in FY2025, up 2.1% from $1.66 billion in FY2024. This segment distributes aftermarket equipment and accessories for specialty vehicles including trucks, off-road vehicles, and RVs, built on Keystone Automotive Operations and later Meyer Distributing. Segment EBITDA was $111 million (6.5% margin). The company is exploring a potential sale of this segment.
- Other Revenue - Scrap Metals and Commodities~2.5%
Other revenue generated $345 million in FY2025, up 8.2% from $318 million in FY2024. This includes scrap and other metals sales, precious metals (platinum, palladium, rhodium) from catalytic converters, bulk sales to mechanical manufacturers, and aluminum ingots from furnace operations. This revenue is commodity-price dependent and varies significantly.
TVS Motor
- Domestic Motorcycle Sales38
Sales of commuter and performance motorcycles across India, powered by the flagship Apache RTR and RR performance series and commuter models such as the Raider 125 and Radeon.
- Scooter Portfolio (ICE & Electric)30
Market-leading scooter lineup headlined by the TVS Jupiter family, sporty TVS Ntorq 125, and the rapidly growing TVS iQube electric scooter ecosystem.
- International Exports20
Direct vehicle and CKD kit exports to more than 80 countries spanning Africa, Latin America, Southeast Asia, and the Middle East, alongside overseas assembly in Karawang, Indonesia.
- Mopeds, Commercial 3-Wheelers & Spare Parts12
High-margin genuine replacement parts, authorized dealer workshop services, TVS King passenger/cargo 3-wheelers, and the utilitarian TVS XL100 heavy-duty moped.
Business model and strategy
LKQ
How it makes money
LKQ is a B2B distributor with three reporting segments. North America ($5.65B FY2025 revenue) sells aftermarket collision parts, recycled OEM parts harvested from salvage vehicles, paint and body supplies, and remanufactured engines and transmissions to collision and mechanical repair shops, with much of the demand steered by auto insurers seeking lower claim costs.
Growth strategy
LKQ's current strategy is less about acquisitions and more about productivity: cutting costs in Europe, raising alternative-parts utilization in North America, expanding private-label parts, and selling non-core assets such as Self Service (2025) and potentially Specialty. Capital returns continue, with $207 million returned to shareholders in the first half of 2026.
Competitive advantage
LKQ's advantage is scale in a fragmented market. Its salvage and distribution network gives it the broadest recycled and aftermarket collision inventory in North America, and its estimating-system and insurer relationships mean its parts are often the default alternative on a repair estimate. In Q2 2026 management said alternative-parts utilization in North America reached a record above 40%.
TVS Motor
How it makes money
TVS Motor Company operates a high-volume, integrated two-wheeler and three-wheeler manufacturing business model, generating revenue through the engineering, assembly, and global wholesale distribution of commuter motorcycles, premium performance bikes, scooters, and urban electric vehicles.
Growth strategy
TVS Motor Company's growth strategy centers on three strategic pillars: aggressive premiumization, multi-category electrification, and global market expansion.
Competitive advantage
TVS Motor Company's competitive advantage stems from its award-winning engineering excellence, being the only two-wheeler company to win the prestigious Deming Prize for total quality management, combined with strong brand equity in sporty performance motorcycles (Apache series) and early leadership in the electric vehicle transition with its best-selling iQube electric scooter family.
Questions about LKQ vs TVS Motor
Which company has higher revenue — LKQ Corporation or TVS Motor Company?
LKQ Corporation had $13.7B (FY2025), while TVS Motor Company had ~$6.5B (FY2026). By latest annual revenue, LKQ Corporation is the larger business, with TVS Motor Company 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 LKQ Corporation vs TVS Motor Company?
LKQ Corporation's market capitalisation stands at $5.9B, while TVS Motor Company's is $20.8B. TVS Motor Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to LKQ Corporation.
How does revenue per employee compare for LKQ Corporation and TVS Motor Company?
LKQ Corporation has $310k / employee in revenue per employee, while TVS Motor Company has $1.18M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do LKQ Corporation and TVS Motor Company make money?
LKQ Corporation and TVS Motor Company generate revenue in fundamentally different ways. LKQ Corporation: LKQ is a B2B distributor with three reporting segments. TVS Motor Company: TVS Motor Company operates a high-volume, integrated two-wheeler and three-wheeler manufacturing business model, generating revenue through the engineering, assembly, and global wholesale distribution of commuter motorcycles, premium performance bikes, scooters, and urban electric vehicles.
Which company is valued higher relative to revenue — LKQ Corporation or TVS Motor Company?
On a price-to-sales (P/S) basis, LKQ Corporation trades at 0.4x P/S and TVS Motor Company at 3.2x P/S. TVS Motor Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to LKQ Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is LKQ Corporation bigger than TVS Motor Company?
By last reported revenue, LKQ Corporation ($13.7B (FY2025)) is the larger company compared to TVS Motor Company (~$6.5B (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 LKQ vs TVS Motor overview