Mazda vs Nissan: Revenue, Profit and Business Model
Mazda had ~$33B of annual revenue in FY2026 and ~$235.1M of net income. Nissan had ~$80.5B of annual revenue in FY2026 and a net loss of ~$3.6B.
Latest financial snapshot
Financial summary
Mazda
Mazda grew net sales from ~$20.9 billion (¥3.12 trillion) in FY March 2022 to a peak of ~$33.6 billion (¥5.02 trillion) in FY March 2025, helped by a weak yen and higher-priced Large Product Group SUVs such as the CX-90. FY March 2026 reversed that trend: sales slipped 2.0% to ~$33 billion (¥4.92 trillion), operating income fell 72% to ~$346 million (¥51.6 billion) and net income dropped to ~$235 million (¥35.1 billion), mainly because US tariffs hit vehicles exported from Japan and Mexico (Mazda builds only the CX-50 in the US). The company posted an operating loss of ~$309 million (¥46.1 billion) in the April-June 2025 quarter before returning to profit later in the year. For FY March 2027, Mazda forecasts 1,324,000 global sales, ~$36.9 billion (¥5.5 trillion) in net sales, ~$1 billion (¥150 billion) operating income and ~$603 million (¥90 billion) net income, and opened the year with record first-quarter sales of ~$8.61 billion (¥1,285.7 billion). Mazda Motor Corporation is a highly respected Japanese multinational automaker renowned for its engineering, sustaining a market valuation typically over $7 billion.
Nissan
Revenue peaked at ~$85 billion (¥12.69 trillion) in FY2023 (ended March 2024), with net income of ~$2.86 billion (¥426.6 billion). Then weak U.S. pricing, an ageing lineup and share losses in China hit results. FY2024 revenue was ~$84.6 billion (¥12.63 trillion) with a ~$4.5 billion (¥670.9 billion) net loss, driven by impairments and restructuring charges. FY2025 revenue fell 4.9% to ~$80.4 billion (¥12.0 trillion) and the net loss narrowed to ~$3.57 billion (¥533.1 billion), while operating profit stayed positive at ~$389 million (¥58.0 billion) (0.5% margin). Automotive free cash flow was minus ~$3.22 billion (¥480.8 billion) for the year but turned positive (~$750 million (¥112 billion)) in the second half. Nissan ended FY2025 with ~$7.84 billion (¥1.17 trillion) of automotive net cash and ~$24.1 billion (¥3.6 trillion) of total liquidity, and paid no dividend. In Q1 FY2026 (April to June 2026), revenue rose 9.5% to ~$19.9 billion (¥2.964 trillion) and operating profit was ~$522 million (¥77.9 billion), against a ~$530 million (¥79.1 billion) loss a year earlier. Nissan Motor Co., Ltd. is a colossal Japanese multinational automobile manufacturer and a core member of the Renault–Nissan–Mitsubishi Alliance, commanding a market valuation generally exceeding $15 billion.
Revenue and profit by year
Where the revenue comes from
Mazda
- New Vehicle Sales (Crossovers and SUVs)
Majority (not disclosed)
CX-30, CX-5, CX-50, CX-60, CX-70, CX-80 and CX-90 crossovers sold through dealers worldwide.
- Passenger Cars and Sports Cars
Not disclosed
Mazda2, Mazda3, MX-5 Miata and electric models such as the Mazda6e.
- Parts, Accessories and Service
Not disclosed
Genuine replacement parts, accessories and after-sales service.
- Other (Financing and Related Businesses)
Not disclosed
Vehicle financing through regional finance arms and other related businesses.
Nissan
- Vehicle Core Manufacturing88
Wholesale deliveries of passenger sedans, crossover SUVs, pickup trucks, and EVs through franchised global dealer networks.
- Sales Financing10
Retail auto purchase loans, consumer vehicle leases, and wholesale dealer inventory floorplan financing yields.
- Aftermarket, Software & Licensing2
Distribution of genuine replacement parts, Nismo performance tuning kits, NissanConnect digital subscriptions, and battery recycling.
Business model and strategy
Mazda
How it makes money
Mazda makes and sells passenger cars to consumers. It has no separate luxury brand like Lexus and no commercial truck division, and its range is a small lineup of sedans and CX-series SUVs. Because it is small, it cannot afford many engine families, so it designs one efficient engine architecture, Skyactiv, and adapts it across the lineup, which keeps R&D costs down.
Growth strategy
Mazda's strategy combines a "multi-solution" powertrain roadmap (efficient combustion engines, hybrids, plug-in hybrids, the MX-30 R-EV rotary range extender and later dedicated EVs) with partnerships that spread costs: the 2017 capital alliance with Toyota, the Mazda Toyota Manufacturing USA plant in Huntsville, Alabama, Panasonic Energy battery supply, and Changan Mazda in China, which builds the EZ-6 and EZ-60.
Competitive advantage
Mazda's advantage is its reputation for design and driving dynamics and an engineering culture that keeps refining the internal combustion engine. Its Skyactiv technology reworked engine design to improve fuel efficiency and power without relying entirely on hybrid systems. That focus gives its cars a distinct character against larger rivals.
Nissan
How it makes money
Nissan makes money in two segments. The automobile business designs, builds and wholesales Nissan, Infiniti and NISMO vehicles (crossovers such as the Rogue/X-Trail, Kicks and Qashqai, sedans such as the Sentra and Altima, pickups such as the Frontier/Navara, and EVs such as the Leaf, Ariya and Sakura) to franchised dealers, and also sells parts.
Growth strategy
Re:Nissan, announced in May 2025, is a restructuring plan before it is a growth plan. It targets ~$3.35 billion (¥500 billion) in fixed and variable cost savings against FY2024, about 20,000 job reductions, and cutting vehicle plants from 17 to 10 by FY2027. Vehicle production at Oppama will end in FY2027 and move to Nissan Motor Kyushu.
Competitive advantage
Nissan's advantage is a global manufacturing footprint and long experience with electric vehicles. It launched the mass-market Leaf in 2010, which gives it more than a decade of data on how batteries perform in everyday use. Its e-POWER system, in which a petrol engine charges the battery and never drives the wheels, offers an option for markets with few EV chargers.
Questions about Mazda vs Nissan
Which company has higher revenue — Mazda Motor Corporation or Nissan Motor Co., Ltd.?
Mazda Motor Corporation had ~$33B (FY2026), while Nissan Motor Co., Ltd. had ~$80.5B (FY2026). By latest annual revenue, Nissan Motor Co., Ltd. is the larger business, with Mazda Motor Corporation showing a smaller revenue base.
What is the market cap of Mazda Motor Corporation vs Nissan Motor Co., Ltd.?
Mazda Motor Corporation's market capitalisation stands at $4.7B, while Nissan Motor Co., Ltd.'s is $7.0B. Nissan Motor Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Mazda Motor Corporation.
How does revenue per employee compare for Mazda Motor Corporation and Nissan Motor Co., Ltd.?
Mazda Motor Corporation has $686k / employee in revenue per employee, while Nissan Motor Co., Ltd. has $670k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Mazda Motor Corporation and Nissan Motor Co., Ltd. make money?
Mazda Motor Corporation and Nissan Motor Co., Ltd. generate revenue in fundamentally different ways. Mazda Motor Corporation: Mazda makes and sells passenger cars to consumers. Nissan Motor Co., Ltd.: Nissan makes money in two segments.
Which company is valued higher relative to revenue — Mazda Motor Corporation or Nissan Motor Co., Ltd.?
On a price-to-sales (P/S) basis, Mazda Motor Corporation trades at 0.1x P/S and Nissan Motor Co., Ltd. at 0.1x P/S. Mazda Motor Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Nissan Motor Co., Ltd.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Mazda Motor Corporation bigger than Nissan Motor Co., Ltd.?
By last reported revenue, Nissan Motor Co., Ltd. (~$80.5B (FY2026)) is the larger company compared to Mazda Motor Corporation (~$33B (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 Mazda vs Nissan overview