Mazda vs Renault: Revenue, Profit and Business Model
Mazda had ~$33B of annual revenue in FY2026 and ~$235.1M of net income. Renault had ~$65.5B of annual revenue in FY2025 and a net loss of ~$12.4B.
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.
Renault
Renault's revenue grew from ~$47.1 billion (EUR41.66 billion) in 2021 to ~$65.4 billion (EUR57.92 billion) in 2025 under the Renaulution value-over-volume plan. Group operating margin peaked at 7.9% in 2023, eased to 7.6% in 2024, and fell to 6.3% (~$4.1 billion (EUR3.63 billion)) in 2025 because of price pressure. The FY2025 net loss of ~$12.4 billion (EUR10.93 billion) came mainly from accounting changes and impairments on the Nissan stake, not from operations. In H1 2026, revenue rose 9.5% to ~$34.2 billion (EUR30.25 billion), operating margin was ~$1.81 billion (EUR1.6 billion) (5.2%), net income was ~$791 million (EUR0.7 billion) and automotive free cash flow was ~$738 million (EUR653 million). Renault confirmed 2026 guidance of about a 5.5% operating margin and about $1.13 billion (EUR1 billion) of automotive free cash flow. Renault Group is a historic French multinational automobile manufacturer, maintaining a market valuation generally exceeding $15 billion and operating as a core pillar of the Renault-Nissan-Mitsubishi Alliance.
Revenue and profit by year
Mazda
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$33B | ~$235.1M | 0.7% | -2.0% | Source |
| FY2025 | ~$33.6B | ~$764.3M | 2.3% | +4.0% | Source |
| FY2024 | ~$32.3B | ~$1.4B | 4.3% | +26.2% | Source |
| FY2023 | ~$25.6B | ~$956.9M | 3.7% | +22.6% | Source |
| FY2022 | ~$20.9B | ~$546.4M | 2.6% | — | Source |
Renault
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$65.5B | ~-$12.4B | -18.9% | +3.0% | Source |
| FY2024 | ~$63.5B | ~$849.8M | 1.3% | +7.4% | Source |
| FY2023 | ~$59.2B | ~$2.5B | 4.2% | +13.1% | Source |
| FY2022 | ~$52.4B | ~-$400M | -0.8% | +11.2% | Source |
| FY2021 | ~$47.1B | ~$1B | 2.1% | -4.2% | Source |
| FY2020 | ~$49.1B | — | — | -21.7% | Source |
| FY2019 | ~$62.8B | — | — | -3.3% | Source |
| FY2018 | ~$64.9B | — | — | -2.3% | Source |
| FY2017 | ~$66.4B | — | — | +14.7% | Source |
| FY2016 | ~$57.9B | — | — | — | Source |
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.
Renault
- Vehicle salesMajority
Sales of Renault, Dacia, Alpine, EV, hybrid, and light commercial vehicles.
- Financing and services
Meaningful
Sales financing, leasing, mobility, service contracts, and related customer finance.
- Parts and aftersales
Meaningful
Replacement parts, accessories, maintenance, and dealer-network aftersales.
- Partnerships and technologySmaller
Powertrain, platform, and alliance-linked strategic activities.
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.
Renault
How it makes money
Renault makes most of its money by designing, building and selling passenger cars and light commercial vehicles under the Renault, Dacia and Alpine brands, mostly in Europe. Mobilize Financial Services (formerly RCI Bank and Services) adds loans, leases, insurance and dealer financing.
Growth strategy
Renault's current strategy is futuREady, presented by CEO Francois Provost on March 10, 2026. It rests on four priorities (growth, tech, resilience and trust) and plans 36 new models by 2030, faster technology roadmaps, wider use of AI in operations, and a new relationship with suppliers. Product launches shown with the plan included the Dacia Striker and the Renault Bridger concept.
Competitive advantage
Renault's main edge is cost-disciplined value. Dacia reuses proven group platforms and builds in lower-cost plants in Romania and Morocco, and the Sandero was the best-selling passenger car in Europe across all channels in H1 2026.
Questions about Mazda vs Renault
Which company has higher revenue — Mazda Motor Corporation or Renault S.A.?
Mazda Motor Corporation had ~$33B (FY2026), while Renault S.A. had ~$65.5B (FY2025). By latest annual revenue, Renault S.A. is the larger business, with Mazda Motor Corporation 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 Mazda Motor Corporation vs Renault S.A.?
Mazda Motor Corporation's market capitalisation stands at $4.7B, while Renault S.A.'s is $8.6B. Renault S.A. 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 Renault S.A.?
Mazda Motor Corporation has $686k / employee in revenue per employee, while Renault S.A. has $668k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Mazda Motor Corporation and Renault S.A. make money?
Mazda Motor Corporation and Renault S.A. generate revenue in fundamentally different ways. Mazda Motor Corporation: Mazda makes and sells passenger cars to consumers. Renault S.A.: Renault makes most of its money by designing, building and selling passenger cars and light commercial vehicles under the Renault, Dacia and Alpine brands, mostly in Europe.
Which company is valued higher relative to revenue — Mazda Motor Corporation or Renault S.A.?
On a price-to-sales (P/S) basis, Mazda Motor Corporation trades at 0.1x P/S and Renault S.A. 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 Renault S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Mazda Motor Corporation bigger than Renault S.A.?
By last reported revenue, Renault S.A. (~$65.5B (FY2025)) 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 Renault overview