Mazda vs Suzuki: Revenue, Profit and Business Model
Mazda had ~$33B of annual revenue in FY2026 and ~$235.1M of net income. Suzuki had ~$42.2B of annual revenue in FY2026 and ~$2.9B of net income.
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.
Suzuki
Suzuki Motor Corporation (TYO: 7269) reported FY2025 (year ended March 31, 2026) revenue of ~$42.2 billion (¥6,293.0 billion), up 8.0% from ~$39 billion (¥5,825.2 billion), helped by stronger Indian demand after GST cuts. Operating profit fell 3.1% to ~$4.17 billion (¥622.9 billion) (9.9% margin) on yen strength and raw-material costs, while net profit attributable to owners rose to ~$2.94 billion (¥439.3 billion). In Q1 FY2026 (April-June 2026) revenue rose 22% to ~$11.4 billion (¥1,705.8 billion) and operating profit 11% to ~$1.06 billion (¥158.0 billion); Suzuki raised its full-year revenue forecast to ~$46.2 billion (¥6,900 billion) but cut its operating profit forecast to ~$3.62 billion (¥540 billion), citing Middle East instability and higher material costs.
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.
Suzuki
- Passenger Automobile Manufacturing & Sales~88%
Engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
- Motorcycles & ATVs~8%
Producing commuter scooters (Access 125, Burgman) and high-performance sportbikes (Hayabusa, V-Strom, GSX-R series).
- Marine Outboard Engines & Power Equipment~4%
Manufacturing high-horsepower four-stroke outboard motors for commercial fishing and recreational marine vessels.
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.
Suzuki
How it makes money
Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model. Its primary revenue streams comprise: First, Passenger Automobile Manufacturing & Sales (~88% of revenue), engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
Growth strategy
Suzuki Motor Corporation's growth strategy centers on its 'Growth Strategy for FY2030', focused on dominating emerging markets (especially India via Maruti Suzuki), scaling global small-car manufacturing, and executing a pragmatic multi-pathway electrification approach.
Competitive advantage
Suzuki's advantage is its engineering of lightweight, fuel-efficient small cars and its position in India through Maruti Suzuki. It holds roughly 40% of the Indian passenger vehicle market, supported by a sales and service network of more than 4,000 outlets, which builds customer trust and gives it cost advantages in affordable cars.
Questions about Mazda vs Suzuki
Which company has higher revenue — Mazda Motor Corporation or Suzuki Motor Corporation?
Mazda Motor Corporation had ~$33B (FY2026), while Suzuki Motor Corporation had ~$42.2B (FY2026). By latest annual revenue, Suzuki Motor Corporation is the larger business, with Mazda Motor Corporation showing a smaller revenue base.
What is the market cap of Mazda Motor Corporation vs Suzuki Motor Corporation?
Mazda Motor Corporation's market capitalisation stands at $4.7B, while Suzuki Motor Corporation's is $26.0B. Suzuki Motor Corporation 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 Suzuki Motor Corporation?
Mazda Motor Corporation has $686k / employee in revenue per employee, while Suzuki Motor Corporation has $602k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Mazda Motor Corporation and Suzuki Motor Corporation make money?
Mazda Motor Corporation and Suzuki Motor Corporation generate revenue in fundamentally different ways. Mazda Motor Corporation: Mazda makes and sells passenger cars to consumers. Suzuki Motor Corporation: Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model.
Which company is valued higher relative to revenue — Mazda Motor Corporation or Suzuki Motor Corporation?
On a price-to-sales (P/S) basis, Mazda Motor Corporation trades at 0.1x P/S and Suzuki Motor Corporation at 0.6x P/S. Suzuki Motor Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Mazda Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Mazda Motor Corporation bigger than Suzuki Motor Corporation?
By last reported revenue, Suzuki Motor Corporation (~$42.2B (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 Suzuki overview