Nissan vs Pagani: Revenue, Profit and Business Model
Nissan had ~$80.5B of annual revenue in FY2026 and a net loss of ~$3.6B. Pagani had ~$204.8M of annual revenue in FY2025 and ~$54.5M of net income.
Latest financial snapshot
Financial summary
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.
Pagani
Pagani does not publish an investor report, but its statutory accounts are filed with the Italian business register. Turnover rose from about $170 million (€150.4 million) in 2023 to ~$183 million (€161.6 million) in 2024 and ~$205 million (€181.3 million) in 2025, while net profit grew from ~$46.3 million (€41.0 million) in 2024 to ~$54.6 million (€48.3 million) in 2025, a net margin of roughly 27%. Revenue depends on a small number of very high-priced cars and special commissions, so annual results move with delivery timing of models such as the Utopia and Utopia Roadster. Pagani Automobili S.p.A. operates as an ultra-exclusive, fiercely independent boutique hypercar manufacturer, maintaining a highly guarded private valuation driven by extreme low-volume, multi-million dollar vehicle sales.
Revenue and profit by year
Nissan
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$80.5B | ~-$3.6B | -4.4% | -4.9% | Source |
| FY2025 | ~$84.6B | ~-$4.5B | -5.3% | -0.4% | Source |
| FY2024 | ~$85B | ~$2.9B | 3.4% | +19.7% | Source |
| FY2023 | ~$71B | ~$1.5B | 2.1% | +25.8% | Source |
| FY2022 | ~$56.4B | ~$1.4B | 2.6% | — | Source |
Pagani
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$204.8M | ~$54.5M | 26.6% | +12.2% | Source |
| FY2024 | ~$182.6M | ~$46.4M | 25.4% | +7.4% | Source |
| FY2023 | ~$170M | — | — | — | Source |
Where the revenue comes from
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.
Pagani
- Handcrafted Hypercar Sales (Utopia & Utopia Roadster)
Not disclosed
Direct vehicle sales of bespoke twin-turbo V12 hypercars built to customer specification.
- Pagani Arte Coachbuilding & Special Commissions
Not disclosed
Ultra-exclusive one-off commissions (Codalunga, Imola) retailing at ~$5.65M (€5M)-~$8.47M (€7.5M)+ each.
- Pagani Rinascimento & Certified Restorations
Not disclosed
Factory restorations, aerodynamic upgrades, and heritage authentication services.
- Pagani Arte Licensing
Not disclosed
Brand licensing for real estate and design projects such as Pagani Residences Miami.
Business model and strategy
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.
Pagani
How it makes money
Pagani sells a small number of hand-built hypercars each year through a limited network of authorised dealers and direct factory relationships. Revenue comes mainly from new-car sales and limited series, supplemented by one-off commissions, personalisation, servicing, factory restoration (Pagani Rinascimento) and brand licensing through Pagani Arte.
Growth strategy
Pagani grows by raising value per car rather than volume: bespoke specification, limited series, one-off commissions and factory restoration through Pagani Rinascimento. It has kept a combustion V12 in the Utopia, with an optional 7-speed manual, while competitors such as Rimac move to electric or hybrid powertrains.
Competitive advantage
Pagani's edge is its composite know-how, from carbon fiber to its patented Carbo-Titanium and Carbo-Triax materials, combined with detailed hand finishing such as machined aluminium switchgear and logo-etched titanium bolts. Buying V12 engines from Mercedes-AMG lets Pagani avoid the cost of developing its own engines and focus spending on chassis, aerodynamics and design.
Questions about Nissan vs Pagani
Which company has higher revenue — Nissan Motor Co., Ltd. or Pagani Automobili?
Nissan Motor Co., Ltd. had ~$80.5B (FY2026), while Pagani Automobili had ~$204.8M (FY2025). By latest annual revenue, Nissan Motor Co., Ltd. is the larger business, with Pagani Automobili 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 Nissan Motor Co., Ltd. vs Pagani Automobili?
Nissan Motor Co., Ltd. has a market capitalisation of $7.0B. A public market cap figure for Pagani Automobili was not available (it may be privately held).
How does revenue per employee compare for Nissan Motor Co., Ltd. and Pagani Automobili?
Nissan Motor Co., Ltd. has $670k / employee in revenue per employee, while Pagani Automobili has $803k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Nissan Motor Co., Ltd. and Pagani Automobili make money?
Nissan Motor Co., Ltd. and Pagani Automobili generate revenue in fundamentally different ways. Nissan Motor Co., Ltd.: Nissan makes money in two segments. Pagani Automobili: Pagani sells a small number of hand-built hypercars each year through a limited network of authorised dealers and direct factory relationships.
Is Nissan Motor Co., Ltd. bigger than Pagani Automobili?
By last reported revenue, Nissan Motor Co., Ltd. (~$80.5B (FY2026)) is the larger company compared to Pagani Automobili (~$204.8M (FY2025)). 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 Nissan vs Pagani overview