Nissan vs PROTON: Revenue, Profit and Business Model
Nissan had ~$80.5B of annual revenue in FY2026 and a net loss of ~$3.6B. PROTON had $97.5M (unaudited) of annual revenue in FY2024.
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.
PROTON
Proton is privately held, so it does not publish revenue or profit. The best public indicators are volume and share: 150,975 units in 2023, about 153,000 in 2024, 157,976 in 2025 and 141,421 in January-August 2026 (+40.2% year on year). Its results flow into DRB-HICOM's automotive segment; DRB-HICOM as a whole reported FY2025 revenue of about RM17.3 billion, which also includes banking, services, property and other car brands. Management targeted around 200,000 sales for 2026.
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 |
PROTON
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 (unaudited) | $97.5M | — | — | — | Source |
| FY2023 (unaudited) | $82M | — | — | — | Source |
| FY2022 (unaudited) | $70M | — | — | — | 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.
PROTON
- Domestic vehicle sales (Proton Edar)
Not disclosed
Saga, S70, X50, X70 and X90 sales through 187 outlets in Malaysia.
- e.MAS electric vehicles (PRO-NET)
Not disclosed
EV and PHEV sales through 48 dedicated e.MAS dealerships.
- Exports and Geely contract assembly
Not disclosed
Exports via Proton International Corporation, plus Geely models built at Tanjong Malim for export.
- Parts and after-sales service
Not disclosed
Genuine parts, servicing and warranty work for the Proton car parc.
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.
PROTON
How it makes money
Proton makes money by designing, assembling and selling passenger cars, mostly in Malaysia. Vehicles are built at Tanjong Malim, Perak, and sold through Proton Edar's network of 187 outlets (end-2025), plus a separate network of 48 e.MAS dealerships run by subsidiary PRO-NET.
Growth strategy
Proton's growth levers are electrification, exports and plant utilisation. It opened Malaysia's first dedicated EV assembly plant at Tanjong Malim in September 2025 (20,000 units a year initially, scalable to 45,000), formed Proton International Corporation in July 2025 to run exports, re-entered Singapore with the e.MAS 7 in 2025 and assembles Geely cars for export, which pushed January-August 2026 exports to 6,059…
Competitive advantage
Proton's edge comes from pairing local scale with Geely technology. It licenses proven Geely platforms, engines and software, which cut development cost and time, while keeping national-car brand loyalty, high local content (RM3.2 billion of parts bought from Malaysian suppliers in 2025) and the country's second-largest dealer network.
Questions about Nissan vs PROTON
Which company has higher revenue — Nissan Motor Co., Ltd. or PROTON Holdings Berhad?
Nissan Motor Co., Ltd. had ~$80.5B (FY2026), while PROTON Holdings Berhad had $97.5M (unaudited) (FY2024). By latest annual revenue, Nissan Motor Co., Ltd. is the larger business, with PROTON Holdings Berhad 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 PROTON Holdings Berhad?
Nissan Motor Co., Ltd. has a market capitalisation of $7.0B. A public market cap figure for PROTON Holdings Berhad was not available (it may be privately held).
How does revenue per employee compare for Nissan Motor Co., Ltd. and PROTON Holdings Berhad?
Nissan Motor Co., Ltd. generates $670k / employee in revenue per employee. A comparable figure for PROTON Holdings Berhad requires matching employee and revenue data from the same reporting period.
How do Nissan Motor Co., Ltd. and PROTON Holdings Berhad make money?
Nissan Motor Co., Ltd. and PROTON Holdings Berhad generate revenue in fundamentally different ways. Nissan Motor Co., Ltd.: Nissan makes money in two segments. PROTON Holdings Berhad: Proton makes money by designing, assembling and selling passenger cars, mostly in Malaysia.
Is Nissan Motor Co., Ltd. bigger than PROTON Holdings Berhad?
By last reported revenue, Nissan Motor Co., Ltd. (~$80.5B (FY2026)) is the larger company compared to PROTON Holdings Berhad ($97.5M (unaudited) (FY2024)). 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 PROTON overview