PROTON vs Toyota: Revenue, Profit and Business Model
PROTON does not publish annual revenue. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Financial summary
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.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar.
Revenue and profit by year
PROTON
PROTON does not publish annual revenue. What is known about its finances is in the summary above.
Full PROTON financialsToyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | Source |
Where the revenue comes from
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.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
Business model and strategy
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.
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about PROTON vs Toyota
Which company has higher revenue — PROTON Holdings Berhad or Toyota Motor Corporation?
Toyota Motor Corporation reported ~$339.6B (FY2026). A verified revenue figure for PROTON Holdings Berhad was not available at the time of this comparison.
What is the market cap of PROTON Holdings Berhad vs Toyota Motor Corporation?
Toyota Motor Corporation has a market capitalisation of $258.0B. A public market cap figure for PROTON Holdings Berhad was not available (it may be privately held).
Which is more financially efficient — PROTON Holdings Berhad or Toyota Motor Corporation?
Toyota Motor Corporation generates $905k / 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 PROTON Holdings Berhad and Toyota Motor Corporation make money?
PROTON Holdings Berhad and Toyota Motor Corporation generate revenue in fundamentally different ways. PROTON Holdings Berhad: Proton makes money by designing, assembling and selling passenger cars, mostly in Malaysia. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
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 PROTON vs Toyota overview