Automobile Manufacturing
All research in Automobile Manufacturing — 2 reports.
Toyota is the world's largest automaker, earning profits from vehicle manufacturing and financial services, with FY2026 revenue of JPY 50.68 trillion and becoming the first company in Japanese corporate history to cross JPY 50 trillion in revenue. Operating profit in the same year fell 21.5% year over year to JPY 3.766 trillion, while North America generated JPY 21.08 trillion in revenue but only JPY 73.6 billion in operating profit, with full-year tariff drag of about JPY 1.4 trillion. Rating Hold: hybrid cash flow is resilient, but North American tariffs and BEV catch-up make rerating a slow variable.
The leading U.S. pickup and SUV maker, holding 17.2% U.S. market share in 2025 with a net-cash automotive balance sheet; but its China joint ventures posted a 300 million equity loss in 2025, Cruise is undergoing a strategic reset, and gross tariff costs of 2.5 to 3.5 billion keep eroding profit. The ideal buy zone is 55 to 70 dollars, while the current 78.79 dollars leaves an insufficient margin of safety. Rating Watch: cheap on valuation, but not yet cheap enough to offset weak industry quality and long-run uncertainty.