Automobiles

7201 Nissan Motor

Revenue is Automobile (91%) and Sales Financing (11%).

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥5.97T

7202 Isuzu Motors

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2024–2026 ¥164.3B¥95.2B¥68.3B

Retained capital not read

Balance sheet Meaningful net debt, ¥481.2B

7203 Toyota Motor

Toyota designs and builds passenger vehicles, sold under the Toyota and Lexus names to buyers around the world through a network of dealers. It is a mass-market automaker, long associated with hybrid gasoline-electric vehicles. A captive finance arm lends to the buyers and the dealers, so part of the profit comes from interest and the rest from the spread between what a vehicle costs to make and the price it fetches.

Owner earnings 2020–2026 ¥1.15T¥1.51T¥2.53T¥1.50T¥2.36T¥1.79T¥3.32T

Retained capital Retained ¥14.39T of earnings over 2020–2026; annual owner earnings grew ¥761.3B, ¥0.05 per ¥1 retained.

Balance sheet Net cash, +¥15.93T · dividend paid 7 of 7 yrs, never cut

7211 Mitsubishi Motors

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 (¥102.3B)¥67.1B¥83.9B(¥56.0B)(¥121.0B)¥64.5B¥102.5B¥73.1B¥100.7B(¥46.9B)

Retained capital Paid out ¥59.2B more than it earned over 2017–2026; annual owner earnings grew ¥26.1B.

Balance sheet Net cash, +¥43.4B · dividend paid 10 of 10 yrs, cut at least once

7261 Mazda Motor

Revenue is led by North America (52%) and Japan (18%), with 2 more segments behind.

Owner earnings 2017–2026 ¥82.9B¥120.7B¥36.5B(¥72.7B)¥48.3B¥98.9B¥57.6B¥326.2B¥202.0B(¥89.1B)

Retained capital Retained ¥606.0B of earnings over 2017–2026; annual owner earnings grew ¥66.3B, ¥0.11 per ¥1 retained.

Balance sheet Net cash, +¥633.1B · dividend paid 9 of 10 yrs, cut at least once

7267 Honda Motor

Honda designs and builds machines with engines: motorcycles, automobiles, and power products such as small engines and generators, sold through dealers to consumers and businesses worldwide. It books a margin on each unit, and runs a captive finance arm that lends to buyers and dealers, collecting interest on top of the sale. So the business is part manufacturer, part lender, leaning on its brand and its engineering.

Owner earnings 2018–2026 ¥572.1B¥355.2B¥609.2B¥754.0B¥1.41T¥1.65T¥398.6B(¥218.7B)¥523.2B

Retained capital Retained ¥1.56T of earnings over 2018–2026; annual owner earnings fell ¥277.8B, ¥-0.18 per ¥1 retained.

Balance sheet Net cash, +¥4.08T · dividend paid 9 of 9 yrs, cut at least once

7269 Suzuki Motor

Suzuki designs and builds vehicles — small, value-priced cars, motorcycles, and outboard marine motors — and sells them through dealers to mass-market buyers. Much of the business sits in a few large markets where the customer wants a cheap, durable car rather than a fancy one, with India and Japan chief among them. It earns its keep the plain way: build the vehicle for less than the buyer pays, multiplied across many units.

Owner earnings 2017–2026 ¥174.3B¥294.3B¥234.5B¥7.4B¥278.9B¥30.8B¥109.3B¥272.4B¥419.9B¥439.8B

Retained capital Retained ¥1.92T of earnings over 2017–2026; annual owner earnings grew ¥143.0B, ¥0.07 per ¥1 retained.

Balance sheet Net cash, +¥259.7B · dividend paid 10 of 10 yrs, never cut

7270 Subaru

Revenue is Automobiles (97%) and Aerospace (3%).

Owner earnings 2019–2026 ¥120.1B¥78.4B¥164.7B¥94.4B¥368.8B¥579.5B¥321.3B¥123.9B

Retained capital Retained ¥713.0B of earnings over 2019–2026; annual owner earnings grew ¥220.5B, ¥0.31 per ¥1 retained.

Balance sheet Net cash, +¥637.1B · dividend paid 8 of 8 yrs, cut at least once

7272 Yamaha Motor

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2016–2025 ¥92.7B¥80.9B¥4.9B¥40.4B¥59.1B¥90.2B¥11.1B¥15.0B¥93.8B¥49.8B

Retained capital Retained ¥561.7B of earnings over 2016–2025; annual owner earnings fell ¥6.6B, ¥-0.01 per ¥1 retained.

Balance sheet Heavy net debt, ¥645.4B · dividend paid 10 of 10 yrs, cut at least once

AIIO Robo.ai Inc.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2022–2024 ($178M)($139M)$33M

Retained capital not read

Balance sheet Net cash, debt-free, +$4M

DCX Digital Currency X Technology Inc.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2021–2024 ($23M)$11M($45M)($27M)

Retained capital not read

Balance sheet Net debt against an operating loss, $53M

F Ford Motor Company

Ford designs, builds, and sells trucks, SUVs, and cars — under the Ford and Lincoln names — to retail buyers and commercial fleets, mostly through independent dealers. The great bulk of its revenue comes from making and selling the vehicles themselves. A captive lender, Ford Credit, supplies the rest by financing dealers' inventory and customers' purchases and leases.

Owner earnings 2016–2025 $17.7B$11.0B$7.2B$10.0B$18.5B$9.6B($13M)$6.7B$6.7B$12.5B

Retained capital Retained $5.5B of earnings over 2016–2025; annual owner earnings fell $3.4B, $-0.62 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

GGR Gogoro Inc.

Revenue is led by Battery swapping service revenue (53%) and Hardware and Related Revenue (38%), with 2 more lines behind.

Owner earnings 2019–2025 ($151M)($144M)($47M)($188M)($59M)($115M)($29M)

Retained capital Paid out $518M more than it earned over 2019–2025; annual owner earnings grew $46M.

Balance sheet Net debt against an operating loss, $262M · dividend paid 3 of 7 yrs, cut at least once

GM General Motors Company

General Motors designs and builds cars, trucks, and SUVs and sells them, mostly through independent dealers, to retail buyers and fleets. It also runs a financing arm that lends to those buyers and to the dealers who stock its vehicles, so it earns money both on the metal it ships and on the loans that move it. Making vehicles takes heavy plant, tooling, and engineering spending, which must be earned back sale by sale.

Owner earnings 2016–2025 $8.2B$8.9B$6.5B$7.4B$11.4B$7.7B$6.8B$10.0B$9.3B$17.6B

Retained capital Retained $19.2B of earnings over 2016–2025; annual owner earnings grew $4.4B, $0.23 per $1 retained.

Balance sheet Heavy net debt, $104.7B · buybacks at an average near $35.82 · dividend paid 10 of 10 yrs, cut at least once

HMC Honda Motor Company Ltd.

Honda builds and sells automobiles and motorcycles, along with power equipment built around small engines, to buyers around the world. Most of its money comes from making and selling those machines; a financial-services arm adds to the take by lending people the money to buy them. It is, at bottom, a maker of engine-powered products with a loan book attached.

Owner earnings 2016–2025 ¥755.8B¥390.9B¥572.1B¥355.2B¥609.2B¥754.0B¥1.41T¥1.65T¥398.6B(¥218.7B)

Retained capital Retained ¥4.77T of earnings over 2016–2025; annual owner earnings grew ¥38.4B, ¥0.01 per ¥1 retained.

Balance sheet Meaningful net debt, ¥4.05T · dividend paid 10 of 10 yrs, cut at least once

HOG Harley-Davidson Inc.

Revenue is HDMC (99%) and LiveWire (1%).

Owner earnings 2016–2025 $918M$799M$992M$687M$1.0B$856M$397M$547M$867M$415M

Retained capital Retained $395M of earnings over 2016–2025; annual owner earnings fell $293M.

Balance sheet Net cash, +$135M · buybacks at an average near $47.87 · dividend paid 10 of 10 yrs, cut at least once

LCID Lucid Group Inc.

Lucid designed, developed, manufactures and sells two groundbreaking EVs: The Lucid Air sedan, for which customer deliveries began in late 2021, and the Lucid Gravity SUV, which arrived on the road in late 2024.

Owner earnings 2019–2025 ($237M)($572M)($1.1B)($2.4B)($2.7B)($2.3B)($3.4B)

Retained capital not read

Balance sheet Net debt against an operating loss, $1.1B

LI Li Auto Inc.

Li Auto Inc. is a company incorporated outside China.

Owner earnings 2018–2025 (CN¥1.4B)(CN¥1.9B)CN¥2.8BCN¥7.7BCN¥6.2BCN¥48.9BCN¥12.9B(CN¥12.8B)

Retained capital Retained CN¥14.5B of earnings over 2018–2025; annual owner earnings grew CN¥16.5B, CN¥1.14 per CN¥1 retained.

Balance sheet Net cash, +CN¥52.6B

LOT Lotus Technology Inc.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2021–2025 ($129M)($364M)($442M)($906M)($389M)

Retained capital not read

Balance sheet Net debt against an operating loss, $434M

LOTWW Lotus Technology Inc.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2021–2025 ($129M)($364M)($442M)($906M)($389M)

Retained capital not read

Balance sheet Net debt against an operating loss, $434M

NIO NIO Inc.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2017–2025 (CN¥4.7B)(CN¥8.4B)(CN¥9.7B)CN¥823MCN¥258M(CN¥6.7B)(CN¥4.8B)(CN¥13.7B)(CN¥3.1B)

Retained capital not read

Balance sheet Net cash, +CN¥21.7B

NIU Niu Technologies

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2016–2025 (CN¥128M)CN¥70M(CN¥10M)CN¥239M(CN¥257M)CN¥15M(CN¥67M)CN¥242M

Retained capital Paid out CN¥1.1B more than it earned over 2016–2025; annual owner earnings grew CN¥86M.

Balance sheet Net cash, debt-free, +CN¥987M

OSK Oshkosh

Oshkosh Corporation is a global industrial technology company that designs and deploys advanced technologies to empower everyday heroes who build, serve and protect communities around the world.

Owner earnings 2016–2025 $491M$161M$341M$453M$215M$1.1B$494M$440M$350M$618M

Retained capital Retained $2.1B of earnings over 2016–2025; annual owner earnings grew $138M, $0.06 per $1 retained.

Balance sheet Modest net debt, $621M · buybacks at an average near $83.61 · dividend paid 10 of 10 yrs, never cut

PCAR PACCAR Inc.

PACCAR builds heavy trucks — the big rigs that haul freight down the highway — and sells them through dealers to trucking fleets and owner-operators under brands long known in the trade, such as Kenworth, Peterbilt, and DAF. It makes money three ways: building and selling the trucks, supplying the replacement parts those trucks need through years of hard use, and financing the dealers and buyers who purchase them.

Owner earnings 2016–2025 $1.9B$2.4B$2.7B$2.5B$2.7B$1.9B$2.7B$3.8B$4.2B$4.0B

Retained capital Retained $11.1B of earnings over 2016–2025; annual owner earnings grew $1.7B, $0.15 per $1 retained.

Balance sheet Net cash, debt-free, +$3.4B · dividend paid 10 of 10 yrs, cut at least once

PSNY Polestar Automotive Holding UK PLC

Polestar is a pure play, premium electric car brand headquartered in Sweden, designing performance cars engineered to excite consumers and drive change.

Owner earnings 2020–2024 ($107M)($349M)($1.1B)($2.0B)($1.0B)

Retained capital not read

Balance sheet net position not read (debt under-captured)

PSNYW Polestar Automotive Holding UK PLC

Polestar is a pure play, premium electric car brand headquartered in Sweden, designing performance cars engineered to excite consumers and drive change.

Owner earnings 2020–2024 ($107M)($349M)($1.1B)($2.0B)($1.0B)

Retained capital not read

Balance sheet net position not read (debt under-captured)

RACE Ferrari N.V.

Revenue is Cars and spare parts (84%), Sponsorship, commercial and brand (11%) and Other (4%).

Owner earnings 2016–2025 €830M€474M€633M€954M€481M€930M€1.1B€1.3B€1.4B€1.9B

Retained capital Retained €6.9B of earnings over 2016–2025; annual owner earnings grew €902M, €0.13 per €1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 10 yrs, cut at least once

RIVN Rivian Automotive Inc.

Rivian is an American automotive technology company that develops and manufactures category-defining electric vehicles as well as vertically integrated technologies and services.

Owner earnings 2019–2025 ($360M)($877M)($2.8B)($5.7B)($5.9B)($2.9B)($1.6B)

Retained capital not read

Balance sheet Net cash, +$1.6B

STLA Stellantis N.V.

Revenue is led by North America (40%) and Europe (38%), with 4 more segments behind.

Owner earnings 2016–2025 €5.0B€4.9B€4.6B€6.5B€3.5B€12.8B€13.2B€10.4B(€5.7B)(€12.6B)

Retained capital Retained €25.9B of earnings over 2016–2025; annual owner earnings fell €7.5B, €-0.29 per €1 retained.

Balance sheet Net debt against an operating loss, €829M · dividend paid 9 of 10 yrs, cut at least once

TM Toyota Motor Corporation

Toyota's articles of incorporation provide that retained earnings can be distributed as dividends pursuant to a resolution of its Board of Directors.

Owner earnings 2016–2020 ¥3.18T¥2.34T¥2.93T¥2.31T¥990.7B

Retained capital Retained ¥7.75T of earnings over 2016–2020; annual owner earnings fell ¥739.5B, ¥-0.10 per ¥1 retained.

Balance sheet Meaningful net debt, ¥12.51T · dividend paid 5 of 5 yrs, cut at least once

TSLA Tesla Inc.

Tesla designs, builds, sells and leases electric cars, and sells systems that generate and store electricity. It sells straight to the buyer rather than through dealers, and runs its own retail, service and charging network. Most of the money comes from the cars; energy generation and storage is the smaller piece. The company also frames its future around putting artificial intelligence into the physical world — self-driving software, a robotaxi service, and AI robots.

Owner earnings 2016–2025 ($601M)($830M)$988M$1.1B$4.4B$9.6B$12.3B$9.9B$10.8B$9.7B

Retained capital Retained $40.2B of earnings over 2016–2025; annual owner earnings grew $10.3B, $0.26 per $1 retained.

Balance sheet Net cash, +$34.7B

VFS VinFast Auto Ltd.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2021–2024 (VND 32.95T)(VND 51.91T)(VND 56.78T)(VND 39.96T)

Retained capital not read

Balance sheet Net debt against an operating loss, VND 66.28T

VFSWW VinFast Auto Ltd.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2021–2024 (VND 32.95T)(VND 51.91T)(VND 56.78T)(VND 39.96T)

Retained capital not read

Balance sheet Net debt against an operating loss, VND 66.28T

XPEV XPeng Inc.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2018–2025 (CN¥1.6B)(CN¥3.7B)(CN¥443M)(CN¥1.7B)(CN¥9.1B)(CN¥690M)(CN¥3.6B)CN¥6.5B

Retained capital not read

Balance sheet Net cash, +CN¥12.1B