HMC vs TM: Honda Motor Co Ltd ADR and Toyota Motor Corporation ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Toyota Motor Corporation ADR is the larger company, worth $239.7B, about 5.4 times Honda Motor Co Ltd ADR.
- Toyota Motor Corporation ADR grew revenue faster over the last year (+6.5% vs +6.2%).
- Toyota Motor Corporation ADR keeps more of each dollar of revenue as operating profit (10.0% vs 5.6%).
- On earnings, Toyota Motor Corporation ADR is the cheaper stock (9.9x vs 13.8x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HMC | TM |
|---|---|---|
| Market cap | $44.5B | $239.7B |
| Share price | $32.70 | $185.30 |
| Revenue (last fiscal year) | $21.69T | $48.04T |
| Free cash flow (last fiscal year) | -$555.3B | $3.34T |
| Revenue growth, last year | +6.2% | +6.5% |
| Revenue growth per year, last 5 fiscal years | +13.3% | +15.3% |
| Operating margin | 5.6% | 10.0% |
| Net margin | 3.9% | 9.9% |
| Return on equity | 8.0% | 20.4% |
| P/E (trailing) | 13.8x | 9.90x |
| Price / free cash flow | — | 0.41x |
| EV / EBITDA | 2.61x | 8.53x |
| FCF growth the price implies | — | — |
| Dividend yield | 4.2% | 3.1% |
| Debt / equity | 1.26x | 1.62x |
| Fundamental grade | D | C |
| Superinvestors holding it | 3 | 1 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Honda Motor Co Ltd ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $13.17T | $521.2B | 5.0% |
| 2022 | $14.55T | $1.23T | 6.0% |
| 2023 | $16.91T | $1.50T | 4.6% |
| 2024 | $20.43T | $138.6B | 6.8% |
| 2025 | $21.69T | -$555.3B | 5.6% |
Toyota Motor Corporation ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $27.21T | $2.45T | 8.1% |
| 2022 | $31.38T | $3.38T | 9.5% |
| 2023 | $37.15T | $2.61T | 7.3% |
| 2024 | $45.10T | $3.87T | 11.9% |
| 2025 | $48.04T | $3.34T | 10.0% |
Where the revenue comes from
Honda Motor Co Ltd ADR · by segments, 2026
Automobile business$14.17T64%
Motorcycle business$4.02T18%
Financial services business$3.53T16%
Power products and other businesses$420.4B2%
Toyota Motor Corporation ADR · by segments, 2026
Automotive$45.42T87%
Financial services$4.86T9%
All other$1.65T3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HMC in InvestinglyQuestions
Which is bigger, Honda Motor Co Ltd ADR or Toyota Motor Corporation ADR?
Toyota Motor Corporation ADR (TM), at $239.7B against $44.5B.
Is HMC or TM cheaper?
By trailing P/E, Toyota Motor Corporation ADR (9.90x) is cheaper than Honda Motor Co Ltd ADR (13.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, HMC or TM?
Toyota Motor Corporation ADR: revenue grew +6.5% over the last year, against +6.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.