The world's largest automaker and hybrid leader (an auto-demand and FX clock)
Toyota Motor Corporation
Toyota is the world's largest automaker by unit sales, running the Toyota, Lexus, Daihatsu and GR brands alongside Toyota Financial Services' auto finance. For the year ended March 2026, consolidated revenue reached a record JPY 50.685 trillion (+5.5%), but operating profit fell to JPY 3.766 trillion (-21.5%) on higher material costs and electrification investment. Electrified vehicles, led by hybrids, topped 5 million units for the first time (5.04 million). Its AI exposure is low, and autonomous driving is a future option pursued through Woven and NVIDIA.
7203.T Updated Jul 12, 2026 5 AI consumers· 1 recurring
Per the valuechain.wiki graph, Toyota Motor Corporation is directly linked to 6 companies (5 supply, 1 revenue, 1 investment relationships) and reaches 58 companies within two hops; the links are backed by 9 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Consolidated revenue JPY 50.685tn (+5.5% YoY, record), operating profit JPY 3.766tn (-21.5%). Consolidated vehicle sales 9.595 million (FYE Mar 2026)
- Customer concentration · Automotive is about 89% of external revenue. Geography spans North America, Japan, Europe, China and emerging markets, sensitive to the yen (FYE Mar 2026, consolidated)
- Segments · Automotive · Financial Services · All Other
Revenue from
- 자동차 소비자·딜러 (하이브리드·렉서스) High confidence· Amount ¥45.202 · FY2026 · Automotive external-customer revenue (JPY tn), FYE Mar 2026
Vehicle sales make up most of revenue. In FYE March 2026 consolidated sales were 9.595 million units and Automotive external revenue was JPY 45.202tn, with electrified vehicles led by hybrids at 5.04 million, about half of sales.Confirms EN Toyota Motor FY2026 Form 20-F Published Jun 10, 2026: Toyota Motor Corporation Annual Report on Form 20-F (FYE March 2026)Confirms KO StarNews Korea Published May 8, 2026: Toyota posts record revenue but operating profit falls 21.5% - 도요타 파이낸셜 서비스 (딜러·소비자 금융) High confidence· Amount ¥4.819 · FY2026 · Financial Services external-customer revenue (JPY tn)
Toyota Financial Services provides vehicle installment and lease financing that supports car sales. FYE March 2026 Financial Services external revenue was JPY 4.819tn, up 8.4%.Confirms EN Toyota Motor FY2026 Form 20-F Published Jun 10, 2026: Toyota Motor Corporation Annual Report on Form 20-F (FYE March 2026) - Mazda Motor Medium confidence
Supplies Toyota Hybrid System to Mazda; co-operates the MTM joint plant in the U.S.Confirms EN Toyota (press release) Published Aug 4, 2017: Toyota and Mazda Enter Business and Capital Alliance (2017)
Pays to
- LG Energy Solution High confidence· capacity 20 GWh/yr · 2025~2035 · High-nickel NCMA long-term supply
EV battery procurement: long-term supply from LG Energy Solution (Michigan plant) for North America-built EVs.Confirms EN Toyota USA Newsroom Published Oct 4, 2023: LG Energy Solution and Toyota Sign Long-Term Battery Supply Agreement - 부품·소재 계열사·벤더 (덴소·아이신·아이치제강 등, 강판·배터리 포함) High confidence
Parts and materials are the core of vehicle cost, sourced from keiretsu suppliers such as Denso, Aisin, JTEKT, Aichi Steel and Toyota Boshoku plus raw materials like steel and batteries. Rising raw-material prices were a key driver of the FYE March 2026 profit decline.Confirms EN Toyota Motor FY2026 Form 20-F Published Jun 10, 2026: Toyota Motor Corporation Annual Report on Form 20-F (FYE March 2026) - Renesas Electronics High confidence
Renesas is an automotive-semiconductor supplier to Toyota. Its R-Car V4H ADAS SoC was selected for the TSS(LSS) control unit (supplied by Denso) in Toyota's new RAV4, and Renesas chips also feature in Lexus multimedia systems.Confirms EN Renesas Newsroom Published Feb 24, 2026: Renesas R-Car V4H ADAS SoC Selected for Toyota RAV4 Model - Sumitomo Metal Mining High confidence
ASSB cathode-material co-development and sourcing partner (Oct 2025).Confirms EN Sumitomo Metal Mining Published Oct 8, 2025: SMM and Toyota collaborate on mass production of ASSB cathode materials - Denso High confidence
Sources inverters and SiC power semis from Denso, its largest affiliated supplier.Confirms EN Denso Published Oct 10, 2025: Denso's electrification products adopted for Toyota's new bZ4X - NVIDIA Medium confidence
Toyota announced at CES 2025 that it will build its next-generation vehicles on NVIDIA DRIVE AGX Orin with the safety-certified DriveOS. This is procurement of an autonomous and SDV compute platform, still early in ramp.Confirms EN NVIDIA Investor Relations Published Jan 6, 2025: Toyota, Aurora and Continental Join Growing List of NVIDIA Partners for Next-Generation Automated Vehicles - 인건비·임직원 (비공개) Medium confidence
Personnel costs for its global manufacturing and sales workforce are a major cost item, disclosed within cost of sales and SG&A.Mentions EN Toyota Motor FY2026 Form 20-F Published Jun 10, 2026: Toyota Motor Corporation Annual Report on Form 20-F (FYE March 2026)
Investments
- 마쓰다 (자본 제휴) Medium confidence
Holds a stake in Mazda (cross-shareholding, tech alliance, joint US MTM plant).Mentions EN Nikkei Asia Published May 1, 2025: Toyota supplier Denso to invest $3.3bn in chip business
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Mazda Motor | lead1 | +18.8 | +22.8 | +81.1 | -39 | +17.3 | -3.2 |
| Toyota Motor Corporation | node | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Renesas Electronics | benef1 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +84.9 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Mazda Motor | benef1 | +18.8 | +22.8 | +81.1 | -39 | +17.3 | -3.2 |
| Denso | benef1 | +49 | -16 | +37.4 | -5.5 | +2.4 | -8.1 |
| LG Energy Solution | benef1 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| Sumitomo Metal Mining | benef1 | +20.5 | +5.4 | -19.4 | -10.2 | +168.7 | -20.9 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +162.4 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +147.1 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +117.6 |
| Panasonic Energy | benef2 | -5.7 | -1.6 | +20.1 | +16.6 | +36.2 | +113.2 |
| LS ELECTRIC | benef2 | -19.2 | +11.4 | +37.4 | +234.2 | +145 | +79.6 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +75.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +68.8 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +54.9 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +49.8 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +20.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
| Dai Nippon Printing | benef2 | +56.5 | +13.9 | +42.6 | +8.5 | +22.5 | +15.3 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| Daejoo Electronic Materials | benef2 | +98.4 | -2.3 | -19.4 | +48.5 | -25.9 | +7.7 |
| Sociedad Química y Minera de Chile S.A. | benef2 | +6.8 | +71.8 | -18.3 | -39.4 | +89.2 | +7.6 |
| Yunnan Energy New Material (SEMCORP) | benef2 | +92.8 | -38.6 | -72.6 | -29.2 | +76.4 | +7.5 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| Umicore | benef2 | -27.5 | +5.9 | -37.1 | -51.4 | +111.6 | +2.4 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| Lotte Energy Materials | benef2 | +31.5 | -32.9 | -49.3 | -30 | +75.8 | -8.4 |
| Albemarle | benef2 | +59.8 | -6.6 | -32.8 | -39.5 | +67.7 | -10.4 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -11.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| LG Chem | benef2 | -29 | +9.7 | -36.6 | -45.3 | +31.2 | -14.4 |
| SKC | benef2 | +18.1 | -31.9 | -19.7 | +104.3 | -25.4 | -19.2 |
| L&F | benef2 | +139.2 | +22.4 | -30.3 | -38.6 | +43.4 | -20.4 |
| Ganfeng Lithium | benef2 | +12 | -17.4 | -56.1 | +0.1 | +108.3 | -21.8 |
| POSCO Future M | benef2 | -17.7 | +97.6 | +16.3 | -43.6 | +56.5 | -32 |
| Advanced Nano Products | benef2 | +56.8 | +66.4 | +13.9 | -30.9 | +5.5 | -32.8 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
| Chunbo | benef2 | +40.4 | -7.3 | -65 | -55.6 | +59.1 | -37.6 |
| PNT (People & Technology) | benef2 | +62.2 | +11.6 | -17.8 | +12.2 | +31.1 | -39.8 |
| Enchem | benef2 | · | -37.4 | +173.9 | -20.5 | -26.1 | -76.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
The world's largest automaker by units, its profit is driven jointly by a hybrid-led electrification mix and the yen. FY2026 revenue was a record, but operating profit fell -21.5% on higher material costs and electrification investment — a phase where top-line growth and margin decouple. The key profit variables are the hybrid sales mix (past 5.04 million units), the translation effect of a weak yen, and the cost of keiretsu suppliers like Denso and Aisin. AI/autonomy exposure is low, closer to a long-dated option via Woven and NVIDIA, and in graph terms spending ripples down to battery (LG Energy Solution, Sumitomo) and chip (Renesas, Denso) suppliers.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 1 · Hold 2 · Sell 0
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley · Hiroto Segawa | Equalweight | ¥3,200 | May 1, 2026 | Report ↗ |
| Erste Group Bank | Hold | — | Apr 2, 2026 | Report ↗ |
| BNP Paribas Exane | Outperform | $290 | Feb 12, 2026 | Report ↗ |
Assumed coverage at Equalweight, valued on FY2027 book value per share at 1.0x with an 11% ROE, and flagged a positive bias on shifting hybrid demand, the RAV4 refresh and superior supply-chain management.
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