Honda margins improve but still lag peers

Honda has a solid profit record which has seen it remain profitable at the group operating and net levels during each of the past 40-plus years. It used to outperform its major domestic rivals, earning a higher operating margin than Nissan and Toyota in 15 of the 20 years to 2002, but over the following 21 years it outperformed both the other firms in only three years. Over the 15 years to 2022/23 the full-year operating margin of its automobile division did not once reach 5%.