NASDAQ: PCAR · Construction Machinery & Heavy Transportation Equipment
Paccar
PACCAR, based in Bellevue, Washington, designs and makes premium light-, medium- and heavy-duty commercial trucks under the Kenworth, Peterbilt and DAF nameplates, sells aftermarket parts, and provides truck financing and leasing through PACCAR Financial Services. In 2025 its share of the U.S. and Canadian Class 8 market was 29.9% and DAF held 13.5% of the European heavy-duty market. With truck markets weaker, 2025 revenue fell to $28,445 million (Truck $19,365 million, Parts $6,874 million, Financial Services $2,210 million) and net income to $2,376 million from a record $4,601 million in 2023; 2025 also included a $350 million pre-tax charge for European truck cartel claims. Results recovered in 2026: third-quarter revenue was $7.94 billion and net income $848 million. PACCAR pays regular quarterly dividends plus a year-end extra dividend ($2.72 in total declared for 2025).
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:10 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-1810-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 8.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.86x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 19.5x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.80
Higher than 53% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 66% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$102.44close on 2026-11-04
Market cap$53.82B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 19.5x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.8x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 6.8%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.7%
At FY2025 year-end: 24.3x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 3.0x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 6.4%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$6.67B → $7.94B (vs. a year earlier)↑ +19.0%$6.67B → $7.94B (vs. a year earlier)
- Net income$590M → $848M (vs. a year earlier)↑ +43.6%$590M → $848M (vs. a year earlier)
- Diluted EPS$1.12 → $1.61 (vs. a year earlier)↑ +43.7%$1.12 → $1.61 (vs. a year earlier)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook • Issued
Expects 2027 Class 8 retail sales of 240,000–280,000 trucks. Source sentence
Class 8 truck industry retail sales for 2027 are expected to be in a range of 240,000–280,000 trucks.
Key changes
Q3 revenues up 19%; net income up 44%. Source sentence
Revenues increased by 19% and net income increased by 44% compared to same period last year,” said Preston Feight, chief executive officer.
Record PACCAR Parts revenues of $1.78B. Source sentence
PACCAR Parts’ third quarter 2026 revenues were a record $1.78 billion.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- PACCAR INC
- Headquarters
- BELLEVUE, WA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: PCAR
- Industry
- Construction Machinery & Heavy Transportation Equipment
- CIK
- 75362
- Website
- https://www.paccar.com/ ↗
Workforce (as of FY2025 year-end)
Employees
25,900
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 23–28 days after quarter end (Jan 27, 2026; Jan 28, 2025; Jan 23, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 21–30 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 27, 2026 (+27 days) | Feb 18, 2026 10-K (+49 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 21, 2025 (+21 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 22, 2025 (+22 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 28, 2025 (+28 days) | Feb 19, 2025 10-K (+50 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 22, 2024 (+22 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 23, 2024 (+23 days) | Jul 31, 2024 10-Q (+31 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 23, 2024 (+23 days) | Feb 21, 2024 10-K (+52 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Truck
Kenworth and Peterbilt
Class 8 and medium-duty trucks for North America and Australia, including battery-electric and hybrid models.
Truck
DAF
Heavy and light/medium-duty trucks for Europe, Brasil and other markets.
Parts
PACCAR Parts
Aftermarket parts for PACCAR and other trucks through dealers and distribution centers.
Financial Services
PACCAR Financial
Loans and leases for trucks sold by PACCAR dealers.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Class 8 trucks
U.S. and Canada
U.S. share
29.9%
Company-disclosed2025 retail sales; 30.7% in 2024
Worldwide share
—
Not disclosedMedium-duty trucks
U.S. and Canada
U.S. share
15.9%
Company-disclosed2025; 18.0% in 2024
Worldwide share
—
Not disclosedHeavy-duty trucks (over 16 tonnes)
Europe
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedEurope
13.5%
Company-disclosedDAF, 2025; 14.4% in 2024
Light/medium-duty trucks
Europe
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedEurope
9.7%
Company-disclosedDAF, 2025
Trucks over 16 tonnes
Brasil
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedBrasil
8.6%
Company-disclosedDAF Brasil, 2025; 9.9% in 2024
07
Recent strategic focusSite analysis
Recent developments.
Third quarter 2026
Revenue $7.94B versus $6.67B; truck sales $5.60B versus $4.38B; net income $847.5M ($1.61 per share) versus $590.0M.
Source: Form 10-Q (quarter ended 2026-09-30)
Nine months 2026
Net income $2,204.8M versus $1,818.9M; diluted EPS $4.18.
Source: Form 10-Q (quarter ended 2026-09-30)
Dividends
2025 dividends declared $2.72 per share, including a $1.40 year-end extra.
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
1.87x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$743M ÷ $398M = 1.87x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
1.6%
formularesearch & development expense ÷ revenue × 100
e.g.$446M ÷ $28,445M × 100 = 1.6%
Where the money goes, over time
Unit: $M. Capex went from $550M in FY2020 to $743M in FY2025
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$28.44B
As reported in the 10-K
Revenue CAGR (5 years)
+8.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($28,445M ÷ $18,729M) ^ (1÷5) − 1 = 8.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
12.9%▲favorable
6-year average: 20.5%
As reported in the 10-K
P/B (FY2025 end)
2.99x
formulafiscal year-end closing price ÷ book value per share
e.g.$109.51 ÷ $36.67 = 2.99x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +8.7% a year over 5 years (strong growth)
From $18.73B in FY2020 to $28.44B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 43.4% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 20.5% over 6 years (latest: 12.9%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Truck design and manufacturing
- Aftermarket parts distribution
- Truck financing and leasing
06 · what it draws on
Key resources
- About 25,900 employees (Dec 31, 2025)
- Kenworth, Peterbilt and DAF brands and factories
- PACCAR MX engines and powertrains
02 · why customers buy
Value propositions
- Premium trucks (Kenworth, Peterbilt, DAF) built to order, plus parts and financing.
04 · how it keeps them
Customer relationships
- Aftermarket parts over the truck's life; loans and leases from PACCAR Financial Services.
03 · how it reaches them
Channels
- Independent dealers; PACCAR Parts distributes to over 2,000 dealer locations.
01 · who it serves
Customer segments
- Independent dealers
- Fleet operators and owner-operators
09 · where money goes
Cost structure
FY2025, share of revenue ($28.44B)
- Cost of revenue79.9%
- Research & development1.6%
- Selling, general & administrative2.6%
Depreciation & amortization (inside the costs above): $398M. Capital spending: $743M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Truck sales
- Parts sales
- Finance and lease income
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Builds trucks to order for dealers and fleet customers, earns high-margin recurring parts revenue from the installed base, and finances and leases trucks through its own finance arm.
01 what it draws on
Inputs & resources
- About 25,900 employees (Dec 31, 2025)
- Kenworth, Peterbilt and DAF brands and factories
- PACCAR MX engines and powertrains
02 what it does
Activities
- Truck design and manufacturing
- Aftermarket parts distribution
- Truck financing and leasing
03 who it serves
Customers
- Independent dealers
- Fleet operators and owner-operators
04 how money comes in
How it earns
- Truck sales
- Parts sales
- Finance and lease income
How the business makes money
- 29.9% U.S./Canada Class 8 share in 2025.
- Parts revenue grew to $6,874M in 2025.
- No dependence on any single customer.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
PACCAR’s demand is affected by tariffs, fuel prices and emissions rules.
Trade & export rules
Tariffs and trade rules
Market demand and tariffs affect results.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Truck
19,365.3 (68%)Parts
6,873.7 (24%)Financial Services
2,209.7 (8%)
Source: Form 10-K (FY2025) Segment revenues (total consolidated $28,444.8M incl. other).
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 54% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
15,429.9 (54%)Europe
6,945.9 (24%)Other
6,069 (21%)
Source: Form 10-K (FY2025) — Note on geographic information Total $28,444.8M.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Dealers, fleets and owner-operators.
Named by the company
PACCAR is not dependent on any single customer; no customer or dealer exceeds 5% of finance portfolio assets.
Suppliers
Engines, components and raw materials suppliers.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says there are four principal competitors in the U.S. and Canada and six in Europe, without naming them. Financial Services competes with banks and finance companies.
Competitors named in the 10-K
Peer group the company chose
Peer Group Index, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Performance graph peers (2026 proxy).
- AGCOsite ↗
- Caterpillarsite ↗
- Cumminssite ↗
- Daimler Trucksite ↗
- Deere & Companysite ↗
- Eatonsite ↗
- Iveco Groupsite ↗
- Oshkoshsite ↗
- TRATON Groupsite ↗
- Terexsite ↗
- Volvo Groupsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
| Line item | FY2020In next year’s 10-K | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 18,729 | 23,522 | 28,820 | 35,127 | 33,664 | 28,445 |
| Pretax income | 1,662 | 2,396 | 3,849 | 5,718 | 5,401 | 3,024 |
| Net income (attributable) | 1,301 | 1,866 | 3,012 | 4,601 | 4,162 | 2,376 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 25.6% | 22.5% | 21.9% | -4.2% | -15.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 6.9% | 7.9% | 10.4% | 13.1% | 12.4% | 8.4% |
| Balance sheet ($M) | ||||||
| Total assets | 28,450 | 29,509 | 33,276 | 40,823 | 43,419 | 44,336 |
| Total equity | 10,533 | 11,594 | 13,167 | 15,879 | 17,507 | 19,264 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 10,853 | 10,432 | 11,472 | 14,235 | 15,895 | 15,636 |
| Equity ratio | 37.0% | 39.3% | 39.6% | 38.9% | 40.3% | 43.4% |
| ROE | 12.4% | 16.9% | 24.3% | 31.7% | 24.9% | 12.9% |
| Cash flow ($M) | ||||||
| Operating CF | 2,987 | 2,187 | 3,027 | 4,190 | 4,641 | 4,416 |
| Investing CF | -1,876 | -1,363 | -2,033 | -2,871 | -4,487 | -2,267 |
| Financing CF | -1,808 | -883 | 305 | 1,102 | -123 | -3,082 |
| Free cash flowcalccash flow from operations − capital expenditures | 2,437 | 1,628 | 2,502 | 3,495 | 3,802 | 3,673 |
| Cash and equivalents | 3,540 | 3,428 | 4,691 | 7,182 | 7,061 | 6,308 |
| Per share & other | ||||||
| EPS ($) | 2.50 | 3.57 | 5.75 | 8.76 | 7.90 | 4.51 |
| BVPS ($) | 20.26 | 22.26 | 25.22 | 30.34 | 33.38 | 36.67 |
| Dividend per share ($) | 1.32 | 1.89 | 2.80 | 4.24 | 4.17 | 2.72 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 52.8% | 53.0% | 48.7% | 48.4% | 52.8% | 60.3% |
| P/E (x) | 23.0 | 16.5 | 11.5 | 11.2 | 13.2 | 24.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.84 | 2.64 | 2.62 | 3.22 | 3.12 | 2.99 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $7.94B+19.0% | $848M+43.6% | $1.61 |
| 2026-06-30 | $7.55B+0.5% | $752M+3.9% | $1.43 |
| 2026-03-31 | $6.78B-8.9% | $605M+19.8% | $1.15 |
| 2025-12-31 † | $6.82B-13.7% | $557M-36.1% | — |
| 2025-09-30 | $6.67B | $590M | $1.12 |
| 2025-06-30 | $7.51B | $724M | $1.37 |
| 2025-03-31 | $7.44B | $505M | $0.96 |
| 2024-12-31 † | $7.91B | $872M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.4%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.2% − 5.8%
Past FCF growth (FY2020–FY2025)
+8.6%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+8.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $3.67B (operating CF − capex); enterprise value $63.15B = market cap $53.82B (latest close, 2026-11-04) + debt $15.64B − cash and short-term investments $6.31B; r = WACC of 8.2% using this page’s default assumptions (β 0.80, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$63.32B
FCF $3.67B ÷ (8.2% − 2.4%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.2% | 7.2% | 8.2% | 9.2% | 10.2% |
|---|---|---|---|---|---|
| 0% | 0.94x | 0.81x | 0.71x | 0.63x | 0.57x |
| 2% | 1.38x | 1.12x | 0.94x | 0.81x | 0.71x |
| 4% | 2.64x | 1.82x | 1.38x | 1.12x | 0.94x |
| 6% | 29.08x | 4.85x | 2.64x | 1.82x | 1.38x |
| 8% | — | — | 29.08x | 4.85x | 2.64x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.39x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.6%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$4,416M ÷ $2,376M = 1.86x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 74.1%
- Directors & officers (shares)
- 2.0%
- Everyone else (est.)
- 23.9%
- Directors & officers (voting power)
- 2.0%
- Institutional-ownership rank
- 361 of 416
- Beta (adjusted)
- 0.80
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 87% of covered companies have more
above 1 = swings more than the market
- 390.0M shares reported by 1,094 13F filers ÷ 526.4M shares outstanding on 2026-07-24. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-18 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
19
Strengths & weaknessesSite analysis
Strengths
1. Market position
29.9% U.S./Canada Class 8 share and 13.5% European heavy-duty share in 2025.
Evidence: Form 10-K (FY2025)
2. Resilient parts business
Parts revenue rose to $6,874M in 2025 even as truck revenue fell 22%.
Evidence: Form 10-K (FY2025)
3. Profitable through cycles
Net income positive every year 2020–2025.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Cyclical truck demand
Truck revenue fell from $24,838M (2024) to $19,365M (2025).
Evidence: Form 10-K (FY2025)
2. Cartel claims
A $350M pre-tax charge in Q1 2025 for remaining EC-related truck claims.
Evidence: Form 10-Q (quarter ended 2026-09-30)
3. Share losses in 2025
Class 8 share fell to 29.9% from 30.7%; medium-duty to 15.9% from 18.0%; DAF Europe to 13.5% from 14.4%.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
24.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.48%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
60%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
6.4%
(Operating CF − capex) ÷ market cap
1. Cyclical recovery
Truck deliveries rose in Q3 2026.
- What has to hold
- Truck markets keep recovering.
- The other side
- Tariffs and freight weakness.
Evidence: Form 10-Q (quarter ended 2026-09-30)
2. Extra dividends
Year-end extra dividends ($3.20 for 2023, $3.00 for 2024, $1.40 for 2025).
- What has to hold
- Strong earnings fund extras.
- The other side
- Extras fall in weak years.
Evidence: Form 10-K (FY2025)
Per-share data and shares adjusted for the February 2023 3-for-2 split. Debt is the Financial Services segment’s borrowings; cash, debt, shares and 2020–21 dividends taken from 10-K statements.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$6.31B vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
1.6x
$3.67B vs. $2.27B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -15.5% in FY2025 ($33.66B → $28.44B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income positive every year 2020–2025; low $1,301M in 2020.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
After the 2016 European Commission truck cartel settlement, claims were filed in Europe against all major truck makers; PACCAR has settled with a significant majority of claimants.
1 open matter (1 flagged as major)
EC truck cartel follow-on claims
PendingAntitrustMajorTruck buyers v. European truck manufacturers incl. DAF
The EC concluded its investigation and settled with DAF and PACCAR on July 19, 2016. Follow-on claims and lawsuits were filed in various European jurisdictions; some judgments were unfavorable and appealed. PACCAR recorded an additional $350M pre-tax charge in Q1 2025 for the total estimable remaining costs.
- Amounts
- $350M charge (Q1 2025)
Source: Form 10-Q (quarter ended 2026-09-30) — Note on Commitments and Contingencies
Based on Form 10-Q (quarter ended 2026-09-30) — Note on Commitments and Contingencies, reviewed 2026-10-31. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Truck cycle
- Company disclosure (summarized from the 10-K)
- Sales depend on freight tonnage, fuel prices and economic conditions.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Emissions and tariffs
- Company disclosure (summarized from the 10-K)
- Emissions rules and tariffs can raise costs or restrict sales.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Zero-emission transition
- Company disclosure (summarized from the 10-K)
- Battery-electric, hydrogen and hybrid trucks require heavy investment.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Law & regulation
EC cartel claims
- Company disclosure (summarized from the 10-K)
- Claims in Europe after the 2016 EC settlement.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Funding & liquidity
Finance credit risk
- Company disclosure (summarized from the 10-K)
- Financial Services depends on customer credit and funding markets.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
The Company is deploying AI tools to reduce operational costs and enhance performance for the Company and its customers, including the use of AI in its predictive analytics technology to forecast and implement vehicle service parameters to improve vehicle uptime. The Company's business, financial condition and result of operations may eventually be adversely affected if it fails to integrate these rapidly developing technologies in a timely, cost-effective, compliant and responsible manner.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 18, 2026 ↗ with the 10-K filed Feb 19, 2025 ↗.
25
What to watch going forwardSite analysis
- North American Class 8 orders.
- European truck demand.
- Parts growth.
- Remaining EC claims.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:10 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-18Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Paccar’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.