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PACCAR Inc. (PCAR)

NEUTRAL
IndustrialsFarm & Heavy Construction MachineryUnited States

Fondamental

60

Prix

$129.26

Capitalisation boursière

$68.97B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

PACCAR designs and manufactures heavy- and medium-duty trucks under the Kenworth, Peterbilt and DAF brand names, sold through a network of independent dealers across North America, Europe and other markets. Beyond building trucks, it also sells replacement parts to keep existing fleets running and lends money to dealers and truck buyers through its own finance arm, so a customer can buy a truck, service it and finance it all through PACCAR.

Comment l'entreprise gagne de l'argent

Most revenue comes from selling new trucks outright to fleets and owner-operators, a business with thin margins that swings with how many trucks the industry orders each year. Parts sales are steadier and more profitable, since a truck already on the road needs maintenance regardless of the economic cycle, and the financial services arm earns interest income on loans and leases, adding a third, more stable stream on top of manufacturing.

Chiffre d'affaires par segment

Truck68.1%

Manufacture and sale of Kenworth, Peterbilt and DAF heavy- and medium-duty trucks, the core and most cyclical part of the business.

Parts24.2%

Replacement parts sold to keep the large existing fleet of PACCAR trucks running, a steadier and higher-margin business than new truck sales.

Financial Services7.8%

Loans and leases provided to dealers and truck buyers across North America, Europe, Australia and South America to finance PACCAR vehicles.

Avantage concurrentiel

Économies d'échelle · Étroit

Building heavy trucks at scale requires an established dealer network, decades of engineering and emissions-compliance investment, and manufacturing capacity that a new entrant cannot assemble quickly, keeping the field limited to a handful of global players. That barrier protects PACCAR's position but does not remove genuine competition: Daimler Truck, Traton's Volvo and Scania brands, and Navistar all fight for the same fleet customers.

Ce qui stimule la demande

Cyclique

Truck orders follow the freight cycle closely: when shipping volumes and freight rates are strong, fleets replace and expand their trucks, and when freight demand softens, orders can fall sharply within a year, as PACCAR's own truck segment revenue decline in 2025 showed. Parts and financial services smooth this out somewhat, but the core manufacturing business remains genuinely cyclical.

Principaux risques

  • Truck order cyclicality — Truck segment revenue fell 14% year over year in the fourth quarter of 2025 as freight market conditions weakened, illustrating how quickly the core business can contract in a downturn.
  • Competition from other global truck makers — Daimler Truck, Traton's Volvo, Scania and Navistar brands compete directly for the same fleet and owner-operator customers across PACCAR's core markets.
  • Emissions and regulatory compliance costs — Tightening emissions standards in North America and Europe require continual investment in new engine and powertrain technology, adding cost and execution risk to every truck generation.
  • Tariffs and global supply chain exposure — PACCAR sources components and sells trucks across multiple countries, so changes in tariffs or trade policy can raise costs or disrupt production and sales in a given region.
  • Credit risk in the finance arm — PACCAR Financial Services holds a large portfolio of loans and leases to truck buyers; a downturn that hurts trucking businesses broadly would also raise defaults on that portfolio.

Les arguments en faveur

Buyers argue that PACCAR Parts keeps delivering record, high-margin revenue that cushions the cyclical truck business, that decades of engineering and dealer relationships make the company one of only a handful of credible global heavy-truck makers, and that Financial Services adds a steady profit stream through the cycle.

Les arguments contre

Sellers worry that the core truck business is genuinely cyclical and already showing a double-digit revenue decline as freight markets soften, that emissions regulation keeps forcing costly technology investment, and that competition from Daimler Truck and Traton's brands limits pricing power in a downturn.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

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Bilan & Liquidités

Chiffre d'affaires

$27.82B

12 derniers mois (au 30/06/2026)

Résultat net

$2.50B

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$3.67B

Capitaux propres totaux

$19.26B

Passif total

$25.07B

Ratio de liquidité général

0.71

Couverture des intérêts

-

Dette/EBITDA

4.53

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Justement valorisé

Juste valeur

$131.22

Prix actuel

$129.26

Marge de sécurité

+1.5%

Fourchette de juste valeur

$95.71 - $166.74

Méthodes d'estimation

Analyst Target:$141.03
DCF:$173.58
PE-based:$98.37
Graham Growth:$141.16
EPV:$53.54
Consensus des analystes:Acheter (11B / 14H / 1S)
Dernière surprise sur les résultats:+3.53%

Indicateurs de valorisation

Ratio P/E

27.30

ROE

12.3%

Ratio P/B

3.37

P/FCF

18.50

Marge brute

20.0%

ROIC

-

Radar de rentabilité

Value Creation (Economic Moat)

ROIC

-

WACC

8.2%

ROIC − WACC

-

Critères d'analyse fondamentale

Réussi (14)

  • EPS shows upward trend
  • Price CAGR 11.89%
  • P/FCF 18.50
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • CapEx intensity
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 12.7%
  • Revenue Growth 5Y 8.7%
  • Earnings Quality (OCF/NI) 1.73
  • Share Dilution -0.0%
  • Piotroski F-Score 5/9

Échoué (9)

  • EPS CAGR 1.77%
  • Gross Margin 20.0%
  • P/B Ratio 3.37
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Analyst Consensus 42% Buy
  • Earnings Surprise avg -1.5%
  • PEG Ratio 2.17
  • Net Margin Trend 9.0% vs 9.9%

Indisponible (5)

  • ROIC NaN%
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Current Ratio
  • Interest Coverage

Score F de Piotroski

5/9

Signaux mixtes : certains domaines nécessitent attention

score
criteria

Qualité des bénéfices

1.73

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

0.0%

Rachat d'actions. Favorable aux actionnaires

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. R. Preston FeightCEO & Director57
Mr. Kevin D. BaneyPresident54
Mr. Brice J. PoplawskiSenior VP & CFO60
Mr. Mark C. PigottExecutive Chairman71
Mr. John N. RichExecutive VP & CTO55
Ms. A. Lily LeyVP & Chief Information Officer59
Mr. Ken HastingsSenior Director of Investor Relations-
Mr. Michael K. WaltonVP & General Counsel59
Paulo Henrique BolgarVP & Chief Human Resources Officer56
Laura J. BlochSenior Vice President47

Risque d'audit

2

Risque du conseil

9

Risque de rémunération

4

Risque droits des actionnaires

5

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

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