Paccar

PCAR · Nasdaq · Industrials · Financials, fiscal 2016 to 2025

PCAR · Last close · October 26, 2026

$104.37

Paccar's revenue fell 15.5% to $28.4 billion in fiscal 2025. Its net margin was 8.3%, down from 12.4% a year earlier. Free cash flow was $3.7 billion, down 3.4%. It paid out $2.3 billion in dividends and buybacks, 63% of free cash flow.

PACCAR Inc Latest fiscal year ended December 31, 2025 10-K filed February 18, 2026 · 0001193125-26-057025 Updated October 9, 2026

Revenue

$28.4B

15.5%

Net margin

8.3%

4.0 pts

Net income

$2.4B

42.9%

Free cash flow

$3.7B

3.4%

Return on equity

12.9%

12.0 pts

Market cap

$55.1B

Oct 26 close

P/E

21.9x

On $4.76 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. PACCAR's filings tag debt separately for its truck business and its financial services arm, with no company-wide total in the SEC's structured data, so debt and debt-based ratios are left blank. Cash and short-term investments are left blank: its filings don't tag its marketable securities as a company-wide total, and from 2019 not its cash either, so a total would be understated. PACCAR's balance sheet splits assets and liabilities into current and long-term only for its truck business, not its financial services arm, so the current and quick ratios are blank. Share counts and per-share figures for earlier years are restated for a stock split (1.5-for-1), so every year is on today's share basis.

What Paccar does

PACCAR designs, builds and sells commercial trucks under the Kenworth, Peterbilt and DAF names. They range from light- and medium-duty trucks to heavy-duty trucks, and are used for hauling goods on and off the road. The company makes the trucks in plants in the United States, Europe, Australia, Brazil, Canada and Mexico. It also makes diesel engines, mainly for its own trucks. It sells nearly all of its trucks to independent dealers.

PACCAR has three segments. Trucks made up 68% of 2025 net sales and revenues. Parts, which sells aftermarket parts for trucks and related commercial vehicles through dealers and TRP stores, made up 24%. Financial Services, which provides financing and leasing for PACCAR trucks to customers and dealers, made up 8% of revenue and 51% of total assets.

The company buys engines, transmissions, axles and other components from outside suppliers, including Cummins, Eaton, ZF and Magna. It says losing supply from one of them would have a material effect on its results. PACCAR also buys fully assembled cabs from a competitor, Renault V.I., for its European light- and medium-duty DAF trucks. PACCAR says truck sales and margins tend to rise and fall with the economy, the availability of capital and the amount of freight being moved.

Its biggest risks, as it describes them

Swings in demand for commercial trucks, which can move more than the overall economy.
A highly competitive market that could hurt its sales and pricing.
Rising material and commodity costs, shortages of components and labor, and supplier problems.
An uncertain pace of change from diesel trucks to battery-electric, hydrogen and other alternative powertrains.
Disruptions in financial markets or lower credit ratings that raise funding costs for its financing arm.

From Paccar's annual report on Form 10-K, filed February 18, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 18.4% a year and net income 18.3% a year, with the share count about the same.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Paccar yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Paccar's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Paccar's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Paccar's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $104.37
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Paccar's earnings per share of $4.76 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.7×, the middle of Paccar's own P/E today, its peers' median and its sector's median (the Industrials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Cummins, Caterpillar, Wabtec, Oshkosh.

Earnings growth in the years ahead (% a year) Starts at Paccar's revenue growth over the last 3 years, -0.4% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $104.37
Value at this multiple, against the last close: —
Paccar's P/E at the last close: 21.9×

Company	Last close	Earnings per share	P/E today
WabtecWAB	$277.67	$8.06	34.5×
CaterpillarCAT	$692.13	$23.24	29.8×
CumminsCMI	$522.13	$19.57	26.7×
PaccarPCAR	$104.37	$4.76	21.9×
OshkoshOSK	$133.34	$8.98	14.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	—	—	—	—	—
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	23.9x	23.8x	15.4x	10.4x	5.4x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Paccar shares on the open market, and 8 insiders sold $29.0 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 31, 2026	Feight R PrestonChief Executive Officer, Director	Sold	50,975	$133.07	$6.8 million	Form 4
Jul 31, 2026	Paulo Henrique BolgarVice President	Sold	2,897	$133.90	$387,908	Form 4
Jul 31, 2026	Brice J PoplawskiSr. Vice President & CFO	Sold	1,970	$132.50	$261,025	Form 4
Jul 31, 2026	William Lance WaltersVice President	Sold	1,000	$133.50	$133,500	Form 4
Feb 12, 2026	Brice J PoplawskiSr. Vice President & CFO	Sold	2,200	$130.41	$286,902	Form 4
Feb 11, 2026	Craig R GryniewiczVice President	Sold	8,748	$129.00	$1.1 million	Form 4
Feb 4, 2026	Feight R PrestonChief Executive Officer, Director	Sold	9,258	$129.70	$1.2 million	Form 4
Feb 3, 2026	Dozier C MichaelExecutive Vice President	Sold	79,076	$127.92	$10.1 million	Form 4
Feb 3, 2026	Kevin D BaneyExecutive Vice President	Sold	9,672	$126.53	$1.2 million	Form 4
Feb 3, 2026	Feight R PrestonChief Executive Officer, Director	Sold	9,258	$127.44	$1.2 million	Form 4
Feb 3, 2026	Laura J BlochSenior Vice President	Sold	8,832	$125.75	$1.1 million	Form 4
Feb 2, 2026	Feight R PrestonChief Executive Officer, Director	Sold	9,258	$123.65	$1.1 million	Form 4

The latest 12 of 17 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	—	—	—
Accruals ratio	1.1%	−1.1%	−4.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Paccar side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Paccar	FY25	−15.5%	—	12.9%	—	—	—
Cummins	FY25	−1.3%	11.9%	7.1%	18.3%	0.7x	7	Compare
Caterpillar	FY25	4.3%	16.5%	13.2%	18.4%	2.0x	6	Compare
Wabtec	FY25	7.5%	16.1%	13.4%	9.1%	2.1x	7	Compare
Oshkosh	FY25	−2.9%	9.0%	5.9%	14.8%	0.6x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	17.0	19.5	23.5	25.6	18.7	23.5	28.8	35.1	33.7	28.4
Revenue growth	−10.9%	14.2%	20.8%	8.9%	−26.8%	25.6%	22.5%	21.9%	−4.2%	−15.5%
Gross profit	—	—	—	—	—	—	5.5	8.2	7.6	5.7
Research and development	—	—	—	—	—	—	0.3	0.4	0.5	0.4
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	0.5	1.7	2.2	2.4	1.3	1.9	3.0	4.6	4.2	2.4
Diluted EPS (US$)	0.99	3.17	4.16	4.58	2.50	3.57	5.75	8.76	7.90	4.51
Diluted shares (millions)	528	529	528	521	521	523	523	525	527	527
Cash flow
Cash from operations	2.3	2.7	3.0	2.9	3.0	2.2	3.0	4.2	4.6	4.4
Capital expenditure	0.4	0.4	0.5	0.6	0.6	0.6	0.5	0.7	0.8	0.7
Free cash flow	1.9	2.3	2.5	2.3	2.4	1.6	2.5	3.5	3.8	3.7
Dividends paid	0.8	0.6	0.8	1.1	1.2	0.7	1.0	1.5	2.3	2.3
Share buybacks	0.1	0.0	0.4	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Acquisitions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Balance sheet at fiscal year end
Cash and short-term investments	—	—	—	—	—	—	—	—	—	—
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	20.6	23.4	25.5	28.4	28.4	29.5	33.3	40.8	43.4	44.3
Total liabilities	13.9	15.4	16.9	18.7	17.7	17.9	20.1	24.9	25.9	25.1
Shareholders' equity	6.8	8.1	8.6	9.7	10.5	11.6	13.2	15.9	17.5	19.3
Margins and ratios
Gross margin	—	—	—	—	—	—	19.2%	23.4%	22.6%	20.1%
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	3.1%	8.6%	9.3%	9.3%	7.0%	7.9%	10.4%	13.1%	12.4%	8.3%
Free cash flow margin	11.3%	11.8%	10.8%	8.9%	13.0%	6.9%	8.7%	9.9%	11.3%	12.9%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	7.6%	22.6%	26.4%	26.1%	12.9%	16.9%	24.3%	31.7%	24.9%	12.9%
Return on assets	2.5%	7.6%	9.0%	8.9%	4.6%	6.4%	9.6%	12.4%	9.9%	5.4%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Paccar's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Paccar.