Paccar
PCAR Nasdaq Construction Machinery & Heavy Transportation Equipment Financials FY2016–FY2025
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.
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.
- Legal name
- PACCAR Inc
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Accession · CIK
- 0001193125-26-057025
0000075362
Revenue and margins
Paccar had $28.4B of revenue in fiscal 2025, down 15.5% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 18.4% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $3.7B in fiscal 2025, 12.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Paccar returned $2.3B to shareholders in fiscal 2025, 63% of free cash flow. The diluted share count rose 0.0%.
Value Paccar yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 526.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 22.5x · peers 28.0x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Paccar can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Interest coverage | 23.9x | 23.8x | 15.4x | 10.5x | 5.4x |
| Total assets | $29.5B | $33.3B | $40.8B | $43.4B | $44.3B |
| Total liabilities | $17.9B | $20.1B | $24.9B | $25.9B | $25.1B |
| Shareholders' equity | $11.6B | $13.2B | $15.9B | $17.5B | $19.3B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$25.0M
8 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 31, 2026 | Brice J PoplawskiSr. Vice President & CFO | Sold | 1,970 | $132.50 | $0.3M | Form 4 |
| Jul 31, 2026 | Feight R PrestonChief Executive Officer, Director | Sold | 50,975 | $133.07 | $6.8M | Form 4 |
| Jul 31, 2026 | Paulo Henrique BolgarVice President | Sold | 2,897 | $133.90 | $0.4M | Form 4 |
| Jul 31, 2026 | William Lance WaltersVice President | Sold | 1,000 | $133.50 | $0.1M | Form 4 |
| Feb 12, 2026 | Brice J PoplawskiSr. Vice President & CFO | Sold | 2,200 | $130.41 | $0.3M | Form 4 |
| Feb 11, 2026 | Craig R GryniewiczVice President | Sold | 8,748 | $129.00 | $1.1M | Form 4 |
| Feb 4, 2026 | Feight R PrestonChief Executive Officer, Director | Sold | 9,258 | $129.70 | $1.2M | Form 4 |
| Feb 3, 2026 | Dozier C MichaelExecutive Vice President | Sold | 79,076 | $127.92 | $10.1M | Form 4 |
| Feb 3, 2026 | Feight R PrestonChief Executive Officer, Director | Sold | 9,258 | $127.44 | $1.2M | Form 4 |
| Feb 3, 2026 | Kevin D BaneyExecutive Vice President | Sold | 9,672 | $126.53 | $1.2M | Form 4 |
| Feb 3, 2026 | Laura J BlochSenior Vice President | Sold | 8,832 | $125.75 | $1.1M | Form 4 |
| Feb 2, 2026 | Feight R PrestonChief Executive Officer, Director | Sold | 9,258 | $123.65 | $1.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | 1.1% | −1.1% | −4.7% |
| Altman Z'' | — | — | — |
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Paccar PCAR | $56.4B | −15.5% | — | 12.9% | — | 22.5x | — | |
| Cummins CMI | $71.7B | −1.3% | 12.0% | 7.1% | 18.3% | 26.4x | 7 | Compare → |
| Caterpillar CAT | $317.7B | 4.3% | 16.5% | 13.2% | 18.5% | 29.6x | 6 | Compare → |
| Wabtec WAB | $46.0B | 7.5% | 16.1% | 13.4% | 9.1% | 33.8x | 7 | Compare → |
| Oshkosh OSK | $8.3B | −2.9% | 9.0% | 5.9% | 14.8% | 14.7x | 5 | Compare → |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $17.0B | $19.5B | $23.5B | $25.6B | $18.7B | $23.5B | $28.8B | $35.1B | $33.7B | $28.4B |
| Gross profit | — | — | — | — | — | — | $5.5B | $8.2B | $7.6B | $5.7B |
| Research and development | — | — | — | — | — | — | $341M | $411M | $453M | $446M |
| Interest expense | $108M | $127M | $167M | $204M | $165M | $105M | $169M | $397M | $572M | $693M |
| Pretax income | $1.1B | $2.2B | $2.8B | $3.1B | $1.7B | $2.4B | $3.8B | $5.7B | $5.4B | $3.0B |
| Income tax | $609M | $498M | $615M | $711M | $360M | $531M | $837M | $1.1B | $1.2B | $648M |
| Net income | $522M | $1.7B | $2.2B | $2.4B | $1.3B | $1.9B | $3.0B | $4.6B | $4.2B | $2.4B |
| Diluted EPS | $0.99 | $3.17 | $4.16 | $4.58 | $2.50 | $3.57 | $5.75 | $8.76 | $7.90 | $4.51 |
| Diluted shares | 0.53B | 0.53B | 0.53B | 0.52B | 0.52B | 0.52B | 0.52B | 0.53B | 0.53B | 0.53B |
| Cash flow | ||||||||||
| Cash from operations | $2.3B | $2.7B | $3.0B | $2.9B | $3.0B | $2.2B | $3.0B | $4.2B | $4.6B | $4.4B |
| Capital expenditure | $375M | $423M | $458M | $574M | $550M | $559M | $525M | $695M | $839M | $743M |
| Free cash flow | $1.9B | $2.3B | $2.5B | $2.3B | $2.4B | $1.6B | $2.5B | $3.5B | $3.8B | $3.7B |
| Depreciation and amortization | $302M | $321M | $338M | $322M | $250M | $270M | $332M | $415M | $398M | $398M |
| Stock-based compensation | $13.1M | $12.7M | $13.2M | $15.1M | $13.0M | $14.7M | $17.1M | $21.2M | $22.9M | $24.1M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $70.5M | $0.0M | $354M | $110M | $42.1M | $1.5M | $2.1M | $3.5M | $4.5M | $36.1M |
| Dividends paid | $829M | $558M | $804M | $1.1B | $1.2B | $708M | $1.0B | $1.5B | $2.3B | $2.3B |
| Dividends and buybacks | $900M | $558M | $1.2B | $1.2B | $1.3B | $710M | $1.0B | $1.5B | $2.3B | $2.3B |
| Balance sheet | ||||||||||
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $1.2M | $1.0M | $0.9M | $2.6M | $2.4M | $1.6M | $0.9M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $2.3B | $2.5B | $2.5B | $2.9B | $3.3B | $3.4B | $3.5B | $3.8B | $4.0B | $4.5B |
| Total assets | $20.6B | $23.4B | $25.5B | $28.4B | $28.5B | $29.5B | $33.3B | $40.8B | $43.4B | $44.3B |
| Total liabilities | $13.9B | $15.4B | $16.9B | $18.7B | $17.7B | $17.9B | $20.1B | $24.9B | $25.9B | $25.1B |
| Shareholders' equity | $6.8B | $8.1B | $8.6B | $9.7B | $10.5B | $11.6B | $13.2B | $15.9B | $17.5B | $19.3B |
| Margins | ||||||||||
| Gross margin | — | — | — | — | — | — | 19.2% | 23.4% | 22.6% | 20.1% |
| EBITDA margin | 9.1% | 13.5% | 14.1% | 14.2% | 11.1% | 11.8% | 15.1% | 18.6% | 18.9% | 14.5% |
| Net margin | 3.1% | 8.6% | 9.3% | 9.3% | 7.0% | 7.9% | 10.5% | 13.1% | 12.4% | 8.4% |
| FCF margin | 11.3% | 11.8% | 10.8% | 8.9% | 13.0% | 6.9% | 8.7% | 10.0% | 11.3% | 12.9% |
| Returns | ||||||||||
| 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% |
| Growth | ||||||||||
| Revenue growth | −10.9% | 14.2% | 20.8% | 9.0% | −26.8% | 25.6% | 22.5% | 21.9% | −4.2% | −15.5% |
| Net income growth | −67.5% | 221.1% | 31.0% | 8.8% | −45.5% | 43.4% | 61.4% | 52.8% | −9.5% | −42.9% |
| EPS growth | −67.2% | 221.0% | 31.4% | 10.1% | −45.4% | 42.8% | 61.1% | 52.4% | −9.8% | −42.9% |
| FCF growth | −15.2% | 19.1% | 10.6% | −9.8% | 6.6% | −33.2% | 53.7% | 39.7% | 8.8% | −3.4% |
| Share count change | −1.1% | 0.3% | −0.3% | −1.2% | −0.0% | 0.3% | 0.1% | 0.3% | 0.3% | 0.0% |
| Financial health | ||||||||||
| Interest coverage | 11.5x | 18.1x | 17.9x | 16.2x | 11.1x | 23.9x | 23.8x | 15.4x | 10.5x | 5.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.2% | 2.2% | 2.0% | 2.2% | 2.9% | 2.4% | 1.8% | 2.0% | 2.5% | 2.6% |
| Stock comp / revenue | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Payouts / FCF | 46.7% | 24.4% | 45.7% | 54.6% | 52.6% | 43.6% | 40.2% | 43.6% | 60.3% | 62.7% |
| Quality scores | ||||||||||
| Accruals ratio | −8.5% | −4.7% | −3.3% | −1.8% | −5.9% | −1.1% | −0.1% | 1.1% | −1.1% | −4.7% |
Source: SEC EDGAR XBRL filings (CIK 0000075362). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.