PACCAR INC（PCAR）の決算・業績分析
PACCAR INCの2025年有価証券報告書をAI分析。売上高$28.4B(-15.5%)。Consumer Discretionary。
目次
PACCAR INCの2025年度 業績サマリー
PACCAR INC（証券コード: PCAR）の2025年度決算・業績分析。売上高は$28.4B（前年比-15.5%）。純利益は$2.4B（前年比-42.9%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
PACCAR INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged 22.5% YoY to $28.8B (XBRL), driven by parts (+2.5% YoY) and financial services (+16.0% YoY) segments.
- Net income jumped 61.4% YoY to $3.0B (XBRL), with operating margin at 15.5% and net margin at 10.4%.
- ROE reached 22.9% (XBRL), supported by strong equity growth (from $8.6B in 2020 to $13.2B in 2024).
- Shareholder returns totaled $1.0B (XBRL), including $1.0B in dividends and $2M in buybacks.
PACCAR INCの売上高変化の要因
- •Total revenue of $28.8B (XBRL) reflects a 22.5% YoY increase, driven by parts revenue (+2.5% YoY to $6.67B) and financial services revenue (+16.0% YoY to $2.1B). Truck segment revenue declined slightly, while other revenue (e.g., $59.5M) remained minimal. Historical growth shows a 5-year revenue CAGR of 8.4% (XBRL).
PACCAR INCの営業利益変化の要因
- •Operating income rose to $4.5B (XBRL) with a 15.5% margin, though R&D expenses increased to $341M (XBRL) from $410.9M in 2023 (10-K). Net income surged 61.4% YoY to $3.0B (XBRL), reflecting higher operating income and lower tax expenses (10-K). EBITDA reached $4.8B (16.6% margin) (XBRL).
PACCAR INCの事業リスクと対応
Commercial Truck Market Demand is Variable: Fluctuates with economic conditions and may differ from GDP trends (10-K).
Competition and Prices: Intense competition affects sales and pricing (10-K).
Production Costs, Capacity, and Inflation: Material costs, inflation, and supplier issues impact profitability (10-K).
Unexpected Events: Disasters or pandemics disrupt operations and increase costs (10-K).
Transition Risks Related to Climate Change: Uncertainty in adopting alternative powertrains and regulatory shifts pose risks (10-K).
PACCAR INCの今後の見通し・業績予想
PACCAR INCの事業内容
PACCAR Inc (PCAR) designs, manufactures, and distributes commercial trucks (74% of 2024 net sales) under Kenworth, Peterbilt, and DAF brands, alongside aftermarket parts and financial services (10-K). Key segments include Truck (light-, medium-, and heavy-duty commercial trucks), Parts (aftermarket truck parts), and Financial Services (leasing/financing). Competitive advantages include a vertically integrated production model for DAF, long-term supplier agreements, and a global distribution network (10-K).
PACCAR INCのAI業績分析レポート（2024年度）
PACCAR Inc (PCAR) Annual Report Analysis FY2024
Highlights
Business Overview
PACCAR Inc designs, manufactures, and distributes commercial trucks (74% of 2024 net sales) under Kenworth, Peterbilt, and DAF brands, alongside aftermarket parts and financial services (10-K). Key segments include Truck (light-, medium-, and heavy-duty commercial trucks), Parts (aftermarket truck parts), and Financial Services (leasing/financing). Competitive advantages include a vertically integrated production model for DAF, long-term supplier agreements, and a global distribution network (10-K).
Revenue Analysis
Total revenue of $28.8B (XBRL) reflects a 22.5% YoY increase, driven by parts revenue (+2.5% YoY to $6.67B) and financial services revenue (+16.0% YoY to $2.1B). Truck segment revenue declined slightly, while other revenue (e.g., $59.5M) remained minimal. Historical growth shows a 5-year revenue CAGR of 8.4% (XBRL).
Profitability Analysis
Operating income rose to $4.5B (XBRL) with a 15.5% margin, though R&D expenses increased to $341M (XBRL) from $410.9M in 2023 (10-K). Net income surged 61.4% YoY to $3.0B (XBRL), reflecting higher operating income and lower tax expenses (10-K). EBITDA reached $4.8B (16.6% margin) (XBRL).
Balance Sheet Analysis
Equity ratio stood at 39.6% (XBRL), with total assets growing from $25.5B in 2020 to $33.3B in 2024 (XBRL). Total equity increased from $8.6B in 2020 to $13.2B in 2024 (XBRL). ROA was 9.1% (XBRL), indicating efficient asset utilization.
Cash Flow Analysis
Operating cash flow was $3.0B (XBRL), matching net income. Free cash flow (FCF) totaled $2.5B (XBRL), calculated as operating cash flow ($3.0B) minus CapEx ($525M). Investing activities consumed $2.0B (XBRL), primarily from CapEx and the divestiture of the winch business (10-K). Financing activities included $1.0B in dividends and $2M in share repurchases (XBRL).
Working Capital Analysis
N/A
Risks
Outlook
Management expects 2025 truck sales of 250k-280k units (US/Canada), 270k-300k (Europe), and 115k-125k (South America) (10-K). Parts sales growth of 2-4% is anticipated, alongside increased R&D investment ($460-500M) (10-K). Risks include slowing truck industry growth, used truck market normalization, and potential credit losses if freight declines (10-K).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 23.5B | 25.6B | 18.7B | 23.5B | 28.8B | 35.1B |
| Operating Income | N/A | N/A | N/A | N/A | 4.5B | N/A |
| Net Income | 2.2B | 2.4B | 1.3B | 1.9B | 3.0B | 4.6B |
| Total Assets | 25.5B | 28.4B | 28.4B | 29.5B | 33.3B | 40.8B |
| Total Equity | 8.6B | 9.7B | 10.5B | 11.6B | 13.2B | 15.9B |
| Operating Cash Flow | 3.0B | 2.9B | 3.0B | 2.2B | 3.0B | 4.2B |
Consumer Discretionaryの企業一覧
PACCAR INCと同じ「Consumer Discretionary」セクターの企業