{"schemaVersion":1,"research":true,"symbol":"pcar","name":"Paccar","topic":"moat","path":"/stock/pcar/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:18:28.343Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"PACCAR has a narrow moat centered on its installed truck base and established aftermarket distribution and service system. Repeated parts price realization and continuing service-contract demand support a current advantage, although switching friction is inferred rather than measured. Truck pricing recovered in the first half of 2026 after competitive price declines in 2025, but falling market shares and parts volumes show erosion pressure. The passages do not establish a wide moat or structural cost leadership.","advantages":[{"mechanism":"switching_costs","claim":"The installed truck base creates recurring parts and service demand served through an established dealer and distribution system. This supports a modest aftermarket advantage through service continuity and convenience; proprietary lock-in, exclusive purchasing and quantified switching costs are not established.","durability":"Parts demand extends over vehicle lives, with sales generally concentrated in the first five years. Distribution infrastructure and growing maintenance-contract volume support persistence, but continued truck sales and competitive service remain necessary.","risks":"Parts volumes declined in 2025 and the first half of 2026 despite price realization. Lower truck market shares can weaken future installed-base replenishment. Alternative powertrains could change maintenance requirements; development spending is not evidence of a successful transition.","invalidation":"The thesis would be invalidated by sustained loss of aftermarket demand relative to the serviced installed base, inability to realize parts prices without persistent volume deterioration, or evidence that customers readily replace PACCAR service and parts with equivalent alternatives without meaningful inconvenience.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — Parts distribution network","excerpt":"PARTS The Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles to over 2,000 Kenworth, Peterbilt and DAF dealers and more than 350 TRP, PACCAR's aftermarket parts brand, stores in 99 countries around the world."},{"id":"e2","sourceId":"filing-1","location":"Business — Parts distribution centers","excerpt":"Aftermarket truck parts are sold and delivered to the Company’s independent dealers through the Company’s 21 strategically located parts distribution centers (PDCs) in the U.S., Canada, Europe, Australia, Mexico and Central and South America."},{"id":"e3","sourceId":"filing-2","location":"Note I — Installed-base aftermarket sales lifecycle","excerpt":"The sale of new trucks provides the Parts segment with the basis for parts sales that may continue over the life of the truck, but are generally concentrated in the first five years after truck delivery."},{"id":"e4","sourceId":"filing-2","location":"MD&A — First-half 2026 maintenance and warranty contract volume","excerpt":"• Extended warranties, operating leases and other increased revenues by $17.5 million, primarily due to higher volume of R&M and extended warranty contracts."},{"id":"e5","sourceId":"filing-5","location":"MD&A — 2023 parts price realization","excerpt":"Average aftermarket parts sales prices increased sales by $614.2 million primarily due to higher price realization in North America and Europe."},{"id":"e6","sourceId":"filing-4","location":"MD&A — 2024 parts price realization","excerpt":"Average aftermarket parts sales prices increased sales by $161.6 million, primarily due to price realization in Europe and the U.S."},{"id":"e7","sourceId":"filing-1","location":"MD&A — 2025 parts price realization","excerpt":"Average aftermarket parts sales prices increased sales by $307.3 million, primarily due to price realization in the U.S."},{"id":"e8","sourceId":"filing-2","location":"MD&A — First-half 2026 parts price realization","excerpt":"Average aftermarket parts sales prices increased sales by $170.8 million, primarily due to higher price realization in the U.S."},{"id":"e9","sourceId":"filing-1","location":"MD&A — 2025 parts volume decline","excerpt":"Aftermarket parts sales volume decreased by $143.1 million and related cost of sales decreased by $69.6 million."},{"id":"e10","sourceId":"filing-2","location":"MD&A — First-half 2026 parts volume decline","excerpt":"Aftermarket parts sales volume decreased by $187.4 million and related cost of sales decreased by $78.4 million primarily due to lower sales volume in the U.S."},{"id":"e11","sourceId":"filing-2","location":"MD&A — North American heavy-duty market share","excerpt":"The Company’s heavy-duty truck retail market share was 29.6% in the first six months of 2026 compared to 30.4% in the first six months of 2025."},{"id":"e12","sourceId":"filing-2","location":"MD&A — North American medium-duty market share","excerpt":"The Company’s medium-duty market share was 12.3% in the first six months of 2026 compared to 14.0% in the first six months of 2025."},{"id":"e13","sourceId":"filing-1","location":"Risk factors — Uncertain alternative-powertrain transition","excerpt":"The pace of transition from diesel combustion to alternative powertrain commercial vehicles is highly uncertain and will be influenced by:"},{"id":"e14","sourceId":"filing-2","location":"MD&A — First-half 2026 parts gross margin","excerpt":"Parts gross margin was 29.7% in the first six months of 2026 compared to 30.3% in the same period of 2025 due to the factors noted above."},{"id":"e15","sourceId":"filing-1","location":"MD&A — 2025 truck price realization decline","excerpt":"• Average truck sales prices decreased sales by $306.2 million, primarily due to lower price realization in the U.S."},{"id":"e16","sourceId":"filing-1","location":"MD&A — Competitive pricing pressure and tariff price increases","excerpt":"and Canada and Europe, reflecting an increased competitive environment, partially offset by tariff price increases in the U.S."},{"id":"e17","sourceId":"filing-2","location":"MD&A — First-half 2026 truck revenue and cost bridge","excerpt":"The major factors for the Truck segment changes in net sales and revenues, cost of sales and revenues and gross margin between the six months ended June 30, 2026 and 2025 are as follows: NET COST OF SALES AND SALES AND GROSS ($ in millions) REVENUES REVENUES MARGIN Six Months Ended June 30, 2025 $ 10,468.9 $ 9,504.3 $ 964.6 (Decrease) increase Truck sales volume (1,113.7 ) (913.3 ) (200.4 ) Average truck sales prices 191.7 191.7 Average material, labor and other direct costs 189.6 (189.6 ) Factory overhead and other indirect costs (14.4 ) 14.4 Extended warranties, operating leases and other 17.5 (24.6 ) 42.1 Currency translation 215.2 226.0 (10.8 ) Total decrease (689.3 ) (536.7 ) (152.6 ) Six Months Ended June 30, 2026 $ 9,779.6 $ 8,967.6 $ 812.0 • Truck sales volume decreased revenues by $1.11 billion and costs by $913.3 million, primarily reflecting lower truck deliveries."},{"id":"e18","sourceId":"filing-1","location":"MD&A — 2025 truck gross margin","excerpt":"dollar. • Truck gross margin was 7.5% in 2025 compared to 13.9% in 2024 due to the factors noted above."},{"id":"e19","sourceId":"filing-1","location":"MD&A — 2025 parts gross margin","excerpt":"Parts gross margin was 29.9% in 2025 compared to 30.9% in 2024 due to the factors noted above."},{"id":"e20","sourceId":"filing-4","location":"MD&A — 2024 and 2023 parts gross margins","excerpt":"Parts gross margin was 30.9% in 2024 compared to 31.9% in 2023 due to the factors noted above."},{"id":"e21","sourceId":"filing-1","location":"Business — Monthly resetting dealer inventory financing rates","excerpt":"Dealer inventory loans have variable rates with rates reset monthly based on an index pertaining to the applicable local market."},{"id":"e22","sourceId":"filing-1","location":"Business — Fixed retail financing contract rates","excerpt":"Retail loan and lease contracts normally have fixed rates over the contract term."},{"id":"e23","sourceId":"filing-1","location":"Consolidated statements of cash flows — 2023–2025","excerpt":"38 CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2025 2024 2023 (millions) OPERATING ACTIVITIES: Net Income $ 2,375.8 $ 4,162.0 $ 4,600.8 Adjustments to reconcile net income to cash provided by operations: Depreciation and amortization: Property, plant and equipment 398.2 398.4 415.0 Other assets, net 429.2 518.5 508.9 Provision for losses on financial services receivables 124.5 75.6 31.3 Deferred taxes 333.1 (79.3 ) (303.7 ) Other, net 60.7 26.3 46.5 Pension contributions (24.5 ) (40.8 ) (27.3 ) Change in operating assets and liabilities: Decrease (increase) in assets other than cash and cash equivalents: Receivables: Trade and other receivables 102.0 156.9 (430.7 ) Wholesale receivables on new trucks 1,007.1 (478.7 ) (1,266.4 ) Inventories 296.4 42.5 (350.7 ) Other assets, net (102.0 ) (149.3 ) (127.2 ) (Decrease) increase in liabilities: Accounts payable and accrued expenses (432.6 ) 279.4 375.8 Residual value guarantees and deferred revenues (36.5 ) (.8 ) (36.8 ) Other liabilities, net (115.6 ) (269.8 ) 754.5 Net Cash Provided by Operating Activities 4,415.8 4,640.9 4,190.0 INVESTING ACTIVITIES: Originations of retail loans and finance leases (6,114.9 ) (6,666.7 ) (6,378.2 ) Collections on retail loans and finance leases 5,100.9 4,840.1 4,330.4 Net increase in wholesale receivables on equipment (4.9 ) (512.1 ) (29.1 ) Purchases of marketable debt securities (1,785.3 ) (2,068.7 ) (967.2 ) Proceeds from sales and maturities of marketable debt securities 1,448.0 1,103.2 803.6 Payments for property, plant and equipment (743.0 ) (838.7 ) (695.0 ) Acquisitions of equipment for operating leases (643.6 ) (906.9 ) (567.5 ) Proceeds from asset disposals 680.8 696.1 614.5 Contributions to joint venture (201.8 ) (207.6 ) Other, net (3.4 ) 74.0 17.5 Net Cash Used in Investing Activities (2,267.2 ) (4,487.3 ) (2,871.0 ) FINANCING ACTIVITIES: Payments of cash dividends (2,267.1 ) (2,288.5 ) (1,518.6 ) Purchases of treasury stock (36.1 ) (4.5 ) (3.5 ) Proceeds from stock compensation transactions 43.4 51.9 51.5 Net (decrease) increase in commercial paper, short-term bank loans and other (1,132.8 ) 699.9 1,721.0 Proceeds from term debt 3,146.1 3,891.2 3,085.0 Payments on term debt (2,835.9 ) (2,473.1 ) (2,233.2 ) Net Cash (Used in) Provided by Financing Activities (3,082.4 ) (123.1 ) 1,102.2 Effect of exchange rate changes on cash and cash equivalents 180.9 (151.4 ) 69.6 Net (Decrease) Increase in Cash and Cash Equivalents (752.9 ) (120.9 ) 2,490.8 Cash and cash equivalents at beginning of period 7,060.8 7,181.7 4,690.9 Cash and cash equivalents at end of period $ 6,307.9 $ 7,060.8 $ 7,181.7 See notes to consolidated financial statements."},{"id":"e24","sourceId":"filing-6","location":"Investment note — Battery joint venture capacity installation adjustment","excerpt":"As a result, the Company and its joint venture partners agreed to finish building out the facility, and adjust the timing for installing the manufacturing capacity."},{"id":"e25","sourceId":"filing-6","location":"Investment note — Battery joint venture contributions and maximum commitment","excerpt":"PACCAR did not make contributions to the joint venture in the three months ended March 31, 2026 compared to $44.7 in the same period in 2025 and the maximum required contribution is $830.0."},{"id":"e26","sourceId":"filing-1","location":"MD&A — Consecutive profitable years","excerpt":"In 2025, PACCAR earned net income for the 87th consecutive year."},{"id":"e27","sourceId":"filing-3","location":"Compensation discussion — Long-term incentive performance metrics","excerpt":"• The key metrics for long-term incentive cash awards are the three-year change in net income, return on sales, return on capital and total shareholder return, as compared with Peer Companies."},{"id":"e28","sourceId":"filing-3","location":"Compensation discussion — Granted 2025 stock options and vesting terms","excerpt":"All stock options granted in 2025 vest and become exercisable on January 1, 2028 and remain exercisable until February 3, 2035, unless the participant’s employment terminates earlier for reasons other than retirement or the participant is demoted to an ineligible position."},{"id":"e29","sourceId":"filing-3","location":"Compensation discussion — Approved restricted stock and RSU grants","excerpt":"On February 6, 2026, the Committee determined that the 2025 performance goal was achieved and approved the grant of restricted stock or RSUs consistent with the target award percentages listed on page 20."},{"id":"e30","sourceId":"filing-3","location":"Board governance — Hedging and pledging prohibition","excerpt":"The Corporate Governance Guidelines prohibit the Company’s directors and executive officers from hedging or pledging their ownership of PACCAR stock."},{"id":"e31","sourceId":"filing-3","location":"Termination benefits — Maximum long-term cash incentives upon change in control","excerpt":"Long-term cash incentives are prorated upon retirement at age 62, with 15 years of service, or death and are awarded at the maximum level upon a change in control."},{"id":"e32","sourceId":"filing-3","location":"Audit Committee report — Actual 2025 committee independence","excerpt":"The Audit Committee was comprised of up to six members in 2025, each of whom met the independence and financial literacy requirements of SEC and Nasdaq rules."},{"id":"e33","sourceId":"filing-3","location":"Board governance — Executive sessions without management","excerpt":"The Board regularly meets in executive session without management."},{"id":"e34","sourceId":"filing-3","location":"Compensation discussion — Incentive compensation recovery policy","excerpt":"The Company maintains an incentive compensation recovery policy in accordance with Rule 10D-1 of the Exchange Act and Nasdaq Rule 5608 that requires the Company to recover excess incentive compensation that was paid to an executive officer based in whole or in part on financial results that were subject to a restatement of the Company’s financial statements."},{"id":"e35","sourceId":"filing-1","location":"MD&A — Realized European civil litigation charge","excerpt":"Adjusted net income (non-GAAP), excluding a $264.5 million after-tax charge related to civil litigation in Europe, was $2.64 billion ($5.01 per diluted share)."},{"id":"e36","sourceId":"filing-1","location":"Business — Named competitor and cab supply relationship","excerpt":"The Company’s DAF subsidiary purchases fully assembled cabs from a competitor, Renault V.I., for its European light-, medium-duty product line pursuant to a joint product development and long-term supply contract."},{"id":"e37","sourceId":"filing-1","location":"Business — 2025 European truck market shares","excerpt":"In 2025, DAF had a 13.5% share of the European heavy-duty market and a 9.7% share of the light/medium-duty market."},{"id":"e38","sourceId":"filing-4","location":"Business — 2024 European truck market shares","excerpt":"In 2024, DAF had a 14.4% share of the European heavy-duty market and a 9.5% share of the light/medium-duty market."},{"id":"e39","sourceId":"filing-5","location":"Business — 2023 European truck market shares","excerpt":"In 2023, DAF had a 15.6% share of the European heavy-duty market and a 9.1% share of the light/medium-duty market."},{"id":"e40","sourceId":"filing-2","location":"MD&A — First-half 2026 truck gross margin","excerpt":"dollar. • Truck gross margin was 8.3% in the first six months of 2026 compared to 9.2% in the same period of 2025 due to the factors noted above."}],"changes":["Retain the previous narrow-moat verdict and installed-base aftermarket thesis.","Extend pricing assessment through June 2026: first-half truck price realization improved, while parts price realization continued alongside lower parts volumes and margin compression.","Add European heavy-duty share erosion from 15.6% in 2023 to 14.4% in 2024 and 13.5% in 2025.","Add criterion-level management assessments using actual compensation, governance, cash-flow and investment disclosures."],"limitations":["All supplied sources are issuer filings. Reported operating results and contractual disclosures support assessments, while management descriptions of quality, efficiency and future technology benefits do not independently demonstrate superiority.","No named aftermarket competitor is established, so the advantage's competitor array is empty. Renault V.I. is explicitly identified as a truck competitor and cab supplier; compensation peers are not treated as established direct competitors.","No customer retention rate, fleet repurchase rate, aftermarket capture rate, comparative service performance or quantified switching cost is supplied. Retention and customer dependency are assessed indirectly.","Actual executive ownership amounts and compliance with ownership guidelines are absent. Incentive design and actual grants support alignment assessment without establishing substantial personal ownership.","Truck and parts contractual repricing rights are not disclosed. Contractual freedom can be assessed only partially from financing terms and observed product repricing.","Source dates are filing dates, retaining dateKind filed: filing-1 2026-02-18, filing-2 2026-07-29, filing-3 2026-03-18, filing-4 2025-02-19, filing-5 2024-02-21 and filing-6 2026-04-29. The latest supplied operating period ends June 30, 2026.","The March 2026 proxy does not establish subsequent election results or final 2023–2025 long-term cash incentive payouts. Approved grants are distinguished from future vesting."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"The installed base, extensive parts distribution infrastructure and vehicle-life aftermarket demand establish a modest structural advantage. Exclusivity and comparative superiority are unproven; infrastructure size alone does not establish network effects or efficient scale.","evidenceIds":["e1","e2","e3","e5","e6","e7","e8"]},{"criterion":"durability","grade":2,"rationale":"Vehicle-life parts demand and repeated price realization support persistence. Sales concentration in the first five years makes replenishment important, while European and North American share losses constrain confidence in long-term durability.","evidenceIds":["e3","e5","e6","e7","e8","e11","e12","e37","e38","e39"]},{"criterion":"customer_dependency","grade":2,"rationale":"Continuing aftermarket demand and higher maintenance and warranty contract volume indicate ongoing customer relationships indirectly. Lower parts volumes and absent evidence of exclusive purchasing or costly fleet switching prevent a stronger assessment.","evidenceIds":["e3","e4","e9","e10"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Parts repricing continues despite weaker volumes, but parts margin compression and truck share losses demonstrate meaningful erosion pressure. Technology-transition uncertainty is a prospective risk rather than a realized failure.","evidenceIds":["e7","e8","e9","e10","e11","e12","e13","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Parts prices increased sales in 2023, 2024, 2025 and the first half of 2026. Truck pricing reduced 2025 revenue by $306.2 million amid competition, then contributed $191.7 million in the first half of 2026. These are mixed company-wide outcomes; some 2025 parts repricing reflected tariff costs.","evidenceIds":["e5","e6","e7","e8","e15","e16","e17"]},{"criterion":"retention","grade":2,"rationale":"Vehicle-life parts demand and higher maintenance-contract volume provide indirect evidence of repeat engagement. Falling parts volumes and truck shares weaken that evidence. Price increases do not establish unchanged customer retention or prove that pricing caused volume declines.","evidenceIds":["e3","e4","e9","e10","e11","e12"]},{"criterion":"margin_resilience","grade":1,"rationale":"Truck gross margin fell from 13.9% in 2024 to 7.5% in 2025, and first-half 2026 margin remained below its prior-year comparison. Parts margins were more resilient but declined from 31.9% in 2023 to 30.9% in 2024 and 29.9% in 2025, with further first-half compression. Pricing has not consistently protected margins against volume, mix and cost pressures.","evidenceIds":["e17","e18","e19","e20","e14","e40"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Dealer inventory financing rates reset monthly, whereas retail financing generally remains fixed over the contract term. Actual product repricing demonstrates some practical flexibility, but truck and parts contractual repricing rights are absent. The disclosed freedom is partial and does not establish unilateral pricing authority.","evidenceIds":["e21","e22","e7","e8","e15","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"Reported 2023–2025 operating cash generation supported investment and dividends, and 2025 net financing debt activity reduced borrowings. The battery venture's installation schedule was adjusted and first-quarter 2026 contributions paused as demand expectations changed. These support demonstrated discipline, although working-capital effects aid cash flow and the venture's remaining commitment and ultimate returns remain unresolved.","evidenceIds":["e23","e24","e25"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Disclosed long-term incentives use three-year peer-relative income, return and shareholder-return measures. Actual equity grants, multi-year option vesting and hedging restrictions support alignment. Maximum cash incentives on change in control and missing actual executive ownership balances limit the conclusion; approved grants are not treated as vested awards.","evidenceIds":["e27","e28","e29","e30","e31"]},{"criterion":"execution","grade":2,"rationale":"Long-running profitability, continuing cash generation, repeated aftermarket repricing and growing service contracts demonstrate operating execution indirectly. Truck share erosion, margin compression and the delayed battery capacity schedule make recent execution mixed rather than uniformly strong. The historical profit record is not attributed solely to current management.","evidenceIds":["e26","e23","e4","e8","e11","e12","e18","e24","e37","e38","e39"]},{"criterion":"governance","grade":2,"rationale":"Actual audit-committee independence, executive sessions and an incentive-recovery policy establish oversight mechanisms. The realized European litigation charge and favorable change-in-control incentive treatment temper the assessment. These disclosures support a mixed grade without proving either ineffective oversight or exceptional governance.","evidenceIds":["e32","e33","e34","e35","e31"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"b0bede381fd3a28102daf12e446cf5d2f367c1748e5c0386b1a9c1cc7f223e09","updatedAt":"2026-10-18T13:18:28.343Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526057025/pcar-20251231.htm","publishedAt":"2026-02-18","sha256":"5bbd3ef8e37866f42964a773eb947361f8276c14b54bdacf1cf5d7af3145047b","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526323642/pcar-20260630.htm","publishedAt":"2026-07-29","sha256":"63d805767d6f8373dea297c8eb1177674e413fb3b622dd7d5e375b8db55b07e0","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526113876/pcar-20260318.htm","publishedAt":"2026-03-18","sha256":"af094c3f970ba4612c803cd8df754dcf79dda986769983d3c47fa859e4dec5f6","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/75362/000095017025023145/pcar-20241231.htm","publishedAt":"2025-02-19","sha256":"afcaa848dc874f8142aa7061853ca1991129da8a8d47c59c6bea92374924342e","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/75362/000095017024017900/pcar-20231231.htm","publishedAt":"2024-02-21","sha256":"b7c475056ef9a385bfc46feacd3d50b5b5e90fb0da6f89565af182ef02311283","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526191499/pcar-20260331.htm","publishedAt":"2026-04-29","sha256":"d60761808e88a47b57c3a6c9c0336e4f40ac22815e59f541c5a9c55b1300a889","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:c1414ab4b4a9dec582ea7c794b9c60594866e6028f3128e508e84b40729fbe22","usage":{"input_tokens":91613,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3739,"reasoning_output_tokens":128},"basisSupplement":{"previousHash":"298ae475ae7313db4756f6e0152e28ba7a6f6871a2440e285b4ff54f39d0e0ef","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":6.919391386046432,"sbc_revenue":null},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":19.183752780216313,"operating_margin":null,"roic":null,"fcf_margin":8.681561570731132,"sbc_revenue":null},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":23.43811383706167,"operating_margin":null,"roic":null,"fcf_margin":9.949498112584477,"sbc_revenue":null},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":22.558950564107448,"operating_margin":null,"roic":null,"fcf_margin":11.294625086888585,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":20.067288221397227,"operating_margin":null,"roic":null,"fcf_margin":12.912026099673755,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","sbc":"The reported inputs required 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extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526057025/pcar-20251231.htm","publishedAt":"2026-02-18","sha256":"5bbd3ef8e37866f42964a773eb947361f8276c14b54bdacf1cf5d7af3145047b","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526323642/pcar-20260630.htm","publishedAt":"2026-07-29","sha256":"63d805767d6f8373dea297c8eb1177674e413fb3b622dd7d5e375b8db55b07e0","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526113876/pcar-20260318.htm","publishedAt":"2026-03-18","sha256":"af094c3f970ba4612c803cd8df754dcf79dda986769983d3c47fa859e4dec5f6","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/75362/000095017025023145/pcar-20241231.htm","publishedAt":"2025-02-19","sha256":"afcaa848dc874f8142aa7061853ca1991129da8a8d47c59c6bea92374924342e","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/75362/000095017024017900/pcar-20231231.htm","publishedAt":"2024-02-21","sha256":"b7c475056ef9a385bfc46feacd3d50b5b5e90fb0da6f89565af182ef02311283","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526191499/pcar-20260331.htm","publishedAt":"2026-04-29","sha256":"d60761808e88a47b57c3a6c9c0336e4f40ac22815e59f541c5a9c55b1300a889","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}