{"slug":"paccar","name":"팩카","name_en":"Paccar","ticker":"PCAR","updated_at":"2026-07-12T04:13:40.805+00:00","canonical":"https://valuechain.wiki/paccar","citable":"밸류체인 그래프 기준 팩카의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Paccar is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 3 companies within two hops; the links are backed by 6 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 대형트럭 · Class 8 29.9%","kicker_en":"S&P 500 · Heavy trucks · Class 8 29.9%","lead":"켄워스·피터빌트·DAF 브랜드로 대형 상용 트럭을 만드는 미국 최대 트럭 제조사다. 2025년 매출 284억 달러 중 트럭이 68%, 부품이 24%를 차지했고 전 세계에 14만4,200대를 인도했다. 미국·캐나다 Class 8 시장 점유율은 29.9%다. 자체 MX-13·MX-11 디젤 엔진을 생산하고 부족분은 커민스에서 조달하며, 오로라와 자율주행 트럭(피터빌트 579·켄워스 T680)을 공동 개발한다.","lead_en":"The largest U.S. truck maker, building heavy commercial trucks under the Kenworth, Peterbilt and DAF brands. Of $28.4B in 2025 revenue, Trucks contributed 68% and Parts 24%, on 144,200 vehicles delivered worldwide. Its U.S./Canada Class 8 retail share was 29.9%. PACCAR builds its own MX-13 and MX-11 diesel engines and sources the balance from Cummins, and co-develops driverless trucks (Peterbilt 579, Kenworth T680) with Aurora.","segments":{"parts":[{"desc":"신차 트럭. 2025 매출 $19.37B(68%)로 화물 경기에 연동되는 사이클 축.","name":"트럭 (Kenworth·Peterbilt·DAF)","note":"$19.37B · 매출 68%"},{"desc":"애프터마켓 부품. 2025 $6.87B(사상 최대·24%)로 반복·고마진의 방어 축.","name":"부품 (PACCAR Parts·TRP)","note":"$6.87B · 매출 24% · 사상 최대"},{"desc":"트럭 판매 연계 리스·금융.","name":"금융 서비스","note":"$2.21B"}],"total":"약 $28.4B (FY2025)"},"segments_en":{"parts":[{"name":"Trucks (Kenworth·Peterbilt·DAF)","note":"$19.37B · 68% of rev"},{"name":"Parts (PACCAR Parts·TRP)","note":"$6.87B · 24% of rev · record"},{"name":"Financial Services","note":"$2.21B"}],"total":"~$28.4B (FY2025)"},"returns_yearly":{"2021":5.6,"2022":17,"2023":55,"2024":10.8,"2025":8,"2026":14.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"aurora","name":"Aurora Innovation","name_en":"Aurora Innovation","tier":1,"returns_yearly":{"2022":-89.3,"2023":261.2,"2024":44.2,"2025":-39,"2026":66.1}}],"benefiting":[{"slug":"cummins","name":"Cummins","name_en":"Cummins","tier":1,"returns_yearly":{"2021":-1.7,"2022":14.1,"2023":1.7,"2024":48.9,"2025":49.4,"2026":33.3}}],"analysis":"팩카의 논점은 '사이클 타는 신차 위에 얹힌 반복·고마진 부품'이다. 북미 Class 8 트럭 29.9% 과점 제조사지만, 진짜 방어력은 화물 경기에 출렁이는 신차(트럭 68%)가 아니라 사상 최대를 경신한 애프터마켓 부품(24%)의 반복·고마진 매출에 있다 — 트럭 판매가 꺾여도 도로 위 차량이 부품·서비스 수요를 지탱한다. 자체 MX 엔진 내재화로 커민스 의존을 낮추고, 오로라와 자율주행 트럭을 공동개발해 다음 사이클 옵션을 쥔다. 리스크는 화물 경기·Class 8 수요 둔화와 엔진 조달. 그래프 파급: 커민스(조달 엔진)·이튼·ZF가 상류 공급망, 오로라가 자율주행 파트너.","analysis_en":"Paccar's thesis is recurring, high-margin parts layered on cyclical new trucks. It is a 29.9% oligopoly maker of North American Class 8 trucks, but the real defense is not new trucks (68% of sales) that swing with freight, but the recurring, high-margin aftermarket parts (24%) that just set a record — even as truck sales fall, vehicles on the road sustain parts and service demand. In-house MX engines reduce Cummins dependence, and co-developing autonomous trucks with Aurora holds a next-cycle option. Risks are freight demand, softening Class 8 and engine sourcing. Graph propagation: Cummins (sourced engines), Eaton and ZF are upstream, and Aurora is the autonomous-driving partner.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"독립 딜러·화물사 (Class 8 대형트럭)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"트럭 부문 매출(총매출의 68%)","value":19365300000,"period":"2025","basis_en":"Truck segment net sales (68% of revenue)","qualifier":"actual"},"note":"켄워스·피터빌트·DAF 대형 상용트럭을 독립 딜러망을 통해 화물사·차주에 판매. 2025년 트럭 매출 $19.37B(총매출 68%), 전 세계 14만4,200대 인도, 미국·캐나다 Class 8 점유율 29.9%.","note_en":"Sells Kenworth/Peterbilt/DAF heavy trucks to fleets and owner-operators via independent dealers. 2025 Truck revenue $19.37B (68% of total), 144,200 vehicles delivered, 29.9% U.S./Canada Class 8 share.","sources":[{"stance":"mentions","publisher":"Public.com","publisher_en":"Public.com","kind":"news","lang":"en","published_at":"2026-06-01","url":"https://public.com/stocks/pcar/forecast-price-target","title":"PCAR 애널리스트 목표가·전망","title_en":"PACCAR (PCAR) Analyst Ratings & Price Target","excerpt":"19명 애널 평균 매수·12개월 목표가 $127. 2026년 트럭 사이클 반등이 실적 상승 동인으로 지목됨.","excerpt_en":"19 analysts avg Buy, 12-mo target $127; a 2026 truck-cycle turn cited as earnings driver."},{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2026-02-20","url":"https://gam.newspim.com/data/profile/PCAR:US","title":"팩카(PCAR) 기업 프로파일·실적","title_en":"PACCAR (PCAR) company profile","excerpt":"2025년 매출 284.4억 달러, 전 세계 14만4,200대 인도. 켄워스·피터빌트·DAF 프리미엄 트럭이 실적 견인.","excerpt_en":"2025 revenue $28.44B, 144,200 vehicles delivered worldwide; Kenworth/Peterbilt/DAF premium trucks drove results."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. SEC","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526057025/pcar-20251231.htm","title":"PACCAR Inc Form 10-K (FY2025)","title_en":"PACCAR Inc Form 10-K (FY2025)","excerpt":"트럭 부문 2025년 매출 $19,365.3M, 상용트럭 제조가 2025년 총매출의 68%를 차지. 미국·캐나다 Class 8 소매 점유율 29.9%.","excerpt_en":"Truck net sales and revenues $19,365.3M in 2025; commercial truck manufacturing accounted for 68% of total 2025 net sales and revenues; 29.9% U.S./Canada Class 8 retail share."}]},{"direction":"revenue","counterparty":"애프터마켓 딜러·차주 (PACCAR Parts·TRP)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"부품 부문 매출(24%·사상 최대)","value":6873700000,"period":"2025","basis_en":"Parts segment net sales (24%, record)","qualifier":"actual"},"note":"켄워스·피터빌트·DAF 딜러와 99개국 350여 TRP 매장·21개 PDC를 통해 애프터마켓 부품 유통. 2025년 부품 매출 $6.87B(사상 최대·매출 24%), 세전이익 $1.67B.","note_en":"Distributes aftermarket parts via KW/PB/DAF dealers, 350+ TRP stores in 99 countries and 21 PDCs. 2025 Parts revenue $6.87B (record, 24% of rev), $1.67B pretax.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. SEC","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526057025/pcar-20251231.htm","title":"PACCAR Inc Form 10-K (FY2025)","title_en":"PACCAR Inc Form 10-K (FY2025)","excerpt":"부품 부문 2025년 매출 $6,873.7M, 세전이익 $1,668.0M(세전이익률 24.3%), 총매출의 24% 차지.","excerpt_en":"Parts net sales $6,873.7M in 2025, pretax income $1,668.0M (24.3% margin), 24% of revenues."},{"stance":"confirms","publisher":"PACCAR IR","publisher_en":"PACCAR IR","kind":"filing","lang":"en","published_at":"2026-01-27","url":"https://investors.paccar.com/financial-news/news-details/2026/PACCAR-Achieves-Very-Good-Annual-Revenues-and-Net-Income/default.aspx","title":"PACCAR, 우수한 연간 매출·순이익 달성","title_en":"PACCAR Achieves Very Good Annual Revenues and Net Income","excerpt":"PACCAR Parts, 사상 최대 매출 $6.87B·세전이익 $1.67B 달성.","excerpt_en":"PACCAR Parts achieved record revenues of $6.87B and pretax income of $1.67B."}]},{"direction":"cost","counterparty":"원자재·부품 공급망 (강재·구리·알루미늄)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"pct","basis":"원자재·부품이 신차 원가의 약 85%","value":85,"period":"2025","basis_en":"Materials/parts ~85% of new truck cost","qualifier":"approx"},"note":"강재·구리·알루미늄·석유 등 원자재와 부품이 신차 원가의 약 85%. 반도체는 다수 공급사에서 조달하고 일부 품목은 헤지·장기계약으로 변동성 관리.","note_en":"Raw materials and components (steel, copper, aluminum, petroleum) make up ~85% of new-truck cost. Semiconductors are sourced from various suppliers, with hedging and long-term agreements to manage variability.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. SEC","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526057025/pcar-20251231.htm","title":"PACCAR Inc Form 10-K (FY2025)","title_en":"PACCAR Inc Form 10-K (FY2025)","excerpt":"원자재·부분가공재·완성부품이 신차 원가의 약 85%를 차지하며, 트럭 원가는 강재·구리·알루미늄·석유 등 상품 가격에 좌우됨.","excerpt_en":"Raw materials, partially processed materials and finished components typically make up ~85% of the cost of new trucks; costs are influenced by commodities such as steel, copper, aluminum and petroleum."}]},{"direction":"cost","counterparty":"Cummins (조달 디젤 엔진)","counterparty_slug":"cummins","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"PACCAR가 자체 제작하지 않는 엔진은 커민스에서 조달(장기 공급계약). 자체 MX-13·MX-11 엔진은 콜럼버스(MS)·에인트호번(NL)·폰타그로사(BR)에서 생산. 조달 금액 비공개.","note_en":"Engines PACCAR does not build itself are purchased from Cummins under long-term supply agreements. Its own MX-13/MX-11 engines are made in Columbus MS, Eindhoven NL and Ponta Grossa BR. Value undisclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. SEC","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526057025/pcar-20251231.htm","title":"PACCAR Inc Form 10-K (FY2025)","title_en":"PACCAR Inc Form 10-K (FY2025)","excerpt":"자사가 제조하지 않는 엔진은 커민스(Cummins Inc.)에서 구매하며, 커민스와 공급 연속성을 위한 장기 계약을 보유. 커민스 공급 중단은 실적에 중대한 영향.","excerpt_en":"Engines not manufactured by the Company are purchased from Cummins Inc.; the Company has long-term agreements with Cummins for continuity of supply, and a loss of supply would have a material effect."}]},{"direction":"cost","counterparty":"Eaton·ZF (트랜스미션)","counterparty_slug":null,"confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"트랜스미션의 상당 부분을 Eaton과 ZF Friedrichshafen에서 조달하고, 캡 스탬핑은 Magna에서 조달(모두 장기 공급계약). 조달 금액 비공개.","note_en":"Sources a significant portion of transmissions from Eaton and ZF Friedrichshafen, and North America cab stampings from Magna, all under long-term supply agreements. Value undisclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. SEC","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526057025/pcar-20251231.htm","title":"PACCAR Inc Form 10-K (FY2025)","title_en":"PACCAR Inc Form 10-K (FY2025)","excerpt":"트랜스미션의 상당 부분을 Eaton과 ZF에서, 북미 캡 스탬핑을 Magna에서 구매하며 Cummins·Eaton·ZF·Magna와 장기 공급계약 보유.","excerpt_en":"The Company purchased a significant portion of transmissions from Eaton and ZF, and cab stampings from Magna, with long-term agreements with Cummins, Eaton, ZF and Magna."}]},{"direction":"revenue","counterparty":"Aurora Innovation (자율주행 트럭 플랫폼)","counterparty_slug":"aurora","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"2021년 1월 글로벌 전략 제휴로 오로라에 피터빌트 579·켄워스 T680 자율주행 대응 플랫폼을 공급·공동개발. 오로라는 2025년 4월 이 차량으로 무인 상용운행을 개시, 2026년 확대 예정. 계약 금액 비공개.","note_en":"Under a Jan-2021 global strategic partnership, supplies and co-develops driverless-capable Peterbilt 579 and Kenworth T680 platforms for Aurora, which launched driverless commercial operations on these trucks in April 2025 and plans 2026 scale-up. Value undisclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. SEC","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/1828108/000182810826000016/aur-20251231.htm","title":"Aurora Innovation Form 10-K (FY2025)","title_en":"Aurora Innovation Form 10-K (FY2025)","excerpt":"오로라는 2021년 PACCAR와 글로벌 전략 제휴를 맺고 피터빌트 579·켄워스 T680을 기반으로 무인 트럭을 개발; 2025년 4월 무인 상용운행 개시.","excerpt_en":"Aurora entered a 2021 global strategic partnership with PACCAR, building driverless trucks on the Peterbilt 579 and Kenworth T680; launched driverless commercial operations April 2025."},{"stance":"confirms","publisher":"Heavy Duty Trucking","publisher_en":"Heavy Duty Trucking","kind":"news","lang":"en","published_at":"2026-01-15","url":"https://www.truckinginfo.com/news/aurora-heads-into-2026-with-big-plans-on-tap","title":"오로라, 2026년 무인 트럭 확대 계획","title_en":"Aurora Heads into 2026 with Big Plans on Tap","excerpt":"오로라, 2026년 중반 2세대 하드웨어 도입·무인 트럭 수백 대 운행 계획으로 PACCAR 차량 상용화 확대.","excerpt_en":"Aurora plans 2nd-gen hardware by mid-2026 and hundreds of driverless trucks, expanding commercialization on PACCAR vehicles."}]}]}