Introduction 

In this report, the financial and ratio analysis of Paccar INC. has been carried out. Financial analysis includes the analysis of comparative balance sheet, statement of cash flows, and income statement. The market price of Paccar stock has also been examined and is compared with its industry competitors. PACCAR Inc is one of the world’s largest manufacturers of heavy duty and medium commercial vehicles (“Home | PACCAR”, 2020). It was founded in the year 1905. PACCAR also manufacture, designs and provides customer support services of medium, heavy-duty, and light trucks which are under the nameplates of Leyland trucks, Peterbilt, DAF, and Kenworth. Leyland trucks and DAF trucks are the subsidiaries of PACCAR. Almost 25000 employees are employed by PACCAR Inc.

Analysis of Balance sheet

Paccar Incorporation
Statement of Financial Position
Amount in millions of dollars
SL. No.	Particulars	2018	2017	2016
I	Equity & Liabilities
A	Equity
	Equity Share Capital	346.60	351.80	350.70
	Additional paid-up capital	69.40	123.20	70.10
	Retained Earnings	9,275.40	8,369.10	7,484.90
	Accumulated Losses	(1,098.50)	(793.60)	(1,128.10)
	Total Equity (A)	8,592.90	8,050.50	6,777.60
B	Non-Current Liabilities
	Term notes	6,409.70	5,945.50	6,027.70
	Deferred Tax Liabilities	704.90	773.70	934.90
	Total Non-Current Liabilities (B)	7,114.60	6,719.20	6,962.60
C	Current Liabilities
	Trade and other payables	3,550.90	3,035.70	2,429.10
	Dividend Payable	695.10	422.10	210.40
	Guarantees and deferred revenues	842.40	1,339.00	1,072.60
	Bank loans and commercial papers	3,540.80	2,933.90	2,447.50
	Other current liabilities	1,145.70	939.80	739.10
	Total Current Liabilities (C)	9,774.90	8,670.50	6,898.70
	Total Equity & Liabilities (A+B+C)	25,482.40	23,440.20	20,638.90
II	Assets
D	Non-Current Assets
	Property, Plant & Equipment	2,480.90	2,464.40	2,260.00
	Equipment on lease	3,641.60	4,142.00	3,637.80
	Other non-current assets	651.90	425.20	432.00
	Total Non-Current Assets (D)	6,774.40	7,031.60	6,329.80
E	Current Assets
	Inventories	1,184.70	928.40	727.80
	Trade and other Receivables	12,155.20	10,825.00	9,699.60
	Investment in debt securities (marketable)	1,020.40	1,367.10	1,140.90
	Cash and cash equivalents	3,435.90	2,364.70	1,915.70
	Other current assets	911.80	923.40	825.10
	Total Current Assets (E)	18,708.00	16,408.60	14,309.10
	Total Assets (D+E)	25,482.40	23,440.20	20,638.90

In this analysis, the items related to current and non-current assets and liabilities have been analyzed. The dividend payable by the company has also been analyzed. The current asset’s position and the non-current liabilities position has been examined in detail. Loans and guarantees given by PACCAR INC. have also been scrutinized.

The company current assets in 2018 were 18708 million dollars and in 2016 it was 14309.10 million dollars. The current liability has also increased from 6898.70 to 9774.90 million dollars.  Thus it can be analyzed that the company has sufficient current assets to pay all its current obligations that are due within twelve months.

 After analyzing the solvency position of PACCAR it can be said that the solvency position is not good for PACCAR. From 2016-2018, the solvency position is below 20 percentages which signify that the long term obligation cannot be meet easily by the organization. The company creditworthiness score will fall and the lenders who use financial statements to determine the solvency ratio of PACCAR will not be able to provide huge amount of loans to the company.

The long term debts of the company as noticed in the balance sheet are in the form of term notes. Almost 9 percent of the debt of PACCAR has been increased as compared to 2017 financial year. In 2016, the amount of debt was 6027.70 while in 2017 it decreased to 5945.50 and then the amount has been increased significantly to 6409.70 million dollars. Thus it can be said based on above trend of debt that the company is a levered firm and like to include more amount of debenture in its financial statement.

In 2016, the amount of retained was only 7484.90 million dollars which increases to 9275.40 million dollars. This implies that earlier the company use to pay high rate of dividend to its shareholders but in the recent years the company is not paying huge dividend to equity holders rather the company is retaining the amount of profit for the expansion of the business by acquiring similar business or by merging with other company so that it can use its technology to manufacture innovative product. The amount which company uses to purchase plant and equipment has been increased in 2018. The equipment which has been taken on lease has been decreased in 2018 in comparison to 2017 and 2016. This decrease in the amount of lease indicates that the company is purchasing its assets rather than taking on lease terms. Company wants to have its non-current assets and also want to decrease the amount of lease rental.

Analysis of Profit and loss Statement

Paccar Incorporation
Statement of Profit or Loss
Amount in millions of dollars
Particulars	2018	2017	2016
I. Truck, Parts and Others
Net Revenue	22,138.60	18,187.50	15,846.60
Less: Cost of revenue	18,925.00	15,628.90	13,533.60
Gross Profit	3,213.60	2,558.60	2,313.00
Less: Research and development expenses	306.10	264.70	247.20
Less: Selling and administrative expenses	524.90	464.00	442.60
Less: Commission charges	–	–	833.00
Add: Interest income	60.80	46.40	6.90
Profit before deducting tax (I)	2,443.40	1,876.30	797.10
II. Financial Services Segment
Revenue from:
Interest and fees	497.70	431.10	426.20
Lease and rentals	859.40	837.80	760.50
	1,357.10	1,268.90	1,186.70
Less: Interest and other expenses related to borrowings	186.90	149.60	127.20
Gross Profit	1,170.20	1,119.30	1,059.50
Less: Depreciation and amortization	728.00	727.50	635.20
Less: Selling and administrative expenses	119.80	107.80	100.20
Less: Provision for losses on receivables	16.50	22.30	18.40
Profit before deducting tax (II)	305.90	261.70	305.70
Total Profit (I+II)	2,749.30	2,138.00	1,102.80
Add: Income from Investments	60.90	35.30	27.60
	2,810.20	2,173.30	1,130.40
Less: Tax	615.10	498.10	608.70
Total Profit for the year	2,195.10	1,675.20	521.70
Earnings per share	6.25	4.76	1.49
Dividend per share	6.24	4.75	1.48

This income statement analysis evaluates the net revenue, gross profit, and cost of sales, operating expenses, EPS, and other revenues of PACCAR INC. Expenses such as development and research expenses, administrative expenses have also been examined.

The net revenue of PACCAR in 2016 was 15846.60 million dollars which have been increased almost by 62 percent in 2018. A significant increase in company sales is noticed in the financial year 2018. This increase in sales is due to an effective decision taken by the management on how to reduce the cost and increase the amount of sales to boost the growth of the company.

It can be evaluated from the above table that the cost of sales in 2016 was only 13533.60 and which significantly increased to an amount of 18925 million dollars. The expenditure on sales has been increased by 39.84 percent. Though the cost has been increasing drastically the gross profit also reaches 3213.60 million dollars from 2313 million dollars. The gross profit has been boost by almost 39 percent from 2016-2018.

The company does not incur much on operating expenses such as selling expenses, development expenses, and commission charges. The research and development expenses in 2016 were 247.20 and in 2018 it increases by 58.9 million dollars. The company has controlled the operating expenses by reducing the amount of research and also has controlled over administrative expenses.

In 2016, the interest which has been paid by the organization on its borrowing was 127.20 million dollars and in the year 2018, the amount rose to 186.90 million dollars. This means that the borrowing of PACCAR has also increased and this the main reason for the high amount of interest debited to statement of profit and loss account in 2018.

Formula of Earning per share = AVAILABLE AMOUNT OF PROFIT FOR EQUITY HOLDERS / OUTSATNDING SHARES OF COMPANY

Definition: According to Nwabuisi, Aseoluwa & Tolulope (2017), EPS is a type of tool which is used mostly by investor to evaluate the profitability of a particular organization before purchasing the shares of a company.

Trend analysis: the EPS has rapidly increased in 2018 from 1.49 in 2016 to 6.25.

Industry analysis: this increase is favorable to the investors as the investor will earn high amount of profit on their investment.

Analysis of Cash flow statement

Paccar Incorporation
Consolidated Statement of Cash Flows
Amount in millions of dollars
Particulars	2018	2017	2016
Total Profit for the year	2195.1	1675.2	521.7
Adjustments for:
Depreciation and amortization	1,054.10	1,107.50	993.10
Provision for losses on receivables	16.50	22.30	18.40
Deferred taxes	17.50	(173.90)	30.90
Other non-cash expenses	35.10	43.60	30.30
Contribution towards pension	(88.90)	(70.60)	(185.70)
Profit before changes in assets and liabilities	3,229.40	2,604.10	1,408.70
(Increase)/Decrease in assets other than cash and cash equivalents:
Trade and other Receivables	(781.30)	(407.30)	455.90
Inventories	(332.70)	(149.90)	64.10
Other assets	(217.10)	131.40	41.00
Increase/(Decrease) in liabilities:
Trade and other payables	528.90	333.60	(8.60)
Guarantees and deferred revenues	275.00	166.30	155.90
Other liabilities	290.10	37.60	183.80
Cash Flow From/(used in) Operating Activities	2,992.30	2,715.80	2,300.80
Payments for property, plant and equipment	(457.60)	(423.40)	(375.20)
Acquisition of equipment on lease	(1,494.70)	(1,423.20)	(1,589.70)
Acquisition of marketable securities	(615.90)	(970.30)	(1,031.90)
Collection towards financing lease	2,914.00	2,713.70	2,509.80
Payments towards financing lease	(3,858.90)	(3,116.80)	(2,825.90)
Increase/(decrease) in equipment used in wholesale trade	(0.90)	5.20	9.50
Proceeds from disposal of marketable securities	931.50	779.50	1,304.80
Proceeds from disposal of assets	653.70	470.70	433.80
Other investment activities	(1.90)	–	0.50
Cash Flow From/(used in) Investing Activities	(1,930.70)	(1,964.60)	(1,564.30)
Proceeds from stock compensation	19.30	39.30	29.40
Purchase of treasury stocks	(354.40)	–	(70.50)
Increase/(decrease) in bank loans and commercial papers	625.90	352.10	(322.80)
Payments towards term debt	(1,755.30)	(1,897.10)	(1,625.10)
Proceeds from term debt	2,339.90	1,670.20	1,994.80
Dividend paid in cash	(804.30)	(558.30)	(829.30)
Cash Flow From/(used in) Financing Activities	71.10	(393.80)	(823.50)
Net Increase/(decrease) in Cash and Cash Equivalents	1,132.70	357.40	(87.00)
Add/(Less): Effect of exchange rate fluctuations	(61.50)	91.60	(13.70)
Add: Opening Cash and Cash Equivalents	2,364.70	1,915.70	2,016.40
Closing Cash and Cash Equivalents	3,435.90	2,364.70	1,915.70

Operating activities 

While analyzing the operating activities it has been evaluated that in 2016 the amortization and depreciation amount was 993.10 dollars and in 2018 the amount increased to 1054.10 million dollars. This increase in because of high amount invested in plant and equipment.

Earlier the company did not use to maintain high amount for provision but in 2018 the company has provided an amount of 16.50 million dollars which has been written off in the Profit and loss account.

The amount of deferred tax in 2017 was minus 173.90 million dollars which signify that the company has deferred tax liability to be paid in future but in 2018 the amount becomes positive which means that PACCAR can use the deferred amount to pay its entire taxes amount.

Investing activities

PACCAR has invested fewer amounts in marketable securities in 2018 when compared to 2017 and 2016.

The amount that has been collected from financial lease has increased by 200.3 million dollars in 2018 from 2713.70 million dollars in 2017.

Company has collected in 931.50 million dollars from sale of securities in 2018. In 2016, the collection was 1304.80 million dollars. So a decline in the sale has been seen in 2018.

Financing activities

In 2016, the proceeds which accrued from term debt were 1994.80 and it increases to 2339.90 million dollars. This increase in the proceeds is due to huge amount invested in the term debt by the company.

The payment regarding term debt has declined in 2018 to 17755.30 from 1897.10 in 2017.

Financial ratio Analysis

Paccar Incorporation
Analysis of Financial Ratios
Yearly Comparison
Particulars	2018	2017	2016
1. Net Working Capital
(a) Current Assets	18,708.00	16,408.60	14,309.10
(b) Current Liabilities	9,774.90	8,670.50	6,898.70
Net Working Capital (a-b)	8,933.10	7,738.10	7,410.40
2. Current Ratio
(a) Current Assets	18,708.00	16,408.60	14,309.10
(b) Current Liabilities	9,774.90	8,670.50	6,898.70
Current Ratio (a/b)	1.91	1.89	2.07
The formula for the Current Ratio = Current Assets / Current Liabilities Definition: According to Lim (2019), current ratio is a short term ratio that analyses whether PACCAR can meet its short term obligations or not.Trend analysis: the current ratio in all the year is above which indicate that PACCAR can easily meet all its short term requirement or obligations within a year Industry analysis: in all three years the ratios are favorable for PACCAR because the higher the current ratios the better PACCAR will cover its short term liabilities.
3. Quick Ratio
(a) Current Assets	18,708.00	16,408.60	14,309.10
(b) Inventories	1,184.70	928.40	727.80
(c) Quick Assets (a-b)	17,523.30	15,480.20	13,581.30
(d) Current Liabilities	9,774.90	8,670.50	6,898.70
Quick Ratio (c/d)	1.79	1.79	1.97
Formula of Quick Ratio = [Current Assets – prepaid expenses – Inventory] / Current LiabilitiesDefinition: It acts as an indicator for a company that examines the short term financial liquidity of any company (Wu, 2019).Trend analysis: in 2016 the liquidity position of PACCAR was stronger than in 2017 and 2018. Industry analysis: from 2016-2018 the company liquid assets were easily converted or exchanged into cash due to higher quick ratio.
4. Asset Turnover Ratio
(a) Total Sales/Revenue	23,495.70	19,456.40	17,033.30
(b) Total Assets	25,482.40	23,440.20	20,638.90
Asset Turnover (a/b)	0.92	0.83	0.83
5. Gross Profit Margin
(a) Gross Profit	4,383.80	3,677.90	3,372.50
(b) Total Revenue	23,495.70	19,456.40	17,033.30
Gross Profit Ratio [(a/b)x100]	18.66%	18.90%	19.80%
Formula of Gross profit ratio = TOTAL AMOUNT OF REVENUE – COGS / TOTAL REVENUEDefinition: According to Jakpar et al. (2017), the financial health of an organization is assessed by applying ratio of gross profit.Trend analysis: the percentage of gross profit in 2016 was 19.80 and in 2017, 2018 percentage has been decreased. Industry analysis: gross profit can be used by PACCAR to pay all its operating expenses such as labor cost, manufacturing expenses, etc.
6. Net Profit Margin
(a) Net Profit	2,195.10	1,675.20	521.70
(b) Total Revenue	23,495.70	19,456.40	17,033.30
Net Profit Ratio [(a/b)x100]	9.34%	8.61%	3.06%
Formula of Net Profit Margin = NET INCOME / TOTAL REVENUE X 100Definition: As opined by Epaphr & Nyantori (2018), net profit ratio is used to signify the percentage of profit gained on the total revenues of a firm.Trend analysis: from the above calculation of net profit ratio it can be seen that the company has put all its efforts to increase its net profit margin. In 2018, the margin has reached to 9.34 percent from 3.06 percentIndustry analysis: this increase in net profit indicates that PACCAR has managed to increase its revenues in the current as compared to previous years. There has been a growth in the revenue and sales of PACCAR INC.
7. Return on Equity
(a) Profit after tax	2,195.10	1,675.20	521.70
(b) Total Equity	8,592.90	8,050.50	6,777.60
Return on Equity [(a/b)x100]	25.55%	20.81%	7.70%
8. Debt-Equity Ratio
(a) Long Term Debts	6,409.70	5,945.50	6,027.70
(b) Total Equity	8,592.90	8,050.50	6,777.60
Debt-Equity Ratio (a/b)	0.75	0.74	0.89
Formula of Debt-equity Ratio = DEBT /EQUITYDefinition: the financial leverage of an organization is evaluated by the use of this ratioTrend analysis: the ratio of debt equity in 2016 was 0.89 but in 2018 it has been decreased to 0.75. Industry analysis: this indicates that in 2016 PACCAR was using more and more debts in its capital business but in 2018 the percentage of debenture has lowered. This means that the company is a leveraging company and do not like to take risk. But in the current year, it has been noticed that the organization is increasing the ratio of equity as compared to 2016.
9. Capital Gearing Ratio
(a) Total Equity	8,592.90	8,050.50	6,777.60
(b) Long Term Debts	6,409.70	5,945.50	6,027.70
Capital Gearing Ratio (a/b)	1.34	1.35	1.12
10. Ratio of Current Liabilities to Proprietors’ Funds
(a) Current Liabilities	9,774.90	8,670.50	6,898.70
(b) Proprietors’ Funds	8,592.90	8,050.50	6,777.60
Current Liabilities to Proprietors’ Funds (a/b)	1.14	1.08	1.02
11. Cash Ratio/Absolute Liquidity Ratio
(a) Cash and cash equivalents	3,435.90	2,364.70	1,915.70
(b) Current Liabilities	9,774.90	8,670.50	6,898.70
Cash Ratio (a/b)	0.35	0.27	0.28
12. Solvency Ratio
(a) Net Profit	2,195.10	1,675.20	521.70
(b) Total Liabilities	16,889.50	15,389.70	13,861.30
Solvency Ratio (a/b)	0.13	0.11	0.04
13. Interest Coverage Ratio
(a) Profit before tax	2,749.30	2,138.00	1,102.80
(b) Interest expenses	186.90	149.60	127.20
(c) Earnings before interest and tax (a+b)	2,936.20	2,287.60	1,230.00
Interest Coverage Ratio (ICR) (c/b)	15.71	15.29	9.67
Formula of interest coverage Ratio = EBIT / INTEREST AMOUNTDefinition: this ratio also acts like an indicator that measures the ability of an enterprise to pay its interest amount on the amount of loan taken by the company. Trend analysis: it can be seen that the ratio of interest coverage has shown a growth rate in 2018 while in 2016 it was only 9.67. Industry analysis: this signifies that PACCAR INC. is in a very good position to meet the expenses of interest on the debenture issued or loan availed by the entity.
14. Inventory Turnover Ratio
(a) Total Sales/Revenue	23,495.70	19,456.40	17,033.30
(b) Opening Inventories	928.40	727.80	796.50
(c) Closing Inventories	1,184.70	928.40	727.80
(d) Average Inventories	1,056.55	828.10	762.15
Inventory Turnover Ratio (a/d)	22.24	23.50	22.35
Formula of Inventory turnover = COGS / AVERAGE AMOUNT OF INVENTORYDefinition: According to Mugabe (2018), inventory turnover represents the time’s inventory had been purchased and sold by an entity. Trend analysis: there have been ups and down in the inventory turnover ratio from 2016-2018 and the ratio is also not consistent. Industry analysis: the ratio of inventory turnover is very high in all the 3 years which implies that the sale of PACCAR is very strong and which helps the organization to increase its revenue.
15. Receivables Turnover Ratio
(a) Total Sales/Revenue	23,495.70	19,456.40	17,033.30
(b) Opening Receivables	10,825.00	9,699.60	10,182.60
(c) Closing Receivables	12,155.20	10,825.00	9,699.60
(d) Average Receivables	11,490.10	10,262.30	9,941.10
Receivables Turnover Ratio (a/d)	2.04	1.90	1.71
s
16. Return on Assets
(a) Profit after tax	2,195.10	1,675.20	521.70
(b) Total assets	25,482.40	23,440.20	20,638.90
Return on Assets [(a/b)x100]	8.61%	7.15%	2.53%
Formula of Return on Assets = NET INCOME / AMOUNT OF AVARAGE ASSETS Definition: this indicates the effectiveness of a company on utilizing all its assets to achieve maximum profit during a particular periodTrend analysis: the ratio of return on assets was very low in 2016 in comparison to 2018 ratio. Industry analysis: in 2018, PACCAR capital intensity is better than the financial year 2016. In 2016, PACCAR required huge investment due to low percentage of return on assets which also indicates the company has not utilized its assets to turn it to revenue.
:
17. Days’ Sales in Inventory
(a) No. of days in a year	365	365	365
(b) Inventory Turnover	22.24	23.50	22.35
Days’ Sales in Inventory (a/b)	16.41	15.54	16.33
18. Days’ Sales in Receivables
(a) No. of days in a year	365	365	365
(b) Receivables Turnover	2.04	1.90	1.71
Days’ Sales in Receivables (a/b)	178.50	192.52	213.02

Stock analysis

(“Paccar Inc.”, 2020) http://www.marketwatch.com/investing/stock/pcar

0

(“Daimler AG”, 2020) https://www.marketwatch.com/investing/stock/ddaif

The current price of the stock of PACCAR is $ 68.99 and that of Daimler AG is $42.98. The stock price of Daimler AG is less than PACCAR. Daimler AG is an automotive company located in Germany which was established in 1926. The main products of the company are commercial vehicles and automobiles. Almost 3 lacs employees are employed by Daimler AG. Share price of Paccar has shown a negative variance from $69.13 to $68.99. But the share price of its competitor Daimler has increased from $42.79 to $42.98.

Summary 

High amount of growth in the revenue and profit has been experienced after scrutinizing the income statement of Paccar INC. Company has achieved a high return on its equity which is a good sign for all the equity holders. Apart from its core business company also gain a large margin of revenue from other business such as providing equipment to the lessee on finance lease and by disposing of company asset. PACCAR ha also purchased treasury stock from the existing holders of shares. Company has the policy of paying dividend in cash.

Opinion 

If the number of equity holders will increase then the equity holders will not demand the dividend. Even if the company did not declare the dividend amount the shareholders will not ask for any dividend. So the company should include more number of equities in the company by issuing equity shares. Company should also provide machines and equipments on operating lease so that they can receive huge rental amount from other companies. Company can increase EPS of shareholders by repurchasing their shares from their shareholders. Paccar should pay dividends either by bank cheque or by electronic means.

Strength and weakness

Strength

After analyzing and examining the report of PACCAR, it can be expressed that PACCAR has maintained and increase its revenue in all the financial year. PACCAR has managed to cut down its expenses especially operating expenses. It has also managed to maintain its current assets so that the company would easily manage its short term payment such as creditors and other accounts receivables.

Weakness

The main weakness which has been highlighted while analyzing is that the long term solvency ratio of PACCAR is very poor. Company is not in a better position to manage its long term debt although it is a levered company the ratio of solvency is very bad. There has been a negative figure in exchange rate which means that the company financial accountant has not taken the help of any derivative instrument such as hedging to cover its exchange fluctuation losses.

Recommendation

It is to be recommended that the company should use equally its debenture and equity so that a balanced amount of equity and debt will be used. Company can also increase its solvency position by properly managing its debt. If the portion of debt is reduced then the solvency can be effectively managed by the entity. PACCAR can use its retained amount by investing in a portfolio that carries unsystematic risk and which provides high returns to the company.

Conclusion

It is to be concluded that PACCAR INC. should use balanced percentage of equity portion and debt portion in the balance sheet. PACCAR should take sound decisions on how efficiently the receivables can be managed to cover long as well as short term payables of the company. Derivative instrument should be applied by the financial accountant of the entity so that the company would gain from fluctuation in foreign exchange rather than losses from fluctuation.

REFERENCES

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Helmi, J., & Fatihah, F. (2019). Volkswagen Company’s Corporate Governance and Liquidity Risk. [Available at https://mpra.ub.uni-muenchen.de/97265/1/MPRA_paper_97265.pdf [Accessed on 26^th February, 2020]

Home |PACCAR. (2020). Retrieved 25^th February, from https:www.paccar.com/

Jakpar, S., Tinggi, M., Siang, T. K., Johari, A., Myint, K. T., & Sadique, M. (2017). Working capital management and profitability: Evidence from manufacturing sector in Malaysia. Journal of Business & Financial Affairs, 6(2), 1-9. [Available at https://www.researchgate.net/profile/Shaharudin_Jakpar/publication/318424558_Working_Capital_Management_and_Profitability_Evidence_from_Manufacturing_Sector_in_Malaysia/links/596d7c0aa6fdcc03edb6ceee/Working-Capital-Management-and-Profitability-Evidence-from-Manufacturing-Sector-in-Malaysia.pdf] [Accessed on 25^th February, 2020]

Lim, W. Y. (2019). Liquidity of General Motor Company due to their Internal and External factor. [Available at https://mpra.ub.uni-muenchen.de/97257/1/MPRA_paper_97257.pdf] [Accessed on 25th February, 2020]

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