olivLaw · US equity research
Penske Automotive Group, Inc. PAG
Retail-Auto Dealers & Gasoline Stations · SIC 5500 · Vertical: Retail-Auto Dealers & Gasoline Stations (SIC 5500)
Penske Automotive Group (PAG) is a diversified international transportation services company running automotive and commercial truck dealerships, plus commercial vehicle distribution, with total revenue of $31.8 billion in fiscal 2025. It matters now because revenue and truck orders recovered in the second quarter of 2026 as freight conditions improved.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Penske Automotive Group, Inc. (PAG) stock was 212.30 USD (+0.04% on the day), with market capitalisation 13.9 bn USD, P/E 15.5 on diluted EPS of 13.71 USD over the last 12 months, dividend yield 2.66%, beta 0.70, 52-week range 140.60–223.44 USD. Latest reported quarter (Q3 2026): revenue of 8.4 bn USD (+4.5% YoY), net income of 220.8 m USD (−1.8% YoY), diluted EPS 3.36 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.8
- strong (55–70)
- Bollinger (20, 2)
- 193.91 – 222.38
- in the upper half of the band · %B 0.65 · band width 13.7%
- SMA 50 / 200
- 210.15 / 183.48
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.59 / 1.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.8% | −1.1% | +6.9 pp | — |
| 3 months | −1.6% | −0.5% | −1.2 pp | — |
| 6 months | +25.1% | +4.4% | +20.7 pp | — |
| Year to date | +34.1% | +12.3% | +21.8 pp | — |
| 1 year | +35.5% | +13.5% | +22.0 pp | −5.6% |
| 3 years | +36.0% | +76.4% | −40.4 pp | −0.4% |
| 5 years | +89.8% | +63.7% | +26.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.1 bn | 8.0 bn | 8.0 bn | 8.1 bn | 7.8 bn | 7.9 bn | 8.5 bn | 8.4 bn |
| Cost of revenue | 7.7 bn | 6.6 bn | 6.7 bn | 6.8 bn | 6.5 bn | 6.6 bn | 7.2 bn | 7.1 bn |
| Gross profit | 1.3 bn | 1.3 bn | 1.4 bn | 1.3 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.3 bn |
| SG&A | 1.0 bn | 951.4 m | 943.8 m | 944.8 m | 924.0 m | 965.6 m | 974.0 m | 975.5 m |
| Operating income | 387.1 m | 329.4 m | 365.3 m | 311.0 m | 275.0 m | 289.0 m | 337.6 m | 303.1 m |
| Pre-tax income | 365.2 m | 350.5 m | 353.5 m | 304.0 m | 255.7 m | 323.7 m | 353.8 m | 302.0 m |
| Income tax | 77.9 m | 92.1 m | 86.0 m | 78.7 m | 69.0 m | 88.8 m | 92.6 m | 80.8 m |
| Net income | 249.3 m | 257.7 m | 266.6 m | 224.8 m | 186.1 m | 234.5 m | 260.4 m | 220.8 m |
| Diluted EPS | 3.73 | 3.86 | 4.03 | 3.41 | 2.83 | 3.56 | 3.96 | 3.36 |
| Operating cash flow | 268.5 m | 291.0 m | 209.2 m ≈ | 399.2 m ≈ | 75.7 m | 215.0 m | 204.1 m ≈ | 305.5 m ≈ |
| Capex | 95.2 m | 84.7 m | 70.8 m | 79.1 m | 85.3 m | 62.6 m | 72.3 m ≈ | 82.2 m ≈ |
| Dividends paid | 79.7 m | 81.8 m | 83.6 m ≈ | 87.3 m ≈ | 91.1 m | 92.6 m | 93.6 m ≈ | 94.8 m ≈ |
| Share repurchases | 600.0 k | 39.9 m | 71.3 m ≈ | 7.8 m ≈ | 40.1 m | 26.3 m | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 40-quarter history (min 5.4, median 9.5, max 14.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.8 bn | 23.2 bn | 20.4 bn | 25.6 bn | 27.8 bn | 30.9 bn | 31.9 bn | 31.8 bn |
| Revenue YoY | +6.5% | +1.7% | −11.8% | +25.0% | +8.8% | +11.2% | +3.1% | −0.2% |
| Net income | 471.0 m | 435.8 m | 543.6 m | 1.2 bn | 1.4 bn | 1.1 bn | 968.9 m | 935.4 m |
| Net income YoY | −23.2% | −7.5% | +24.7% | +118.5% | +16.2% | −19.7% | −12.6% | −3.5% |
| Diluted EPS | 5.53 | 5.28 | 6.74 | 14.89 | 18.55 | 16.31 | 14.49 | 14.13 |
| Diluted EPS YoY | −22.5% | −4.5% | +27.7% | +120.9% | +24.6% | −12.1% | −11.2% | −2.5% |
| net % | 2.1% | 1.9% | 2.7% | 4.6% | 5.0% | 3.6% | 3.0% | 2.9% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | 1.2 bn | 759.2 m | 852.8 m | 650.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 64.7 m USD
- Financial debt
- 2.2 bn USD
- Net debt
- 2.1 bn USD
- Equity
- 5.6 bn USD
- Total assets
- 17.6 bn USD
- Debt / equity
- 0.39x
- Current ratio
- 0.99x
- ROE
- 17.0%
- ROA
- 5.4%
- FCF margin
- 2.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 20.4 bn | 25.6 bn | 27.8 bn | 30.9 bn | 31.9 bn | 31.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 17.3 bn | 21.1 bn | 23.0 bn | 25.8 bn | 26.6 bn | 26.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 3.2 bn | 4.4 bn | 4.8 bn | 5.1 bn | 5.2 bn | 5.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 2.4 bn | 3.0 bn | 3.2 bn | 3.6 bn | 3.7 bn | 3.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 704.5 m | 1.4 bn | 1.5 bn | 1.4 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 707.6 m | 1.6 bn | 1.9 bn | 1.5 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 162.7 m | 416.3 m | 473.0 m | 360.9 m | 316.5 m | 325.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 543.6 m | 1.2 bn | 1.4 bn | 1.1 bn | 968.9 m | 935.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 6.74 | 14.89 | 18.55 | 16.31 | 14.49 | 14.13 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 80.6 m | 79.7 m | 74.4 m | 68.0 m | 66.9 m | 66.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 0.84 | 1.78 | 2.07 | 2.78 | 4.09 | 5.18 | SEC (XBRL)· 27 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 49.5 m | 100.7 m | 106.5 m | 96.4 m | 83.6 m | 64.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 3.4 bn | 3.1 bn | 3.5 bn | 4.3 bn | 4.7 bn | 4.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 4.4 bn | 4.1 bn | 4.7 bn | 5.7 bn | 6.0 bn | 6.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 2.4 bn | 2.4 bn | 2.5 bn | 2.8 bn | 3.0 bn | 3.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 1.9 bn | 2.1 bn | 2.2 bn | 2.2 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 13.2 bn | 13.5 bn | 14.1 bn | 15.7 bn | 17.1 bn | 17.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 675.4 m | 767.1 m | 853.5 m | 866.9 m | 859.1 m | 899.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 87.5 m | 82.0 m | 75.2 m | 209.7 m | 721.2 m | 355.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 1.6 bn | 1.4 bn | 1.5 bn | 1.4 bn | 1.1 bn | 1.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 4.7 bn | 4.3 bn | 4.7 bn | 5.7 bn | 6.6 bn | 6.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 9.9 bn | 9.4 bn | 9.9 bn | 10.9 bn | 11.7 bn | 12.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 3.3 bn | 4.1 bn | 4.4 bn | 4.9 bn | 5.4 bn | 5.6 bn | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | — | — | 1.5 bn | 1.1 bn | 1.2 bn | 975.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 185.9 m | 248.9 m | 282.5 m | 386.0 m | 377.8 m | 324.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | — | — | 1.2 bn ≈ | 759.2 m ≈ | 852.8 m ≈ | 650.5 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -136.5 m | -623.1 m | -641.7 m | -583.0 m | -1.0 bn | -175.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -1.1 bn | -615.5 m | -798.0 m | -572.4 m | -201.6 m | -825.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 68.1 m | 142.5 m | 154.1 m | 189.1 m | 274.4 m | 343.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 29.4 m | 280.6 m | 869.3 m | 358.7 m | 58.7 m | 159.1 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 33 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 13.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation38
- Returns53
- Quality33
- Balance sheet15
- Growth19
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 68.07 – 300.54 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E122.80 – 300.54 (Mid 191.32)11 companies used · median multiple 14.0x · quartiles 9.0x – 21.9xABG, AN, CASY, CPRT, GPI, KMX, LAD, MUSA, OPLN, RUSHA, SAH
- Dividend discount (DDM)68.07 – 91.54 (Mid 78.08)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 33/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.2% | 13 (vs peers) | 14% |
| Net margin · Quality | 2.8% | 65 (vs peers) | 9% |
| FCF conversion · Quality | 55.2% | 36 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 4.6% | 38 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | -8.7% | 0 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 15 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 15.5x | 33 (vs peers) | 14% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.6% | 45 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 3.1% | 45 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 74.7% | 65 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial15/100 · 1/3 factors with a value
- Growth19/100 · 2/2 factors with a value
- Quality33/100 · 3/3 factors with a value
- Returns53/100 · 2/2 factors with a value
- Valuation38/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Penske Automotive Group, Inc. (PAG). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 31.8 bn USD in 2025; YoY growth -0.2%; net margin 2.8%; ROE 15.5%.
The estimated value range is 95.44–196.04 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 134.70 USD, the price of 212.30 USD leaves a potential of -36.6% (value / price − 1) and a margin of safety of -57.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 33/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 11.2%
- EPS CAGR 3Y: -8.7%
- Current ratio: 1.0x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Retail-Auto Dealers & Gasoline Stations (SIC 5500) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CPRTCopart, Inc. | 30.2 bn | 21.0 | 16.2% | 31.8% | +0.4% | −16% / −35% |
| CASYCasey’s General Stores, Inc. | 24.9 bn | 32.5 | 20.0% | 4.1% | +10.2% | +18% / +145% |
| PAGPenske Automotive Group, Inc. | 13.9 bn | 15.5 | 15.5% | 2.8% | −0.2% | +36% / +36% |
| MUSAMurphy USA Inc. | 9.1 bn | 14.1 | 99.0% | 2.9% | −4.2% | +30% / +36% |
| KMXCarmax, Inc. | 7.8 bn | 26.9 | 4.7% | 1.1% | −1.8% | +43% / −14% |
| LADLithia Motors, Inc. | 6.8 bn | 9.1 | 11.8% | 2.1% | +4.0% | −1% / +18% |
| ANAutonation, Inc. | 5.9 bn | 8.8 | 30.2% | 2.6% | +3.2% | −13% / +36% |
| OPLNOPENLANE, Inc. | 4.5 bn | 22.8 | 13.1% | 9.2% | +8.2% | +44% / +151% |
| ABGAsbury Automotive Group, Inc. | 3.8 bn | 8.3 | 11.8% | 2.7% | +4.7% | −10% / −0% |
| GPIGroup 1 Automotive, Inc | 3.3 bn | 8.6 | 12.4% | 1.7% | +13.2% | −32% / −3% |
| NXXTNextnrg, Inc. | 427.3 m | — | — | -61.3% | +194.7% | +108% / −43% |
| VRMVroom, Inc. | 36.5 m | — | -45.0% | — | −54.2% | −66% / unavailable |
| KXINKaixin Holdings | 12.2 m | — | -307.2% | -41,788.4% | unavailable | −96% / −100% |
| CRMTAmerica’s Car-Mart, Inc. | 10.5 m | — | -43.0% | -18.6% | −7.9% | −94% / −98% |
| JZXNJiuzi Holdings Inc. | 1.4 m | — | -90.7% | -353.5% | +105.9% | −86% / −100% |
| RUSHARush Enterprises, Inc. | — | 14.0 | 11.8% | 3.7% | −4.7% | +33% / +75% |
| CVNACarvana Co. | 0 | 0.0 | 51.5% | 6.2% | +48.6% | +4% / +1,138% |
| CWHCamping World Holdings, Inc. | 0 | — | -33.2% | -1.6% | +4.4% | −52% / −74% |
| SAHSonic Automotive, Inc. | — | 10.3 | 19.4% | 1.3% | +6.5% | +2% / +25% |
1- and 3-year price returns: for PAG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 125.80 Total return -39% · Per year -39% | 222.40 Total return 8% · Per year 8% | 334.98 Total return 61% · Per year 61% |
| 3 years | 122.27 Total return -36% · Per year -14% | 243.21 Total return 23% · Per year 7% | 402.20 Total return 101% · Per year 26% |
| 5 years | 118.84 Total return -34% · Per year -8% | 265.96 Total return 41% · Per year 7% | 482.89 Total return 148% · Per year 20% |
- Exit P/E± 60.80
- Net margin± 42.56
- Annual revenue growth± 34.91
- Annual dilution± 3.58
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Penske Automotive Group (PAG) is a diversified international transportation services company running automotive and commercial truck dealerships, plus commercial vehicle distribution, with total revenue of $31.8 billion in fiscal 2025 1. It matters now because revenue and truck orders recovered in the second quarter of 2026 as freight conditions improved 3.
SWOT
Strengths
- Geographic and revenue diversification, with service, parts and finance generating a large share of profit, reduces sensitivity to vehicle sales cycles.
- The PTS stake provides equity earnings and cash distributions, adding stability to the group.
- A solid balance sheet and low leverage give the group flexibility for acquisitions and share buybacks.
Weaknesses
- Dependence on a small number of manufacturers, particularly BMW, Audi, Toyota and Mercedes-Benz, makes the group exposed to their problems.
- U.K. operations are exposed to a shrinking premium market and to taxes on higher-emission vehicles 1.
- The truck segment was hit by the freight recession, and PTS profitability fell in rental markets.
Opportunities
- A sustained recovery in heavy truck orders could lift Premier Truck Group volumes and service revenue.
- Premium dealership acquisitions, such as the Lexus and Toyota stores bought in 2025 and 2026, can extend the revenue base 23.
- Steady demand for service and parts, driven by older vehicle fleets, could support margins over the long term 1.
Risks
- Dependence on manufacturershigh
The group relies on franchise agreements that manufacturers can terminate or decline to renew, which would directly affect access to new vehicles.
- Freight demandhigh
A prolonged freight recession could keep truck sales and PTS revenue under pressure.
- Tariffs and trade policymedium
Rapid changes in tariff policy could alter purchase costs and the prices of vehicles sold.
- Currency exposuremedium
Movements in the pound, Australian dollar and euro against the U.S. dollar can change results reported in dollars.
- Emissions regulationmedium
EV and emissions requirements could change the sales mix and profitability of U.K. dealerships.
Investment thesis
What would need to be true (bull case)
- If the recovery in heavy truck orders holds, the commercial segment could add more to profit in coming quarters.
- A large service and parts base can support margins even when vehicle sales decline.
- A solid balance sheet and premium dealership acquisitions could add revenue without a sharp rise in debt.
What would break the thesis
- If tariffs and trade uncertainty persist, purchase costs could stay high across the group.
- Growing competition from Chinese manufacturers could erode the group's share in the U.K. market.
- If freight conditions stay weak, PTS could report smaller equity earnings.
What to watch
- Class 8 truck order trends and Premier Truck Group revenueQ3 2026
- Effect of new tariffs on purchase costsQ3 2026
- Share trend of Chinese manufacturers in the U.K.2027
- PTS results and fleet utilization in the freight marketnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Penske Automotive Group, Inc. is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. It operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan and Australia, and is one of the largest retailers of Freightliner commercial trucks in North America 1. In 2025 retail automotive dealerships generated about $27.5 billion of the $31.8 billion total 1.
The group also holds a 28.9% interest in Penske Transportation Solutions, which manages over 396,600 trucks under lease, rental or maintenance contracts at the end of 2025 1. This stake is accounted for under the equity method, with earnings shown as equity in earnings of affiliates 1.
At June 30, 2026 the company operated 362 franchised retail automotive dealerships, 146 of them in the U.S., and revenue for the six months to that date was $16.4 billion 2. In July 2026 the board approved a quarterly dividend increase to $1.44 per share, the 23rd consecutive increase 3.
Segments
Retail automotive
Retail automotive generated $27.5 billion of revenue in 2025 and about $4.5 billion of gross profit, with 61% of revenue from the U.S. and Puerto Rico 1. Premium brands made up 71% of franchised revenue, and service and parts provided the largest share of segment gross profit 1.
Retail commercial trucks
Premier Truck Group, which sells mainly Freightliner and Western Star trucks, had 45 locations at the end of 2025 and generated $3.4 billion of revenue in 2025 1. In the second quarter of 2026 the division reported $927.8 million of revenue as Class 8 orders began to recover 3.
Market context
Trends
- Tariffsheadwind
Tariffs on vehicles, parts and trucks could raise supplier costs and selling prices, and the tariff regime remains unsettled after the February 2026 Supreme Court ruling 12.
- Shift to electric vehiclesmixed
Lower U.S. incentives for electric vehicles could slow EV sales, while U.K. mandates change the mix of vehicles sold by dealerships 1.
- Freight market recoverytailwind
A better freight environment could support truck orders and PTS rental demand after a long recession 23.
- Supply chain disruptionheadwind
Chip shortages and production incidents at major manufacturers can delay vehicle deliveries to dealerships 1.
Competitive position
Competition comes from other automotive retail groups, especially in the U.K. and Europe, and from Chinese manufacturers gaining share in the U.K. and EU 1. In commercial trucks the group competes with other distributors and regional retailers 1.
In truck leasing and rental, PTS faces competitors serving a broad customer base under constant pressure on fleet utilization 1. Online vehicle sales competitors could also change the traditional dealership model 1.
- AutoNation, Inc.AN
U.S. automotive retail group competing directly in new and used vehicle sales.
- Lithia Motors, Inc.LAD
U.S. multi-brand dealership group with a significant presence in regional markets.
- Group 1 Automotive, Inc.GPI
U.S. retailer with dealerships in the U.S. and U.K., competing in the same international markets.
- Penske Corporation
Privately held company tied to the PAG shareholder base and majority owner of Penske Truck Leasing, an indirect competitor in truck rental.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Japan's Mitsui to spend $1.5bn on bid to take Penske Automotive privateNikkei Asia · 15 Oct 2026 · EN
- Penske Automotive agrees to be taken private by Penske, MitsuiCNBC — Top News · 15 Oct 2026 · EN
The latest news item in our archive is from 15 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Oct 2026Material agreement · Creation of a direct financial obligation · Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report15 Oct 2026Other events · Financial statements and exhibits
- Current report10 Aug 2026Other events · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Jul 2026Other events
- Current report22 Jul 2026Other events
- Current report14 May 2026Shareholder vote · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Penske Automotive Group, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Penske Automotive Group, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Penske Automotive Group, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.