Daimler Truck Holding AG (DTGHF)
適正価値ファンダメンタル
69
株価
$41.51
時価総額
$31.82B
パート1 · 企業の価値
概要
Daimler Truck builds and sells heavy trucks and buses under brands including Freightliner, Western Star and Mercedes-Benz. Spun off from Mercedes-Benz Group in 2021, it makes money selling the vehicles themselves and, through a captive finance arm, financing and leasing them to the fleets and operators that buy them. North America and Europe are its two largest markets.
収益の仕組み
Revenue is booked when a truck or bus is delivered to a dealer or fleet customer, so it tracks the industry-wide replacement cycle for commercial vehicles rather than steady consumption. A smaller, steadier stream comes from financial services — loans and leases on the vehicles Daimler Truck itself sold — and from parts and service, which holds up better than new-vehicle sales when the market slows.
セグメント別売上高
Heavy trucks sold mainly in Europe and Latin America under the Mercedes-Benz brand.
Freightliner and Western Star trucks sold in the United States, Canada and Mexico — historically the group's largest and most cyclical market.
City, intercity and coach buses sold under the Mercedes-Benz and Setra brands, mostly in Europe and Latin America.
Trucks sold under the Fuso and BharatBenz brands across Japan, India and other Asian markets.
需要を左右する要因
景気循環型Truck orders follow freight volumes and haulage rates: when shippers have more goods to move and can charge more for it, fleets buy new trucks; when freight demand slumps, as it did through 2025, orders can fall for several quarters even after the freight market itself starts to recover, because fleets first work through excess capacity.
主なリスク
- Prolonged freight-market downturn — The company reported that the 2025 freight recession lasted longer than it had anticipated, with North American heavy-duty unit sales down sharply year over year, showing how quickly a soft freight market can cut into truck demand.
- US tariff exposure — Daimler Truck recorded roughly €250 million of tariff-related costs in 2025, concentrated in North America, which by the company's own account cut its return on sales by more than a full percentage point.
- Regional concentration and market cyclicality — North America and Europe together account for the large majority of unit sales, so a downturn in either region — as seen with the 6% decline in the European heavy-duty market in 2025 — has an outsized effect on group results.
強気材料
Buyers argue that Daimler Truck's roughly 40% share of the North American Class 8 market gives it pricing power once the freight cycle turns, and that its size lets it absorb a tough year like 2025 while smaller rivals struggle more.
弱気材料
Sellers fear that the freight recession has already lasted longer than management expected, that US tariffs keep eating into North American margins, and that a business this dependent on two cyclical regions offers little shelter when both slow down at once.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
Kenworth, Peterbilt and DAF are the direct rivals of Freightliner and Western Star in the North American Class 8 market, Daimler Truck's most profitable segment, and of Mercedes-Benz Trucks in Europe.
Through Scania, MAN and International, TRATON sells heavy and medium-duty trucks to the same European and North American fleet operators that buy Mercedes-Benz Trucks and Freightliner.
Volvo Trucks, Mack, Renault Trucks and UD compete with Daimler Truck brand for brand in Europe, North America and Asia, down to the long-haul tractor and the aftersales service contract.
Isuzu fights for the same light and medium-duty distribution truck customers in Japan and across Asia where Daimler Truck sells under the FUSO brand.
Iveco competes with Mercedes-Benz Trucks across the full European range, from light commercial vehicles to heavy tractors and city buses, and is currently the subject of a takeover by Tata Motors.
Sinotruk is a leading heavy-truck maker in China and a growing exporter to emerging markets, where it undercuts Daimler Truck on price for the same haulage customers.
貸借対照表と流動性
売上高
$44.47B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$2.55B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$5.42B
自己資本合計
$22.57B
負債合計
$29.14B
流動比率
1.70
利払い倍率
-
負債/EBITDA
7.76
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$49.69
現在株価
$41.51
安全マージン
+16.5%
適正価値レンジ
$32.30 - $67.08
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
12.49
ROE
5.0%
P/B レシオ
1.42
P/FCF
5.87
粗利益率
17.9%
ROIC
4.8%
収益性レーダー
価値創造（経済的モート）
ROIC
4.8%
WACC
4.9%
ROIC − WACC
-0.0 pp
ROICはおおむね資本コストと同水準です。企業はかろうじて資本コストを賄えている状態です。
ファンダメンタル分析基準
合格（13）
- Price CAGR 6.30%
- P/FCF 5.87
- P/B Ratio 1.42
- Debt/Equity ratio
- Operating Margin 5.6%
- Positive Free Cash Flow
- Current Ratio
- Price below Graham Number
- DCF valuation (Undervalued)
- ROE 11.7%
- Analyst Consensus 70% Buy
- Earnings Surprise avg 8.8%
- Earnings Quality (OCF/NI) 1.93
不合格（7）
- ROIC 4.8%
- Gross Margin 17.9%
- CapEx intensity
- Debt/EBITDA
- Revenue Growth 5Y 4.8%
- Net Margin Trend 4.0% vs 5.4%
- Piotroski F-Score 2/9
データなし（7）
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Ms. Karin Radstrom | President, CEO & Member of the Board of Management | 46 |
| Ms. Eva Scherer | CFO, Finance & Controlling and Member of the Management Board | 42 |
| Mr. Jurgen Hartwig | Human Resource Officer, Labor Director & Member of the Board of Management | 58 |
| Mr. John O'Leary | Member of the Board of Management | 65 |
| Dr. Andreas Gorbach | Member of the Board of Management | 50 |
| Mr. Achim Puchert | Member of the Board of Management | 46 |
| Mr. Raghavendra Vaidya | Chief Information Officer | - |
| Mr. Marcus Poppe | Head of Investor Relations | - |
| Dr. Florian Hofer | Chief Legal & Compliance Officer | - |
| Mr. Thomas Hovermann | Head of Corporate Communications | - |
監査リスク
4
取締役会リスク
5
報酬リスク
3
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for DTGHF, sourced from Markets Gazette.