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Oshkosh Corporation

OSK Industrials Farm & Heavy Construction Machinery

Oshkosh Corporation’s revenue for fiscal 2025 (year ended December 2025) was $10.4 billion, down 2.87% from fiscal 2024.

Revenue
+5.69%
EPS
−26.9%
Free cash flow
−35.9%
Total debt
−45.4%

Quarter to September 2026, against a year earlier

136.97 6.43 −4.48%
Market cap
$8.3B
P/E
17.2×
Fwd P/E
16.6×
Dividend yield
1.62%
F-score
5/9
Altman Z
3.19
Beneish M
−2.39
Dividend safety
86/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Access Segment
  • Vocational Segment
  • Transport Segment
  • Corporate and Other

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 1.05
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 — — 1 — — — 1 — —
Insider Ownership 2.22%

Capital & Financial Ratios $m

Size
Market Cap 8,340.00
Revenue ttm 10,763.30
Net income ttm 498.50
Free cash flow ttm 946.10
Net debt Q 42.70
Valuation
P/E 17.19
Forward P/E 16.60
Price / sales 0.79
Forward P/S Powerpack
Price / FCF 8.95
Price / book 1.86
Financial health
Current ratio Q 1.72 (at or above 1.5: strong)
Debt / equity Q 0.13 (at or below 0.5: strong)
Interest coverage Q 6.38
Growth
Revenue growth Q +5.69% (above 0%: growing)
Operating income growth Q −24.31% (below 0%: shrinking)
EPS, this year −12.86% (below 0%: weak)
EPS, next year A +36.59% (at or above 15%: strong)
Revenue, next year A +4.92%
EPS, past 5 yrs —
EPS, next 5 yrs A +12.58%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, against a ten-year median of 0.8×; over the ten years it ranged from 0.5× in 2016 to 1.3× in 2021.
P/E against its own 10 years 67.14%
10-year low 10-year high
P/S against its own 10 years 63.62%
10-year low 10-year high
P/B against its own 10 years 32.31%
10-year low 10-year high
EV/Sales against its own 10 years 51.82%
10-year low 10-year high
EV/FCF against its own 10 years 16.40%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.62%
Annual rate
2.22
Payout ratio
28.0%
Growth, 2017–25
+11.2%/yr
  1. 0.87 ’17
  2. 0.99 ’18 +14
  3. 1.11 ’19 +12
  4. 1.23 ’20 +11
  5. 1.36 ’21 +11
  6. 1.48 ’22 +9
  7. 1.64 ’23 +11
  8. 1.84 ’24 +12
  9. 2.04 ’25 +11
  10. 2.26 ’26e +11
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 125 205 480 558
Receivables 2,130 1,942 2,211 2,491
Inventory 2,132 2,266 2,375 2,280
Other 94 115 103 105
4,481 4,528 5,169 5,434
2023 2024 2025 Q'26
Payables 1,215 1,143 1,074 1,077
ST’ Debt — — — —
Other 1,150 1,095 1,230 1,278
3,090 2,987 2,664 3,153

Compound Annual Growth %

10y 5y 3y
Sales 4.32% 6.14% 7.96%
Cash Flow 12.26% (8.50%) 9.22%
Earnings 8.52% 4.92% 54.95%
Book Value 6.98% 7.17% 12.46%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.01 Actual 2.41

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.33 2.26 Miss by 0.07
Q1 FY26 1.04 0.85 Miss by 0.19
Q2 FY26 2.60 2.87 Beat by 0.27
Q3 FY26 3.01 2.41 Miss by 0.60
Q4 FY26 3.61 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.68 2.92 2.22 — —
’25 1.72 3.16 3.04 2.10 10.02
’24 2.71 2.56 2.75 2.33 10.35
’23 1.34 2.67 2.79 2.28 9.08
’22 — — — 1.14 2.63
’22 0.00 0.41 0.90 1.55 2.63
’21 1.44 3.07 1.30 1.01 7.35
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,318 2,915 2,842 — —
’25 2,313 2,732 2,689 2,689 10,422
’24 2,544 2,847 2,741 2,598 10,730
’23 2,268 2,413 2,510 2,467 9,658
’22 — — — 2,204 8,282
’22 1,946 2,066 2,067 — 8,282
’21 — — — 1,577 7,737
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (161) 374 320 — —
’25 (395) 89 489 600 783
’24 (356) (211) 326 791 550
’23 80 (126) 167 480 600
’22 — — — 463 601
’22 329 (352) 161 — 601
’21 — — — 368 1,222
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (161) 331 290 — —
’25 (439) 36 453 522 572
’24 (456) (250) 266 702 262
’23 (32) (145) 68 378 270
’22 — — — 354 332
’22 304 (437) 111 — 601
’21 — — — 341 1,117
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −4.2% a year for ten years. It grew 5.1% a year over the last ten.

Implied
−4.2%
10 years, reported
5.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,279 6,830 7,706 8,382 6,857 7,737 8,282 9,658 10,730 10,422 10,763 +5.8% 10,935 11,873 12,423 +6.0%
Gross margin, % 16.81 17.29 17.63 18.10 16.28 16.39 12.73 17.40 18.35 17.45 15.39 +0.6 pt
EBT 307 411 595 751 435 545 276 798 903 842 634 +11.9%
EBT margin, % 4.89 6.02 7.72 8.96 6.35 7.05 3.33 8.26 8.42 8.08 5.89 +3.2 pt
Net income 216 286 472 579 322 509 174 598 681 647 499 +12.9%
Per share, $
Per share, $ Revenue 85.35 91.46 104.13 120.05 100.61 112.98 126.06 147.72 163.92 162.39 174.02 +7.4%
Earnings 2.94 3.82 6.38 8.30 4.72 7.43 2.65 9.15 10.41 10.08 7.97 +14.7%
Cash flow 7.94 3.30 5.90 8.14 4.80 17.84 9.15 9.17 8.40 12.21 18.32 +4.9%
Capex (1.18) (0.84) (1.20) (2.28) (1.34) (1.52) (4.10) (5.05) (4.40) (3.30) (3.03) +12.1%
Free cash flow 6.75 2.46 4.70 5.86 3.46 16.31 5.05 4.13 4.00 8.91 15.30 +3.1%
Book value 26.87 30.90 33.97 37.24 41.83 46.79 48.49 56.67 63.43 70.59 73.59 +11.3%
Shares, m 74 75 74 70 68 68 66 65 65 64 63 (1.5%)
Valuation, ×
Valuation, × P/E 18.98 22.01 11.11 9.12 15.51 15.18 35.93 11.74 9.13 12.48 17.19 16.1
P/S 0.66 0.92 0.68 0.63 0.73 1.00 0.70 0.73 0.58 0.77 0.79 0.7
P/B 2.08 2.72 2.09 2.04 1.75 2.41 1.83 1.89 1.50 1.78 1.86 2.0
EV/Sales 0.74 0.97 0.73 0.68 0.76 0.97 0.68 0.78 0.62 0.83 0.79 0.8
EV/FCF 8.37 27.03 15.65 18.48 68.67 6.75 16.92 27.77 25.28 15.19 9.00 23.0
Cash, $m
Cash, $m Operating cash flow 584 247 436 568 327 1,222 601 600 550 783 1,133 +3.3%
Capex (87) (63) (89) (159) (91) (104) (269) (330) (288) (212) (187) +10.4%
Free cash flow 497 184 348 409 236 1,117 332 270 262 572 946 +1.6%
Balance, $m
Balance, $m Working capital 1,050 1,357 1,580 1,666 1,951 2,139 2,104 1,391 1,540 2,504 2,282 +10.1%
Net debt 504 361 363 371 235 (177) (211) 472 395 621 43 +2.3%
Shareholders’ equity 1,977 2,307 2,514 2,600 2,851 3,204 3,186 3,705 4,152 4,531 4,551 +9.7%
Returns, %
Returns, % ROA 4.77 5.94 9.08 10.67 5.65 7.41 2.25 7.09 7.35 6.64 4.96 +1.9 pt
ROIC 9.17 11.02 14.25 16.77 9.82 12.22 7.82 12.53 13.89 11.40 9.99 +2.2 pt
ROE 11.13 13.33 19.58 22.66 11.80 15.77 5.46 17.36 17.34 14.90 10.97 +3.8 pt
People
People Employees 13,800 14,000 15,000 15,400 14,400 15,000 15,000 17,300 18,500 18,400 — +3.2%
Revenue/emp, $m 0.46 0.49 0.51 0.54 0.48 0.00 0.55 0.56 0.58 0.57 — +2.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Oshkosh Corporation designs and manufactures specialized vehicles and equipment for construction, emergency response, airports, waste collection, defense and delivery. Founded in 1917 and headquartered in Oshkosh, the company is led by President and Chief Executive Officer John C. Pfeifer.

Its Access business makes aerial work platforms that lift people to work at height, as well as telehandlers, which lift and move materials. Customers include equipment rental companies, contractors and home improvement centers. The business also makes towing and recovery vehicles.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Access Segment 4,494 43.12%
Vocational Segment 3,727 35.76%
Transport Segment 2,097 20.12%
Corporate and Other 104 1.00%
Gross margin 17.45%
Operating margin 9.01%
Pre-tax margin 8.08%

Revenue by segment since 2009

Oshkosh Corporation vs peers in Farm & Heavy Construction Machinery (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PCAR PACCAR Inc. $55.0B 19.9× 17.3× +18.96% (above 0%: growing) +43.75% (above 0%: growing) −47.92% (below 0%: shrinking) 20.48% 14.88% Compare
CNH CNH Industrial N.V. $13.9B 45.1× 27.6× +1.95% (above 0%: growing) −35.29% (below 0%: shrinking) −124.62% (below 0%: shrinking) 29.29% 13.66% Compare
OSK Oshkosh Corporation $8.3B 17.2× 16.6× +5.69% (above 0%: growing) −26.88% (below 0%: shrinking) −35.86% (below 0%: shrinking) 15.49% 6.94%
AGCO AGCO Corporation $7.6B 28.6× 23.3× −8.63% (below 0%: shrinking) −82.43% (below 0%: shrinking) −1,351.85% (below 0%: shrinking) 24.99% 5.13% Compare
FSS Federal Signal Corporation $6.8B 23.0× 21.8× +18.11% (above 0%: growing) +16.51% (above 0%: growing) +47.87% (above 0%: growing) 28.86% 16.99% Compare
TEX Terex Corporation $6.1B 27.3× 27.6× +58.40% (above 0%: growing) +1.64% (above 0%: growing) +61.54% (above 0%: growing) 19.80% 8.33% Compare
BLBD Blue Bird Corporation $1.9B 7.0× 6.4× +29.94% (above 0%: growing) +366.38% (above 0%: growing) −58.60% (below 0%: shrinking) 19.99% 12.12% Compare
ALG Alamo Group, Inc. $1.7B 21.2× 14.7× −4.02% (below 0%: shrinking) −92.01% (below 0%: shrinking) +24.63% (above 0%: growing) 18.88% 0.85% Compare
LNN Lindsay Corporation $1.1B 20.0× 20.6× +5.21% (above 0%: growing) +11.00% (above 0%: growing) −20.40% (below 0%: shrinking) 26.92% 9.77% Compare
Median of peers $6.5B 22.1× 21.2× +11.66% +6.32% −34.16% 22.74% 10.94%

All 27 Farm & Heavy Construction Machinery stocks →

From the latest earnings call

Updated

  • CEO John Pfeifer said parts-routing problems reduced fire truck production and deliveries, and Oshkosh is improving material tracking and adding manufacturing leadership.
  • CFO Matt Field said Access orders included early purchases for 2027, while supplier constraints continued to limit the postal delivery vehicle production ramp.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 103.14%
Held by the ten largest 57.64%
Holder Shares Stake Change
Vanguard 7.67m 12.40% +111.19k
BlackRock 5.95m 9.63% −1.61m
Aristotle Capital Management, LLC 4.73m 7.64% −275.38k
AQR Capital Management 3.35m 5.42% +2.01m
Dimensional Fund Advisors 3.21m 5.18% +154.65k
GREENHAVEN ASSOCIATES INC 2.56m 4.14% +27.68k
LSV ASSET MANAGEMENT 2.13m 3.45% +143.04k
State Street 2.08m 3.37% −14.37k
Capital Group 2.05m 3.31% +346.16k
Invesco 1.92m 3.11% +213.22k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 March 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 12.23%
BlackRock, Inc. 9.00%
Aristotle Capital Management, LLC 8.78%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Oshkosh Corporation (OSK) Latest News

31 Oct

Impact 3 · · StockStory
Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · MarketBeat transcript

29 Oct

Impact 4 · · Moby
Impact 4 · · Business Wire
Impact 3 · · The Motley Fool transcript
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press

28 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · StockStory

22 Oct

Impact 3 · · Zacks

19 Oct

Impact 4 · · Investing.com

14 Oct

Impact 4 · · Business Wire

13 Oct

Impact 4 · · Business Wire
Impact 3 · · InvestorsHub

12 Oct

Impact 3 · · Business Wire

5 Oct

Impact 3 · · Business Wire

1 Oct

Impact 3 · · Zacks

30 Sep

Impact 3 · · StockStory

26 Sep

Impact 3 · · Simply Wall St.

24 Sep

Impact 3 · · Trefis

21 Sep

Impact 3 · · StockStory

24 Aug

Impact 3 ·

18 Aug

Impact 4 ·
Impact 3 ·

12 Aug

Impact 3 ·

6 Aug

Impact 4 ·

OSK metrics, ten years each

stockrow.com/OSK · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com