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. In the quarter to June 2026, revenue grew 6.70%, EPS fell 7.57%, free cash flow grew 814.9% and total debt fell 45.4%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Oshkosh Corporation (OSK) Altman Z-score
Oshkosh Corporation's Altman Z-score for fiscal 2025 is 3.19, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.19 | 0.15 |
| FY2024 | 3.05 | 0.13 |
| FY2023 | 2.91 | (0.01) |
| FY2022 | 2.92 | (0.01) |
| FY2022 | 2.94 | (0.79) |
| FY2021 | 3.72 | 0.13 |
| FY2021 | 3.59 | 0.06 |
| FY2020 | 3.53 | (0.51) |
| FY2019 | 4.04 | 0.15 |
| FY2018 | 3.89 | (0.06) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.30 | |
| Retained earnings / total assets | 0.48 | — | 0.68 | |
| EBIT / total assets | 0.09 | — | 0.31 | |
| Market value of equity / total liabilities | 1.45 | — | 0.87 | |
| Sales / total assets | 1.03 | — | 1.03 | |
| Altman Z-score | Safe zone | 3.19 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.70 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BLBD Blue Bird Corporation compare | 6.8× |
| FSS Federal Signal Corporation compare | 6.4× |
| LNN Lindsay Corporation compare | 5.8× |
| ALG Alamo Group, Inc. compare | 5.4× |
| PCAR PACCAR Inc. compare | 3.5× |
| OSK Oshkosh Corporation | 3.2× |
| AGCO AGCO Corporation compare | 2.5× |
| TEX Terex Corporation compare | 2.4× |
| CNH CNH Industrial N.V. compare | 2.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets