A Business at a Glance
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OSHKOSH CORP
OSK
$10.0B
Mkt Cap
$155.14
+2.09%
OSHKOSH CORP (OSK) has a current P/E ratio of 15.5, compared to its historical median P/E of 13.6. The stock is currently considered Fair based on its historical valuation range.
OSHKOSH CORP (OSK) has a 5-year average return on invested capital (ROIC) of 14.2%. This indicates solid capital allocation.
OSHKOSH CORP (OSK) has a market capitalization of $9.7B. It is classified as a mid-cap stock.
Yes, OSHKOSH CORP (OSK) pays a dividend with a trailing twelve-month yield of 1.37%. The company also returns capital through share buybacks, with a buyback yield of 3.06%.
Based on historical P/E analysis, OSHKOSH CORP (OSK) appears fair. The current P/E of 15.5 is 14% above its historical median of 13.6. The estimated fair value CAGR (P/E method) is 6.5%.
OSHKOSH CORP (OSK) operates in the Motor Vehicles & Passenger Car Bodies industry, within the Consumer Cyclical sector.
OSHKOSH CORP (OSK) reported annual revenue of $10.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Oshkosh Corporation is a global industrial technology company that designs and manufactures purpose-built vehicles and equipment across three reportable segments: Access (43% of 2025 net sales), Vocational (36%), and Transport (20%). The Access segment produces aerial work platforms and material handling equipment under the JLG and SkyTrak brands for construction, industrial, and maintenance applications, sold primarily to equipment rental companies and construction contractors, alongside Jerr-Dan towing and recovery vehicles. The Vocational segment encompasses Pierce fire apparatus, Oshkosh AeroTech airport ground support equipment and services, Oshkosh Airport Products aircraft rescue and firefighting vehicles, McNeilus refuse collection vehicles, IMT field service vehicles and truck-mounted cranes, and Oshkosh S-Series concrete mixers, serving primarily municipal and commercial customers in North America. The Transport segment manufactures specialty vehicles and mobility systems for the U.S. Department of Defense and approved foreign customers under the Oshkosh Defense brand, and produces the Next Generation Delivery Vehicle (NGDV) for the U.S. Postal Service under a contract allowing delivery of up to 165,000 vehicles over a 10-year period. The company generates approximately 20% of net sales from U.S. government sales, substantially under multi-year defense contracts. Oshkosh pursues a disciplined capital allocation strategy focused on reinvesting in core businesses, returning capital through dividends and share repurchases, and pursuing strategic acquisitions to expand into new categories and enhance technological capabilities.
【Production ramp and margin expansion】 Management expects continued improvement throughout 2026 as production throughput increases across Vocational and Transport segments, with fire truck production expected to grow approximately 10% year-over-year supported by targeted capital investments and process efficiency improvements. The company anticipates NGDV production will build through the year with greater contribution expected in the second half, and expects to receive additional NGDV orders on an annual basis as the U.S. Postal Service continues to place orders to maintain supply chain visibility. Transport operating margin is expected to grow in the back half of 2026 as the company transitions out of past fixed-price contracts and continues ramping NGDV production, while Access segment margins are expected to improve as tariff impacts are offset through pricing and cost actions. Management remains confident in delivering on 2028 targets supported by strong backlog, continued production improvements, and progress with NGDV ramp, with all ingredients in place or underway to achieve those objectives.
| Metric | Target | Period |
|---|---|---|
| Adjusted EPS | $11.50 | FY2026 |
| Free Cash Flow | $550 million-$650 million | FY2026 |
| Consolidated Sales | approximately $11 billion | FY2026 |
| Adjusted Operating Income | a little over $1 billion | FY2026 |
| Access Segment Sales | approximately $4.2 billion | FY2026 |
| Access Segment Adjusted Operating Margin | 10% | FY2026 |
| Vocational Segment Sales | approximately $4.2 billion | FY2026 |
| Vocational Segment Adjusted Operating Margin | approximately 17% | FY2026 |
| Transport Segment Sales | approximately $2.5 billion | FY2026 |
| Transport Segment Operating Margin | approximately 4% | FY2026 |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 10.4B | 10.4B | 10.7B | 9.7B | 8.3B | 7.7B |
| Net Income | 578M | 647M | 681M | 598M | 174M | 509M |
| EPS | $9.11 | $10.02 | $10.35 | $9.08 | $2.63 | $7.35 |
| Free Cash Flow | 864M | 572M | 262M | 270M | 322M | 1.1B |
| ROIC | 12.2% | 13.8% | 15.7% | 16.3% | 7.4% | 17.9% |
| Gross Margin | 16.6% | 17.5% | 18.4% | 17.4% | 12.7% | 16.4% |
| Debt/Equity | 0.27 | 0.25 | 0.32 | 0.26 | 0.19 | 0.26 |
| Dividends/Share | $2.13 | $2.04 | $1.84 | $1.64 | $1.48 | $1.32 |
| Operating Income | 846M | 940M | 1.0B | 838M | 372M | 592M |
| Operating Margin | 8.1% | 9.0% | 9.4% | 8.7% | 4.5% | 7.7% |
| ROE | 12.9% | 14.9% | 17.3% | 17.4% | 5.4% | 16.8% |
| Shares Outstanding | 63M | 65M | 66M | 66M | 66M | 69M |
OSHKOSH CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
OSHKOSH CORP trades at 15.5x trailing earnings, compared to its 15-year median P/E of 13.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.7x vs a median of 16.1x. The company's 5-year average ROIC is 14.2% with a gross margin of 16.5%. Total shareholder yield (dividends + buybacks) is 4.4%. At current prices, the estimated annualized return to fair value is -1.3%.
OSHKOSH CORP (OSK) has a net profit margin of 6.2%. This is a modest margin.
OSHKOSH CORP (OSK) generated $572 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
OSHKOSH CORP (OSK) has a debt-to-equity ratio of 0.25. This indicates a conservatively financed balance sheet.
OSHKOSH CORP (OSK) reported earnings per share (EPS) of $10.02 in its most recent fiscal year.
OSHKOSH CORP (OSK) has a return on equity (ROE) of 14.9%. This indicates moderate shareholder returns.
OSHKOSH CORP (OSK) has a 5-year average gross margin of 16.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for OSHKOSH CORP (OSK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
OSHKOSH CORP (OSK) has a book value per share of $70.16, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued improvement throughout 2026 as production throughput increases across Vocational and Transport segments, with fire truck production expected to grow approximately 10% year-over-year supported by targeted capital investments and process efficiency improvements. The company anticipates NGDV production will build through the year with greater contribution expected in the second half, and expects to receive additional NGDV orders on an annual basis as the U.S. Postal Service continues to place orders to maintain supply chain visibility. Transport operating margin is expected to grow in the back half of 2026 as the company transitions out of past fixed-price contracts and continues ramping NGDV production, while Access segment margins are expected to improve as tariff impacts are offset through pricing and cost actions. Management remains confident in delivering on 2028 targets supported by strong backlog, continued production improvements, and progress with NGDV ramp, with all ingredients in place or underway to achieve those objectives.
Based on recent SEC filings and earnings calls, OSHKOSH CORP (OSK) has provided the following forward guidance: Adjusted EPS: $11.50 (FY2026); Free Cash Flow: $550 million-$650 million (FY2026); Consolidated Sales: approximately $11 billion (FY2026); Adjusted Operating Income: a little over $1 billion (FY2026); Access Segment Sales: approximately $4.2 billion (FY2026), plus 8 additional metrics.
| Capital Expenditures |
| approximately $200 million |
| FY2026 |
| Tax Rate | approximately 24.5% | FY2026 |
| Quarterly Dividend | $0.57 per share | FY2026 |
Adjusted EPS (FY2026): “we continue to expect our full-year adjusted EPS to be in the range of $11.50”
Free Cash Flow (FY2026): “We still expect free cash flow of $550 million-$650 million unchanged from our prior guidance”
Consolidated Sales (FY2026): “we expect sales to be approximately $11 billion on a consolidated basis, which represents growth in the mid-single digits”
Adjusted Operating Income (FY2026): “We are estimating adjusted operating income to be a little over $1 billion”
Access Segment Sales (FY2026): “we are estimating access sales to be approximately $4.2 billion”
Access Segment Adjusted Operating Margin (FY2026): “with an adjusted operating margin of 10%, reflective of softer market conditions in North America”
Vocational Segment Sales (FY2026): “We project vocational sales will be approximately $4.2 billion, about equal to our access segment”
Vocational Segment Adjusted Operating Margin (FY2026): “with expectations for adjusted operating margin of approximately 17%”