One-glance verdict
Within fair range
$177.32 our estimate vs market $144.72
Wall Street consensus: $162.19 (-8.5% lower than our fair-value estimate)
18% below our estimate
Fundamentals snapshot
Oshkosh Corporation
OSK · NYQ · Industrials · Farm & Heavy Construction Machinery
Current price
$144.72
52-week range
$116.77 - $180.49
Market cap
$9.02B
Balance sheet
Healthy
8.04x Adequate
Net debt $896.50M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 0.0% last year.
- Reward Returns 13.3% on equity, ahead of 60% of its peers.
- Risk Insider ownership is only 0.7% (peer median: 9.6%).
- Risk Operating margin compressed from 4.6% to 3.6% over 3 years.
What this company does
Oshkosh Corporation
Oshkosh Corporation builds essential, heavy-duty vehicles like military transports, fire trucks, and construction lifts. The company's revenue (the total money brought in from sales) comes from large contracts with governments and major construction companies. Because these vehicles are expensive and crucial for defense, public safety, and infrastructure, Oshkosh's business depends heavily on government spending and the health of the construction market.
How the company got here
Oshkosh got its start in 1917 when its founders created a new type of four-wheel-drive truck, nicknamed "Old Betsy," which was designed for tough jobs. The company grew by building a reputation for powerful and reliable specialty trucks for industries like construction and mining. A major turning point was in 1976 when it began a long-standing relationship with the U.S. military, becoming a key supplier of tactical vehicles. Over the years, it expanded by acquiring other companies, such as Pierce Manufacturing, which makes fire trucks, and JLG Industries, a maker of aerial work platforms (the lifts that help workers reach high places). To reflect its diverse product lines beyond just trucks, the company changed its name from Oshkosh Truck Corporation to Oshkosh Corporation.
What it actually does
Oshkosh doesn't make cars you'd buy at a dealership; instead, it builds heavy-duty, specialized vehicles that you see at work in your community and on the news. Think of the fire trucks rushing to an emergency, the garbage trucks that pick up your recycling, or the military vehicles used by soldiers. It also makes the mobile lifts and cranes used on construction sites to lift workers and materials, as well as airport vehicles that help planes on the ground. Essentially, Oshkosh builds the tough, purpose-built machines that are essential for construction, defense, and community services.
Access
This is Oshkosh's largest business segment and it's all about helping people work safely at heights. It designs and manufactures aerial work platforms and telehandlers (a type of forklift with a telescopic boom for lifting heavy materials) under the JLG brand. The main customers are equipment rental companies, construction contractors, and home improvement centers who buy or rent these machines for building, maintenance, and industrial projects. This part of the company generates a significant portion of Oshkosh's total revenue (the total money earned from sales).
Vocational
This segment builds vehicles for very specific, essential jobs, which is what 'vocational' means in this context. It includes well-known brands like Pierce, which makes fire trucks and other emergency vehicles for fire departments. It also produces McNeilus-branded garbage and recycling collection trucks, as well as front-discharge concrete mixers for the construction industry. This division serves a wide range of customers, from city governments buying fire trucks to waste management companies and construction firms.
Transport
This segment, which used to be called the Defense segment, primarily makes heavy-duty tactical wheeled vehicles for the U.S. military and its allies. These are the rugged trucks designed to transport troops and equipment in very difficult environments. A major new focus for this division is expanding into commercial markets, highlighted by its contract to build the Next Generation Delivery Vehicle for the United States Postal Service (USPS). The name change to Transport reflects this broader strategy of serving both defense and commercial transportation customers.
What management is betting on now
Oshkosh's leadership is heavily focused on technology and innovation to drive future growth. A key part of this strategy is electrification (developing electric and hybrid versions of its vehicles), such as the new mail trucks for the USPS and even an electric fire truck. The company is also investing in autonomous systems (self-driving technology) and artificial intelligence to make its vehicles smarter and more efficient. By expanding into new markets like parcel delivery and leveraging technology across all its businesses, management aims to increase revenue and margins (a measure of profitability).
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q2
$-252.50M
FY2024 Q3
$270.90M
FY2024 Q4
$703.30M
FY2025 Q1
$-435.20M
FY2025 Q2
$34.90M
FY2025 Q3
$450.10M
FY2025 Q4
$540.30M
FY2026 Q1
$-189.10M
Revenue
$2.32B
Net income
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Diluted EPS
—
Operating cash flow
$-161.00M
Free cash flow
$-189.10M
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Sources
Revenue
$2.69B
Net income
—
Diluted EPS
—
Operating cash flow
$600.10M
Free cash flow
$540.30M
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Sources
Revenue
$2.69B
Net income
—
Diluted EPS
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Operating cash flow
$489.00M
Free cash flow
$450.10M
Fetching…
Sources
Revenue
$2.73B
Net income
—
Diluted EPS
—
Operating cash flow
$89.20M
Free cash flow
$34.90M
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Sources
Revenue
$2.31B
Net income
—
Diluted EPS
—
Operating cash flow
$-394.90M
Free cash flow
$-435.20M
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Sources
Revenue
$2.60B
Net income
—
Diluted EPS
—
Operating cash flow
$790.80M
Free cash flow
$703.30M
Fetching…
Sources
Revenue
$2.74B
Net income
—
Diluted EPS
—
Operating cash flow
$326.10M
Free cash flow
$270.90M
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Sources
Revenue
$2.85B
Net income
—
Diluted EPS
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Operating cash flow
$-211.00M
Free cash flow
$-252.50M
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Sources
Is it cheap or expensive?
Fair value $177.32 vs current price $144.72
Wall Street consensus is the average analyst price target: $162.19 (-8.5% lower than our fair-value estimate).
Our most-likely fair value is $177.32 a share — about 22.5% away from today's price of $144.72, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net debt $896.5M. Interest coverage 8.0x.
Net debt
$896.50M
Interest coverage
8.04x
Oshkosh Corporation's profit covers its interest bill about 8.0 times over. which is stronger than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
OSK
BASELINE
Oshkosh Corporation
Total debt $1.15B Interest coverage 8.04x This is the baseline the peer rows are being compared against.
Total debt $2.75B Interest coverage 2.68x -67% vs OSK Carries about 3.0x less debt cushion than OSK.
Total debt $26.26B Interest coverage 1.89x -76% vs OSK Carries about 4.2x less debt cushion than OSK.
Total debt $15.05B Interest coverage 10.42x +30% vs OSK Carries about 1.3x more debt cushion than OSK.
Total debt $2.74B Interest coverage 5.68x -29% vs OSK Carries about 1.4x less debt cushion than OSK.
What you should know
The case for and against OSK
3 Rewards
2 Risks
Rewards
-
Revenue grew 0.0% last year.
-
Returns 13.3% on equity, ahead of 60% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Insider ownership is only 0.7% (peer median: 9.6%).
-
Operating margin compressed from 4.6% to 3.6% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
16.10x
Forward P/E
10.31x
P/B
2.03x
P/S
0.87x
EV/EBITDA
9.10x
PEG ratio
6.30x
Profitability
How much profit each dollar creates
Gross margin
16.6%
Operating margin
3.6%
Net margin
5.5%
ROE
13.3%
ROA
5.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.26x
Current ratio
1.63x
Quick ratio
0.80x
Total debt
$1.15B
Total cash
$250.30M
Growth
How the business has been compounding
Revenue TTM
$10.43B
Revenue 5Y CAGR
55.3%
EPS TTM
8.99
EPS 5Y CAGR
56.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.02B
Free CF TTM
$618.00M
FCF margin
5.9%
Dividend
Shareholder payout
Yield
1.6%
Payout ratio
23.4%
Last ex-div date
2026-05-26