One-glance verdict
Undervalued
$182.95 our estimate vs market $127.02
Wall Street consensus: $163.48 (-10.6% lower than our fair-value estimate)
31% below our estimate, below the bear case
Fundamentals snapshot
Oshkosh Corporation
OSK · NYQ · Industrials · Farm & Heavy Construction Machinery
Current price
$127.02
52-week range
$116.77 - $180.49
Market cap
$7.84B
Balance sheet
Healthy
8.04x Adequate
Net debt $699.20M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 0.0% last year.
- Reward Returns 12.4% on equity, ahead of 66% of its peers.
- Reward Free cash flow was positive in 9/10 years.
- Risk Insider ownership is only 0.7% (peer median: 2.6%).
What this company does
Oshkosh Corporation
Oshkosh Corporation builds specialized vehicles and equipment for jobs like construction, firefighting, and defense, with its money primarily coming from selling these tough machines through salespeople and dealers. This matters because their products are essential for important industries, meaning their sales are tied to how active construction, emergency services, and government sectors are.
How the company got here
Oshkosh Corporation started way back in 1915, originally as a truck manufacturer. Over the decades, it grew by focusing on specialized vehicles for tough jobs. A key turning point was its expansion into different types of heavy-duty equipment beyond just trucks, adapting to the needs of industries like construction and defense. The company was formerly known as Oshkosh Truck Corporation, reflecting its historical roots before broadening its scope.
What it actually does
Oshkosh Corporation builds and sells specialized vehicles and equipment designed for demanding tasks across various industries. Think of the big trucks you see at construction sites, the specialized vehicles used by firefighters, or the heavy-duty trucks used by the military. They make the machines that help build roads, fight fires, and support defense operations, operating globally to serve these critical sectors.
Access
This segment is all about equipment used for working at heights or moving heavy materials. It includes aerial work platforms, which are like cherry pickers or scissor lifts that construction workers use to reach high places, and telehandlers, which are versatile machines for lifting and moving materials on job sites. This part of Oshkosh also makes towing and recovery vehicles, the kind used to haul away large broken-down trucks or damaged vehicles. A portion of this segment also offers financing and leasing options for this equipment, helping customers acquire what they need.
Vocational
The Vocational segment focuses on vehicles built for specific, often public service or industrial, jobs. This includes a wide range of firefighting apparatus, from pumpers to ladder trucks, as well as specialized rescue vehicles. They also produce refuse and recycling collection vehicles, essentially the garbage trucks you see every day. Additionally, this segment makes specialized service vehicles for field repairs and concrete mixer trucks, serving a variety of essential commercial and municipal needs.
Transport
This segment is primarily involved in producing heavy-duty vehicles for defense applications. Oshkosh designs and manufactures tactical wheeled vehicles, which are robust trucks and carriers built to withstand harsh conditions and support military operations. These vehicles are used for transporting troops, equipment, and supplies, as well as for hauling combat vehicles and missile systems. The company also provides related services and support for these specialized defense vehicles.
What management is betting on now
Oshkosh Corporation's leadership is focused on leveraging its expertise in specialized vehicle manufacturing to meet evolving customer demands. A key priority is likely continued innovation in areas like defense vehicle technology and sustainable solutions for construction and waste management equipment. They are also focused on operational efficiency to ensure profitability across their diverse segments. Management aims to capitalize on infrastructure spending and defense modernization efforts globally to drive future growth.
Price history
How the share price has moved
—
Loading price history…
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
—
Diluted EPS
—
Operating cash flow
$-161.00M
Free cash flow
$-189.10M
Fetching…
Sources
Revenue
$2.69B
Net income
—
Diluted EPS
—
Operating cash flow
$600.10M
Free cash flow
$540.30M
Fetching…
Sources
Revenue
$2.69B
Net income
—
Diluted EPS
—
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
Fetching…
Sources
Revenue
$2.31B
Net income
—
Diluted EPS
—
Operating cash flow
$-394.90M
Free cash flow
$-435.20M
Fetching…
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
Fetching…
Sources
Revenue
$2.85B
Net income
—
Diluted EPS
—
Operating cash flow
$-211.00M
Free cash flow
$-252.50M
Fetching…
Sources
Is it cheap or expensive?
Fair value $182.95 vs current price $127.02
Wall Street consensus is the average analyst price target: $163.48 (-10.6% lower than our fair-value estimate).
Our most-likely fair value is $182.95 a share — about 44.0% above today's price of $127.02, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net debt $699.2M. Interest coverage 8.0x.
Net debt
$699.20M
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 $1.10B Interest coverage 8.04x This is the baseline the peer rows are being compared against.
Total debt $2.69B Interest coverage 2.68x -67% vs OSK Carries about 3.0x less debt cushion than OSK.
Total debt $485.80M Interest coverage 25.31x +215% vs OSK Carries about 3.1x more debt cushion than OSK.
Total debt $26.31B Interest coverage 1.89x -76% vs OSK Carries about 4.2x less debt cushion than OSK.
Total debt $538.00M Interest coverage 1.56x -81% vs OSK Carries about 5.2x less debt cushion than OSK.
Total debt $278.86M Interest coverage 10.19x +27% vs OSK Carries about 1.3x more debt cushion than OSK.
What you should know
The case for and against OSK
3 Rewards
1 Risk
Rewards
-
Revenue grew 0.0% last year.
-
Returns 12.4% on equity, ahead of 66% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Insider ownership is only 0.7% (peer median: 2.6%).
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)
14.55x
Forward P/E
9.05x
P/B
1.74x
P/S
0.74x
EV/EBITDA
8.20x
PEG ratio
6.30x
Profitability
How much profit each dollar creates
Gross margin
15.9%
Operating margin
8.4%
Net margin
5.2%
ROE
12.4%
ROA
5.0%
Health
Liquidity and balance-sheet strength
Debt / equity
0.24x
Current ratio
1.72x
Quick ratio
0.93x
Total debt
$1.10B
Total cash
$403.60M
Growth
How the business has been compounding
Revenue TTM
$10.43B
Revenue 5Y CAGR
55.3%
EPS TTM
8.73
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
1.8%
Payout ratio
24.7%
Last ex-div date
2026-08-13