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Oshkosh (OSK)
NYSE:OSK
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Oshkosh
(NYSE:OSK)
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Rating:71Outperform
Price Target:
$138.00
â–²(10.77% Upside)
Oshkosh's overall stock score is driven by strong financial performance and reasonable valuation, offset by bearish technical indicators and mixed earnings call sentiment. The company's robust profitability and cash flow metrics provide stability, while the valuation suggests it is attractively priced. However, technical analysis indicates weak momentum, and the earnings call highlights some operational challenges.
Positive Factors
Cash Generation
Strong free cash flow growth indicates effective cash management and liquidity, enabling Oshkosh to invest in growth opportunities and weather economic fluctuations.
Innovative Product Launches
Introducing innovative products helps Oshkosh expand its market offerings and meet evolving customer needs, supporting long-term revenue growth and competitive positioning.
Vocational Segment Growth
Growth in the Vocational segment, driven by improved throughput and airport product demand, strengthens Oshkosh's market position and supports future profitability.
Negative Factors
Revenue Decline in Access Segment
A significant decline in Access segment sales due to weaker market conditions may impact overall revenue growth and necessitate strategic adjustments.
Tariff Impact
Tariff impacts increase costs and pressure margins, potentially affecting Oshkosh's pricing strategies and profitability in the long term.
NGDV Production Challenges
Production challenges in NGDV may delay revenue realization and affect Oshkosh's ability to meet demand, impacting future growth prospects.
Oshkosh (OSK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.88B
Dividend Yield1.64%
Average Volume (3M)844.16K
Price to Earnings (P/E)12.1
Beta (1Y)1.31
Revenue Growth-2.28%
EPS Growth-0.53%
CountryUS
Employees18,000
SectorIndustrials
Sector Strength72
IndustryAgricultural - Machinery
Share Statistics
EPS (TTM)3.20
Shares Outstanding63,254,320
10 Day Avg. Volume793,228
30 Day Avg. Volume844,160
Financial Highlights & Ratios
PEG Ratio0.68
Price to Book (P/B)1.50
Price to Sales (P/S)0.58
P/FCF Ratio23.16
Enterprise Value/Market Cap1.19
Enterprise Value/Revenue0.91
Enterprise Value/Gross Profit5.09
Enterprise Value/Ebitda7.82
Forecast
1Y Price Target
$154.00Price Target Upside23.62% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Oshkosh Business Overview & Revenue Model
Company DescriptionOshkosh Corporation (OSK) is a leading manufacturer of specialty vehicles and vehicle bodies, primarily serving the defense, fire and emergency, access equipment, and commercial markets. Headquartered in Oshkosh, Wisconsin, the company operates through several segments, including Defense, Fire & Emergency, and Access Equipment. Its core products include tactical military vehicles, fire trucks, aerial work platforms, and concrete mixers, catering to various industries and enhancing operational efficiency and safety.
How the Company Makes MoneyOshkosh generates revenue through the sale of its specialty vehicles and related services. The company has several key revenue streams, including the Defense segment, which provides military vehicles to government entities, leading to long-term contracts and recurring sales. The Fire & Emergency segment relies on both new vehicle sales and aftermarket parts and services, ensuring ongoing revenue from maintenance and repairs. The Access Equipment segment focuses on aerial work platforms, with revenue coming from both equipment sales and rental services. Significant partnerships with government agencies, municipal fire departments, and construction companies bolster Oshkosh's earnings, as do its investments in innovation and technology to enhance product offerings and meet evolving market needs.
Oshkosh Earnings Call Summary
Earnings Call Date:Oct 29, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 03, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a mixed sentiment. While there were notable achievements in operating margin performance and vocational segment growth, challenges such as revenue declines in the Access segment, tariff impacts, and production issues in NGDV highlighted areas of concern. The revised EPS guidance suggests caution moving forward, but strong community engagement and innovative product launches offer positive outlooks.Q3-2025 Updates
Positive Updates
Strong Adjusted Operating Margin
Oshkosh delivered an adjusted operating margin of 10.2% on revenue of $2.7 billion, with adjusted earnings per share of $3.20, an increase of 9.2% over the prior year.
Vocational Segment Growth
The Vocational segment achieved an adjusted operating income margin of 15.6% on $968 million in sales, a growth of 19% from last year, driven by improved throughput and robust growth in airport products.
Innovative Product Launches
Oshkosh introduced new products including the AG619 mid-sized ag telehandler and the LiftPod in Europe, aimed at enhancing market offerings and supporting demand.
Successful Community Engagement
Oshkosh continued its community engagement efforts with events such as the Feed the Body, Feed the Soul event and the 9/11 Memorial Stair Climb, highlighting its commitment to social responsibility.
Increased Free Cash Flow
Free cash flow for the quarter was strong at $464 million, compared to $272 million in the third quarter of 2024, reflecting positive working capital changes.
Negative Updates
Revenue Decline in Access Segment
Access segment sales were $254 million, nearly 19% lower than last year, due to weaker market conditions in North America and higher discounts.
Revised Full-Year EPS Guidance
The full-year adjusted EPS guidance was revised to a range of $10.50 to $11 due to lower revenue expectations in Access and Transport segments.
Tariff Impact
The company faces a $30 million to $40 million impact from tariffs for the full year, mostly affecting the fourth quarter, with expectations for further impacts in 2026.
NGDV Production Challenges
Challenges in ramping up NGDV production resulted in lower-than-expected delivery vehicle revenue, with ongoing efforts to reach full production capacity.
Warranty Costs in Defense Segment
Higher warranty costs were noted in the Transport segment, particularly due to issues with core defense products built during supply chain shortages.
Company Guidance
During the third quarter of 2025, Oshkosh Corporation reported an adjusted operating margin of 10.2% on revenue of $2.7 billion, resulting in an adjusted earnings per share (EPS) of $3.20, marking a 9.2% increase from the previous year. Despite a 2% decrease in consolidated sales, primarily due to lower sales volume in the Access segment, Oshkosh maintained strong performance across its segments. The company revised its full-year 2025 adjusted EPS guidance to a range of $10.50 to $11, reflecting slightly lower revenue expectations in the Access and Transport segments. Oshkosh's third-quarter results were also marked by a free cash flow of $464 million, an increase from $272 million in the prior year. The Access segment achieved an adjusted operating income margin of 11% on sales of $1.1 billion, while the Vocational segment recorded a 15.6% margin on $968 million in sales. The Transport segment's operating income margin improved to 6.2%, driven by factors including a one-time intellectual property license agreement. Despite these challenges, Oshkosh remains focused on its long-term growth objectives, aiming to double its adjusted EPS to a range of $18 to $22 by 2028.Oshkosh Financial Statement Overview
Summary
Oshkosh exhibits strong financial health with robust profitability and cash flow metrics. Despite a slight decline in revenue growth, the company maintains solid margins and a conservative leverage position, supporting its stability and potential for future growth.Income Statement
Oshkosh's income statement shows a strong gross profit margin of 17.83% TTM, indicating efficient cost management. The net profit margin is stable at 6.45% TTM, reflecting consistent profitability. However, the revenue growth rate has declined by 0.51% TTM, which could be a concern if the trend continues. The EBIT and EBITDA margins are healthy at 9.47% and 11.59% TTM, respectively, suggesting robust operational performance.75
Positive
Balance Sheet
The balance sheet reveals a manageable debt-to-equity ratio of 0.27 TTM, indicating a conservative leverage position. The return on equity stands at 15.34% TTM, showcasing effective use of equity to generate profits. The equity ratio is not explicitly provided, but the overall asset base appears solid, supporting financial stability.70
Positive
Cash Flow
Cash flow analysis highlights a significant free cash flow growth rate of 32.62% TTM, demonstrating strong cash generation capabilities. The operating cash flow to net income ratio is 0.19 TTM, and the free cash flow to net income ratio is 0.65 TTM, indicating efficient cash conversion and solid liquidity.80
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.33B | 10.73B | 9.66B | 8.28B | 7.74B | 6.86B |
| Gross Profit | 1.84B | 1.97B | 1.68B | 1.05B | 1.27B | 1.12B |
| EBITDA | 1.20B | 1.22B | 1.03B | 436.60M | 697.50M | 598.70M |
| Net Income | 666.30M | 681.40M | 598.00M | 173.90M | 508.90M | 321.50M |
Balance Sheet | ||||||
| Total Assets | 9.84B | 9.42B | 9.13B | 7.73B | 6.85B | 5.82B |
| Cash, Cash Equivalents and Short-Term Investments | 211.80M | 204.90M | 125.40M | 805.90M | 995.70M | 582.90M |
| Total Debt | 1.21B | 961.80M | 772.50M | 604.70M | 819.00M | 823.10M |
| Total Liabilities | 5.30B | 5.27B | 5.42B | 4.54B | 3.65B | 2.97B |
| Stockholders Equity | 4.54B | 4.15B | 3.71B | 3.19B | 3.20B | 2.85B |
Cash Flow | ||||||
| Free Cash Flow | 781.00M | 269.10M | 274.30M | 331.80M | 1.11B | 197.10M |
| Operating Cash Flow | 974.10M | 550.10M | 599.60M | 601.30M | 1.22B | 327.30M |
| Investing Cash Flow | -215.50M | -388.80M | -1.29B | -300.40M | -245.60M | -77.60M |
| Financing Cash Flow | -712.40M | -75.10M | 3.40M | -485.00M | -180.40M | -115.50M |
Oshkosh Technical Analysis
Neutral
124.58
Price Trends
130.95
Negative
130.89
Negative
114.43
Positive
Market Momentum
-2.42
Positive
44.22
Neutral
67.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OSK, the sentiment is Neutral. The current price of 124.58 is below the 20-day moving average (MA) of 128.36, below the 50-day MA of 130.95, and above the 200-day MA of 114.43, indicating a neutral trend. The MACD of -2.42 indicates Positive momentum. The RSI at 44.22 is Neutral, neither overbought nor oversold. The STOCH value of 67.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for OSK.
Oshkosh Risk Analysis
Oshkosh disclosed 23 risk factors in its most recent earnings report. Oshkosh reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Oshkosh Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $3.00B | 19.40 | 7.85% | 1.49% | 4.60% | -65.73% | |
71 Outperform | $7.88B | 12.15 | 15.42% | 1.64% | -2.28% | -0.53% | |
64 Neutral | $1.19B | 16.23 | 14.61% | 1.33% | 11.41% | 13.05% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $2.02B | 17.30 | 10.82% | 0.74% | -2.73% | -2.91% | |
59 Neutral | $7.79B | 20.80 | 8.69% | 1.11% | -20.09% | 121.28% | |
54 Neutral | $12.53B | 21.07 | 7.77% | 2.49% | -18.10% | -65.24% |
* Industrials Sector Average
OSK
Oshkosh
124.58
16.81
15.60%
AGCO
Agco
104.43
11.13
11.93%
ALG
Alamo Group
162.45
-29.80
-15.50%
CNH
CNH Industrial
10.05
-0.74
-6.86%
LNN
Lindsay
110.07
-13.19
-10.70%
TEX
Terex
45.75
-5.73
-11.13%
Oshkosh Corporate Events
Oshkosh Corporation Reports Steady Q3 2025 Performance
Oct 30, 2025
Oshkosh Corporation, a Wisconsin-based company, specializes in manufacturing purpose-built vehicles and equipment for various sectors, including defense, fire and emergency, and access equipment. In its third-quarter earnings report for 2025, Oshkosh Corporation announced sales of $2.69 billion and earnings per share of $3.04, with adjusted earnings per share at $3.20. The company also updated its 2025 earnings outlook, projecting adjusted earnings per share between $10.50 and $11.00.
Oshkosh Earnings Call: Mixed Sentiment Amid Growth
Oct 30, 2025
Oshkosh Corporation’s recent earnings call revealed a mixed sentiment among stakeholders. The company celebrated significant achievements such as improved operating margins and growth in its vocational segment. However, challenges like revenue declines in the Access segment, tariff impacts, and production issues with the Next Generation Delivery Vehicle (NGDV) were highlighted as areas of concern. Despite these hurdles, the company remains optimistic due to strong community engagement and innovative product launches.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.