Oshkosh Corporation (OSK)
NYSE:OSK
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Oshkosh
(NYSE:OSK)
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Rating:68Neutral
Price Target:
$133.00
▼(-10.06% Downside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by solid financial performance—especially strong free cash flow and low leverage—partly offset by margin compression. Technicals are bearish with the stock trading below key moving averages, and valuation is a headwind due to a high P/E relative to a modest dividend. Earnings-call commentary is balanced: strong backlog and maintained guidance support the outlook, but Q1 profitability weakness and a back-half recovery profile elevate execution risk.
Positive Factors
Cash generation
Sustained, high FCF relative to net income shows durable earnings-to-cash conversion. This strengthens funding for capex, working capital, buybacks, and debt flexibility, giving the company room to invest in throughput and product development through industry cycles over the next several quarters.
Negative Factors
Margin compression
A large, recent drop in operating income reflects adverse mix, higher overhead and input cost pressure. If pricing, mix or throughput improvements lag, margins and cash conversion could stay depressed, reducing the company’s ability to fund strategic investments without offsetting actions.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained, high FCF relative to net income shows durable earnings-to-cash conversion. This strengthens funding for capex, working capital, buybacks, and debt flexibility, giving the company room to invest in throughput and product development through industry cycles over the next several quarters.
Read all positive factors
Oshkosh Key Performance Indicators (KPIs)
Oshkosh (OSK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.93B
Dividend Yield1.56%
Average Volume (3M)771.38K
Price to Earnings (P/E)53.6
Beta (1Y)1.20
Revenue Growth-0.92%
EPS Growth-4.01%
CountryUS
Employees18,000
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)9.03
Shares Outstanding62,351,310
10 Day Avg. Volume1,208,698
30 Day Avg. Volume771,375
Financial Highlights & Ratios
PEG Ratio-4.18
Price to Book (P/B)1.78
Price to Sales (P/S)0.77
P/FCF Ratio13.05
Enterprise Value/Market Cap1.12
Enterprise Value/Revenue0.85
Enterprise Value/Gross Profit5.19
Enterprise Value/Ebitda8.12
Forecast
1Y Price Target
$165.00Price Target Upside11.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)10.92
Revenue Forecast (FY)$10.96B
Oshkosh Business Overview & Revenue Model
Company Description
Oshkosh Corporation designs, manufactures, and markets specialty vehicles and vehicle bodies worldwide. The company's Access Equipment segment provides aerial work platforms and telehandlers for use in various construction, industrial, institution...
How the Company Makes Money
Oshkosh makes money primarily by manufacturing and selling specialty vehicles and equipment, recognized as revenue when products are delivered/accepted under customer contracts. Its key revenue streams are: (1) Access Equipment: sales of aerial wo...
Oshkosh Earnings Call Summary
Earnings Call Date:May 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
Neutral — The quarter showed clear operational and margin challenges (adjusted operating income down ~50%, shipment shortfalls, tariff uncertainty and negative Q1 free cash flow) but was offset by meaningful positives: robust order intake (Access book-to-bill 1.6), sizable backlogs (Vocational $6.6B, Access $1.8B, AeroTech multi-month backlog), NGDV ramp progress, product and technology momentum, improved working capital vs prior year, and the company maintaining full-year EPS ($11.50) and free cash flow ($550M–$650M) guidance. The positives provide a credible path to recovery, but near-term execution and macro/tariff risks keep the assessment balanced.Positive Updates
Consolidated Sales Stable
Consolidated sales of approximately $2.3 billion in Q1, essentially flat year-over-year, with pricing and favorable currency largely offsetting lower volume.
Negative Updates
Adjusted Operating Income Decline
Adjusted operating income fell to $96 million in Q1 from $192 million a year ago, a decline of roughly 50%, driven by unfavorable mix, higher overhead and lower volume.
Read all updates
Q1-2026 Updates
Positive
Negative
Consolidated Sales Stable
Consolidated sales of approximately $2.3 billion in Q1, essentially flat year-over-year, with pricing and favorable currency largely offsetting lower volume.
Read all positive updates
Company Guidance
Management maintained full‑year adjusted EPS guidance of $11.50 and a free cash flow target of $550–$650 million, noting roughly 30% of earnings are expected in H1 (implying ~70% in H2) and expecting improved price/cost and production in the back half; they reiterated NGDV full‑year production guidance of 16,000–20,000 units (planning for the low end), expect fire truck production throughput to be up roughly 10% year‑over‑year, and see continued tariff neutrality with a full‑year IEEPA/Cape‑1 benefit of about $23 million (≈$13.5M recognized in Q1). First‑quarter metrics referenced alongside the guidance include consolidated sales of ~$2.3 billion, adjusted EPS $0.85, adjusted operating income $96 million, free cash flow of –$189 million (improved from –$435M a year ago), a $47 million share repurchase (≈300k shares), a $1.6 billion revolving credit facility, Access book‑to‑bill of 1.6 and backlog of $1.8 billion, Vocational backlog of $6.6 billion, Transport sales of $513 million with Delivery Vehicle revenue of $217 million (42% of Transport) and Jetway backlog extending beyond 12 months.Oshkosh Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.43B | 10.42B | 10.73B | 9.66B | 8.28B | 7.74B |
| Gross Profit | 1.72B | 1.76B | 1.97B | 1.68B | 1.05B | 1.27B |
| EBITDA | 1.10B | 1.18B | 1.22B | 1.03B | 436.60M | 697.50M |
| Net Income | 577.90M | 647.00M | 681.40M | 598.00M | 173.90M | 508.90M |
Balance Sheet | ||||||
| Total Assets | 9.96B | 10.07B | 9.42B | 9.13B | 7.73B | 6.85B |
| Cash, Cash Equivalents and Short-Term Investments | 250.30M | 479.80M | 204.90M | 125.40M | 805.90M | 995.70M |
| Total Debt | 1.15B | 1.54B | 961.80M | 772.50M | 604.70M | 819.00M |
| Total Liabilities | 5.49B | 5.54B | 5.27B | 5.42B | 4.54B | 3.65B |
| Stockholders Equity | 4.47B | 4.53B | 4.15B | 3.71B | 3.19B | 3.20B |
Cash Flow | ||||||
| Free Cash Flow | 848.50M | 618.00M | 269.10M | 274.30M | 331.80M | 1.11B |
| Operating Cash Flow | 1.02B | 783.40M | 550.10M | 599.60M | 601.30M | 1.22B |
| Investing Cash Flow | -160.70M | -204.90M | -388.80M | -1.29B | -300.40M | -245.60M |
| Financing Cash Flow | -822.50M | -315.90M | -75.10M | 3.40M | -485.00M | -180.40M |
Oshkosh Technical Analysis
Negative
147.87
Price Trends
143.95
Negative
150.58
Negative
140.73
Negative
Market Momentum
-6.94
Positive
40.61
Neutral
48.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OSK, the sentiment is Negative. The current price of 147.87 is above the 20-day moving average (MA) of 138.49, above the 50-day MA of 143.95, and above the 200-day MA of 140.73, indicating a bearish trend. The MACD of -6.94 indicates Positive momentum. The RSI at 40.61 is Neutral, neither overbought nor oversold. The STOCH value of 48.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for OSK.
Oshkosh Risk Analysis
Oshkosh disclosed 25 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $7.93B | 53.64 | 12.85% | 1.56% | -0.92% | -4.01% | |
66 Neutral | $6.54B | -10.42 | 3.93% | 1.24% | 17.03% | -43.69% | |
65 Neutral | $1.82B | 17.03 | 8.86% | 0.69% | 2.26% | -12.86% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $8.12B | 38.18 | 17.90% | 1.10% | -3.80% | ― | |
61 Neutral | $1.13B | 29.53 | 11.28% | 1.24% | -1.70% | -22.14% | |
51 Neutral | $12.59B | 487.54 | 4.99% | 2.67% | -4.04% | -62.88% |
* Industrials Sector Average
OSK
Oshkosh
128.51
31.85
32.95%
AGCO
Agco
112.84
13.36
13.43%
ALG
Alamo Group
150.02
-45.68
-23.34%
CNH
CNH Industrial
10.11
-2.53
-20.00%
LNN
Lindsay
109.19
-27.12
-19.90%
TEX
Terex
57.76
13.75
31.24%
Oshkosh Corporate Events
Executive/Board ChangesShareholder Meetings
Oshkosh shareholders back board, pay and governance direction
Positive
May 8, 2026
At its 2026 Annual Meeting of Shareholders held on May 5, 2026, Oshkosh Corporation shareholders elected all nominated directors to serve terms expiring at the 2027 annual meeting, signaling broad investor support for the current board slate and g...
Business Operations and StrategyPrivate Placements and Financing
Oshkosh Expands and Aligns Long-Term Credit Facilities
Positive
Mar 16, 2026
On March 16, 2026, Oshkosh Corporation replaced its prior $1.55 billion unsecured revolving credit facility with a new Fourth Amended and Restated Credit Agreement providing a $1.6 billion unsecured revolver maturing in March 2031, with the option...
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.