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Oshkosh
(NYSE:OSK)
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Rating:72Outperform
Price Target:
$159.00
â–²(2.49% Upside)
Action:Reiterated
Date:07/31/26
OSK scores well primarily on financial performance—especially strong recent free cash flow generation and modest leverage—supported by a generally constructive (though mixed) earnings call with maintained free cash flow guidance. The overall score is held back by a less favorable near-term technical setup (below the 20-day average with limited momentum data) and only moderate valuation support (P/E ~17.4 and ~1.5% yield).
Positive Factors
Strong free cash flow generation
Sustained, high free cash flow (TTM ~$1.15B) and strong cash conversion (~83% of net income) provide durable financing for capex, R&D, share repurchases and working-capital swings. This cash strength enhances resilience through industrial cycles and funds long-term modernization investments.
Negative Factors
Margin compression and operating income decline
A meaningful YoY decline in operating income reflects margin pressure from mix, higher overheads and investment-related costs. If mix and overhead trends persist, profitability and operating leverage could be constrained for multiple quarters despite revenue growth, reducing earnings durability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Sustained, high free cash flow (TTM ~$1.15B) and strong cash conversion (~83% of net income) provide durable financing for capex, R&D, share repurchases and working-capital swings. This cash strength enhances resilience through industrial cycles and funds long-term modernization investments.
Read all positive factors
Oshkosh Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Compares operating profit across Oshkosh’s divisions to show which businesses generate real earnings after costs, flagging where margin pressure or efficiency gains are affecting overall profitability and capital allocation.
Compares operating profit across Oshkosh’s divisions to show which businesses generate real earnings after costs, flagging where margin pressure or efficiency gains are affecting overall profitability and capital allocation.
Data provided by:
The Fly
The FlyOshkosh (OSK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.82B
Dividend Yield1.52%
Average Volume (3M)711.72K
Price to Earnings (P/E)16.2
Beta (1Y)1.15
Revenue Growth1.93%
EPS Growth-12.16%
CountryUS
Employees18,400
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)8.78
Shares Outstanding61,739,750
10 Day Avg. Volume841,290
30 Day Avg. Volume711,722
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$164.91Price Target Upside6.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)10.82
Revenue Forecast (FY)$11.13B
Oshkosh Business Overview & Revenue Model
Company Description
Oshkosh Corporation provides purpose-built vehicles and equipment worldwide. The company operates through three segments: Access, Vocational, and Transport segment. The Access segment designs and manufactures aerial work platform and telehandlers ...
How the Company Makes Money
Oshkosh makes money primarily by selling specialty vehicles and access equipment to government and commercial customers, supplemented by aftermarket parts and service revenue. Its revenue model is largely project- and order-driven: customers (such...
Oshkosh Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Neutral
The call conveyed a mix of encouraging operational and financial metrics (revenue growth, a large improvement in free cash flow, Access strength, transport/NGDV momentum, defense awards and strong backlog) alongside execution and timing challenges (fire-truck production transition, a downward EPS tweak of roughly $0.50, margin pressure from mix/tariffs, and near-term Q3 risk). Management emphasized confidence in long-term 2028 targets and described investments and transformation that should improve throughput and margins over 2027–2028, but near-term execution issues and mix/tariff impacts temper the positive elements.Positive Updates
Consolidated Revenue Growth
Consolidated sales of $2.9 billion in Q2, up $183 million or 6.7% year-over-year, driven by improved sales volume and pricing.
Negative Updates
Near-Term Vocational / Fire Truck Production Disruption
Company implemented production changes for fire trucks that will result in producing and shipping fewer fire trucks this year than previously planned; management reduced near-term production expectations and noted throughput is improving more gradually than anticipated.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Consolidated sales of $2.9 billion in Q2, up $183 million or 6.7% year-over-year, driven by improved sales volume and pricing.
Read all positive updates
Company Guidance
Oshkosh updated 2026 guidance with full‑year adjusted EPS now expected around $11 and free cash flow unchanged at $550M–$650M; that follows Q2 consolidated sales of $2.9B and adjusted EPS of $2.87, adjusted operating income of $258M (down from $313M a year ago), and Q2 free cash flow of $348M (vs $49M LY), plus ~667,000 shares repurchased for $92M. By segment: Access delivered Q2 sales of $1.4B (up 9.4%), a book‑to‑bill of 1.1, a $2B backlog and an 11.3% adjusted operating margin, and the company now expects full‑year Access revenue to grow versus 2025 (price‑cost dynamics expected to be roughly neutral for the year); Vocational had Q2 sales of $967M and a 13.5% margin but will ship fewer fire trucks in 2026 as it modernizes production (a revision that reduces 2026 EPS by roughly $0.50), targeting about a 10% production increase this year and a 25%–30% production rate uplift longer term; Transport posted Q2 sales of $536M (up ~12%), operating income of $16M (down ~$2M), delivery revenue representing nearly half of segment sales and growing >20% sequentially with the NGDV fleet surpassing 35M miles, and notable defense orders of $142M (FMTV A2) and $92M (ROGUE‑Fires). Management expects Q4 to be stronger than Q3, continues to see strong cash conversion, and assumes an additional NGDV order in the back half of the year.Oshkosh Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.61B | 10.42B | 10.73B | 9.66B | 8.28B | 7.74B |
| Gross Profit | 1.67B | 1.76B | 1.97B | 1.68B | 1.05B | 1.27B |
| EBITDA | 1.04B | 1.18B | 1.22B | 1.03B | 436.60M | 697.50M |
| Net Income | 556.30M | 647.00M | 681.40M | 598.00M | 173.90M | 508.90M |
Balance Sheet | ||||||
| Total Assets | 10.05B | 10.07B | 9.42B | 9.13B | 7.73B | 6.85B |
| Cash, Cash Equivalents and Short-Term Investments | 403.60M | 479.80M | 204.90M | 125.40M | 805.90M | 995.70M |
| Total Debt | 1.10B | 1.54B | 961.80M | 772.50M | 604.70M | 819.00M |
| Total Liabilities | 5.52B | 5.54B | 5.27B | 5.42B | 4.54B | 3.65B |
| Stockholders Equity | 4.53B | 4.53B | 4.15B | 3.71B | 3.19B | 3.20B |
Cash Flow | ||||||
| Free Cash Flow | 1.15B | 618.00M | 269.10M | 274.30M | 331.80M | 1.11B |
| Operating Cash Flow | 1.30B | 783.40M | 550.10M | 599.60M | 601.30M | 1.22B |
| Investing Cash Flow | -147.90M | -204.90M | -388.80M | -1.29B | -300.40M | -245.60M |
| Financing Cash Flow | -940.90M | -315.90M | -75.10M | 3.40M | -485.00M | -180.40M |
Oshkosh Technical Analysis
Negative
155.14
Price Trends
140.25
Positive
142.87
Negative
142.30
Positive
Market Momentum
2.73
Negative
65.92
Neutral
81.63
Negative
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 155.14 is above the 20-day moving average (MA) of 146.12, above the 50-day MA of 140.25, and above the 200-day MA of 142.30, indicating a neutral trend. The MACD of 2.73 indicates Negative momentum. The RSI at 65.92 is Neutral, neither overbought nor oversold. The STOCH value of 81.63 is Negative, 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $8.82B | 16.22 | 12.32% | 1.39% | 1.93% | -12.16% | |
71 Outperform | $1.12B | 21.15 | 10.73% | 1.30% | -7.37% | -25.20% | |
70 Outperform | $1.92B | 18.92 | 8.86% | 0.80% | 2.26% | -12.86% | |
66 Neutral | $7.11B | 0.55 | 4.30% | 0.97% | 29.17% | -27.70% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $7.50B | 14.11 | 12.45% | 0.97% | 1.74% | 443.88% | |
51 Neutral | $12.80B | 33.20 | 4.99% | 0.90% | -4.04% | -62.88% |
* Industrials Sector Average
OSK
Oshkosh
142.41
13.31
10.31%
AGCO
Agco
102.16
-10.32
-9.17%
ALG
Alamo Group
159.08
-54.94
-25.67%
CNH
CNH Industrial
10.25
-2.10
-17.00%
LNN
Lindsay
110.82
-20.99
-15.92%
TEX
Terex
62.84
14.49
29.98%
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...
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.