Oshkosh (OSK) AI Stock Analysis

• Market Cap: $7.18B
• Dividend Yield: 1.83%
• Average Volume (3M): 756.11K
• Price to Earnings (P/E): 11.9
• Beta (1Y): 1.25
• Revenue Growth: 5.95%
• EPS Growth: -10.59%
• Country: US
• Employees: 18,000
• Sector: Industrials
• Sector Strength: 85
• Industry: Agricultural - Machinery
• EPS (TTM): 1.92
• Shares Outstanding: 64,373,090
• 10 Day Avg. Volume: 968,912
• 30 Day Avg. Volume: 756,114
• PEG Ratio: 0.30
• Price to Book (P/B): 2.04
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 13.43
• Enterprise Value/Market Cap: 0.79
• Enterprise Value/Revenue: 0.13
• Enterprise Value/Gross Profit: 3.00
• Enterprise Value/Ebitda: 1.15
• 1Y Price Target: $116.92
• Price Target Upside: 6.47% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 13

• Rating: 77 Outperform
• Price Target: $126.00 ▲(14.73%Upside)

Oshkosh's strong financial performance, positive technical indicators, and fair valuation underpin the stock score. Earnings call data emphasizes significant strengths, though tariff impacts and sales decline present challenges. The stock is well-positioned for future growth, supported by a robust backlog.

Positive Factors

Earnings Visibility

Extended backlog in the higher margin Vocational business provides above-average earnings visibility and is more profitable relative to history, helping offset the Access Equipment downturn.

Financial Targets

OSK issued better than expected 2028 financial targets and outlined investments to continue to improve the portfolio's resiliency and reduce cyclicality.

Market Valuation

Oshkosh is the cheapest name within the Machinery coverage universe trading at a ~40% discount to the broader Machinery group and screening cheap relative to its long-term average.

Negative Factors

Access Segment Challenges

Concerns exist about the Access segment, which constitutes a considerable portion of profits, due to potential challenges from slowing construction and rising costs.

Downturn Risks

The downturn for Access Equipment extends to 2026, and the stock has priced in an aggressive bear case scenario.

Macroeconomic Risks

Macroeconomic factors, tariffs, and competition remain a near-term risk capping OSK's share performance.

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, institutional, and general maintenance applications. This segment also offers rental fleet loans and leases, and floor plan and retail financing through third-party funding arrangements; towing and recovery equipment; carriers and wreckers; equipment installation services; and chassis and service parts sales. Its Defense segment provides heavy, medium, and light tactical wheeled vehicles and related services for the department of defense. The company's Fire & Emergency segment offers custom and commercial firefighting vehicles and equipment; and commercial fire apparatus and emergency vehicles, such as pumpers, aerial platform, ladder and tiller trucks, tankers, rescue vehicles, wild land rough terrain response vehicles, mobile command and control centers, bomb squad vehicles, hazardous materials control vehicles, and other emergency response vehicles. This segment also provides aircraft rescue and firefighting, snow removal, and broadcast vehicles, as well as command trucks, and military simulator shelters and trailers. Its Commercial segment offers front-and rear-discharge concrete mixers for the concrete ready-mix industry; refuse collection vehicles and related components to commercial and municipal waste haulers; and field service vehicles and truck-mounted cranes for the construction, equipment dealer, building supply, utility, tire service, railroad, and mining industries. Oshkosh Corporation provides its products through direct sales representatives, dealers, and distributors. The company was formerly known as Oshkosh Truck Corporation and changed its name to Oshkosh Corporation in February 2008. Oshkosh Corporation was founded in 1917 and is headquartered in Oshkosh, Wisconsin.

How the Company Makes Money

Oshkosh Corporation generates revenue through the design, manufacture, and sale of a diverse array of specialty vehicles and vehicle bodies across its four key business segments. The Access Equipment segment, which includes brands like JLG, provides substantial revenue through the sale and lease of aerial work platforms and telehandlers. The Defense segment secures significant earnings by supplying tactical wheeled vehicles to the U.S. Department of Defense and other international military customers. The Fire & Emergency segment contributes to the company's income by producing and selling fire trucks and emergency vehicles, while the Commercial segment adds to earnings through the sale of concrete mixers, refuse collection vehicles, and other related products. Additionally, Oshkosh benefits from aftermarket parts and service sales, which provide a steady stream of recurring revenue. Strategic partnerships and long-term contracts with government entities and large industrial clients also play a crucial role in sustaining and growing the company's financial performance.

Oshkosh Financial Statement Overview

Summary

Oshkosh demonstrates strong financial performance with robust profitability and effective cost management. Despite a rise in leverage, the balance sheet is stable, and cash flow generation remains effective. Continued monitoring of cash flow trends is advised.

Income Statement

Oshkosh has demonstrated strong financial performance in the TTM (Trailing-Twelve-Months) with a robust gross profit margin of 17.96% and a solid net profit margin of 5.85%. Revenue growth has been steady, with an increase from $9.65 billion in 2023 to $10.73 billion in 2024, and further to $10.50 billion in TTM. The company's EBIT and EBITDA margins are healthy at 9.31% and 11.36%, respectively. Overall, the income statement reflects strong profitability and effective cost management.

Balance Sheet

The balance sheet shows a stable financial position with a debt-to-equity ratio of 0.35, indicating moderate leverage. The return on equity (ROE) is a strong 14.50%, reflecting efficient use of shareholder funds. An equity ratio of 43.38% suggests a solid equity base supporting assets. However, the increase in total debt from $961.8 million in 2024 to $1.48 billion in TTM indicates a rise in leverage, which could pose future risks.

Cash Flow

Oshkosh's cash flow position is strong, with a consistent generation of free cash flow, reflecting a growth rate of 7.69% from 2024 to TTM. The operating cash flow to net income ratio stands at 0.83, and the free cash flow to net income ratio is 0.47, highlighting effective cash generation relative to profitability. However, a decrease in operating cash flow from $599.6 million in 2023 to $511 million in TTM warrants attention for future cash flow management.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Sep 2021	Sep 2020
Income Statement		Total Revenue
10.50B	10.73B	9.65B	8.28B	7.74B	6.86B
	Gross Profit
1.89B	1.97B	1.77B	1.05B	1.22B	1.12B
	EBIT
978.00M	1.01B	843.80M	372.30M	544.70M	488.70M
	EBITDA
1.19B	1.22B	988.70M	444.30M	650.10M	602.60M
	Net Income Common Stockholders
614.20M	681.40M	598.00M	173.90M	472.70M	324.50M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
210.30M	204.90M	125.40M	805.90M	1.38B	582.90M
	Total Assets
9.76B	9.42B	9.13B	7.73B	6.89B	5.82B
	Total Debt
1.48B	961.80M	1.08B	604.70M	818.80M	823.10M
	Net Debt
1.27B	756.90M	952.30M	-201.20M	-557.00M	240.20M
	Total Liabilities
5.53B	5.27B	5.42B	4.54B	3.64B	2.97B
	Stockholders Equity
4.23B	4.15B	3.71B	3.19B	3.25B	2.85B
Cash Flow		Free Cash Flow
289.80M	269.10M	274.30M	321.60M	1.11B	197.10M
	Operating Cash Flow
511.00M	550.10M	599.60M	601.30M	1.22B	327.30M
	Investing Cash Flow
-320.70M	-388.80M	-1.29B	-300.40M	-245.60M	-77.60M
	Financing Cash Flow
-49.50M	-75.10M	3.40M	-485.00M	-180.40M	-115.50M

Oshkosh Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 109.82
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OSK, the sentiment is Positive. The current price of 109.82 is above the 20-day moving average (MA) of 104.80, above the 50-day MA of 95.23, and above the 200-day MA of 99.47, indicating a bullish trend. The MACD of 4.40 indicates Negative momentum. The RSI at 66.16 is Neutral, neither overbought nor oversold. The STOCH value of 80.99 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OSK.

Oshkosh Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OSK	77 Outperform	$7.18B	11.92	15.24%	1.83%	5.95%	-10.59%
TEX	74 Outperform	$3.08B	12.79	13.85%	1.45%	-2.78%	-51.72%
LNN	73 Outperform	$1.47B	19.30	15.38%	1.06%	0.46%	12.22%
REVG	73 Outperform	$2.16B	23.75	34.41%	0.54%	-9.50%	-54.36%
ALG	70 Neutral	$2.62B	22.56	11.48%	0.55%	-6.43%	-14.68%
ASTE	68 Neutral	$935.49M	62.20	2.33%	1.27%	1.99%	-39.02%
Sector *	66 Neutral	$4.49B	12.22	5.40%	3.71%	4.17%	-11.97%

Oshkosh Corporate Events

Oshkosh Finalizes Board Elections and Auditor Approval

On May 6, 2025, Oshkosh Corporation held its Annual Meeting of Shareholders, where the election results for board directors were finalized. The shareholders elected several directors for terms expiring in 2026 and ratified Deloitte & Touche LLP as the independent auditor for the fiscal year ending December 31, 2025. Additionally, a nonbinding resolution approving the compensation of the company’s named executive officers was passed.