Oshkosh vs Paccar
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The short version
- Paccar is the larger business, with $28.4B of revenue in fiscal 2025 against $10.4B for Oshkosh, about 2.7 times as much.
- Oshkosh grew revenue faster (−2.9%, against −15.5%).
- Paccar turned more of its sales into free cash flow (12.9% FCF margin, against 5.9%).
- Investors pay more for each dollar of Paccar’s earnings: a P/E of 22.5x against 14.7x for Oshkosh.
| Latest fiscal year | OSK · FY25 | PCAR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $56.4B |
| Revenue | $10.4B | $28.4B |
| Free cash flow | $618M | $3.7B |
| Net income | $647M | $2.4B |
| Growth | ||
| Revenue growth | −2.9% | −15.5% |
| 5-year growth | 8.7% | 8.7% |
| Share count change | −1.9% | 0.0% |
| Profitability | ||
| Gross margin | 17.5% | 20.1% |
| Operating margin | 9.0% | — |
| Net margin | 6.2% | 8.4% |
| FCF margin | 5.9% | 12.9% |
| Return on capital | 14.8% | — |
| Return on equity | 14.9% | 12.9% |
| Balance sheet | ||
| Net debt | $692M | — |
| Net debt / EBITDA | 0.6x | — |
| Dividends and buybacks | $408M | $2.3B |
| Valuation & quality | ||
| P/E | 14.7x | 22.5x |
| Piotroski F-score | 5 | — |
Revenue
FY16
OSK $6.3B
PCAR $17.0B
FY17
OSK $6.8B
PCAR $19.5B
FY18
OSK $7.7B
PCAR $23.5B
FY19
OSK $8.4B
PCAR $25.6B
FY20
OSK $6.9B
PCAR $18.7B
FY21
OSK $7.7B
PCAR $23.5B
FY22
OSK $8.3B
PCAR $28.8B
FY23
OSK $9.7B
PCAR $35.1B
FY24
OSK $10.7B
PCAR $33.7B
FY25
OSK $10.4B
PCAR $28.4B
OSK
PCAR
Operating margin
FY16
OSK 5.8%
PCAR —
FY17
OSK 6.9%
PCAR —
FY18
OSK 8.5%
PCAR —
FY19
OSK 9.5%
PCAR —
FY20
OSK 7.1%
PCAR —
FY21
OSK 7.7%
PCAR —
FY22
OSK 4.5%
PCAR —
FY23
OSK 8.7%
PCAR —
FY24
OSK 9.4%
PCAR —
FY25
OSK 9.0%
PCAR —
OSK
PCAR
Free cash flow
FY16
OSK $491M
PCAR $1.9B
FY17
OSK $161M
PCAR $2.3B
FY18
OSK $341M
PCAR $2.5B
FY19
OSK $421M
PCAR $2.3B
FY20
OSK $215M
PCAR $2.4B
FY21
OSK $1.1B
PCAR $1.6B
FY22
OSK $332M
PCAR $2.5B
FY23
OSK $274M
PCAR $3.5B
FY24
OSK $269M
PCAR $3.8B
FY25
OSK $618M
PCAR $3.7B
OSK
PCAR
Return on capital
FY16
OSK 9.7%
PCAR —
FY17
OSK 12.5%
PCAR —
FY18
OSK 18.7%
PCAR —
FY19
OSK 21.0%
PCAR —
FY20
OSK 11.7%
PCAR —
FY21
OSK 18.4%
PCAR —
FY22
OSK 8.2%
PCAR —
FY23
OSK 17.6%
PCAR —
FY24
OSK 17.5%
PCAR —
FY25
OSK 14.8%
PCAR —
OSK
PCAR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.