Oshkosh
OSK NYSE Construction Machinery & Heavy Transportation Equipment Financials FY2016–FY2025
Oshkosh's revenue fell 2.9% to $10.4 billion in fiscal 2025. Its operating margin was 9.0%, down from 9.4% a year earlier. Free cash flow was $618 million, up 129.7%. It paid out $408 million in dividends and buybacks, 66% of free cash flow. The diluted share count fell 1.9%.
What Oshkosh does
Oshkosh designs and builds specialty vehicles and equipment for construction, firefighting, airports, refuse collection, defense and mail delivery. Its brands include JLG and SkyTrak (lifts and material handling equipment), Pierce (fire trucks), McNeilus (garbage and recycling trucks), Jerr-Dan (tow trucks) and Oshkosh Defense.
It has three segments. Access made 43% of 2025 net sales. It sells lifts and handling equipment mostly to equipment rental companies, construction contractors and home improvement centers. Vocational made 36%. It sells fire trucks, airport ground equipment, airport rescue vehicles and refuse trucks, mainly to city and commercial customers in North America. Transport made 20%. It builds military trucks and other vehicles for the U.S. Department of Defense and approved foreign customers, and the Next Generation Delivery Vehicle for the U.S. Postal Service.
Sales to the U.S. government were about 20% of net sales in 2025, mostly under multi-year defense contracts. The Postal Service contract, awarded in February 2021, allows for up to 165,000 vehicles over 10 years. Oshkosh has grown by acquisition, buying AeroTech in 2023, Hinowa in 2023 and AUSA in 2024. It says it faces significant competition in its markets.
- Legal name
- Oshkosh Corporation
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 17, 2026
- Accession · CIK
- 0001193125-26-054061
0000775158
Revenue and margins
Oshkosh had $10.4B of revenue in fiscal 2025, down 2.9% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 14.7% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $618M in fiscal 2025, 5.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Oshkosh returned $408M to shareholders in fiscal 2025, 66% of free cash flow. The diluted share count fell 1.9%.
Value Oshkosh yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$692M and divides by 64.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 14.7x · peers 26.4x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Oshkosh can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $806M | $125M | $205M | $480M |
| Debt incl. finance leases | $841M | $633M | $657M | $658M | $1.2B |
| Net debt / EBITDA | −0.8x | −0.4x | 0.5x | 0.4x | 0.6x |
| Debt / equity | 0.3x | 0.2x | 0.2x | 0.2x | 0.3x |
| Interest coverage | 12.3x | 7.0x | 12.2x | 8.5x | 8.0x |
| Current ratio | 2.1x | 1.9x | 1.5x | 1.5x | 1.9x |
| Quick ratio | 1.5x | 1.1x | 0.8x | 0.8x | 1.1x |
| Total assets | $7.0B | $7.7B | $9.1B | $9.4B | $10.1B |
| Total liabilities | $3.7B | $4.5B | $5.4B | $5.3B | $5.5B |
| Shareholders' equity | $3.4B | $3.2B | $3.7B | $4.2B | $4.5B |
| Net debt (− = net cash) | −$535M | −$173M | $531M | $454M | $692M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$2.0M
5 insiders
Of sales under plans
9%
$0.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | John C PfeiferDirector | Sold plan | 778 | $150.00 | $0.1M | Form 4 |
| May 12, 2026 | Duncan PalmerDirector | Sold plan | 505 | $133.86 | $0.1M | Form 4 |
| Feb 27, 2026 | Anupam KhareSVP/Chief Information Officer | Sold | 4,000 | $169.08 | $0.7M | Form 4 |
| Feb 20, 2026 | John S VerichSVP Bus Devl and Treasurer | Sold | 1,050 | $176.99 | $0.2M | Form 4 |
| Nov 21, 2025 | Ignacio A CortinaEVP, CL&AO & Secretary | Sold | 8,000 | $124.41 | $1.0M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 8 / 9 | 6 / 9 | 5 / 9 |
| Accruals ratio | −0.0% | 1.4% | −1.4% |
| Altman Z'' | 3.69 | 4.13 | 4.70 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Oshkosh OSK | $8.3B | −2.9% | 9.0% | 5.9% | 14.8% | 14.7x | 5 | |
| Wabtec WAB | $46.0B | 7.5% | 16.1% | 13.4% | 9.1% | 33.8x | 7 | Compare → |
| Terex TEX | $5.9B | 5.7% | 8.8% | 5.9% | 9.0% | — | 6 | Compare → |
| Paccar PCAR | $56.4B | −15.5% | — | 12.9% | — | 22.5x | — | Compare → |
| Cummins CMI | $71.7B | −1.3% | 12.0% | 7.1% | 18.3% | 26.4x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $6.3B | $6.8B | $7.7B | $8.4B | $6.9B | $7.7B | $8.3B | $9.7B | $10.7B | $10.4B |
| Gross profit | $1.1B | $1.2B | $1.4B | $1.5B | $1.1B | $1.3B | $1.1B | $1.7B | $2.0B | $1.8B |
| Research and development | $103M | $98.0M | $99.3M | $99.0M | $104M | $103M | $113M | $134M | $169M | $174M |
| Operating income | $364M | $470M | $656M | $797M | $485M | $592M | $372M | $838M | $1.0B | $940M |
| Interest expense | $60.4M | $59.8M | $70.9M | $54.4M | $59.3M | $48.2M | $53.4M | $68.6M | $120M | $118M |
| Pretax income | $307M | $411M | $595M | $751M | $435M | $545M | $276M | $798M | $903M | $842M |
| Income tax | $92.4M | $127M | $124M | $171M | $112M | $36.4M | $97.5M | $190M | $210M | $192M |
| Net income | $216M | $286M | $472M | $579M | $322M | $509M | $174M | $598M | $681M | $647M |
| Diluted EPS | $2.91 | $3.77 | $6.29 | $8.21 | $4.67 | $7.35 | $2.63 | $9.08 | $10.35 | $10.02 |
| Diluted shares | 0.07B | 0.08B | 0.08B | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | $584M | $247M | $436M | $568M | $327M | $1.2B | $601M | $600M | $550M | $783M |
| Capital expenditure | $92.5M | $85.8M | $95.3M | $148M | $112M | $104M | $270M | $325M | $281M | $165M |
| Free cash flow | $491M | $161M | $341M | $421M | $215M | $1.1B | $332M | $274M | $269M | $618M |
| Depreciation and amortization | $129M | $130M | $121M | $115M | $104M | $104M | $108M | $160M | $200M | $224M |
| Stock-based compensation | $18.7M | $22.4M | $26.7M | $29.0M | $29.3M | $27.2M | $28.6M | $31.9M | $38.1M | $38.0M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $111M | $19.7M | $996M | $121M | $0.9M |
| Share buybacks | $106M | $4.8M | $257M | $357M | $40.8M | $108M | $155M | $22.5M | $116M | $278M |
| Dividends paid | $55.9M | $62.8M | $71.2M | $75.5M | $81.8M | $90.4M | $97.3M | $107M | $120M | $130M |
| Dividends and buybacks | $162M | $67.6M | $328M | $433M | $123M | $198M | $252M | $130M | $236M | $408M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $322M | $447M | $455M | $448M | $583M | $1.4B | $806M | $125M | $205M | $480M |
| Total debt | $846M | $831M | $818M | $819M | $823M | $819M | $605M | $598M | $600M | $1.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $13.3M | $22.5M | $28.6M | $59.3M | $58.9M | $71.3M |
| Current assets | $2.4B | $3.0B | $3.3B | $3.4B | $3.5B | $4.6B | $4.5B | $4.5B | $4.5B | $5.2B |
| Current liabilities | $1.4B | $1.7B | $1.7B | $1.7B | $1.6B | $2.2B | $2.4B | $3.1B | $3.0B | $2.7B |
| Inventory | $980M | $1.2B | $1.2B | $1.2B | $1.5B | $1.4B | $1.9B | $2.1B | $2.3B | $2.4B |
| Property and equipment, net | $452M | $470M | $481M | $574M | $566M | $596M | $826M | $1.1B | $1.2B | $1.3B |
| Total assets | $4.5B | $5.1B | $5.3B | $5.6B | $5.8B | $7.0B | $7.7B | $9.1B | $9.4B | $10.1B |
| Total liabilities | $2.5B | $2.8B | $2.8B | $3.0B | $2.9B | $3.7B | $4.5B | $5.4B | $5.3B | $5.5B |
| Shareholders' equity | $2.0B | $2.3B | $2.5B | $2.6B | $2.9B | $3.4B | $3.2B | $3.7B | $4.2B | $4.5B |
| Margins | ||||||||||
| Gross margin | 16.8% | 17.3% | 17.6% | 18.1% | 16.3% | 16.4% | 12.7% | 17.4% | 18.4% | 17.5% |
| Operating margin | 5.8% | 6.9% | 8.5% | 9.5% | 7.1% | 7.7% | 4.5% | 8.7% | 9.4% | 9.0% |
| EBITDA margin | 7.9% | 8.8% | 10.1% | 10.9% | 8.6% | 9.0% | 5.8% | 10.3% | 11.3% | 11.2% |
| Net margin | 3.5% | 4.2% | 6.1% | 6.9% | 4.7% | 6.6% | 2.1% | 6.2% | 6.4% | 6.2% |
| FCF margin | 7.8% | 2.4% | 4.4% | 5.0% | 3.1% | 14.4% | 4.0% | 2.8% | 2.5% | 5.9% |
| Returns | ||||||||||
| Return on capital | 9.7% | 12.5% | 18.7% | 21.0% | 11.7% | 18.4% | 8.2% | 17.6% | 17.5% | 14.8% |
| Return on capital employed | 11.7% | 14.3% | 18.7% | 21.5% | 12.0% | 13.0% | 7.3% | 14.8% | 16.2% | 13.6% |
| Return on equity | 11.1% | 13.3% | 19.6% | 22.7% | 11.8% | 16.4% | 5.3% | 17.4% | 17.3% | 14.9% |
| Return on assets | 4.8% | 5.9% | 9.1% | 10.7% | 5.7% | 7.9% | 2.4% | 7.1% | 7.4% | 6.6% |
| Growth | ||||||||||
| Revenue growth | 3.0% | 8.8% | 12.8% | 8.8% | −18.2% | 12.8% | 7.0% | 16.6% | 11.1% | −2.9% |
| Net income growth | −5.7% | 32.0% | 65.2% | 22.8% | −44.5% | 58.3% | −65.8% | 243.9% | 14.0% | −5.1% |
| EPS growth | 0.3% | 29.6% | 66.8% | 30.5% | −43.1% | 57.4% | −64.2% | 245.3% | 14.0% | −3.2% |
| FCF growth | — | −67.3% | 112.2% | 23.4% | −48.9% | 419.6% | −70.3% | −17.3% | −1.9% | 129.7% |
| Share count change | −5.8% | 1.8% | −1.1% | −5.9% | −2.5% | 0.6% | −4.4% | −0.4% | −0.1% | −1.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.1x | 0.6x | 0.5x | 0.4x | 0.4x | −0.8x | −0.4x | 0.5x | 0.4x | 0.6x |
| Debt / equity | 0.4x | 0.4x | 0.3x | 0.3x | 0.3x | 0.3x | 0.2x | 0.2x | 0.2x | 0.3x |
| Interest coverage | 6.0x | 7.9x | 9.3x | 14.7x | 8.2x | 12.3x | 7.0x | 12.2x | 8.5x | 8.0x |
| Current ratio | 1.8x | 1.8x | 1.9x | 2.0x | 2.2x | 2.1x | 1.9x | 1.5x | 1.5x | 1.9x |
| Quick ratio | 1.1x | 1.1x | 1.2x | 1.2x | 1.3x | 1.5x | 1.1x | 0.8x | 0.8x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.5% | 1.3% | 1.2% | 1.8% | 1.6% | 1.4% | 3.3% | 3.4% | 2.6% | 1.6% |
| Stock comp / revenue | 0.3% | 0.3% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% | 0.4% | 0.4% |
| Payouts / FCF | 33.0% | 42.1% | 96.3% | 102.9% | 57.0% | 17.7% | 76.0% | 47.3% | 87.7% | 66.1% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 7.0 | 7.0 | 8.0 | 6.0 | 7.0 | 5.0 | 8.0 | 6.0 | 5.0 |
| Altman Z'' | 4.5 | 4.8 | 5.0 | 5.3 | 5.4 | 5.3 | 4.2 | 3.7 | 4.1 | 4.7 |
| Accruals ratio | −8.1% | 0.8% | 0.7% | 0.2% | −0.1% | −11.1% | −5.8% | −0.0% | 1.4% | −1.4% |
Source: SEC EDGAR XBRL filings (CIK 0000775158). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.