Allison Transmission vs Oshkosh
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The short version
- Oshkosh is the larger business, with $10.4B of revenue in fiscal 2025 against $3.0B for Allison Transmission, about 3.5 times as much.
- Oshkosh grew revenue faster (−2.9%, against −6.7%).
- Allison Transmission kept more of each dollar of sales as operating profit (29.2% operating margin, against 9.0%).
- Allison Transmission turned more of its sales into free cash flow (22.0% FCF margin, against 5.9%).
- Allison Transmission earned a higher return on the capital invested in it (20.8%, against 14.8%).
- Investors pay more for each dollar of Allison Transmission’s earnings: a P/E of 16.9x against 14.7x for Oshkosh.
| Latest fiscal year | ALSN · FY25 | OSK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.9B | $8.3B |
| Revenue | $3.0B | $10.4B |
| Free cash flow | $661M | $618M |
| Net income | $623M | $647M |
| Growth | ||
| Revenue growth | −6.7% | −2.9% |
| 5-year growth | 7.7% | 8.7% |
| Share count change | −3.4% | −1.9% |
| Profitability | ||
| Gross margin | 48.6% | 17.5% |
| Operating margin | 29.2% | 9.0% |
| Net margin | 20.7% | 6.2% |
| FCF margin | 22.0% | 5.9% |
| Return on capital | 20.8% | 14.8% |
| Return on equity | 35.4% | 14.9% |
| Balance sheet | ||
| Net debt | $1.4B | $692M |
| Net debt / EBITDA | 1.4x | 0.6x |
| Dividends and buybacks | $419M | $408M |
| Valuation & quality | ||
| P/E | 16.9x | 14.7x |
| Piotroski F-score | 6 | 5 |
Revenue
FY16
ALSN $1.8B
OSK $6.3B
FY17
ALSN $2.3B
OSK $6.8B
FY18
ALSN $2.7B
OSK $7.7B
FY19
ALSN $2.7B
OSK $8.4B
FY20
ALSN $2.1B
OSK $6.9B
FY21
ALSN $2.4B
OSK $7.7B
FY22
ALSN $2.8B
OSK $8.3B
FY23
ALSN $3.0B
OSK $9.7B
FY24
ALSN $3.2B
OSK $10.7B
FY25
ALSN $3.0B
OSK $10.4B
ALSN
OSK
Operating margin
FY16
ALSN 24.6%
OSK 5.8%
FY17
ALSN 28.8%
OSK 6.9%
FY18
ALSN 34.0%
OSK 8.5%
FY19
ALSN 33.1%
OSK 9.5%
FY20
ALSN 25.7%
OSK 7.1%
FY21
ALSN 27.9%
OSK 7.7%
FY22
ALSN 28.3%
OSK 4.5%
FY23
ALSN 30.3%
OSK 8.7%
FY24
ALSN 30.8%
OSK 9.4%
FY25
ALSN 29.2%
OSK 9.0%
ALSN
OSK
Free cash flow
FY16
ALSN $520M
OSK $491M
FY17
ALSN $567M
OSK $161M
FY18
ALSN $737M
OSK $341M
FY19
ALSN $675M
OSK $421M
FY20
ALSN $446M
OSK $215M
FY21
ALSN $460M
OSK $1.1B
FY22
ALSN $490M
OSK $332M
FY23
ALSN $659M
OSK $274M
FY24
ALSN $658M
OSK $269M
FY25
ALSN $661M
OSK $618M
ALSN
OSK
Return on capital
FY16
ALSN 8.9%
OSK 9.7%
FY17
ALSN 20.3%
OSK 12.5%
FY18
ALSN 24.3%
OSK 18.7%
FY19
ALSN 23.0%
OSK 21.0%
FY20
ALSN 13.3%
OSK 11.7%
FY21
ALSN 17.2%
OSK 18.4%
FY22
ALSN 20.8%
OSK 8.2%
FY23
ALSN 23.5%
OSK 17.6%
FY24
ALSN 25.0%
OSK 17.5%
FY25
ALSN 20.8%
OSK 14.8%
ALSN
OSK
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.