Oshkosh vs Wabtec
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The short version
- Wabtec is the larger business, with $11.2B of revenue in fiscal 2025 against $10.4B for Oshkosh.
- Wabtec grew revenue faster (7.5%, against −2.9%).
- Wabtec kept more of each dollar of sales as operating profit (16.1% operating margin, against 9.0%).
- Wabtec turned more of its sales into free cash flow (13.4% FCF margin, against 5.9%).
- Oshkosh earned a higher return on the capital invested in it (14.8%, against 9.1%).
- Investors pay more for each dollar of Wabtec’s earnings: a P/E of 33.8x against 14.7x for Oshkosh.
| Latest fiscal year | OSK · FY25 | WAB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $46.0B |
| Revenue | $10.4B | $11.2B |
| Free cash flow | $618M | $1.5B |
| Net income | $647M | $1.2B |
| Growth | ||
| Revenue growth | −2.9% | 7.5% |
| 5-year growth | 8.7% | 8.1% |
| Share count change | −1.9% | −2.1% |
| Profitability | ||
| Gross margin | 17.5% | 34.1% |
| Operating margin | 9.0% | 16.1% |
| Net margin | 6.2% | 10.5% |
| FCF margin | 5.9% | 13.4% |
| Return on capital | 14.8% | 9.1% |
| Return on equity | 14.9% | 11.0% |
| Balance sheet | ||
| Net debt | $692M | $4.8B |
| Net debt / EBITDA | 0.6x | 2.1x |
| Dividends and buybacks | $408M | $396M |
| Valuation & quality | ||
| P/E | 14.7x | 33.8x |
| Piotroski F-score | 5 | 7 |
FY16
OSK $6.3B
WAB $2.9B
FY17
OSK $6.8B
WAB $3.9B
FY18
OSK $7.7B
WAB $4.4B
FY19
OSK $8.4B
WAB $8.2B
FY20
OSK $6.9B
WAB $7.6B
FY21
OSK $7.7B
WAB $7.8B
FY22
OSK $8.3B
WAB $8.4B
FY23
OSK $9.7B
WAB $9.7B
FY24
OSK $10.7B
WAB $10.4B
FY25
OSK $10.4B
WAB $11.2B
OSK
WAB
FY16
OSK 5.8%
WAB 15.6%
FY17
OSK 6.9%
WAB 10.9%
FY18
OSK 8.5%
WAB 10.9%
FY19
OSK 9.5%
WAB 8.1%
FY20
OSK 7.1%
WAB 9.9%
FY21
OSK 7.7%
WAB 11.2%
FY22
OSK 4.5%
WAB 12.1%
FY23
OSK 8.7%
WAB 13.1%
FY24
OSK 9.4%
WAB 15.5%
FY25
OSK 9.0%
WAB 16.1%
OSK
WAB
FY16
OSK $491M
WAB $400M
FY17
OSK $161M
WAB $99.3M
FY18
OSK $341M
WAB $221M
FY19
OSK $421M
WAB $830M
FY20
OSK $215M
WAB $648M
FY21
OSK $1.1B
WAB $943M
FY22
OSK $332M
WAB $889M
FY23
OSK $274M
WAB $1.0B
FY24
OSK $269M
WAB $1.6B
FY25
OSK $618M
WAB $1.5B
OSK
WAB
FY16
OSK 9.7%
WAB 10.4%
FY17
OSK 12.5%
WAB 7.0%
FY18
OSK 18.7%
WAB 7.1%
FY19
OSK 21.0%
WAB 4.9%
FY20
OSK 11.7%
WAB 4.0%
FY21
OSK 18.4%
WAB 4.9%
FY22
OSK 8.2%
WAB 5.5%
FY23
OSK 17.6%
WAB 6.9%
FY24
OSK 17.5%
WAB 8.9%
FY25
OSK 14.8%
WAB 9.1%
OSK
WAB
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.