Caterpillar vs Oshkosh
Add, change or remove companies; up to four.
The short version
- Caterpillar is the larger business, with $67.6B of revenue in fiscal 2025 against $10.4B for Oshkosh, about 6.5 times as much.
- Caterpillar grew revenue faster (4.3%, against −2.9%).
- Caterpillar kept more of each dollar of sales as operating profit (16.5% operating margin, against 9.0%).
- Caterpillar turned more of its sales into free cash flow (13.2% FCF margin, against 5.9%).
- Caterpillar earned a higher return on the capital invested in it (18.5%, against 14.8%).
- Investors pay more for each dollar of Caterpillar’s earnings: a P/E of 29.6x against 14.7x for Oshkosh.
| Latest fiscal year | CAT · FY25 | OSK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $317.7B | $8.3B |
| Revenue | $67.6B | $10.4B |
| Free cash flow | $8.9B | $618M |
| Net income | $8.9B | $647M |
| Growth | ||
| Revenue growth | 4.3% | −2.9% |
| 5-year growth | 10.1% | 8.7% |
| Share count change | −3.5% | −1.9% |
| Profitability | ||
| Gross margin | 33.8% | 17.5% |
| Operating margin | 16.5% | 9.0% |
| Net margin | 13.1% | 6.2% |
| FCF margin | 13.2% | 5.9% |
| Return on capital | 18.5% | 14.8% |
| Return on equity | 43.5% | 14.9% |
| Balance sheet | ||
| Net debt | $26.2B | $692M |
| Net debt / EBITDA | 2.0x | 0.6x |
| Dividends and buybacks | $7.9B | $408M |
| Valuation & quality | ||
| P/E | 29.6x | 14.7x |
| Piotroski F-score | 6 | 5 |
Revenue
FY16
CAT $38.5B
OSK $6.3B
FY17
CAT $45.5B
OSK $6.8B
FY18
CAT $54.7B
OSK $7.7B
FY19
CAT $53.8B
OSK $8.4B
FY20
CAT $41.7B
OSK $6.9B
FY21
CAT $51.0B
OSK $7.7B
FY22
CAT $59.4B
OSK $8.3B
FY23
CAT $67.1B
OSK $9.7B
FY24
CAT $64.8B
OSK $10.7B
FY25
CAT $67.6B
OSK $10.4B
CAT
OSK
Operating margin
FY16
CAT 3.0%
OSK 5.8%
FY17
CAT 9.8%
OSK 6.9%
FY18
CAT 15.2%
OSK 8.5%
FY19
CAT 15.4%
OSK 9.5%
FY20
CAT 10.9%
OSK 7.1%
FY21
CAT 13.5%
OSK 7.7%
FY22
CAT 13.3%
OSK 4.5%
FY23
CAT 19.3%
OSK 8.7%
FY24
CAT 20.2%
OSK 9.4%
FY25
CAT 16.5%
OSK 9.0%
CAT
OSK
Free cash flow
FY16
CAT $4.5B
OSK $491M
FY17
CAT $4.8B
OSK $161M
FY18
CAT $5.3B
OSK $341M
FY19
CAT $5.9B
OSK $421M
FY20
CAT $5.3B
OSK $215M
FY21
CAT $6.1B
OSK $1.1B
FY22
CAT $6.5B
OSK $332M
FY23
CAT $11.3B
OSK $274M
FY24
CAT $10.0B
OSK $269M
FY25
CAT $8.9B
OSK $618M
CAT
OSK
Return on capital
FY16
CAT 1.5%
OSK 9.7%
FY17
CAT 6.3%
OSK 12.5%
FY18
CAT 18.3%
OSK 18.7%
FY19
CAT 17.2%
OSK 21.0%
FY20
CAT 9.5%
OSK 11.7%
FY21
CAT 14.9%
OSK 18.4%
FY22
CAT 15.2%
OSK 8.2%
FY23
CAT 24.8%
OSK 17.6%
FY24
CAT 24.4%
OSK 17.5%
FY25
CAT 18.5%
OSK 14.8%
CAT
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.