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1. Company Snapshot

1.a. Company Description

Oshkosh Corporation designs, manufactures, and markets specialty vehicles and vehicle bodies worldwide.The company's Access Equipment segment provides aerial work platforms and telehandlers for use in various construction, industrial, institutional, and general maintenance applications.This segment also offers rental fleet loans and leases, and floor plan and retail financing through third-party funding arrangements; towing and recovery equipment; carriers and wreckers; equipment installation services; and chassis and service parts sales.


Its Defense segment provides heavy, medium, and light tactical wheeled vehicles and related services for the department of defense.The company's Fire & Emergency segment offers custom and commercial firefighting vehicles and equipment; and commercial fire apparatus and emergency vehicles, such as pumpers, aerial platform, ladder and tiller trucks, tankers, rescue vehicles, wild land rough terrain response vehicles, mobile command and control centers, bomb squad vehicles, hazardous materials control vehicles, and other emergency response vehicles.This segment also provides aircraft rescue and firefighting, snow removal, and broadcast vehicles, as well as command trucks, and military simulator shelters and trailers.


Its Commercial segment offers front-and rear-discharge concrete mixers for the concrete ready-mix industry; refuse collection vehicles and related components to commercial and municipal waste haulers; and field service vehicles and truck-mounted cranes for the construction, equipment dealer, building supply, utility, tire service, railroad, and mining industries.Oshkosh Corporation provides its products through direct sales representatives, dealers, and distributors.The company was formerly known as Oshkosh Truck Corporation and changed its name to Oshkosh Corporation in February 2008.


Oshkosh Corporation was founded in 1917 and is headquartered in Oshkosh, Wisconsin.

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1.b. Last Insights on OSK

Oshkosh Corporation's recent performance was positively driven by strong revenue growth in its Vocational segment, with a robust backlog and management initiatives supporting future expansion. The company's full-year revenue reached $10.4 billion, with adjusted earnings per share of $10.79 for 2025. Analysts have a "Moderate Buy" consensus rating on the stock, with 13 out of 19 brokerages recommending a buy. Institutional investors, such as Gabelli Funds LLC and Amundi, have increased their holdings in the company. Despite short-term headwinds in the Access and Transport segments, management projects significant revenue and profit growth by 2028.

1.c. Company Highlights

2. Oshkosh Corporation's 2025 Earnings Report: A Strong Finish with Promising Outlook

Oshkosh Corporation reported its fourth quarter and full-year 2025 financial results, with revenue of $10.4 billion and adjusted earnings per share (EPS) of $10.79. In the fourth quarter, revenue was $2.7 billion, with an adjusted operating margin of 8.4% and adjusted EPS of $2.26, slightly below estimates of $2.33. The company's Access segment delivered revenue of $1.2 billion, up 1% from the prior year, while Vocational segment revenue was $922 million, up 5%, driven by improved pricing and volume growth in fire apparatus and airport products.

Publication Date: Feb -15

📋 Highlights
  • 2025 Financials:: $10.4B revenue, $10.79 adjusted EPS; Q4 revenue $2.7B with 8.4% adjusted operating margin and $2.26 adjusted EPS.
  • 2026 Outlook:: $11B sales and $11.50 adjusted EPS, with mid-single-digit growth; $200M tariff impact assumed for full-year.
  • Vocational Segment Growth:: 5% YoY revenue increase to $922M in Q4, driven by fire apparatus and airport product demand.
  • Access Segment Outlook:: 6-7% revenue decline in 2026 due to non-residential construction trends, but $1.3B backlog supports long-term demand.
  • Transport Segment Momentum:: Revenue growth from NGDV program and pricing; 2026 margin ramp expected with new contracts and production increases.

Segment Performance

The Transport segment saw revenue growth in delivery vehicles, but a decline in defense vehicle revenue. The company's Vocational segment performed well, driven by strong demand in fire and airport markets. As John Pfeifer noted, the backlog is healthy, with strong order rates in these markets, but some pressure in the environmental business.

2026 Outlook

The company provided its 2026 outlook, expecting sales of approximately $11 billion and adjusted EPS of $11.50, representing mid-single-digit growth. Segment-wise, Access is expected to see lower sales, while Vocational and Transport segments are expected to grow in sales and adjusted operating income. The company assumes flat nonresidential construction activity and tariffs to remain in place, estimating a $200 million impact.

Innovation and Growth Opportunities

Oshkosh showcased innovative technologies at the CES show, including autonomous and semi-autonomous solutions, electrification, and AI connectivity. The company won two Best of Innovation awards for its JLG robotics and hybrid electric Volterra ARF. Its Collision Avoidance Mitigation System (CAMS) received a CES Picks award for its ability to anticipate collisions for firefighters.

Valuation

With a P/E Ratio of 16.73 and an EV/EBITDA of 10.26, the company's valuation appears reasonable, considering its growth prospects. The company's ROE of 14.57% and ROIC of 9.79% indicate a strong ability to generate returns on equity and invested capital. Analysts estimate next year's revenue growth at 6.5%, which is in line with the company's guidance.

Dividend and Share Repurchase

The company plans to continue investing in innovation, expanding US manufacturing, and repurchasing shares throughout the year, with a quarterly dividend of $0.57 per share. The Dividend Yield is 1.19%, which is attractive for income investors.

3. NewsRoom

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Oshkosh Corporation (OSK) Presents at Citi's Global Industrial Tech & Mobility Conference 2026 Transcript

Feb -18

Source: seekingalpha.com

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Flagship Harbor Advisors LLC Purchases Shares of 3,157 Oshkosh Corporation $OSK

Feb -09

Source: defenseworld.net

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Keybank National Association OH Invests $422,000 in Oshkosh Corporation $OSK

Feb -06

Source: defenseworld.net

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Oshkosh Corporation (NYSE:OSK) Given Average Recommendation of “Moderate Buy” by Analysts

Feb -06

Source: defenseworld.net

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U.S. Army Continues Investment in Oshkosh FMTV A2 LVADs with Additional $25 Million Order

Feb -05

Source: businesswire.com

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Mutual Advisors LLC Makes New Investment in Oshkosh Corporation $OSK

Feb -05

Source: defenseworld.net

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Convergence Investment Partners LLC Makes New $1.16 Million Investment in Oshkosh Corporation $OSK

Feb -03

Source: defenseworld.net

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Oshkosh: Ample Uncertainties Remain, But Looks Undervalued (Upgrade)

Feb -02

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.17%)

6. Segments

Access

Expected Growth: 5%

Oshkosh Corporation's 5% growth is driven by increasing demand for its specialty vehicles, particularly in the fire and emergency segment, as well as its access equipment, such as aerial lifts and telehandlers. Additionally, the company's focus on innovation, cost savings initiatives, and strategic acquisitions are contributing to its growth momentum.

Vocational

Expected Growth: 4%

Vocational segment's 4% growth driven by increasing demand for heavy-duty trucks, particularly in waste management and construction industries, as well as growing adoption of alternative fuel vehicles. Additionally, Oshkosh's strategic partnerships and investments in electrification and autonomous technologies are expected to drive future growth.

Defense

Expected Growth: 7%

Oshkosh Corporation's Defense segment growth is driven by increased demand for Joint Light Tactical Vehicles (JLTVs) and Family of Medium Tactical Vehicles (FMTVs), as well as modernization efforts in the US military. Additionally, the company's strategic acquisitions and investments in electrification and autonomous technologies are expected to contribute to growth.

7. Detailed Products

Defense Vehicles

Oshkosh Corporation designs and manufactures a range of defense vehicles, including the Joint Light Tactical Vehicle (JLTV), the Family of Medium Tactical Vehicles (FMTV), and the MRAP All-Terrain Vehicle (M-ATV).

Fire & Emergency Vehicles

Oshkosh Corporation manufactures a range of fire and emergency vehicles, including pumpers, aerials, rescues, and tankers.

Commercial Vehicles

Oshkosh Corporation produces a range of commercial vehicles, including concrete mixers, refuse collection vehicles, and airport service vehicles.

Access Equipment

Oshkosh Corporation manufactures a range of access equipment, including aerial lifts, scissor lifts, and boom lifts.

Concrete Mixers

Oshkosh Corporation produces a range of concrete mixers, including front discharge mixers and rear discharge mixers.

Refuse Collection Vehicles

Oshkosh Corporation manufactures a range of refuse collection vehicles, including front loaders, side loaders, and rear loaders.

8. Oshkosh Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Oshkosh Corporation is medium because while there are some substitutes available, they are not highly attractive to customers. The company's products are specialized and have a strong brand reputation, making it difficult for substitutes to gain significant market share.

Bargaining Power Of Customers

The bargaining power of customers is low for Oshkosh Corporation because the company's products are specialized and have a strong brand reputation, giving the company significant pricing power. Additionally, the company's customers are often governments and large organizations, which have limited bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Oshkosh Corporation because while the company has some negotiating power due to its large size, its suppliers are often specialized and have some bargaining power of their own. The company's dependence on a few key suppliers also gives them some leverage.

Threat Of New Entrants

The threat of new entrants is low for Oshkosh Corporation because the company's products are highly specialized and require significant investment in research and development, making it difficult for new entrants to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high for Oshkosh Corporation because the company operates in a highly competitive industry with several established players. The company must constantly innovate and improve its products to stay ahead of its competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 15.95%
Debt Cost 10.40%
Equity Weight 84.05%
Equity Cost 10.40%
WACC 10.40%
Leverage 18.98%

11. Quality Control: Oshkosh Corporation passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Mueller Industries

A-Score: 6.4/10

Value: 4.3

Growth: 7.1

Quality: 7.9

Yield: 2.0

Momentum: 9.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
REV Group

A-Score: 6.1/10

Value: 3.8

Growth: 8.2

Quality: 6.3

Yield: 4.0

Momentum: 9.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
PACCAR

A-Score: 6.0/10

Value: 4.1

Growth: 6.7

Quality: 5.0

Yield: 8.0

Momentum: 4.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Oshkosh

A-Score: 5.9/10

Value: 7.1

Growth: 6.8

Quality: 6.0

Yield: 3.0

Momentum: 7.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
AGCO

A-Score: 4.7/10

Value: 5.2

Growth: 2.9

Quality: 4.2

Yield: 4.0

Momentum: 6.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Terex

A-Score: 4.3/10

Value: 5.2

Growth: 5.7

Quality: 5.5

Yield: 2.0

Momentum: 3.5

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

175.52$

Current Price

175.52$

Potential

-0.00%

Expected Cash-Flows