Download PDF

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.

Show Full description

1.b. Last Insights on OSK

Oshkosh Corporation faced negative drivers over the recent three months. SG Capital sold 557,006 shares, worth $63.2 million, reducing its stake to zero. This significant sale likely pressured the stock. Additionally, the company's Q3 earnings, although beating estimates, showed a year-over-year decline in revenue. The company trimmed its 2025 outlook due to softer demand in Access and Transport segments. However, the Vocational segment showed strong revenue growth and a robust backlog. Management projects significant revenue and profit growth by 2028.

1.c. Company Highlights

2. Strong Q3 Earnings with Adjusted EPS Growth

The company delivered an adjusted operating margin of 10.2% on revenue of $2.7 billion in its third quarter, leading to adjusted earnings per share of $3.20, an increase of 9.2% over the prior year. The actual EPS came out at $3.20 relative to estimates at $3.12, beating expectations. Revenue growth was driven by the Transport segment, with sales increasing $48 million to $588 million, and Delivery vehicle revenue growing by $114 million to $146 million. The company's cash flow outlook of $450 million to $550 million, up $50 million from its previous outlook, reflects lower capital expenditures as it maintains rigorous spending controls.

Publication Date: Nov -02

📋 Highlights
  • Adjusted EPS Growth:: Q3 adjusted EPS of $3.20, a 9.2% increase YoY, driven by operating performance and tax efficiencies.
  • 2025 Full-Year Guidance:: Updated to $10.50–$11 EPS, reflecting lower revenue expectations for Access and Transport segments amid cautious customer spending.
  • Transport Segment Growth:: Sales rose $48M to $588M, with Delivery vehicles contributing $146M (25% of Transport revenue), up 37% sequentially.
  • Cash Flow and Buybacks:: Cash flow outlook raised to $450M–$550M, with share repurchases accelerating in Q4 due to disciplined capital allocation.
  • Tariff Impact and Mitigation:: 2025 tariffs estimated at $30M–$40M (primarily Q4), with pricing strategies and supply chain adjustments to offset 2026 costs.

Segment Performance

In the Access segment, end market activity remains healthy, but customers are being cautious with CapEx spending due to tariffs in the current economic environment. The company is seeing customers be more cautious in the near term regarding new equipment purchases. In contrast, the Vocational segment continues to advance initiatives that support increased production of fire trucks, with strong orders for vocational, led by orders for Pierce fire trucks and AeroTech products.

Guidance and Outlook

The company is updating its 2025 full year adjusted EPS guidance to be in the range of $10.50 to $11 on revenues of approximately $10.3 billion to $10.4 billion. For 2026, the impact of tariffs is expected to be higher, but the company will also implement pricing to mitigate the effects. Analysts estimate next year's revenue growth at 5.2%. According to Matthew Field, the company will face $30 million to $40 million in tariffs this year, with most of that impact felt in the fourth quarter.

Valuation Metrics

The company's current valuation metrics indicate a P/E Ratio of 11.86, P/B Ratio of 1.74, and EV/EBITDA of 7.49. The ROE is 15.34%, and the ROIC is 13.75%. These metrics suggest that the company's stock is reasonably valued, with a decent return on equity and invested capital.

3. NewsRoom

Card image cap

Oshkosh Corporation (OSK) Presents at UBS Global Industrials and Transportation Conference Transcript

Dec -02

Source: seekingalpha.com

Card image cap

Creative Planning Sells 1,963 Shares of Oshkosh Corporation $OSK

Nov -27

Source: defenseworld.net

Card image cap

17 Capital Partners LLC Has $788,000 Stake in Oshkosh Corporation $OSK

Nov -20

Source: defenseworld.net

Card image cap

Oshkosh Corporation: This Bumpy Ride Will End In A Great Spot

Nov -19

Source: seekingalpha.com

Card image cap

Oshkosh Corporation to Participate in the UBS Global Industrials and Transportation Conference

Nov -18

Source: businesswire.com

Card image cap

Oshkosh Corporation Earns 2026 Military Friendly® Employer Designation

Nov -11

Source: businesswire.com

Card image cap

557,006 OshKosh (OSK) Shares Worth $63.2 Million Sold by SG Capital

Nov -08

Source: fool.com

Card image cap

Envestnet Asset Management Inc. Reduces Stake in Oshkosh Corporation $OSK

Nov -06

Source: defenseworld.net

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: 6.3/10

Value: 4.5

Growth: 7.1

Quality: 7.9

Yield: 2.0

Momentum: 8.5

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
PACCAR

A-Score: 6.0/10

Value: 3.7

Growth: 6.7

Quality: 6.1

Yield: 8.0

Momentum: 3.0

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
REV Group

A-Score: 5.8/10

Value: 4.1

Growth: 6.2

Quality: 6.3

Yield: 4.0

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
Oshkosh

A-Score: 5.7/10

Value: 5.9

Growth: 6.8

Quality: 5.9

Yield: 2.0

Momentum: 7.5

Volatility: 6.0

1-Year Total Return ->

View Full Report
Stock-Card
Terex

A-Score: 4.5/10

Value: 5.6

Growth: 5.9

Quality: 5.5

Yield: 2.0

Momentum: 4.0

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
AGCO

A-Score: 4.3/10

Value: 4.0

Growth: 2.9

Quality: 3.0

Yield: 4.0

Momentum: 6.0

Volatility: 6.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

129.43$

Current Price

129.43$

Potential

-0.00%

Expected Cash-Flows