# Oshkosh (OSK.US)

Canonical: https://gigainvestors.com/s/OSK

Analysis as of: 2026-10-16T07:30:58.813Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $128.71 per share; close as of 2026-10-15.

Estimated value: low $141.79 per share, central $187.89 per share, high $219.46 per share. Buy at or below the central value $187.89 per share. Valuation as of 2026-10-16T07:30:58.813Z; scenarios are not confidence intervals.

Expected annual return: 13.2% at the stated quote. About 13.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.09×

- FY2019: 0.10×

- FY2020: 0.07×

- FY2021: 0.08×

- FY2022: 0.04×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.09×

- LTM to Jun 2026: 0.08×

### moat: pass

- ROIC, median of available years: 20.5%

- ROIC, second-lowest year: 17.0%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 17.3%

- Recent gross margin (lower of latest and 3-year median): 17.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 12.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.0%

- FY2017: 19.4%

- FY2018: 27.8%

- FY2019: 31.2%

- FY2020: 17.3%

- FY2021: 27.9%

- FY2022: 12.5%

- FY2023: 21.6%

- FY2024: 22.1%

- FY2025: 17.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.5B

- Net income, five-year total: $2.6B

- Return on incremental invested capital: 20.5%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 5.5 pp

- Working capital / revenue, final three-year average: 31.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.36×

- FY2023: 0.98×

- FY2024: 1.00×

- FY2025: 1.09×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.4% vs 21.6%

- Per-share earnings: 3.07 to 10.02 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.5%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: $3.0B

- Cumulative retained earnings: $2.7B

- Diluted shares, 10-year annual growth: -1.5%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.0%

- Per-share value change: $6.96

- Per-share value, starting three-year median: $3.07

- Per-share value, ending three-year median: $10.02

- Buybacks concentrated in cheaper years (correlation): 0.37

- Average buyback yield: 2.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $1.2B

- Cumulative net income, 10 years: $4.5B

- ROIC, first three-year median: 19.4%

- ROIC, last three-year median: 21.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.87

- FY2017: $3.76

- FY2018: $6.54

- FY2019: $8.40

- FY2020: $4.67

- FY2021: $7.49

- FY2022: $2.63

- FY2023: $9.08

- FY2024: $10.35

- FY2025: $10.02

### accounting: pass

- Sloan accruals: -1.4%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.21×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.48×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.0%

- FY2017: 0.8%

- FY2018: 0.7%

- FY2019: 0.2%

- FY2020: -0.1%

- FY2021: -10.4%

- FY2022: -5.5%

- FY2023: -0.0%

- FY2024: 1.4%

- FY2025: -1.4%

## Holders

- [Alex Roepers](https://gigainvestors.com/AIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Edgar Wachenheim](https://gigainvestors.com/GA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 24% since Feb 2026 · "Unfavorable sales mix and higher manufacturing overhead costs impacted the results." (finance.yahoo.com, Aug 2026) · sales +1.8%

Story as of 2026-10-16T09:59:20.972Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.1% a year for ten years

- 2025-05-01: Oshkosh Corp (OSK) Q1 2025 Earnings Call Highlights: Strong Vocational Growth Amid Tariff Challenges ([finance.yahoo.com](https://finance.yahoo.com/news/oshkosh-corp-osk-q1-2025-071137674.html))

- 2025-06-05: Oshkosh jumps to four-month high after issuing upbeat financial targets ([seekingalpha.com](https://seekingalpha.com/news/4455953-oshkosh-jumps-to-four-month-high-after-issuing-upbeat-financial-targets?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-15: Oshkosh Defense Receives $53 Million Order for Common Bridge Transporters (CBT) ([finance.yahoo.com](https://finance.yahoo.com/news/oshkosh-defense-receives-53-million-120000907.html))

- 2026-02-05: U.S. Army Continues Investment in Oshkosh FMTV A2 LVADs with Additional $25 Million Order ([finance.yahoo.com](https://finance.yahoo.com/news/u-army-continues-investment-oshkosh-134500969.html))

- 2026-05-11: OSK Q1 Earnings Miss Estimates on Lower Access Results ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/osk-q1-earnings-miss-estimates-182600543.html))

- 2026-06-03: Oshkosh Defense Secures $142 Million Orders for FMTV A2, Reflecting Continued Global Demand ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/oshkosh-defense-secures-142-million-120000589.html))

### Sales · FY2025–2026

sales +1.8%; source https://www.sec.gov/Archives/edgar/data/775158/000119312526054061/osk-20251231.htm; observed 2026-02-17.

- FY2017: $6.8B 

- FY2018: $7.7B 

- FY2019: $8.4B 

- FY2020: $6.9B 

- FY2021: $7.7B 

- FY2022: $8.3B 

- FY2023: $9.7B 

- FY2024: $11B 

- FY2025: $10B 

- FY2026: $11B 

### Gross margin · FY2025

gross margin 17.5%; source https://www.sec.gov/Archives/edgar/data/775158/000119312526054061/osk-20251231.htm; observed 2026-02-17.

- FY2016: 16.8% 

- FY2017: 17.3% 

- FY2018: 17.6% 

- FY2019: 18.1% 

- FY2020: 16.3% 

- FY2021: 16.4% 

- FY2022: 12.7% 

- FY2023: 17.4% 

- FY2024: 18.4% 

- FY2025: 17.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in farm & heavy construction machinery; annual sales are USD 10.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/775158/000119312526054061/osk-20251231.htm (filed 2026-02-17); FY2025: revenue 10422300000; grossProfit 1819000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OSK.US: Oshkosh Corporation provides purpose-built vehicles and equipment worldwide. The company operates through three segments: Access, Vocational, and Transport segment. The Access segment designs and manufactures aerial work platform and telehandlers for use in construction, industrial, and maintenance applications; and towing and recovery equipment, which includes carriers, wreckers, and rotators, as well as provides financing and leasing solutions, including rental fleet loans, leases, and floor plan and retail financing. This segment also offers equipment installation and sale of chassis and service parts, as well as offers parts and accessories. The Transport segment engages in the manufacture and sale of heavy, medium, and light tactical wheeled vehicles and related services for defense; and hauling combat vehicles, missile systems, ammunition, fuel, and troops and cargos. The Vocational segment offers custom and commercial firefighting equipment, fire apparatus, and emergency vehicles, including pumpers, aerial platform, ladder and tiller trucks, and tankers; light, medium, and heavy-duty rescue vehicles; and wildland rough terrain response other emergency response vehicles. This segment also produces and sells aircraft rescue and firefighting vehicles; airport ground support equipment; baggage, airport facility and operations, and equipment-monitoring technology services; refuse and recycling collection vehicles and components; and IMT-branded field service vehicles and truck-mounted cranes, frontline communications-branded simulators, command vehicles and other communication vehicles, and front-discharge concrete mixer vehicles. The company sells its products through direct sales representatives, dealers, and distributors. The company was formerly known as Oshkosh Truck Corporation. Oshkosh Corporation was founded in 1915 and is headquartered in Oshkosh, Wisconsin.

### Why customers stay

Margins ranged from 17.4% to 18.4% during 2023–25; it earns 20.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 17.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 18.4%.

- Source: https://www.sec.gov/Archives/edgar/data/775158/000119312526054061/osk-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 17.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.17036191915741947],[2017,0.19387593204086637],[2018,0.27804616875731397],[2019,0.31150804715753927],[2020,0.17278225240554382],[2021,0.2792762533433801],[2022,0.12457915057915057],[2023,0.2164988450739291],[2024,0.22081076117303777],[2025,0.17586540598586564]]; median 0.20518738855739774. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 0.1% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 0; upkeep 127300000; owner earnings 217900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 113200000; owner earnings 302700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 100100000; owner earnings 492300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 47313820.32332282; upkeep 126886179.67667718; owner earnings 567713820.3233228. Growth capex / owner earnings = 0.08334096974489151.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 0; upkeep 130200000; owner earnings 295500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 10800000; upkeep 104000000; owner earnings 508900000. Growth capex / owner earnings = 0.021222244055806642.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 51460791.56623167; upkeep 218039208.43376833; cash acquisitions 19700000; owner earnings 63460791.56623167. Growth capex plus acquisitions / owner earnings = 1.1213347613536115.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 150811301.7367007; upkeep 174488698.2632993; cash acquisitions 995800000; owner earnings 583411301.7367008. Growth capex plus acquisitions / owner earnings = 1.965356684595352.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 80900000; upkeep 200100000; cash acquisitions 121300000; owner earnings 681400000. Growth capex plus acquisitions / owner earnings = 0.2967420017610801.

- Source: https://www.sec.gov/Archives/edgar/data/775158/000119312526054061/osk-20251231.htm (filed 2026-02-17); FY2025: growth capex 0; upkeep 165400000; cash acquisitions 900000; owner earnings 705700000. Growth capex plus acquisitions / owner earnings = 0.0012753294601105286.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,55900000],[2017,62800000],[2018,71200000],[2019,75500000],[2020,81800000],[2021,90400000],[2022,97300000],[2023,107200000],[2024,120000000],[2025,130400000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/775158/000119312526054061/osk-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 278000000 USD.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OSK.US SharesStats.PercentInsiders = 0.728 percentage points; cache date 2026-10-16.

### What could break it

Tariffs enacted in the U.S. during the year cost the Company $35 million, or $0.42 per share.

- Source: https://www.sec.gov/Archives/edgar/data/775158/000119312526054061/osk-20251231.htm (filed 2026-02-17); The continuously-changing environment contributed to economic uncertainty and the Company saw some customers being judicious with spending on new equipment. Tariffs enacted in the U.S. during the year cost the Company $35 million, or $0.42 per share. Despite all of this, the Company reported solid 2025 earnings per share of $10.02.

### What the price says

The price assumes cash profits shrink 0.1% yearly over ten years; actual growth was 15.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate -0.01377396786964475. Price 128.71; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.618458529495065 → FY2025 10.931917206241284. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $53.50 per share

- 2016-11: $70.00 per share

- 2016-12: $64.61 per share

- 2017-01: $69.63 per share

- 2017-02: $67.89 per share

- 2017-03: $68.59 per share

- 2017-04: $69.39 per share

- 2017-05: $63.12 per share

- 2017-06: $68.88 per share

- 2017-07: $68.86 per share

- 2017-08: $74.60 per share

- 2017-09: $82.54 per share

- 2017-10: $91.56 per share

- 2017-11: $90.04 per share

- 2017-12: $90.89 per share

- 2018-01: $90.72 per share

- 2018-02: $78.93 per share

- 2018-03: $77.27 per share

- 2018-04: $72.16 per share

- 2018-05: $72.75 per share

- 2018-06: $70.32 per share

- 2018-07: $75.25 per share

- 2018-08: $70.26 per share

- 2018-09: $71.24 per share

- 2018-10: $56.14 per share

- 2018-11: $71.33 per share

- 2018-12: $61.31 per share

- 2019-01: $75.05 per share

- 2019-02: $77.81 per share

- 2019-03: $75.13 per share

- 2019-04: $82.59 per share

- 2019-05: $71.19 per share

- 2019-06: $83.49 per share

- 2019-07: $83.57 per share

- 2019-08: $70.27 per share

- 2019-09: $75.80 per share

- 2019-10: $85.38 per share

- 2019-11: $90.46 per share

- 2019-12: $94.65 per share

- 2020-01: $86.04 per share

- 2020-02: $72.15 per share

- 2020-03: $64.33 per share

- 2020-04: $67.53 per share

- 2020-05: $71.82 per share

- 2020-06: $71.62 per share

- 2020-07: $78.72 per share

- 2020-08: $77.01 per share

- 2020-09: $73.50 per share

- 2020-10: $67.36 per share

- 2020-11: $80.50 per share

- 2020-12: $86.07 per share

- 2021-01: $91.59 per share

- 2021-02: $106.00 per share

- 2021-03: $118.66 per share

- 2021-04: $124.43 per share

- 2021-05: $131.44 per share

- 2021-06: $124.64 per share

- 2021-07: $119.55 per share

- 2021-08: $114.58 per share

- 2021-09: $102.37 per share

- 2021-10: $107.00 per share

- 2021-11: $107.60 per share

- 2021-12: $112.71 per share

- 2022-01: $113.81 per share

- 2022-02: $111.04 per share

- 2022-03: $100.65 per share

- 2022-04: $92.44 per share

- 2022-05: $92.91 per share

- 2022-06: $82.14 per share

- 2022-07: $86.10 per share

- 2022-08: $79.76 per share

- 2022-09: $70.29 per share

- 2022-10: $88.00 per share

- 2022-11: $92.07 per share

- 2022-12: $88.19 per share

- 2023-01: $100.78 per share

- 2023-02: $89.19 per share

- 2023-03: $83.18 per share

- 2023-04: $76.52 per share

- 2023-05: $73.83 per share

- 2023-06: $86.59 per share

- 2023-07: $92.07 per share

- 2023-08: $103.83 per share

- 2023-09: $95.43 per share

- 2023-10: $87.73 per share

- 2023-11: $97.29 per share

- 2023-12: $108.41 per share

- 2024-01: $110.10 per share

- 2024-02: $110.86 per share

- 2024-03: $124.71 per share

- 2024-04: $112.27 per share

- 2024-05: $113.73 per share

- 2024-06: $108.20 per share

- 2024-07: $108.65 per share

- 2024-08: $107.91 per share

- 2024-09: $100.21 per share

- 2024-10: $102.24 per share

- 2024-11: $113.61 per share

- 2024-12: $95.07 per share

- 2025-01: $116.40 per share

- 2025-02: $102.30 per share

- 2025-03: $94.08 per share

- 2025-04: $83.76 per share

- 2025-05: $99.19 per share

- 2025-06: $113.54 per share

- 2025-07: $126.53 per share

- 2025-08: $139.37 per share

- 2025-09: $129.70 per share

- 2025-10: $123.29 per share

- 2025-11: $128.18 per share

- 2025-12: $125.63 per share

- 2026-01: $143.82 per share

- 2026-02: $170.02 per share

- 2026-03: $147.21 per share

- 2026-04: $156.30 per share

- 2026-05: $130.00 per share

- 2026-06: $153.48 per share

- 2026-07: $142.41 per share

- 2026-08: $154.11 per share

- 2026-09: $128.82 per share

- 2026-10: $128.71 per share

## Annual estimated value (USD per share)

- FY2016: low $35.86 per share, central $40.45 per share, high $46.55 per share

- FY2017: low $47.60 per share, central $53.60 per share, high $61.59 per share

- FY2018: low $57.92 per share, central $67.79 per share, high $78.22 per share

- FY2019: low $76.76 per share, central $107.07 per share, high $125.02 per share

- FY2020: low $54.77 per share, central $61.43 per share, high $70.29 per share

- FY2021: low $99.19 per share, central $120.69 per share, high $138.78 per share

- FY2022: low $97.13 per share, central $109.19 per share, high $125.24 per share

- FY2023: low $107.88 per share, central $137.52 per share, high $160.66 per share

- FY2024: low $123.49 per share, central $162.30 per share, high $189.90 per share

- FY2025: low $134.50 per share, central $177.81 per share, high $207.47 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/775158/000119312526054061/osk-20251231.htm); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.