Oshkosh CorporationOSK
NYSE•Industrials•Farm & Heavy Construction Machinery
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.
Oshkosh Corporation (Holding Co (OSK) reported trailing twelve months revenue of $10.43B as of March 2026, a 0.7% decline year-over-year. Quarterly revenue reached $2.32B, reflecting a contraction in sales.
Oshkosh Corporation (Holding Co generated $577.90M in TTM net income, with quarterly EBITDA of $142.60M. The operating margin contracted from 7.6% to 3.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (3.5%) and net margin (1.9%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 4.9% a year ago, reflecting increased costs or interest expense.
OSK trades at a P/E of 15.0x (below the broader market average) and a P/S of 0.8x. The price-to-book ratio of 1.9x reflects a moderate premium to book value.
The company reported negative free cash flow of $-189.10M, indicating cash consumption over the period. The balance sheet shows $9.96B in total assets with $600.60M in long-term debt against $4.47B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~8.4% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 15.2% but has fluctuated — the competitive advantage may be cyclical or emerging.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 9.4% — watch for continued compression, which may signal competitive or cost pressure.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.1 — conservative capital structure with low financial risk.
Revenue has softened, declining in 3 quarters. Monitor for further erosion.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares decreased 4.1% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation