Oshkosh Corp (NYSE: OSK)

Sector: Industrials Industry: Farm & Heavy Construction Machinery CIK: 0000775158
Market Cap 10.81 Bn
P/B 2.39
P/E 16.71
P/S 1.04
ROIC (Qtr) 12.17
Div Yield % 0.91
Rev 1y % (Qtr) 3.49
Total Debt (Qtr) 1.10 Bn
Debt/Equity (Qtr) 0.24
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Investment thesis

Bull case

  • Strong operating cash flow of 783.40M provides robust 0.71x coverage of total debt 1.10B, indicating excellent debt servicing capability and financial flexibility.
  • Healthy cash reserves of 479.80M provide 799.67x coverage of short-term debt 600000, demonstrating strong liquidity position and minimal refinancing risk.
  • Robust free cash flow of 571.60M exceeds capital expenditure of 211.80M by 2.70x, indicating strong organic growth funding capability.
  • Operating cash flow of 783.40M provides strong 20.62x coverage of stock compensation 38M, indicating sustainable incentive practices.
  • Strong tangible asset base of 7.89B provides 7.17x coverage of total debt 1.10B, indicating robust asset backing and low credit risk.

Bear case

  • Operating cash flow of 783.40M barely covers its investment activities of (204.90M), with a coverage ratio of -3.82, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • With cash reserves of 479.80M against inventory of 2.38B, the 0.20 cash-to-inventory ratio suggests potential liquidity risks if inventory turnover slows, particularly concerning given current supply chain volatilities.
  • Operating cash flow of 783.40M provides thin coverage of dividend payments of (130.40M) with a -6.01 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Cash reserves of 479.80M provide limited coverage of acquisition spending of (900000), which is -533.11x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of 783.40M is outpaced by equity issuance of (278M) (-2.82 ratio), indicating concerning reliance on equity markets for funding operations.

Segments Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer comparison

Companies in the Farm & Heavy Construction Machinery
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 CAT Caterpillar Inc 483.60 Bn 124.96 8.76 43.33 Bn
2 DE Deere & Co 188.47 Bn 68.51 5.30 63.94 Bn
3 PCAR Paccar Inc 68.19 Bn 57.51 3.81 15.85 Bn
4 CNH CNH Industrial N.V. 16.63 Bn 27.85 0.93 27.17 Bn
5 AGCO Agco Corp /De 10.86 Bn 33.29 1.16 2.56 Bn
6 OSK Oshkosh Corp 10.81 Bn 16.71 1.04 1.10 Bn
7 TEX Terex Corp 4.57 Bn 20.69 0.84 2.58 Bn
8 ALG Alamo Group Inc 2.46 Bn 38.76 2.10 0.21 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.17 1.36
EV to Cash from Ops. EV/CFO 15.07 2.52
EV to Debt EV to Debt 10.73 36.19
EV to EBIT EV/EBIT 12.35 19.84
EV to EBITDA EV/EBITDA 10.15 11.98
EV to Free Cash Flow [EV/FCF] EV/FCF 20.66 10.22
EV to Market Cap EV to Market Cap 1.09 2.67
EV to Revenue EV/Rev 1.13 2.22
Price to Book Value [P/B] P/B 2.39 2.56
Price to Earnings [P/E] P/E 16.71 19.56
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 4.96 116,909.42
Dividend Payout Ratio % Div Payout % (Qtr) 20.20 51.44
Dividend per Basic Share Div per Share (Qtr) 1.53 1.01
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 16.93 11.55
Interest Coverage Int. cover (Qtr) 8.13 6.02
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 26.53 -4.60
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 134.16 27.84
Dividend Growth (1y) % Div 1y % (Qtr) -19.05 -2.90
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -4.53 22.54
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -3.90 2.73
EBIT Growth (1y) % EBIT 1y % (Qtr) -5.42 36.64
EBT Growth (1y) % EBT 1y % (Qtr) -5.93 2,839.65
EPS Growth (1y) % EPS 1y % (Qtr) -3.17 154.78
FCF Growth (1y) % FCF 1y % (Qtr) 118.33 -12.49
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -7.64 -11.09
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 1.03 1.00
Cash Payout Ratio Cash Payout (Qtr) 0.13 0.07
Cash Ratio Cash Ratio (Qtr) 0.18 0.46
Current Ratio Curr Ratio (Qtr) 1.94 2.51
Debt to Equity Ratio Debt/Equity (Qtr) 0.24 0.43
Interest Cover Ratio Int Coverage (Qtr) 8.13 6.02
Times Interest Earned Times Interest Earned (Qtr) 8.13 6.02
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 11.30 -7.57
EBIT Margin % EBIT Margin % (Qtr) 9.17 -11.88
EBT Margin % EBT Margin % (Qtr) 8.05 -14.87
Gross Margin % Gross Margin % (Qtr) 17.50 19.78
Net Profit Margin % Net Margin % (Qtr) 6.20 -16.22