# Oshkosh Corporation (OSK)

> Source: Nexqual · https://nexqual.com/OSK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Oshkosh Corporation (OSK), nexqual.com/OSK" · informational, not investment advice.

**Price:** USD 134.29 (-0.91% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 135.53 · day 132.38–135.58 · 52w 116.77–180.49 · market cap $8.29B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $10.6B, net income $556M (5.2% margin), free cash flow $1.15B (SEC filings).
- Valuation: P/E 14.9x (avg 11.2x at the last 3 fiscal year-ends), EV/EBITDA 8.7x, net debt $699M.
- 5 of 80 tracked superinvestors hold OSK (13F, Q2 2026): 0 new, 1 added, 2 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $184K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.22 on a 1–5 scale) (18 analysts), mean target USD 163.48 (range 132–197).
- Total return with dividends: 1Y -2.5% vs S&P 500 +14.9%; 5Y +38.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 3.06, revenue estimate $2.94B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.74B | $8.28B | $9.66B | $10.7B | $10.4B | $10.6B |
| Gross profit | $1.27B | $1.05B | $1.68B | $1.97B | $1.82B | — |
| Operating income | $592M | $372M | $838M | $1.01B | $940M | $798M |
| Net income | $509M | $174M | $598M | $681M | $647M | $556M |
| Free cash flow | $1.12B | $332M | $274M | $269M | $618M | $1.15B |
| Gross margin | 16.4% | 12.7% | 17.4% | 18.4% | 17.5% | — |
| Operating margin | 7.7% | 4.5% | 8.7% | 9.4% | 9.0% | 7.5% |
| Net margin | 6.6% | 2.1% | 6.2% | 6.4% | 6.2% | 5.2% |
| Revenue growth | +12.8% | — | +16.6% | +11.1% | -2.9% | — |
| Cash + short-term investments | $1.38B | $806M | $125M | $205M | $480M | — |
| Total debt | $819M | $605M | $773M | $962M | $1.10B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.9x · P/S 0.8x · EV/EBITDA 8.7x · EV/Sales 0.8x · P/FCF 7.2x · P/B 1.8x · FCF yield 13.86% · Earnings yield 6.71% · Dividend yield (paid, TTM) 1.64% · Buyback yield (TTM) 4.20% · Net debt $699M · EV $8.99B
P/E at fiscal year-ends: Dec 2025 12.5x, Dec 2024 9.2x, Dec 2023 11.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold OSK. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Alex Roepers | Atlantic Investment Management | 6.69% | $12.8M | Reduced -38.6% |
| Greenhaven Associates |  | 4.53% | $393M | Added +1.1% |
| Richard Pzena | Pzena Investment Management | 0.19% | $63.8M | Reduced -5.3% |
| Mairs & Power | Mairs & Power Funds | 0.05% | $5.1M | Unchanged |
| Bill Nygren | Oakmark Funds | <0.01% | $242K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11 | Pfeifer John C | Director | 778 | $117K | 0.5% | Yes (adopted June 9, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-12 | Palmer Duncan | Director | 505 | $68K | 1.3% | Yes (adopted February 3, 2026) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.22 on a 1–5 scale), 18 analysts; mean target USD 163.48 (low 132, high 197).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Citigroup | Target lowered | Neutral | $155 → $135 |
| 2026-10-08 | JP Morgan | Target lowered | Neutral | $150 → $132 |
| 2026-10-05 | Truist Securities | Target lowered | Buy | $196 → $174 |
| 2026-08-11 | Evercore ISI Group | Target raised | Outperform | $181 → $182 |
| 2026-07-29 | JP Morgan | Target raised | Neutral | $145 → $150 |
| 2026-07-29 | DA Davidson | Target raised | Buy | $168 → $176 |
| 2026-07-29 | Barclays | Target raised | Overweight | $150 → $170 |
| 2026-07-29 | Baird | Target raised | Outperform | $172 → $180 |
| 2026-07-02 | Truist Securities | Target raised | Buy | $176 → $190 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.5% | +38.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.5% | +6.7% |
| Volatility (annualized) | 40.2% | 35.7% |
| Max drawdown | -33.1% (Feb 2026→May 2026) | -42.7% (Jan 2022→Sep 2022) |

## Peers (Farm & Heavy Construction Machinery)
AGCO (AGCO Corporation) USD 106.17 +0.90% · FSS (Federal Signal Corporation) USD 115.54 -0.99% · TEX (Terex Corporation) USD 52.11 -1.81% · CNH (CNH Industrial N.V.) USD 11.58 +0.52% · BLBD (Blue Bird Corporation) USD 56.73 -0.68% · ALG (Alamo Group, Inc.) USD 147.23 -0.86%

## More
Full page: https://nexqual.com/OSK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Access | $1.37B | 47.1% | +9.4% | $151.6M | 11.0% |
| Vocational | $966.8M | 33.2% | -0.3% | $121.1M | 12.5% |
| Transport | $536.1M | 18.4% | +11.9% | $15.8M | 2.9% |
| Corporate & Other | $38.4M | 1.3% | +40.7% | -$45.3M | -118.0% |
| Total revenue | $2.92B | 100% | — | $243.2M | 8.3% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Aerial Works Platforms | $735.1M | 25.2% | +15.2% |
| Municipal Fire Apparatus | $423.9M | 14.5% | +6.5% |
| Other Access Equipment | $375.4M | 12.9% | +28.2% |
| Defense Product | $274.5M | 9.4% | -26.2% |
| Telehandlers | $263.3M | 9.0% | -19.0% |
| Delivery Vehicles | $261.6M | 9.0% | +144.3% |
| Airport Products | $258.0M | 8.9% | +4.8% |
| Refuse & Recycling Vehicles | $160.7M | 5.5% | -18.4% |
| Other Vocational | $124.2M | 4.3% | -3.4% |
| Total revenue | $2.92B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.52B | 86.6% | +10.2% |
| EMEA | $220.4M | 7.6% | -16.0% |
| Other North America | $96.1M | 3.3% | -5.8% |
| Rest Of World | $75.2M | 2.6% | -4.6% |
| Total revenue | $2.92B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 92% of revenue from unnamed direct customers (10-K, filed 2026-02-17).

## Company outlook (8-K filed 2026-07-28)

- "Outlook for 2026 Earnings per Share to Approximately $10.50 and Adjusted 1 Earnings per Share to Approximately $11.00 OSHKOSH, Wis."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.06 | $3.70 | -17.2% | $2.94B | 15 |
| Next quarter (ends 2026-12-31) | $3.86 | $3.69 | +4.5% | $2.99B | 14 |
| Current fiscal year (ends 2026-12-31) | $10.73 | $10.90 | -1.6% | $11.15B | 17 |
| Next fiscal year (ends 2027-12-31) | $14.03 | $13.95 | +0.5% | $11.97B | 17 |