Oshkosh Corp (OSK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+18.2%

$171.19

vs $144.84 price

Levered DCF

$89.48

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.19

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2019	FY2018	FY2017
P/E	12.46×	9.15×	11.85×	33.28×	15.17×	15.44×	9.13×	11.14×
P/B	1.78×	1.5×	1.91×	1.82×	2.41×	1.76×	2.04×	2.09×
P/S	0.77×	0.58×	0.73×	0.7×	1×	0.73×	0.63×	0.68×
EV / EBITDA	7.71×	5.72×	7.54×	12.81×	10.81×	8.77×	6.15×	7.16×
Gross margin	17.5%	18.4%	17.4%	12.7%	16.4%	16.3%	18.1%	17.6%
Operating margin	9.1%	9.4%	8.7%	4.5%	7.7%	7.1%	9.5%	8.5%
Net margin	6.2%	6.4%	6.2%	2.1%	6.6%	4.7%	6.9%	6.1%
Current ratio	1.94×	1.52×	1.45×	1.87×	2×	2.23×	1.96×	1.93×
Debt / equity	0.34×	0.23×	0.21×	0.19×	0.26×	0.29×	0.32×	0.33×
Interest coverage	8.04×	8.46×	12.21×	6.97×	12.28×	8.18×	14.65×	9.25×
Dividend yield	1.6%	1.9%	1.5%	1.7%	1.2%	1.6%	1.4%	1.4%
Payout ratio	20.2%	17.6%	17.9%	56.0%	17.8%	25.4%	13.0%	15.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2019	FY2018	FY2017
Return on equity	14.3%	16.4%	16.1%	5.5%	15.9%	11.3%	22.3%	18.8%
Return on invested capital	9.8%	11.4%	10.2%	4.5%	11.7%	8.5%	16.1%	14.4%
Return on assets	6.4%	7.2%	6.6%	2.2%	7.4%	5.5%	10.4%	8.9%
Free cash flow yield	7.7%	4.3%	3.9%	5.7%	14.3%	3.9%	7.4%	6.4%
Earnings yield	8.0%	10.9%	8.4%	3.0%	6.6%	6.4%	10.9%	9.0%
Enterprise value	$9.1B	$7B	$7.7B	$5.6B	$7.5B	$5.2B	$5.7B	$5.6B
Net debt / EBITDA	0.9×	0.62×	0.63×	-0.46×	-0.25×	0.4×	0.4×	0.46×
Cash conversion cycle (days)	133	113	122	115	124	130	95	98