| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 85 | 16.6x | 17.8x | Top tier | |
Growth | 55 | 2.2% | 7.1% | Around median | |
Quality | 66 | 11.0% | 4.5% | Around median | |
Safety | 77 | 0.9x | 2.6x | Top tier | |
Capital Return | 70 | 1.40% | 2.12% | Top tier | |
Momentum | 48 | 8.0% | 2.9% | Around median | |
Sentiment | 84 | 12 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Oshkosh Corp operates through three interconnected segments serving specialty equipment and mission-critical vehicles. The Access segment sells access equipment such as compact scissor lifts and connected ClearSky Smart Fleet technologies, while the Vocational segment includes fire trucks, refuse collection and recycling vehicles, and airport products, including passenger boarding bridges. The Transport segment includes the Next Generation Delivery Vehicle for the United States Postal Service and defense platforms such as FMTV A2 and ROGUE-Fires, generating revenue from selling vehicles and equipment to commercial and government customers and fulfilling extended order backlogs.
In quarter 2 of fiscal 2026, consolidated sales rose 6.7% year over year to $2.9 billion, driven by improved sales volumes and pricing, while adjusted earnings per share reached $2.87. Adjusted operating income declined to $258 million from $313 million, equivalent to a calculated margin of approximately 8.9% of sales, due to an unfavorable sales mix and higher manufacturing overhead costs. In contrast, free cash flow jumped to $348 million from $49 million, supported by working capital discipline, particularly in inventory, and higher customer advances.
The Access segment was the largest contributor in quarter 2 of fiscal 2026, with sales of $1.4 billion, growth of 9.4%, and an adjusted operating income margin of 11.3%. The Vocational segment recorded sales of $967 million, nearly flat year over year, and an adjusted margin of 13.5%, while Transport sales increased 12% to $536 million and its operating income reached $16 million. Delivery vehicles represented nearly half of Transport sales after their revenue increased by $155 million to $262 million, while the defense business declined compared with the corresponding period, which still included domestic JLTV production through May 2025.
Analyst consensus rates OSK as “Buy,” with an average price target of $173.7, within a wide range of $138 to $197 that reflects meaningful differences in assessments of the execution trajectory. The average target is approximately 3.8% below the 52-week range high of $180.49, while the highest target exceeds that high and the lowest target remains within the 52-week range of $116.77–180.49. The positive consensus view is balanced by the reduction in the fiscal 2026 adjusted earnings per share outlook to approximately $11 and margin pressures resulting from sales mix, tariffs, and the slower ramp-up of fire truck production.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Consolidated sales rose 6.7% to $2.9 billion due to higher volumes and improved pricing. The Access segment grew 9.4% to $1.4 billion, while Transport increased 12% to $536 million. Delivery vehicles were an important driver, as their revenue increased by $155 million to $262 million and represented nearly half of Transport sales.
Management lowered its adjusted earnings per share outlook by approximately $0.50 to about $11 because fire truck production progressed more slowly than expected. The company is reorganizing manufacturing from fixed-position assembly to high-flow lines, including rearranging the flow of thousands of parts to workstations. Management expects to increase fire truck production by approximately 10% during fiscal 2026, but it also expects to ship fewer units than previously planned.
Delivery vehicle revenue reached $262 million in quarter 2 of fiscal 2026, an increase of more than 20% from quarter 1 of fiscal 2026. The Next Generation Delivery Vehicle fleet surpassed 35 million miles, and management said feedback from the United States Postal Service and drivers remained positive. The fiscal 2026 outlook assumes receipt of an additional order in quarter 4 of fiscal 2026, alongside the continued production ramp-up and supply chain preparation.
Automated analysis for informational purposes only — not investment advice.
Access orders reached approximately $1.5 billion in quarter 2 of fiscal 2026, while backlog reached $2.0 billion and the order-to-sales ratio reached 1.1. Infrastructure, data center, and other megaprojects drive a large share of demand, particularly through large national rental companies. Compact scissor lifts and ClearSky Smart Fleet support the product offering, while high utilization rates and the aging boom lift fleet indicate an ongoing replacement need.
In quarter 2 of fiscal 2026, Oshkosh received a $142 million order for the FMTV A2 program and a $92 million order for the ROGUE-Fires platform. These orders provide visibility beyond fiscal 2026, and ROGUE-Fires combines autonomy with protection, mobility, speed, and off-road capability. Conversely, defense revenue was lower than the previous year following the end of domestic JLTV production in May 2025, and Transport also incurred a one-time warranty cost related to an engine issue in a defense program.
Oshkosh generated free cash flow of $348 million in quarter 2 of fiscal 2026, compared with $49 million in the corresponding period. Management attributed the improvement to disciplined working capital management, particularly inventory, and higher customer advances. The company maintained its fiscal 2026 free cash flow outlook at $550–650 million and repurchased approximately 667 thousand shares for $92 million during the quarter.
