Oshkosh Corp key statistics and ratios
In fiscal 2025, Oshkosh Corp had return on equity of 14.9% and a net margin of 6.2%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Sept 2009 | 2010Sept 2010 | 2011Sept 2011 | 2012Sept 2012 | 2013Sept 2013 | 2014Sept 2014 | 2015Sept 2015 | 2016Sept 2016 | 2017Sept 2017 | 2018Sept 2018 | 2019Sept 2019 | 2020Sept 2020 | 2021Sept 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | −20.9% | 8.0% | 3.6% | 2.8% | 4.1% | 4.5% | 3.8% | 3.4% | 4.2% | 6.1% | 6.9% | 4.7% | 6.6% | 2.1% | 6.2% | 6.4% | 6.2% | 4.6% |
| Return on equity | — | 85.8% | 18.7% | 13.4% | 16.1% | 15.1% | 11.8% | 11.1% | 13.3% | 19.8% | 22.9% | 11.8% | 16.4% | 5.3% | 17.4% | 17.3% | 14.9% | 11.0% |
| Return on assets | −23.0% | 16.7% | 5.7% | 4.7% | 6.5% | 6.6% | 5.0% | 4.8% | 5.9% | 9.1% | 10.7% | 5.2% | 7.3% | 2.4% | 7.1% | 7.3% | 6.6% | 4.9% |
| Effective tax rate | — | 33.9% | 34.3% | 21.1% | 29.6% | 28.9% | 30.4% | 30.1% | 30.9% | 20.8% | 22.8% | 25.7% | 6.7% | 35.4% | 23.8% | 23.3% | 22.7% | 21.4% |
| R&D as % of revenue | 1.4% | 0.9% | 1.3% | 1.3% | 1.5% | 2.1% | 2.4% | 1.6% | 1.4% | 1.3% | 1.2% | 1.5% | 1.3% | 1.4% | 1.4% | 1.6% | 1.7% | 1.5% |
| SG&A as % of revenue | 8.2% | 4.9% | 6.7% | 6.9% | 8.1% | 9.2% | 9.6% | 9.8% | 9.7% | 8.6% | 8.2% | 9.1% | 8.6% | 8.0% | 8.4% | 7.9% | 7.9% | 8.0% |
| Dividends ÷ net income | — | — | — | 0.0% | 0.0% | 16.4% | 23.1% | 25.8% | 22.0% | 15.1% | 13.0% | 25.4% | 17.8% | 56.0% | 17.9% | 17.6% | 20.2% | 27.7% |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Net margin | 5.9% | 4.9% | 7.5% | 7.3% | 5.0% | 1.9% | 6.3% | 4.9% |
| R&D as % of revenue | 1.8% | 2.1% | 1.6% | 1.5% | 1.5% | 1.7% | 1.4% | 1.5% |
| SG&A as % of revenue | 8.1% | 9.1% | 7.8% | 7.3% | 7.4% | 9.3% | 7.6% | 8.1% |
Financial health
- Short-term assets cover short-term liabilities $5.4bn of assets due within a year against $3.2bn of liabilities due within a year.
- Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
- More cash than debt $558m of cash against $1.1bn of debt.
- Debt below 40% of shareholders' equity Debt is 24% of equity.
- Debt burden no higher than five years ago Debt to equity moved from 20% to 24% over five years.
- A year's operating cash flow covers at least 20% of debt $1.1bn of operating cash flow against $1.1bn of debt.
- Operating profit covers interest at least five times over Interest not separately reported. Not assessable.
Moat
Moderate moat
How hard Oshkosh's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 13 / 20
Cash operating profit has been a median 10.1% of total assets over 10 years.
- Pricing power 8 / 20
Gross margin has been a median 16.8%, moving by 1.8 percentage points (standard deviation) across 10 years.
- Durability 7 / 20
Operating margin has been a median 7.9%; its worst year was 3.4%.
- Cash conversion 10 / 20
Free cash flow was positive in 8 of 10 years, at a median 3.8% of revenue.
- Discipline 20 / 20
The diluted share count fell 8.9% over five years; stock-based pay has been a median 0.4% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
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