Latest Ratios: P/E Ratio 14.4x · EV/EBITDA 59.7x · ROE 14.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $68.8B | $47.0B | $6.2B | $7.1B | $5.8B | $7.8B | $5.9B | $5.3B | $5.3B | $6.3B | $4.2B |
| Enterprise Value | $69.8B | $48.0B | $7.0B | $7.8B | $5.6B | $7.6B | $6.2B | $5.7B | $5.7B | $6.6B | $4.7B |
| P/E Ratio → | 14.39 | 12.54 | 9.16 | 11.94 | 33.53 | 15.33 | 18.24 | 9.23 | 11.33 | 21.89 | 19.24 |
| P/S Ratio | 6.60 | 4.51 | 0.58 | 0.74 | 0.70 | 1.01 | 0.86 | 0.64 | 0.69 | 0.92 | 0.66 |
| P/B Ratio | 11.90 | 10.37 | 1.50 | 1.93 | 1.83 | 2.43 | 2.08 | 2.06 | 2.13 | 2.71 | 2.11 |
| P/FCF | 111.29 | 75.99 | 23.20 | 26.03 | 17.58 | 7.05 | 30.04 | 13.57 | 15.89 | 46.93 | 9.13 |
| P/OCF | 87.79 | 59.94 | 11.35 | 11.91 | 9.70 | 6.39 | 18.09 | 9.41 | 12.24 | 25.38 | 7.22 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.61 | 0.65 | 0.81 | 0.68 | 0.99 | 0.90 | 0.68 | 0.74 | 0.97 | 0.75 |
| EV / EBITDA | 59.73 | 41.07 | 5.78 | 7.81 | 11.73 | 10.95 | 10.46 | 6.27 | 7.35 | 11.05 | 9.52 |
| EV / EBIT | 73.89 | 50.05 | 6.85 | 8.99 | 17.12 | 12.85 | 12.46 | 7.10 | 8.57 | 14.09 | 12.77 |
| EV / FCF | — | 77.71 | 26.01 | 28.39 | 16.97 | 6.89 | 31.26 | 14.51 | 16.97 | 49.81 | 10.28 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.9% | 16.9% | 18.4% | 17.4% | 12.7% | 16.4% | 16.3% | 18.1% | 17.6% | 17.3% | 16.8% |
| Operating Margin | 9.1% | 9.1% | 9.4% | 8.7% | 4.5% | 7.7% | 7.1% | 9.5% | 8.5% | 6.9% | 5.8% |
| Net Profit Margin | 6.2% | 6.2% | 6.4% | 6.2% | 2.1% | 6.6% | 4.7% | 6.9% | 6.1% | 4.2% | 3.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.9% | 14.9% | 17.3% | 17.4% | 5.4% | 16.8% | 11.8% | 22.7% | 19.6% | 13.3% | 11.1% |
| ROA | 6.6% | 6.6% | 7.3% | 7.1% | 2.4% | 8.0% | 5.6% | 10.7% | 9.1% | 5.9% | 4.7% |
| ROIC | 13.5% | 13.5% | 16.4% | 17.1% | 9.3% | 14.5% | 12.0% | 20.4% | 17.7% | 13.6% | 10.3% |
| ROCE | 13.7% | 13.7% | 16.2% | 14.8% | 7.4% | 13.2% | 12.0% | 21.5% | 18.7% | 14.3% | 11.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.34 | 0.34 | 0.23 | 0.21 | 0.19 | 0.26 | 0.29 | 0.32 | 0.33 | 0.36 | 0.43 |
| Debt / EBITDA | 1.32 | 1.32 | 0.79 | 0.77 | 1.26 | 1.18 | 1.40 | 0.90 | 1.05 | 1.38 | 1.72 |
| Net Debt / Equity | — | 0.24 | 0.18 | 0.17 | -0.06 | -0.06 | 0.08 | 0.14 | 0.14 | 0.17 | 0.27 |
| Net Debt / EBITDA | 0.91 | 0.91 | 0.63 | 0.65 | -0.42 | -0.25 | 0.41 | 0.41 | 0.47 | 0.64 | 1.06 |
| Debt / FCF | — | 1.72 | 2.81 | 2.36 | -0.61 | -0.16 | 1.22 | 0.94 | 1.08 | 2.88 | 1.15 |
| Interest Coverage | 8.16 | 8.16 | 8.56 | 12.63 | 6.16 | 12.31 | 8.34 | 14.80 | 9.39 | 7.88 | 6.08 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.94 | 1.94 | 1.52 | 1.45 | 1.87 | 2.00 | 2.23 | 1.96 | 1.93 | 1.81 | 1.77 |
| Quick Ratio | 1.05 | 1.05 | 0.76 | 0.76 | 1.10 | 1.27 | 1.28 | 1.24 | 1.21 | 1.09 | 1.05 |
| Cash Ratio | 0.18 | 0.18 | 0.07 | 0.04 | 0.33 | 0.46 | 0.37 | 0.26 | 0.27 | 0.27 | 0.24 |
| Asset Turnover | — | 1.03 | 1.14 | 1.06 | 1.07 | 1.13 | 1.18 | 1.51 | 1.46 | 1.34 | 1.39 |
| Inventory Turnover | 3.65 | 3.65 | 3.87 | 3.74 | 3.87 | 4.17 | 3.81 | 5.50 | 5.17 | 4.71 | 5.33 |
| Days Sales Outstanding | — | 77.44 | 66.07 | 80.51 | 78.00 | 78.52 | 71.39 | 71.06 | 72.08 | 69.81 | 59.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.3% | 1.9% | 1.5% | 1.7% | 1.2% | 1.4% | 1.4% | 1.3% | 1.0% | 1.3% |
| Payout Ratio | 20.2% | 20.2% | 17.6% | 17.9% | 56.0% | 17.8% | 25.4% | 13.0% | 15.1% | 22.0% | 25.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.9% | 8.0% | 10.9% | 8.4% | 3.0% | 6.5% | 5.5% | 10.8% | 8.8% | 4.6% | 5.2% |
| FCF Yield | 0.9% | 1.3% | 4.3% | 3.8% | 5.7% | 14.2% | 3.3% | 7.4% | 6.3% | 2.1% | 11.0% |
| Buyback Yield | 0.4% | 0.6% | 1.9% | 0.3% | 2.7% | 1.6% | 0.9% | 6.7% | 4.8% | 0.1% | 2.4% |
| Total Shareholder Yield | 0.6% | 0.9% | 3.8% | 1.8% | 4.3% | 2.7% | 2.3% | 8.1% | 6.1% | 1.1% | 3.7% |
| Shares Outstanding | — | $374M | $66M | $66M | $66M | $69M | $69M | $71M | $75M | $76M | $74M |
Margin compression from inputs
According to current market data, Oshkosh trades at a P/E of 15.13, which appears to discount the company's recent earnings volatility and suggests that investors are pricing in a cautious outlook regarding the firm's ability to sustain long-term margin expansion amidst ongoing industrial sector headwinds.
The current valuation multiple sits at a notable discount to diversified machinery peers, likely reflecting the market's skepticism regarding the company's defense contract pipeline and the cyclical sensitivity of its Access Equipment segment. This pricing suggests that the market is not yet assigning a premium to the company's potential as a systems integrator for electric vocational vehicles, preferring to wait for evidence of margin stabilization.
As reported in recent financial statements, Oshkosh's ROIC has trended downward to 1.1% in 2026Q1 from a 4.2% peak in 2024Q1, indicating that the company is currently struggling to generate returns on invested capital that exceed its likely cost of capital during this period of operational stress.
The decline in ROIC appears driven by both contracting operating margins and a lack of efficiency in asset utilization, as the company navigates the high capital requirements of its EV transition. Investors should monitor whether management can improve capital allocation efficiency, as the current trend suggests that recent investments in technology and manufacturing capacity have yet to yield accretive returns.
Based on reported figures, the company's cash conversion cycle has expanded to 150 days in 2026Q1, a significant deterioration from the 124-day level observed in 2023Q4, which highlights growing inefficiencies in inventory management and a potential slowdown in the velocity of its core manufacturing operations.
The increase in the cash conversion cycle is largely attributable to rising days inventory outstanding, which suggests that the company is holding more stock than it can efficiently convert into sales. This buildup may indicate supply chain imbalances or a mismatch between production schedules and actual customer demand, warranting further investigation into the company's inventory turnover strategy.
According to recent balance sheet filings, the quick ratio has declined to 0.83 in 2026Q1, down from 1.05 in 2025Q4, signaling a tightening liquidity position that may limit the company's flexibility to manage short-term operational shocks or unexpected working capital requirements during this period of earnings volatility.
The reduction in the quick ratio suggests that the company is becoming increasingly dependent on inventory liquidation to meet its short-term obligations. Given the current macroeconomic environment and the company's reliance on project-based government contracts, this trend warrants close monitoring to ensure that the firm maintains sufficient cash reserves to navigate potential delays in contract payments.
The P/E ratio is frequently misapplied to Oshkosh's business model, as it obscures the significant impact of non-recurring restructuring costs and the lumpy nature of percentage-of-completion accounting in the defense segment, which can lead to a distorted view of the company's true normalized earning power.
Investors should instead focus on EV/EBITDA or free cash flow yields, which better account for the company's capital-intensive nature and the volatility of its working capital. Relying solely on P/E multiples risks ignoring the underlying cash generation capabilities that are essential for evaluating a company undergoing a major technological transition in its product portfolio.
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Quick answers to the most common questions about buying OSK stock.
Oshkosh Corporation's current P/E ratio is 14.4x. The historical average is 14.6x. This places it at the 61th percentile of its historical range.
Oshkosh Corporation's current EV/EBITDA is 59.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
Oshkosh Corporation's return on equity (ROE) is 14.9%. The historical average is 13.1%.
Based on historical data, Oshkosh Corporation is trading at a P/E of 14.4x. This is at the 61th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Oshkosh Corporation's current dividend yield is 0.24% with a payout ratio of 20.2%.
Oshkosh Corporation has 16.9% gross margin and 9.1% operating margin.
Oshkosh Corporation's Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.