Oshkosh (OSK) just wrapped up FY 2025 with Q4 revenue of US$2,688.8 million and basic EPS of US$2.11, supported by trailing twelve month revenue of US$10.4 billion and EPS of US$10.08. The company has seen quarterly revenue move from US$2,598.1 million in Q4 2024 to US$2,688.8 million in Q4 2025, while quarterly EPS shifted from US$2.35 to US$2.11 over the same period. This sets up a picture of steady scale with earnings that investors will be dissecting closely. With a trailing net margin of 6.2% versus 6.4% a year earlier, the latest print points to solid profitability but also suggests that efficiency and pricing power are key areas to watch.

See our full analysis for Oshkosh.

With the headline numbers on the table, the next step is to see how these results line up with the prevailing stories around growth, risks, and income potential, and where the data pushes back on those expectations.

Trailing EPS of US$10.08 sets the earnings bar

• Over the last twelve months, Oshkosh earned basic EPS of US$10.08 on net income of US$647 million from about US$10.4b of revenue, giving you a sense of what the business produced over a full year rather than just one quarter.
• Bulls highlight this multi quarter earnings power as a base for future growth, yet the most recent quarter's EPS of US$2.11 and a trailing net margin of 6.2% leave room for debate about how quickly margins can move toward the higher levels some optimistic scenarios anticipate.
  • Supporters of the bullish view point to past five year earnings growth of about 18% per year and forecasts that earnings could grow around 12% annually, which they argue keeps the long term story intact despite a weaker recent year.
  • On the other hand, the fact that earnings growth was negative in the latest year means investors need to decide how much weight to give that short term setback compared with the longer track record.

Bulls argue these FY 2025 numbers are the springboard for a stronger margin and EPS profile over time, while critics focus on the recent earnings softness, so it can be helpful to see how the optimistic case is built out in detail 🐂 Oshkosh Bull Case

Margins at 6.2% keep pressure on efficiency story

• The trailing net margin sits at 6.2%, slightly below 6.4% a year earlier, which lines up with Q4 FY 2025 net income of US$133.8 million on US$2,688.8 million of revenue and keeps cost control and pricing firmly in focus.
• Bears argue that softer conditions in key areas like Access equipment and higher input costs could limit margin progress, and the small slip from 6.4% to 6.2% gives them some data to point to when they question how resilient profitability will be if end markets slow or costs stay elevated.
  • Concerns around tariff pressures, supply chain friction and the need for ongoing investment in capacity and new products all tie back to whether margins can move meaningfully higher from this 6.2% level.
  • The cautious view is that even with a solid backlog in areas such as Vocational vehicles, spending to support programs like the NGDV ramp could hold back near term net income, as seen in Q4's US$133.8 million compared with US$153.1 million in Q4 FY 2024.

Skeptics lean on this margin picture and the recent earnings dip to argue the story is more fragile than it looks at first glance, so it is worth seeing how the cautious case pieces these risks together 🐻 Oshkosh Bear Case

P/E of 14.8x and DCF fair value of US$180.33 frame expectations

• At a share price of US$153.06, Oshkosh trades on a trailing P/E of 14.8x, which is below the US Machinery industry average of 28x and below a peer average of 33.6x, while a DCF fair value estimate of US$180.33 implies the stock sits about 15.1% under that model's value.
• Consensus narrative notes that this combination of lower multiples and a model value above the current price supports interest in the stock, but also points out that revenue is forecast to grow around 5.7% per year and earnings about 12% per year, which investors will weigh against the slightly softer 6.2% net margin and the recent negative earnings growth year when judging how much of that gap to fair value feels justified.
  • For some, the lower P/E relative to industry and peers and the DCF fair value of US$180.33 make the current price of US$153.06 look reasonable if the earnings growth and margin assumptions play out.
  • Others may focus on the slower forecast revenue growth versus a cited broader US market pace of 11.4% and the modest 1.49% dividend yield when deciding whether the discount compensates for execution and end market risks.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Oshkosh on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

After weighing the mixed signals around growth, margins and valuation, you do not need to sit on the fence. Act now by reviewing the balance of risks and rewards for yourself with 4 key rewards and 1 important warning sign

See What Else Is Out There

Oshkosh's softer recent earnings, modest 6.2% net margin and limited 1.49% dividend yield highlight that income focused investors may want stronger cash return profiles.

If you rely on portfolio income and want payouts that work harder for you, it is worth checking stocks in the 12 dividend fortresses now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.