OSK

Oshkosh is a diversified specialty-vehicle maker spanning Access (JLG aerial platforms/telehandlers), Vocational (fire trucks, refuse, airport equipment), and Transport (defense tactical vehicles and USPS delivery vans). FY2025 was a resilient year in a 'dynamic and unpredictable' trade environment: revenue dipped 2.9% to $10.4B and net income eased 5.0% to $647M, but management reports actual diluted EPS of $10.02 — even after tariffs cost $35M ($0.42/share). The mix shift is encouraging: Vocational sales rose 12.6% with margins up 270bps to 14.7%, USPS delivery-vehicle sales jumped 352% (+$365M) as production ramped, and Access held an 11.2% operating margin despite sales down 13.0% on softer non-residential construction.

Importantly, the valuation in the data is distorted by a stale EPS tag: the prompt's P/E of 22.2x is computed off a FY2018-tagged $6.29 EPS, but on the FY2025 actual of $10.02 the stock at $139.54 trades near ~14x earnings — undemanding for a quality industrial. Cash generation was excellent, with operating cash flow up 42.4% to $783M on strong customer advances, funding $278M of buybacks (shares down 3.1%) and a dividend raised 11.8% for 2026 — the twelfth straight year of double-digit dividend increases.