Oshkosh Corporation (OSK)

History and Background

Oshkosh Corporation, founded in 1917 as the Wisconsin Duplex Auto Company, initially focused on four-wheel-drive vehicles. It evolved into a specialty vehicle manufacturer, serving defense, fire & emergency, commercial, and access equipment markets.

Core Business Areas

• Defense: Manufactures tactical wheeled vehicles for the U.S. Department of Defense and international customers. Products include Joint Light Tactical Vehicles (JLTV), Medium Tactical Vehicle Replacements (MTVR), and Heavy Expanded Mobility Tactical Trucks (HEMTT).
• Fire & Emergency: Designs and manufactures fire apparatus, ambulances, and other emergency vehicles under brands like Pierce, Oshkosh Airport Products, and Frontline Communications.
• Commercial: Produces concrete mixers and refuse collection vehicles under the McNeilus and London brands.
• Access Equipment: Manufactures aerial work platforms and telehandlers under the JLG brand.

Leadership and Structure

John C. Pfeifer serves as the President and CEO. The company has a traditional hierarchical structure with distinct business segments reporting to the corporate headquarters.

Key Offerings

• JLTV (Joint Light Tactical Vehicle): The JLTV is a light tactical vehicle designed for the U.S. military. Oshkosh Defense secured the initial JLTV contract and has since expanded production. Competitors include AM General and Lockheed Martin (historically). Difficult to get an exact market share of the US Government Vehicle Market; Oshkosh is a very dominant player here. Revenue from this specific product is not publicly broken out.
• JLG Aerial Work Platforms: JLG Industries, an Oshkosh Corporation company, is a leading global designer, manufacturer, and marketer of access equipment. The company produces a broad range of access equipment, including boom lifts, scissor lifts, telehandlers, and low-level access lifts. Competitors include Terex (GENIE) and Haulotte. Market Share is substantial, generally around 30% in the access equipment space. Revenue from this specific product is not publicly broken out.

Industry Overview

The specialty vehicle industry is influenced by government spending, infrastructure development, construction activity, and emergency response needs. Demand is cyclical and affected by economic conditions.

Positioning

Oshkosh Corporation holds a strong position in its key markets, particularly in defense and access equipment. Its competitive advantages include its technological expertise, established customer relationships, and diverse product portfolio.

Total Addressable Market (TAM)

The combined TAM of the defense, fire & emergency, commercial, and access equipment markets is estimated to be in the hundreds of billions USD annually. Oshkosh Corporation is positioned to capture a significant portion of this market through its diverse offerings and strong market presence.

Key Competitors

• CAT
• DE
• TEX
• WAB

Competitive Landscape

Oshkosh leverages its diversified product lines and deep industry expertise to secure key contracts and maintain strong customer relationships. It has differentiated itself through specializing in niche vehicles.

Pratt Miller

• Year: 2021
• Acquisition Price (USD millions): 115
• Strategic Rationale: Acquisition of Pratt Miller expanded its innovation and engineering capabilities in advanced technologies.

Historical Growth: Needs to be updated with numerical data

Future Projections: Needs to be updated with numerical data

Recent Initiatives: Focus on electrification of vehicles and strategic acquisitions to expand into new markets.

Oshkosh Corporation is a diversified manufacturer with a solid position in defense and access equipment, yet it is exposed to cyclical markets and government spending changes. Its diverse product line and focus on innovation are strengths, while economic downturns and competition remain key concerns. The company is pursuing growth through acquisitions and electrification efforts and expansion into new markets. OSK is a moderately strong company in general.

Data Sources:

• Oshkosh Corporation Investor Relations
• Company Filings (SEC)
• Industry Reports
• Analyst Reports

Disclaimers:

This analysis is for informational purposes only and should not be considered financial advice. Market conditions and company performance can change rapidly.