Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
Oshkosh Corporation is a U.S.-based industrial manufacturer specializing in purpose-built vehicles and equipment designed for demanding applications. The company operates primarily in the access equipment, defense, fire and emergency, and commercial vehicle industries. Its products are used by government entities, municipalities, industrial customers, construction firms, and defense organizations worldwide. Oshkosh is recognized for engineering-intensive vehicles that emphasize durability, safety, and performance in mission-critical environments.
The company’s core revenue drivers include aerial work platforms, tactical military vehicles, fire apparatus, airport rescue and firefighting vehicles, concrete mixers, refuse collection vehicles, and specialty trucks. Oshkosh’s strategic advantage lies in its deep engineering expertise, long-standing government and municipal relationships, and a portfolio of well-known brands that hold leading market positions in niche segments. Founded in 1917 as Oshkosh Truck Manufacturing Company, the company initially focused on rugged trucks and evolved through decades of acquisitions and organic growth into a diversified industrial manufacturer, formally adopting the name Oshkosh Corporation in 2008.
Business Operations
Oshkosh Corporation operates through four primary business segments: Access Equipment, Defense, Fire & Emergency, and Commercial. The Access Equipment segment, anchored by JLG Industries, is the company’s largest revenue contributor and manufactures aerial lifts, telehandlers, and related services for construction and industrial markets. The Defense segment designs and produces tactical wheeled vehicles, including the Joint Light Tactical Vehicle (JLTV), primarily for the U.S. Department of Defense and allied nations.
The Fire & Emergency segment includes brands such as Pierce Manufacturing and Oshkosh Airport Products, providing custom and commercial fire apparatus, airport rescue and firefighting vehicles, and emergency response equipment. The Commercial segment, which includes McNeilus and IMT, serves refuse collection, concrete placement, and truck-mounted crane markets. Oshkosh generates revenue through vehicle sales, aftermarket parts, services, and long-term government contracts, with manufacturing facilities primarily located in North America and select international locations.
Strategic Position & Investments
Oshkosh’s strategy centers on disciplined capital allocation, organic growth in core markets, and selective acquisitions that strengthen its technology base and market leadership. The company has invested heavily in electrification, autonomy, and advanced vehicle control systems, particularly within its Access Equipment and Defense segments. These initiatives align with customer demand for lower-emission equipment and enhanced operational efficiency.
Notable strategic actions include the acquisition of Pierce Manufacturing (fire apparatus) and JLG Industries (access equipment) in earlier years, which reshaped the company’s long-term growth profile. More recently, Oshkosh has focused on expanding electric and hybrid vehicle platforms, including electric refuse vehicles and electrified access equipment, while maintaining a strong backlog of defense contracts. The company does not operate as a holding company for passive investments; instead, it maintains full operational control over its subsidiaries.
Geographic Footprint
Oshkosh Corporation is headquartered in North America, with its principal executive offices in Oshkosh, Wisconsin. The company has a significant manufacturing and operational presence across the United States, which remains its largest market, particularly for defense, fire, and municipal vehicles.
Internationally, Oshkosh operates manufacturing plants, service centers, and sales offices across Europe, Asia-Pacific, and Latin America, primarily supporting access equipment and defense customers. Its products are sold in over 100 countries, and international markets represent a substantial portion of access equipment revenue. The company’s global footprint supports both local production and export-based delivery to government and industrial customers worldwide.
Leadership & Governance
Oshkosh Corporation is led by an experienced executive team with a focus on operational excellence, innovation, and long-term shareholder value. The leadership philosophy emphasizes decentralized operating autonomy within segments, supported by centralized capital allocation and governance. The company operates under a board-led governance structure consistent with U.S. public company standards and regulatory requirements.
Key executives include:
- John C. Pfeifer – President and Chief Executive Officer
- Rakesh Malhotra – Executive Vice President and Chief Financial Officer
- Wilson R. Jones – President, Access Equipment
- Pat Williams – President, Defense
- Steve Mackin – President, Fire & Emergency
- Maximilian Bubeck – President, Commercial