Oshkosh Corp
OSK带内预期 · 温和6 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2025-12-31估值口径：截至 2026-06-30 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
- 营收增速
- -2.9%
- 净利率
- 6.2%
- ROE
- 14.3%
- FCF 利润率
- 5.9%
估值 · 价值带
处于合理价值区间
零增长底
$79
中枢 IV
$126
乐观上沿
$150
Oshkosh Corp（OSK）：保守价值带 $79–$150 / 股（零增长底到增速封顶的乐观上沿），中枢约 $126。今日价格落在这条带内（价格 $127 截至 2026-10-16）。
中间是主读数；右侧上沿是同一套保守假设下的乐观档，不是绝对上限。
营收增 6%（历史增长与基本面上限的较小值，受护城河封顶） · 护城河 10 年 · 折现 10.8% · 零增长下行 $79
价格截至 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.
方法与数字
保守内在价值带（零增长底到增速封顶的 DCF）加一道有形资产地板 — 非投资建议、非买卖信号、亦非目标价。
所有者盈利 DCF $83.89 – $149.51 · Greenwald 零增长 $117.85 · 零增长基准 $117.85 · 重置 $43.37
护城河 特许经营（护城河） · 终值占现值 48% · 所有者盈利收益率 7% 对 10Y 5.1%.
Graham earnings-power value (normalized NOPAT)$94.40 – $117.85 / 股
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
年份：TTM 2026-06-30, 2024, 2023, 2022
v1 简化：Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 81% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$79.35 – $96.98 / 股
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
年份：TTM 2026-06-30, 2024, 2023, 2022
v1 简化：Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 81% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
重置价值 = 有形净资产 $2.38B + 资本化研发 $336.38M（FY 2026, 2024, 2023, 2022） = $43.37 / 股. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
护城河读数：Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
假设一般护城河 · 竞争优势期约 10 年。
增长价值无法评估 — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
窗口 TTM 2026-06-30, FY 2024, 2023, 2022 · 贴现带 9%–11% · 正常化税率 21% (Average effective tax rate over 4 year(s), capped at the statutory 21%.) · 股数 diluted.
所有者盈利 DCF：增长 g₁ 6% · OE FY TTM 2026-06-30, 2024, 2023, 2022 · Discount band: 9.60%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-10-15). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
估值口径：截至 2026-06-30 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 5.7%；公司过去营收年增 8.3%。
低于它自己做到过的。
粗略地说，现价要它按历史营收增速再增长约 8 年，才刚好撑得起。
SEC 13F · 持有人
持有该证券的超级投资者
6 位持有 · 合计 $474.4M · 本季 +0 新建 / -1 清仓
- 市值$392.7M权重（上季→本季）6.1% → 4.5% ▼
- 市值$63.8M权重（上季→本季）0.2% → 0.2% ▼
- 市值$12.8M权重（上季→本季）11.7% → 6.7% ▼
- 市值$2.8M权重（上季→本季）0.0% → 0.0% ▼
- 市值$2.0M权重（上季→本季）0.0% → 0.0% ▼
- 市值$241,731权重（上季→本季）0.0% → 0.0% ▲
SEC 13F · 说明
文字说明
文字说明
Oshkosh Corp（OSK）被 Compounder 追踪的 6 位超级投资者持有，合计申报市值 $474.4M。仓位最大的是 Edgar Wachenheim，占其组合 4.5%。
按市值，其他主要持有人包括 Richard Pzena（占其组合 0.2%），Alex Roepers（占其组合 6.7%） 和 Jeremy Grantham（占其组合 0.0%）。
截至 2026-06-30 的这一季，追踪范围内有 0 位新建 OSK 仓位，1 位加仓，4 位减仓，1 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-06-30 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
SEC 13F · 共持信号
他们还共同持有
持有 Oshkosh Corp（OSK）的这些人还共同重仓 →
OSK 现价不低于保守价值带。 看当前击球区股票
数据来源· SEC EDGAR 13F 截至 2026-06-30 · 2026-08-14 提交
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
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