Oshkosh (MEX:OSK) Beneish M-Score: -2.54 (As of Jun. 27, 2026)

What is Oshkosh Beneish M-Score?

Oshkosh MEX:OSK 88 Beneish M-Score is -2.54 as of Jun. 27, 2026. GuruFocus rates MEX:OSK with a GF Score™ of 88/100 and a GF Value™ of MXN1,577.37. The stock has 6 warning signs investors should review. Among 205 Farm & Heavy Construction Machinery companies, Oshkosh ranks better than 56.59% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Oshkosh's Beneish M-Score or its related term are showing as below:

MEX:OSK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.41 Max: -1.76
Current: -2.54

During the past 13 years, the highest Beneish M-Score of Oshkosh was -1.76. The lowest was -3.01. And the median was -2.41.

Oshkosh Beneish M-Score Related Terms

Oshkosh Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Oshkosh's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Oshkosh Beneish M-Score Chart

Oshkosh Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.79

-2.46

-2.36

-2.47

-2.42

Oshkosh Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.52	-2.64	-2.68	-2.42	-2.54

MEX:OSK vs AGCO, TEX, FSS: Beneish M-Score Comparison

For the Farm & Heavy Construction Machinery subindustry, Oshkosh's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Oshkosh Beneish M-Score vs Farm & Heavy Construction Machinery Industry

For the Farm & Heavy Construction Machinery industry and Industrials sector, Oshkosh's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Oshkosh's Beneish M-Score falls into.

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88GF Score

Oshkosh Corp MEX:OSK

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Oshkosh Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Oshkosh for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0614

0.528 * 1.0851

0.404 * 0.9569

0.892 * 0.9198

0.115 * 0.8973

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9545

4.679 * -0.044376

0.327 * 0.949

-2.66

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was MXN40,595 Mil.
Revenue was 41796.192 + 48413.726 + 49320.216 + 51443.257 = MXN190,973 Mil.
Gross Profit was 5624.399 + 7636.217 + 8630.946 + 9875.915 = MXN31,767 Mil.
Total Current Assets was MXN92,082 Mil.
Total Assets was MXN179,626 Mil.
Property, Plant and Equipment(Net PPE) was MXN22,519 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN4,228 Mil.
Selling, General, & Admin. Expense(SGA) was MXN15,072 Mil.
Total Current Liabilities was MXN56,359 Mil.
Long-Term Debt & Capital Lease Obligation was MXN10,830 Mil.
Net Income was 777.209 + 2409.163 + 3599.132 + 3856.22 = MXN10,642 Mil.
Non Operating Income was -36.065 + -45.014 + 111.9 + 30.127 = MXN61 Mil.
Cash Flow from Operations was -2903.265 + 10805.221 + 8970.314 + 1679.565 = MXN18,552 Mil.

Total Receivables was MXN41,583 Mil.
Revenue was 47315.725 + 54185.194 + 53978.988 + 52155.501 = MXN207,635 Mil.
Gross Profit was 8181.234 + 9328.755 + 9963.292 + 10004.608 = MXN37,478 Mil.
Total Current Assets was MXN99,247 Mil.
Total Assets was MXN199,701 Mil.
Property, Plant and Equipment(Net PPE) was MXN24,904 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN4,116 Mil.
Selling, General, & Admin. Expense(SGA) was MXN17,168 Mil.
Total Current Liabilities was MXN56,225 Mil.
Long-Term Debt & Capital Lease Obligation was MXN22,488 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(40595.214 / 190973.391)	/	(41583.337 / 207635.408)
	=	0.21257	/	0.200271
	=	1.0614

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(37477.889 / 207635.408)	/	(31767.477 / 190973.391)
	=	0.180499	/	0.166345
	=	1.0851

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (92082.179 + 22519.236) / 179625.528)	/	(1 - (99246.82 + 24903.767) / 199700.674)
	=	0.361998	/	0.378317
	=	0.9569

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	190973.391	/	207635.408
	=	0.9198

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(4115.971 / (4115.971 + 24903.767))	/	(4227.844 / (4227.844 + 22519.236))
	=	0.141833	/	0.158067
	=	0.8973

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(15071.98 / 190973.391)	/	(17167.999 / 207635.408)
	=	0.078922	/	0.082683
	=	0.9545

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((10830.44 + 56359.401) / 179625.528)	/	((22487.653 + 56225.271) / 199700.674)
	=	0.374055	/	0.394155
	=	0.949

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(10641.724 - 60.948	-	18551.835)	/	179625.528
	=	-0.044376

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Oshkosh has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.54 mean?

Oshkosh (MEX:OSK) has a Beneish M-Score of -2.54 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Oshkosh and its competitors. According to the industry distribution chart, Oshkosh ranks #89 out of 205 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 43.4%.

Is Oshkosh's Beneish M-Score too high?

Oshkosh's current Beneish M-Score is -2.54. Based on the distribution chart, Oshkosh ranks #89 out of 205 companies in the Farm & Heavy Construction Machinery industry, which is above the industry midpoint. Overall, Oshkosh has a GF Score™ of 88/100, reflecting its overall financial health beyond just this single metric.

How does Oshkosh's Beneish M-Score compare to AGCO and TEX?

According to the Farm & Heavy Construction Machinery industry distribution chart, Oshkosh ranks #89 out of 205 companies for Beneish M-Score. This puts Oshkosh in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Farm & Heavy Construction Machinery company?

A good Beneish M-Score depends on the Farm & Heavy Construction Machinery industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Oshkosh and its competitors. Oshkosh's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Oshkosh stock overvalued right now?

Oshkosh (MEX:OSK) has a current Beneish M-Score of -2.54. The stock's GF Value™ is MXN1,577.37, compared to a current price of MXN1,983.00 — trading 25.7% above its estimated fair value. The current Beneish M-Score is -2.54. Oshkosh's overall GF Score™ is 88/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Oshkosh (MEX:OSK), the current Beneish M-Score is -2.54 as of Jun. 27, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Oshkosh (MEX:OSK) Overvalued in 2026?

Based on GuruFocus' analysis, Oshkosh stock appears to be overvalued. The current stock price of MXN1,983.00 is trading 25.7% above its estimated GF Value™ of MXN1,577.37.

Key valuation signals for MEX:OSK:

Beneish M-Score: -2.54
GF Value™: MXN1,577.37 vs. price of MXN1,983.00 (25.7% above fair value)
GF Score™: 88/100 with 6 warning signs

No single metric tells the full story. See the MEX:OSK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Oshkosh Business Description

Industry Industrials Farm & Heavy Construction Machinery

Comparable Companies AGCO TEX FSS CNH BLBD ALG ASTE LNN AEBI HY CAT DE OSTO:VOLV B PCAR TSE:6201 XTER:DTG TSE:6301 OSTO:EPI A SHSE:600031 TSE:6326

Other Exchanges OSK:USA 0KDI:UK OK3:Germany

Address 1917 Four Wheel Drive, Oshkosh, WI, USA, 54902

Website https://www.oshkoshcorp.com

Oshkosh is a leading maker of access equipment, specialty vehicles, and military trucks. It serves diverse end markets, including postal, firefighting, refuse/recycling collection, aviation, and construction. It is typically the market share leader or No. 2 player in North America, or even the global leader in the case of its JLG aerial work platform business. The transport segment is a leading provider of light trucks to the military and vehicles to the Postal Service. The vocational segment, featuring brands such as Pierce, AeroTech, and Volterra, offers purpose-built vehicles and equipment to municipalities. The company reports three segments—Access equipment (45% of revenue), Vocational (35%), and Transport (20%) on 2025 revenue of $10.4 billion.

88GF Score

Get the complete analysis for MEX:OSK

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN1,983.00

Price

MXN1,577.37

GF Value

View MEX:OSK Analysis

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