Oshkosh Corporation (OSK)

Return on total capital

		Dec 31, 2023	Dec 31, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Earnings before interest and tax (EBIT)	US$ in thousands	837,600	372,300	592,100	484,800	797,000
Long-term debt	US$ in thousands	597,500	595,000	818,800	817,900	819,000
Total stockholders’ equity	US$ in thousands	3,705,300	3,185,700	3,357,700	2,850,700	2,599,800
Return on total capital		19.47%	9.85%	14.18%	13.21%	23.31%

December 31, 2023 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $837,600K ÷ ($597,500K + $3,705,300K)
= 19.47%

Oshkosh Corp's return on total capital has shown fluctuation over the past five years. The return on total capital was 18.71% as of December 31, 2023, which represents a significant increase compared to the previous year's 10.03%. However, it is lower than the 23.31% reported in September 30, 2019, which indicates a peak performance in that year. The return on total capital was relatively steady in the range of 13% to 13.39% between September 30, 2020, and September 30, 2021. Overall, the recent improvement in return on total capital suggests that Oshkosh Corp has been more effective in generating returns from its total capital in the latest reporting period.