Oshkosh Corporation (OSK)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018
Long-term debt	US$ in thousands	597,500	597,500	597,300	595,200	595,000	594,800	594,600	594,400	818,800	818,600	818,300	818,100	817,900	817,600	817,400	819,200	819,000	818,700	818,500	818,300
Total stockholders’ equity	US$ in thousands	3,705,300	3,543,300	3,396,800	3,247,200	3,185,700	2,891,300	2,877,000	2,968,000	3,357,700	3,228,700	3,018,200	2,932,600	2,850,700	2,768,900	2,689,000	2,681,100	2,599,800	2,596,900	2,499,700	2,411,200
Debt-to-capital ratio		0.14	0.14	0.15	0.15	0.16	0.17	0.17	0.17	0.20	0.20	0.21	0.22	0.22	0.23	0.23	0.23	0.24	0.24	0.25	0.25

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $597,500K ÷ ($597,500K + $3,705,300K)
= 0.14

The debt-to-capital ratio of Oshkosh Corp has exhibited some fluctuations over the past eight quarters. In Q3 2023, the ratio reached 0.24, representing a relatively higher proportion of debt to total capital compared to the previous quarters. This could indicate increased reliance on debt financing during that period.

However, in Q2 2023, the ratio decreased to 0.15, suggesting a lower level of debt relative to total capital. This trend continued into Q1 2023 with a ratio of 0.16. These lower ratios indicate a healthier balance between debt and capital resources.

In the preceding quarters (Q4 2022 to Q2 2022), the debt-to-capital ratio remained relatively stable around 0.16 to 0.17. This consistency suggests Oshkosh Corp maintained a consistent capital structure during that period.

Overall, the downward trend in the debt-to-capital ratio from Q3 2023 to Q1 2023 indicates a potential effort by Oshkosh Corp to reduce its reliance on debt and strengthen its financial position. Monitoring this ratio over time will be important to assess the company's ongoing capital structure management and financial health.