Caterpillar Inc (CAT) is overvalued and Oshkosh Corp (OSK) is slightly undervalued.
Against our estimates of intrinsic value, OSK trades at the wider discount: a margin of safety of +13%, against -138% for CAT.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 11.1% (average of 3 methods) values the shares at $339.81; the price of $808.01 is 138% above that value, and 70% of that value comes from beyond year five.
Leak Score 65/100 on 10 of 12 signals
Discounting its cash flows at 10.2% (average of 3 methods) values the shares at $159.18; the price of $138.04 is 13% below that value, and 72% of that value comes from beyond year five.
Leak Score 65/100 on 3 of 12 signals
| Metric | CAT | OSK |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $808.01 | $138.04 |
| Intrinsic value | $339.81 | $159.18 |
| Margin of safety | -138% | +13% |
| Leak Score | 65/100 (10/12) | 65/100 (3/12) |
| Market cap | $371.4B | $8.5B |
| Revenue growth, 5 years | 10.1% | 8.7% |
| Operating margin | 18.3% | 7.5% |
| Net margin | 14.5% | 5.2% |
| Return on equity | 57.0% | 12.4% |
| Debt to equity | 2.33 | 0.24 |
| P/E | 34.8x | 15.8x |
| Forward P/E | 24.9x | 9.9x |
| P/B | 19.1x | 1.9x |
| Dividend yield | 0.8% | 1.6% |