FORM 10-K

                      SECURITIES AND EXCHANGE COMMISSION

                           Washington, D. C. 20549
                           -----------------------

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934
     For the fiscal year ended December 31, 1995

                                      OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
     For the Transition period from ___ to ___

                         Commission file number 0-18110

                              Gehl Company
            (Exact name of registrant as specified in its charter)

          Wisconsin                             39-0300430
(State or other jurisdiction           (I.R.S. Employer Identification No.)
of incorporation or organization)

     143 Water Street, West Bend, WI               53095
(Address of principal executive office)          (Zip Code)


Registrant's telephone number, including area code (414) 334-9461

          Securities registered pursuant to Section 12(b) of the Act:

                                     NONE

          Securities registered pursuant to Section 12(g) of the Act: 

                             Common Stock, $.10 par value
                                   (Title of class)                        

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the 
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes   X            No

     Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any 
amendment to this Form 10-K [X]

     Aggregate market value of voting stock held by non-affiliates of the 
registrant:  $42,143,230 at February 16, 1996.

     Number of shares outstanding of each of the registrant's classes of
common stock, as of February 16, 1996:


               Class                       Shares Outstanding

      Common Stock, $.10 Par Value             6,140,872


                      DOCUMENTS INCORPORATED BY REFERENCE

        Gehl Company 1995 Annual Report to Shareholders (Parts I and II)
    Gehl Company Proxy Statement for the 1996 Annual Meeting of Shareholders
         (to be filed with the Commission under Regulation 14A within 120
         days after the end of the registrant's fiscal year and, upon such
              filing, to be incorporated by reference into Part III)
<PAGE>



                                  GEHL COMPANY 
                                _________________ 
     
                                    INDEX TO 
                           ANNUAL REPORT ON FORM 10-K 

                      For The Year Ended December 31, 1995  
                                                                        Page  
   Part I                                                                      
                                                                               
   Item 1          Business . . . . . . . . . . . . .                      1

   Item 2          Properties  . . . . . . . . . . . . .                   7

   Item 3          Legal Proceedings   . . . . . . . . . .                 7

   Item 4          Submission of Matters to a Vote of Security Holders     7

                   Executive Officers of the Registrant  .                 8

   Part II

   Item 5          Market for Registrant's Common Equity and Related
                   Shareholder Matters   . . . . . . . .                  10

   Item 6          Selected Financial Data   . . . . . .                  10

   Item 7          Management's Discussion and Analysis of Financial
                   Condition and Results of Operations                    10

   Item 8          Financial Statements and Supplementary Data            10

   Item 9          Changes in and Disagreements with Accountants
                   on Accounting and Financial Disclosure                 10

   Part III

   Item 10         Directors and Executive Officers of the Registrant     11

   Item 11         Executive Compensation  . . . . . . .                  11

   Item 12         Security Ownership of Certain Beneficial Owners
                   and Management  . . . . . . . . . . .                  11

   Item 13         Certain Relationships and Related Transactions         11

   Part IV

   Item 14         Exhibits, Financial Statement Schedules and
                   Reports on Form 8-K   . . . . . . . .                  12

   Signatures. . . . . . . . . . . . . . . . . . . . . .                  13
 
   <PAGE>


                                      Part I

   Item 1.  Business

   Overview

     Gehl Company (the "Company" or "Gehl") designs, manufactures,
   distributes, sells and finances equipment used in the light construction
   equipment and the agricultural equipment industries.  The Company's
   construction segment ("Gehl Construction") manufactures and markets skid
   steer loaders, rough-terrain telescopic forklifts, and asphalt pavers used
   by contractors, sub-contractors, owner operators and municipalities.  The
   Company's agricultural segment ("Gehl Agriculture") has manufactured
   agricultural implements for 137 years, and today markets a broad range of
   equipment used primarily in the dairy and livestock industries, including
   haymaking, forage harvesting, materials handling (skid steer loaders and
   attachments), manure handling and feedmaking equipment.  The Company
   believes that it is currently the largest non-tractor agricultural
   equipment manufacturer in North America.  

     Equipment for Gehl Construction is manufactured in two South Dakota
   facilities and equipment for Gehl Agriculture is manufactured in plants in
   Wisconsin, Pennsylvania and South Dakota.  The Company was founded in 1859
   and was incorporated in the State of Wisconsin in 1890.


   Business Segments

     The Company operates in two business segments, construction and
   agriculture.  The following table shows certain information relating to the
   Company's operations by industry segment:

                                       (dollars in thousands)

                                       Year ended December 31,                 
                              ----------------------------------------------   
                                                                               
                              1993               1994           1995        
                         -------------     ------------    --------------
                         Amount     %      Amount   %      Amount    % 
   Net sales:
    Gehl
     Construction....    $ 43,287  31.5% $ 51,796   35.3%  $ 64,381  42.0%
    Gehl        
      Agriculture....      93,931  68.5    94,824   64.7     89,071  58.0  
                         -------- -----  --------   ----   --------  -----
         Total.......    $137,218  100%  $146,620   100%   $153,452  100%
     
   Income from   
    operations:
    Gehl
     Construction....   $   1,830  24.9% $  8,542   65.9%  $ 13,164  96.7%
    Gehl       
      Agriculture....       5,509  75.1     4,419   34.1        449   3.3
                         --------  -----  --------  ----   --------  ----
         Total.......   $  7,339  100%   $ 12,961   100%   $ 13,613  100%

     The Company had no intersegment sales or transfers during the years set
   forth above.  For segment information with respect to identifiable assets,
   depreciation/amortization and capital expenditures for the  construction
   and agriculture markets, see Note 12 of "Notes to Consolidated Financial
   Statements", included on Pages 22 and 23 of the Gehl Company 1995 Annual
   Report to Shareholders, which pages are incorporated by reference herein.

   Gehl Construction

   Products:

     Gehl Construction markets equipment in the following three product areas:

     1.       Skid Steer Loaders - Gehl Construction offers four models of
              skid steer loaders which feature a choice of hand-operated
              controls or hand and foot controls.  The skid steer loader, with
              its fixed-wheel four-wheel drive, is used principally for
              materials handling duties.  The skid steer loader may also be
              used with a variety of attachments, including dirt, snow and
              cement buckets, pallet forks and hydraulically-operated devices
              such as cold planers, backhoes, brooms, trenchers, snowblowers,
              industrial grapples, tree diggers, concrete breakers and augers.
     
     2.       Rough-Terrain Forklifts - Gehl markets five models of Dynalift
              [R] rough-terrain telescopic forklifts and one model of the
              Dyna-Handler [R], a rough-terrain telescopic forklift with
              digging capabilities.  These forklifts are designed to handle
              heavy loads (up to 10,000 pounds) reaching horizontally and
              vertically for use by a variety of customers, including masons,
              roofers and building contractors.

     3.       Asphalt Pavers - Four models of Power Box [R] pavers are
              marketed by Gehl.  These pavers allow variable paving widths
              from 4 1/2 to 13 feet and are used for both commercial and
              municipal jobs such as county and municipal road, sidewalk, golf
              cart path, jogging trail, parking lot, driveway, trailer court
              and tennis court preparation.  

   Marketing and Distribution:

     The Company maintains a separate distribution system for Gehl
   Construction.  The Company markets its equipment in North America through
   113 independent dealers (with 210 outlets) and worldwide through 22
   distributors.  The top ten dealers and distributors in Gehl Construction
   accounted for approximately 17% of the Company's sales for the year ended
   December 31, 1995; however, no single dealer or distributor accounted for
   more than 4% of the Company's sales for that period.  Sales of the skid
   steer loader and rough-terrain forklift product lines by Gehl Construction
   each accounted for more than 10% of the Company's net sales in 1993, 1994
   and 1995.  

     The Company believes that maintenance and expansion of its dealer network
   is important to its success in the light construction equipment market. 
   Gehl Construction provides various forms of support for its dealers,
   including sales and service training, and, in the United States and Canada,
   floor plan financing for its dealers and retail financing for both its
   dealers and their customers.  The light construction equipment dealers in
   North America are also supported by district sales managers who provide a
   variety of services, including training, equipment demonstrations and
   sales, warranty and service assistance.

   Industry and Competition:

          Gehl Construction's product lines face competition in each of their
   markets.  In general, each line competes with a small group of from seven
   to twelve different companies.  No one company competes directly with Gehl
   Construction across all of its product lines.  In the compact asphalt
   paving equipment market niche Gehl serves, the Company believes it is first
   or second in terms of market share.  In the rough-terrain telescopic
   forklift market, the Company believes it and four other competitors share
   at least 75% of the market among them.  In the skid steer loader product
   market, three other companies share over 80% of the market.  The Company
   believes that it shares a greater portion of the balance of the skid steer
   loader market than does any of its remaining competitors.  The Company
   competes within the light construction equipment markets based primarily on
   price, quality, service and distribution.

     Gehl Construction's primary markets outside of North America are in
   Europe, Latin America, the Middle East and the Pacific Rim.  The Company
   believes it is a significant competitor in the skid steer loader market in
   Western Europe.


   Gehl Agriculture

   Products:

     Gehl Agriculture markets equipment in five product areas.

     1.       Haymaking - Gehl's haymaking line includes a broad range of
              products used to harvest and process hay crops for livestock
              feed.  The Company offers disc mowers, a wide range of pull-type
              disc and sickle mower conditioners, hay rakes and variable-
              chamber round balers.

     2.       Forage Harvesting - The Company believes that it currently
              manufactures and sells one of the industry's most complete lines
              of forage harvesting equipment, including forage harvesters,
              wagons and blowers.  

     3.       Materials Handling - Gehl Agriculture's materials handling line
              consists of seven different models of skid steer loaders and the
              Dyna-Handler [R] forklift.  The skid steer loader is a compact,
              fixed-wheel four-wheel drive unit typically equipped with a
              bucket or fork and is used for moving a variety of material. 
              The Dyna-Handler [R] is a rough-terrain telescopic forklift
              with digging capabilities.  The skid steer loader and Dyna-
              Handler [R] forklift are marketed by both Gehl Agriculture and
              Gehl Construction.   

     4.       Manure Handling - Gehl offers a broad range of manure spreaders,
              including the Scavenger [R] II.  The Scavenger II [R] "V-Tank"
              side-discharge manure spreader incorporates a hydraulically
              controlled square tube auger which allows the spreader to handle
              a wide range of semi-liquid waste products, including municipal
              sludge.  For handling mostly solid manure, the Company also
              markets four models of rear-discharge box spreaders.

     5.       Feedmaking - The Company believes that it offers the broadest
              line of portable feedmaking equipment in the industry.  Gehl
              Agriculture offers the Gehl Mix-All [R] line of grinder mixers
              and a line of mixer feeders and a feeder wagon for both mixing
              feed rations and delivery to livestock feeders.

   Marketing and Distribution:

     In North America, Gehl's agricultural equipment is sold through
   approximately 666 geographically dispersed dealers (with 725 outlets). 
   Ninety-five of these dealers are located in Canada.  Gehl Agriculture also
   markets products through 25 distributors in Europe, the Middle East, the
   Pacific Rim and Latin America.  The Company has no Company-owned dealers
   and its dealers may sell equipment produced by other agricultural equipment
   manufacturers.

     It has been and remains the Company's objective to increase the share of
   Gehl products sold by a Gehl dealer.  Gehl Agriculture is not dependent for
   its sales on any specific dealer or group of dealers.  The top ten dealers
   and distributors in Gehl Agriculture accounted for approximately 7% of the
   Company's sales for the year ended December 31, 1995 and no one dealer or
   distributor accounted for over 1% of the Company's sales during that
   period.  Sales of the skid steer loader product line by Gehl Agriculture
   accounted for more than 10% of the Company's net sales in 1993, 1994 and
   1995. 

     The Company provides various forms of support for its dealer network,
   including sales and service training.  The Company also provides floor plan
   and retail finance support for products sold by its dealers in the United
   States and Canada.

     The Company employs district sales managers to assist its agricultural
   dealers by providing training, equipment demonstrations and assistance with
   sales, warranty and servicing matters.  The Company currently operates
   three service parts distribution centers located in:  Memphis, Tennessee;
   Syracuse, New York; and Minneapolis, Minnesota.  The Company also contracts
   for two service parts distribution locations in Rockwood, Ontario and
   Saskatoon, Saskatchewan.   

   Industry and Competition:

     The agricultural equipment industry has seen significant consolidation
   and retrenchment since 1980.  This has served to reduce the total number of
   competitors, to strengthen certain major competitors, and to reduce the
   strength of certain other companies in the industry.  The Company competes
   within the agricultural equipment industry based primarily on price,
   quality, service and distribution.

     The agricultural equipment markets in North America are highly
   competitive and require substantial capital outlays.  The Company has four
   major competitors as well as numerous other limited line manufacturers and
   importers.  The largest manufacturers in the agricultural equipment
   industry, the Company's major competitors, generally produce tractors and
   combines as well as a full line of tillage and planting equipment.  Such
   manufacturers also market, to varying degrees, haymaking, forage
   harvesting, materials handling, manure handling and/or feedmaking
   equipment, the areas in which the Company's agricultural products are
   concentrated.  Except for one competitor, no other single competitor
   competes with the Company in each of its product lines.  The Company
   believes that it is the only non-tractor manufacturer in the industry that
   produces equipment in each of these product lines.  Smaller manufacturers
   which compete with the Company produce only a limited line of specialty
   items and often compete only in regional markets.  

     Gehl Agriculture primarily serves the dairy and livestock  industries. 
   Compared to a more volatile period in the late 1980's through 1992, milk
   prices, cash income, land values, and the general economy were more
   favorable and stable for the dairy farmer in 1993 through 1995.  These more
   favorable conditions and lower debt to equity ratios than generally
   experienced in most of the 1980's led to increased buying by farmers of
   agriculture equipment in 1993 and 1994.  In 1995 industry market demand
   varied, with demand for the Company's products generally lower than in
   1994.

     Approximately 80% of the Company's agricultural dealers also carry the
   tractor and combine product lines of a major manufacturer.  In addition to
   selling the tractors and combines of a major manufacturer, many of these
   dealers carry the major manufacturer's entire line of products, some of
   which directly compete with the products offered by Gehl Agriculture.  Gehl
   Agriculture's dealers also market equipment manufactured by limited line
   manufacturers which compete with specific product lines offered by the
   Company.

     Gehl Agriculture's primary markets outside of North America are in Europe
   and the Pacific Rim and increasingly South and Central America.  In these
   markets the Company competes with both agricultural manufacturers from the
   United States, some of which have manufacturing facilities in foreign
   countries, and foreign manufacturers.  The Company does not believe,
   however, that it is presently a significant competitor in any of these
   foreign markets.

   Backlog

     The backlog of unfilled equipment orders (which orders are subject to
   cancellation in certain circumstances) as of December 31, 1995 was $47.5
   million versus $60.2 million at December 31, 1994.  Virtually all orders in
   the backlog at December 31, 1995 should be shipped in 1996.  The decreased
   backlog at December 31, 1995 was due to similar percentage decreases in
   both Gehl Construction and Gehl Agriculture orders.  Order backlog is lower
   in Gehl Construction due to a reduced rate of sales growth and in Gehl
   Agriculture due to reduced market demand.

     As the Company has increased its sales of Gehl Construction products, the
   Company has been successful in reducing the seasonality of its sales. 
   However, some sales seasonality still remains, primarily in April through
   June, the Company's second fiscal quarter.  The Company's first and fourth
   fiscal quarters in January through March and October through December,
   respectively, have traditionally been its weakest.  Because the haymaking
   and forage equipment products are primarily retailed by the Company's
   dealers in the Spring, Summer, and early Fall, the Company's floor plan
   financed accounts receivable generally reach a seasonal peak in early
   Summer and a post-seasonal low in late Fall.

   Floor Plan and Retail Financing

   Floor Plan Financing:

     The Company, as is typical in the industry, generally provides floor plan
   financing for its dealers.  Products shipped to dealers under the Company's
   floor plan financing program are recorded by the Company as sales and the
   dealers' obligations to the Company are reflected as accounts receivable.

     The Company provides interest-free floor plan financing to its dealers,
   in Gehl Construction for varying periods of time generally up to nine
   months and in Gehl Agriculture generally for up to one year.  Gehl dealers
   who sell products utilizing floor plan financing are required to make
   immediate payment for those products to the Company upon sale or delivery
   to the retail customer.  At the end of the interest-free period, if the
   equipment remains unsold to retail customers, the Company generally charges
   interest to the dealer at a rate of between 1.5% to 3.0% above the prime
   rate or on occasion provides interest-free extensions of up to six months
   upon payment by the dealer of curtailments generally between 10% to 20% of
   the original invoice price to the dealer.  This type of floor plan
   equipment financing accounts for approximately 90% of Gehl's accounts
   receivable, with all such floor planned receivables required to be secured
   by a first priority security interest in the equipment sold.

   Retail Financing:

     The Company also provides retail financing primarily to facilitate the
   sale of Gehl equipment to end users.  Additionally, a number of Gehl
   dealers purchase equipment which is held for rental to the public.  The
   Company also provides retail financing to such dealers in connection with
   these purchases.  Retail financing in the United States is provided by the
   Company through Gehl Finance [R], the Company's finance division.  Retail
   financing is provided in Canada by third parties at rates subsidized by the
   Company.  The Company does not offer or sponsor retail financing outside of
   North America.

     The Company maintains arrangements with third parties pursuant to which
   the Company sells with recourse certain of the Company's finance contracts. 
   The finance contracts require periodic installments of principal and
   interest over periods of up to 60 months; interest rates are based on
   market conditions.  The majority of these contracts have maturities of 36
   to 48 months.  The Company continues to service the finance contracts it
   sells, including cash collections.  See Note 2 of "Notes to Consolidated
   Financial Statements," Page 18, and "Management's Discussion and Analysis,"
   Page 13 of the Gehl Company 1995 Annual Report to Shareholders, which pages
   are incorporated by reference herein.

   Employees

     As of December 31, 1995, the Company had 842 employees, of which 534 were
   hourly employees and 308 were salaried employees.  At the production
   facilities in West Bend, Wisconsin, one of four Gehl production facilities,
   228 hourly employees are covered by a collective bargaining agreement with
   the United Paperworkers International Union (formerly the Allied Industrial
   Workers) which expires December 31, 1999.  None of the remaining employees
   of the Company are represented by unions.  There have been no labor-related
   work stoppages at the Company's facilities during the past twenty-two
   years. 

   Manufacturing
     The Company believes that its present manufacturing facilities are
   sufficient to provide adequate capacity for its operations in 1996.  

     Component parts needed in the manufacture of the Company's equipment are
   primarily produced by the Company.  The Company obtains raw materials
   (principally steel), component parts that it does not manufacture, most
   notably engines and hydraulics, and supplies from third party suppliers. 
   All such materials and components used are available from a number of
   sources.  The Company is not dependent on any supplier that cannot be
   readily replaced and has not experienced difficulty in obtaining necessary
   purchased materials.  

     In addition to the equipment it manufacturers, the Company markets
   equipment acquired from third party suppliers.  Products acquired from
   these suppliers accounted for less than 10% of the Company's sales in 1995.

   Research and Development

     The Company attempts to maintain and strengthen its market position
   through internal new product development and incremental improvement to
   existing products.  Products obtained through acquisition have generally
   undergone redesign by the Company to enhance their marketability.  This
   redesign was in some cases major.  

     The Company's research and development is devoted to developing new
   products that meet specific customer needs and to devising incremental
   improvements to existing products.  Research and development performed by
   the Company includes the designing and testing of new and improved products
   as well as the fabrication of prototypes.  The Company expended
   approximately $1.4 million, $1.2 million and $1.0 million on research and
   development for the years ended December 31, 1995, 1994 and 1993,
   respectively.

   Patents and Trademarks
  
     The Company possesses rights under a number of domestic and foreign
   patents and trademarks relating to its products and business.  While the
   Company considers the patents and trademarks important in the operation of
   its business, including the Gehl[R] name and the group of patents relating to
   the Scavenger II[R] manure spreader, the business of the Company is not
   dependent on any single patent or trademark or group of patents or
   trademarks.

   Export Sales

     Information regarding the Company's export sales is included in Note 12
   of "Notes to Consolidated Financial Statements," Page 23, of the Gehl
   Company 1995 Annual Report to Shareholders, which page is incorporated by
   reference herein.

   Item 2.  Properties 

     The following table sets forth certain information as of December 31,
   1995, relating to the Company's principal manufacturing facilities.  See
   "Management's Discussion and Analysis - Liquidity and Capital Resources,
   Capital Expenditures," Page 12, of the Gehl Company 1995 Annual Report to
   Shareholders, which page is incorporated by reference herein. 

                       Approximate
                       Floor Area
                       in Square     Owned or
                       Feet          Leased(1) Principal Uses


   West Bend, WI       450,000       Owned     General offices and
                                               engineering,research and
                                               development and manufacture of
                                               products for Gehl Agriculture

   West Bend, WI        19,000       Leased    Manufacture of products for 
                                               Gehl Agriculture

   Madison, SD         110,000       Owned     Manufacture of skid steer
                                               loaders for Gehl Construction
                                               and Gehl Agriculture

   Lebanon, PA         170,000       Owned(2)  Manufacture of products for 
                                               Gehl Agriculture

   Yankton, SD          68,000       Owned     Manufacture of products for 
                                               Gehl Construction 

   (1)       For information regarding collateral pledges and the Company's
             lease commitments and  options, see Notes 5 and 10 of "Notes to
             Consolidated Financial Statements", included on Pages 18, 19, and
             22, of the Gehl Company 1995 Annual Report to Shareholders, which
             pages are incorporated by reference herein.
   (2)       This facility is financed with the proceeds from the sale of
             industrial development bonds maturing in 2010. 
    
     The Company also operates three service parts centers located in: 
     Memphis, Tennessee; Syracuse, New York; and Minneapolis, Minnesota.  The
     Company leases these facilities, except for the Minneapolis center which
     is owned.

   Item 3.  Legal Proceedings.      

     The Company is a defendant from time to time in actions for product
   liability and other matters arising out of its ordinary business
   operations.  The Company believes that the actions presently pending will
   not have a material adverse effect on its consolidated financial position
   or results of operations.  To the Company's knowledge, there are no
   material legal proceedings to which any director, officer, affiliate or
   more than 5% shareholder of the Company (or any associate of the foregoing
   persons) is a party adverse to the Company or any of its subsidiaries or
   has a material interest adverse to the Company or its subsidiaries.

   Item 4.  Submission of Matters to a Vote of Security Holders.

     No matters were submitted to a vote of security holders during the
   quarter ended December 31, 1995.
   <PAGE>

   Executive Officers of the Registrant.

     Set forth below is certain information concerning the executive officers
   of the Company as of March 1, 1996:


   Name, Age and Position                   Business Experience

   William D. Gehl, 49,                     Mr. Gehl has served as 
     President, Chief Executive             President and Chief Executive
     Officer and Director                   Officer of the Company since
                                            November, 1992 and has served as a
                                            director of the Company since
                                            1987.  From January, 1990 until
                                            joining the Company, Mr. Gehl
                                            served as Executive Vice
                                            President, Chief Operating
                                            Officer, General Counsel and
                                            Secretary of The Ziegler
                                            Companies, Inc. (a financial
                                            services holding company).  Mr.
                                            Gehl held various senior
                                            management positions with The
                                            Ziegler Companies from 1978 to
                                            1990.

   Victor A. Mancinelli, 52,                Mr. Mancinelli has served as
     Executive Vice President and           Executive Vice President and Chief
     Chief Operating Officer                Operating Officer of the Company
                                            since November, 1992.  From 1990
                                            to 1992, Mr. Mancinelli served as
                                            Group Vice President of W. H.
                                            Brady Co.  From 1987 to 1990,
                                            Mr.Mancinelli served as President
                                            and Chief Operating Officer of
                                            Syracuse China Corp., a subsidiary
                                            of Canadian Pacific Ltd. Prior to
                                            1987, Mr. Mancinelli served in a
                                            variety of management positions
                                            with Cummins Engine Company, Inc.


   John W. Gehl, 54,                        Mr. Gehl has served as Vice
     Vice President, International          President, International of the
                                            Company since 1992.  Mr. Gehl
                                            joined the Company in 1962 and has
                                            served as a Vice President of the
                                            Company since 1977 and in a
                                            variety of positions in marketing,
                                            manufacturing and strategic
                                            planning.  Mr. Gehl has been a
                                            director of the Company since
                                            1974.


   Kenneth F. Kaplan, 50,                   Mr. Kaplan joined the Company
     Vice President of Finance              as Corporate Controller in 
                                            September, 1985, was
                                            elected Treasurer of the Company
                                            in April, 1986 and was elected
                                            Vice President of Finance and
                                            Treasurer in December, 1987.

   Michael J. Mulcahy, 49,                  Mr. Mulcahy has served as
     Vice President, Secretary              General Counsel of the Company
     and General Counsel                    since 1974 and became Secretary in
                                            1977 and a Vice President in 1986.
                                            Mr. Mulcahy has also served, since
                                            1988, as President of Equipco
                                            Insurance Company, Ltd., which
                                            provides liability insurance
                                            coverage for equipment
                                            manufacturers, including the
                                            Company.

   Richard J. Semler, 56,                   Mr. Semler joined the Company in 
     Vice President of                      May, 1960 and has served in his 
     Data Systems                           current position with the Company 
                                            since January, 1977.

   Kenneth P. Hahn, 38,                     Mr. Hahn has served in his current
     Corporate Controller                   position since joining the Company
                                            in April, 1988.  Mr. Hahn was
                                            elected as an executive officer of
                                            the Company in April, 1994.



     All officers of the Company are elected annually by the Board of
   Directors following the Annual Meeting of Shareholders.  The 1996 Annual
   Meeting of Shareholders is currently scheduled for April 25, 1996.  The
   Company has employment agreements with William D. Gehl, pursuant to which
   he is to serve as President and Chief Executive Officer of the Company
   through the expiration of the agreement on December 31, 1998, and Victor A.
   Mancinelli, pursuant to which he is to serve as Executive Vice President
   and Chief Operating Officer of the Company through the expiration of the
   agreement on September 30, 1998. 

   <PAGE>

                                    PART II   

   Item 5.  Market for Registrant's Common Equity and Related                 
   Shareholder Matters.

     Information required by this item is included on Page 25 of the Gehl
   Company 1995 Annual Report to Shareholders, which page is hereby
   incorporated herein by reference.

   Item 6.  Selected Financial Data.

     Information required by this item is included on Page 24 of the Gehl
   Company 1995 Annual Report to Shareholders, which page is hereby
   incorporated herein by reference.

   Item 7.  Management's Discussion and Analysis of Financial   
          Condition and Results of Operations. 

     Information required by this item is included on Pages 9 through 13 of
   the Gehl Company 1995 Annual Report to Shareholders, which pages are hereby
   incorporated herein by reference.

   Item 8.  Financial Statements and Supplementary Data.

     Information required by this item is included on Page 8 and Pages 14
   through 23 of the Gehl Company 1995 Annual Report to Shareholders, which
   pages are hereby incorporated herein by reference.

   Item 9.  Changes in and Disagreements with Accountants
          on Accounting and Financial Disclosure.

     There have been no changes in or disagreements with the Company's
   accountants regarding accounting and financial disclosure required to be
   reported pursuant to this item.  
   <PAGE>

                                    PART III  

   Item 10.  Directors and Executive Officers of the
          Registrant

     Pursuant to Instruction G, the information required by this item with
   respect to directors is hereby incorporated herein by reference from the
   caption entitled "Election of Directors" set forth in the Company's
   definitive Proxy Statement for its 1996 Annual Meeting of Shareholders
   ("Proxy Statement")<F1>.  Information with respect to executive officers of
   the Company appears at the end of Part I, Pages 8 through 9 of this Annual
   Report on Form 10-K.

   Item 11.  Executive Compensation.

     Pursuant to Instruction G, the information required by this item is
   hereby incorporated herein by reference from the captions entitled "Board
   of Directors" and "Executive Compensation" set forth in the Proxy
   Statement; provided, however, that the subsection entitled "Executive
   Compensation - Report on Executive Compensation" shall not be deemed to be
   incorporated herein by reference.

   Item 12.  Security Ownership of Certain Beneficial
          Owners and Management.

     Pursuant to Instruction G, the information required by this item is
   hereby incorporated by reference herein from the caption "Principal
   Shareholders" set forth in the Proxy Statement.

   Item 13.  Certain Relationships and Related Transactions.

     Pursuant to Instruction G, the information required by this item is
   hereby incorporated by reference from the caption "Executive Compensation -
   Summary Compensation Information" set forth in the Proxy Statement.
 
   <F1>
   The Proxy Statement will be filed with the Commission pursuant to
   Regulation 14A within 120 days after the end of the Company's fiscal year.

   <PAGE>

                                   PART IV   

   Item 14.  Exhibits, Financial Statement Schedules and
          Reports on Form 8-K. 

          (a)  1 and 2.  Financial statements and financial statement
               schedule.   

               Reference is made to the separate index to the Company's
               consolidated financial statements and schedule contained on
               Page 14 hereof.

               3.  Exhibits.

               Reference is made to the separate exhibit index contained on
               Pages 17 through 19 hereof.

          (b)  Reports on Form 8-K. 

               No reports on Form 8-K were filed by the Company during the
               quarter ended December 31, 1995.
    <PAGE>
                                   SIGNATURES 

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
   Exchange Act of 1934, the Registrant has duly caused this report to be
   signed on its behalf by the undersigned, thereunto duly authorized.

                              GEHL COMPANY 

   Date:  March 6, 1996       By /s/ William D. Gehl        
                              William D. Gehl,
                              President and Chief
                              Executive Officer

          Pursuant to the requirements of the Securities Exchange Act of 1934,
   this report has been signed below by the following persons on behalf of the
   Registrant and in the capacities and on the dates indicated.

     Signature                      Title                    Date 
     ---------                      -----                    ----

   /s/ William D. Gehl             President, Chief          March 6, 1996
   William D. Gehl                 Executive Officer and
                                   Director (Principal
                                   Executive Officer)

   /s/ Kenneth F. Kaplan           Vice President of         March 6, 1996
   Kenneth F. Kaplan               Finance and Treasurer
                                   (Principal Financial
                                   and Accounting Officer)


   /s/ Fred M. Butler              Director                  March 6, 1996
   Fred M. Butler

   /s/ John W. Findley             Director                  March 6, 1996
   John W. Findley  

   /s/ John W. Gehl                Director                  March 6, 1996
   John W. Gehl

   /s/ Arthur W. Nesbitt           Director                  March 6, 1996
   Arthur W. Nesbitt

   /s/ Roger E. Secrist            Director                  March 6, 1996
   Roger E. Secrist

   /s/ John W. Splude              Director                  March 6, 1996
   John W. Splude
   <PAGE>

                         GEHL COMPANY

                INDEX TO FINANCIAL STATEMENTS AND  

                 FINANCIAL STATEMENT SCHEDULES


                                                                  Page(s) in
                                                                Annual Report*

             The following documents are filed as
             part of this report:
             (1) Financial Statements:
                 Report of Independent Accountants                      8
                 Consolidated Balance Sheets at
                  December 31, 1995 and 1994                           14 
                 Consolidated Statements of Income
                  for the three years ended
                  December 31, 1995                                    15
                 Consolidated Statements of
                  Shareholders' Equity for the
                  three years ended December 31, 1995                  15
                 Consolidated Statements of Cash
                  Flows for the three years ended
                  December 31, 1995                                    16
                 Notes to Consolidated Financial
                  Statements                                        17-23

   * Incorporated by reference from the indicated pages of the Gehl Company
   1995 Annual Report to Shareholders.

                                                                    Page in
                                                                   Form 10-K
                                                        
             (2) Financial Statement Schedule: 
                 Report of Independent Accountants
                  on Financial Statement Schedule                      15
                 For the three years ended
                  December 31, 1995 --
                   Schedule II - Valuation and Qualifying Accounts     16
                   

   All other schedules are omitted because they are not applicable or the
   required information is shown in the financial statements or notes thereto.

   <PAGE>
                       REPORT OF INDEPENDENT ACCOUNTANTS ON
                          FINANCIAL STATEMENT SCHEDULE


   To the Board of Directors of Gehl Company

   Our audits of the consolidated financial statements referred to in our
   report dated February 12, 1996 appearing on page 8 of the 1995 Annual
   Report to Shareholders of Gehl Company (which report and consolidated
   financial statements are incorporated by reference in this Annual Report on
   Form 10-K) also included an audit of the Financial Statement Schedule
   listed in Item 14(a) of this Form 10-K.  In our opinion, this Financial
   Statement Schedule presents fairly, in all material respects, the
   information set forth therein when read in conjunction with the related
   consolidated financial statements.


   PRICE WATERHOUSE LLP
   Milwaukee, Wisconsin
   February 12, 1996 
   <PAGE>


                          GEHL COMPANY AND SUBSIDIARIES
                 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
                                  (in thousands)

                                           Additions

                               Balance  Charged 
                                 at     to Costs  Charged              Balance
                              Beginning   and     to Other             at End
Period        Description      of Year  Expenses  Accounts Deductions  of Year

Year Ended
December 31,  Return 
       1993   & Allowances      $ 115     $ -      $ -      $ -         $  115
       
              Allowance for 
              Doubtful 
              Accounts-Trade
              Receivables         927      1,473     -        557        1,843
                               
              Volume
              Discounts         2,636      2,117     -      2,645        2,108
                                -----      -----    ----    -----       ------
              Total            $3,678     $3,590   $ -     $3,202       $4,066
                               ======     ======    ====   ======       ======

              Allowances for
              Doubtful
              Accounts-Retail
              Contracts        $  432     $  599   $ -     $  381       $  650
                               ======     ======    ====   ======       ======

              Inventory 
              Obsolescence
              Reserve          $3,276     $1,215   $ -     $  610       $3,881
                               ======     ======    ====   ======       ======
              Income Tax 
              Valuation 
              Allowance        $   -      $7,096   $ -     $ -          $7,096
                               ======     ======   =====   ======       ======

Year Ended
December 31,
     1994
              Return & 
              Allowances       $  115     $ -      $ -     $ -          $  115

              Allowance for 
              Doubtful 
              Accounts-Trade
              Receivables       1,843      (888)     -       316           639

              Volume 
              Discounts         2,108     2,200       -    2,318         1,990

              Product 
              Discontinuance        -     1,600       -        -         1,600
                               ------    ------     ----   -----        ------
              Total            $4,066    $2,912     $ -   $2,634        $4,344
                               ======    ======     ====  ======        ======

              Allowances for
              Doubtful
              Accounts-Retail
              Contracts        $  650    $  424     $ -   $  570        $  504
                               ======    ======     ====   =====        ======
              Inventory 
              Obsolescence
              Reserve          $3,881    $1,523     $ -   $1,352        $4,052
                               ======    ======     ====  ======        ======

              Income Tax 
              Valuation
              Allowance        $7,096    $ -        $ -   $1,409        $5,687
                               ======    ======     ====  ======        ======

Year Ended
December 31,
       1995
              Return & 
              Allowances       $ 115     $ -        $ -   $ -           $  115

              Allowance for 
              Doubtful
              Accounts-Trade
              Receivables        639       165        -      52            752

              Volume 
              Discounts        1,990     2,026        -   2,213          1,803

              Product
              Discontinuance   1,600         -        -     265          1,335
                              ------    ------      ----   -----         ------
              Total           $4,344    $2,191      $ -   $2,530        $4,005
                              ======    ======      ====  ======        ======

              Allowances for
              Doubtful
              Accounts-Retail
              Contracts       $  504    $  428      $ -   $  365        $  567
                              ======    ======      ====  ======        ======

              Inventory 
              Obsolescence
              Reserve         $4,052    $  502      $ -   $1,777        $2,777
                              ======    ======      ====  ======        ======

              Income Tax 
              Valuation
              Allowance       $5,687    $    -      $ -    $3,038       $2,649
                              ======    ======      ====    ======       ======
<PAGE>    
                                     GEHL COMPANY
                                  INDEX TO EXHIBITS 

   Exhibit Number                Document Description 
   --------------                --------------------

   (3.1)                         Restated Articles of Incorporation of Gehl
                                 Company [Incorporated by reference to Exhibit
                                 3.1 to the Company's Form S-1 Registration
                                 Statement (Reg. No. 33-31571)]

   (3.2)                         Amendment to Gehl Company By-laws, dated
                                 February 23, 1996

   (3.3)                         By-laws of Gehl Company, as amended

   (4.1)                         Amendment to Amended and Restated Loan and
                                 Security Agreement by and between Deutsche
                                 Financial Services Corporation, f/k/a ITT
                                 Commercial Finance Corp., Deutsche Financial
                                 Services Canada Corporation and Gehl Company
                                 and its subsidiaries, dated December 1, 1995 

   (4.2)                         Common Stock Purchase Warrant, dated as of
                                 March 5, 1993, from Gehl Company to State of
                                 Wisconsin Investment Board [Incorporated by
                                 reference to Exhibit 4.14 to the Company's
                                 Annual Report on Form 10-K for the year ended
                                 December 31, 1992]

   (4.3)                         Loan Agreement between Pennsylvania Economic
                                 Development Financing Authority and Gehl
                                 Company, dated as of September 1, 1990
                                 [Incorporated by reference to Exhibit 4.1 to
                                 the Company's Quarterly Report on Form 10-Q 
                                 for the quarter ended September 29, 1990]

   (4.4)                         First Supplemental Loan Agreement between
                                 Pennsylvania Economic Development Financing
                                 Authority and Gehl Company, dated as of April
                                 23, 1993 [Incorporated by reference to Exhibit
                                 4.3 to the Company's Quarterly Report on Form
                                 10-Q for the quarter ended April 3, 1993]

   (4.5)                         Second Supplemental Loan Agreement between
                                 Pennsylvania Economic Development Financing
                                 Authority and Gehl Company, dated as of
                                 February 1, 1994 [Incorporated by reference to
                                 Exhibit 4.10 to the Company's Annual Report on
                                 Form 10-K for the year ended December 31, 1993]

  (4.6)                          Mortgage and Security Agreement by and between
                                 Gehl Company and First Pennsylvania Bank N.A.,
                                 dated as of September 1, 1990 [Incorporated by
                                 reference to Exhibit 4.2 to the Company's
                                 Quarterly Report on Form 10-Q for the quarter
                                 ended September 29, 1990]

   (10.1)*                       Form of Supplemental Retirement Benefit
                                 Agreement between Gehl Company and Messrs. 
                                 J.W. Gehl, Hahn, Kaplan, Mulcahy and Semler
                                 [Incorporated by reference to Exhibit 10.4 to
                                 the Company's Form S-1 Registration Statement
                                 (Reg. No. 33-31571)].

   (10.2)*                       Employment Agreement between Gehl Company and
                                 William D. Gehl, dated as of July 1, 1995

   (10.3)*                       Employment Agreement by and between Victor A.
                                 Mancinelli and Gehl Company, dated as of
                                 October 1, 1995

   (10.4)*                       Supplemental Retirement Benefit Agreement by
                                 and between William D. Gehl and Gehl Company

   (10.5)*                       Supplemental Retirement Benefit Agreement by
                                 and between Victor A. Mancinelli and Gehl
                                 Company

   (10.6)*                       Gehl Company Shareholder Value Added 
                                 Management Incentive Compensation Plan

   (10.7)*                       Gehl Savings Plan, as amended [Incorporated by
                                 reference to Exhibit 10.6 to the Company's
                                 Annual Report on Form 10-K for the year ended
                                 December 31, 1994]

   (10.8)*                       Gehl Company Retirement Income Plan "B", as
                                 amended [Incorporated by reference to Exhibit
                                 10.7 to the Company's Annual Report on Form 
                                 10-K for the year ended December 31, 1994]

   (10.9)*                       Gehl Company 1987 Stock Option Plan, as 
                                 amended [Incorporated by reference to 
                                 Exhibit 4.1 to the Company's Form S-8 
                                 Registration Statement (Reg. No. 33-38392)]

   (10.10)*                      Form of Stock Option Agreement used in
                                 conjunction with the Gehl Company 1987 Stock
                                 Option Plan [Incorporated by reference to
                                 Exhibit 4.2 to the Company's Form S-8
                                 Registration Statement (Reg. No. 33-38392)]

   (10.11)*                      Gehl Company 1995 Stock Option Plan

   (10.12)*                      Form of Stock Option Agreement for executive
                                 officers used in conjunction with the Gehl
                                 Company 1995 Stock Option Plan.

   (10.13)*                      Form of Stock Option Agreement for non-
                                 employee directors used in conjunction with 
                                 the Gehl Company 1995 Stock Option Plan.
 
   (10.14)                       Technical Assistance and License Agreement by
                                 and between Gehl Company and Rheiner
                                 Maschinenfabrik Windhoff AG, dated as of 
                                 May 4, 1985, as amended [Incorporated by
                                 reference to Exhibit 10.13 to the Company's 
                                 Form S-1 Registration Statement 
                                 (Reg. No. 33-31571)]

   (10.15)                       Distributorship Agreement by and between Gehl
                                 Company and Gehl GmbH, dated as of April 15,
                                 1985 [Incorporated by reference to Exhibit
                                 10.16 to the Company's Form S-1 Registration
                                 Statement (Reg. No. 33-31571)]

   (10.16)                       Trademark Licensing Agreement by and between
                                 Gehl Company and Gehl GmbH, dated as of April
                                 15, 1985 [Incorporated by reference to Exhibit
                                 10.17 to the Company's Form S-1 Registration
                                 Statement (Reg. No. 33-31571)]

   (13)                          Portions of the Gehl Company 1995 Annual 
                                 Report to Shareholders that are incorporated
                                 by reference herein

   (21)                          Subsidiaries of Gehl Company [Incorporated by
                                 reference to Exhibit 21 to the Company's 
                                 Annual Report on Form 10-K for the year ended
                                 December 31, 1994]

   (23)                          Consent of Price Waterhouse LLP

   (27)                          Financial Data Schedule

   (99)                          Proxy Statement for 1996 Annual Meeting of
                                 Shareholders (To be filed with the Securities
                                 and Exchange Commission under Regulation 14A
                                 within 120 days after the end of the Company's
                                 fiscal year; except to the extent incorporated
                                 by reference, the Proxy Statement for the 1996
                                 Annual Meeting of Shareholders shall not be
                                 deemed to be filed with the Securities and
                                 Exchange Commission as part of this Annual
                                 Report or Form 10-K)


   __________________

   * A management contract or compensatory plan or arrangement.