PLOW · Douglas Dynamics, Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $656.05M | $568.50M | $568.18M | $616.07M | $541.45M | $480.15M |
| Cost of Revenue | $481.37M | $421.67M | $433.91M | $464.61M | $399.58M | $351.87M |
| Gross Profit | $174.68M | $146.84M | $134.27M | $151.46M | $141.87M | $128.28M |
| R&D | $7.70M | $8.40M | $10.08M | $12.16M | $10.15M | $6.68M |
| SG&A | $94.89M | $91.68M | $78.84M | $82.18M | $78.84M | $64.62M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $15.36M | $17.89M | $21.66M | $20.94M | $20.32M | $19.74M |
| Operating Income | $73.61M | $88.71M | $44.91M | $58.75M | $51.13M | ($75.14M) |
| Interest Expense | $0 | $198.0K | $476.0K | $476.0K | $1.76M | $611.0K |
| Income Tax | $14.61M | $17.74M | $5.51M | $8.75M | $3.90M | ($12.28M) |
| Net Income | $46.90M | $56.15M | $23.72M | ($86.55M) | $30.69M | ($86.55M) |
| EPS - Basic | $1.99 | $2.39 | $1.01 | $1.65 | $1.31 | ($3.81) |
| EPS - Diluted | $1.96 | $2.36 | $0.98 | $1.63 | $1.29 | ($3.81) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.30M | $5.12M | $24.16M | $20.67M | $27.82M | $41.03M |
| Accounts Receivable | $97.56M | $87.41M | $83.76M | $86.77M | $71.03M | $83.19M |
| Inventory | $149.66M | $137.03M | $140.39M | $136.50M | $104.02M | $79.48M |
| Accounts Payable | $38.69M | $32.32M | $31.37M | $49.25M | $27.38M | $16.28M |
| Current Assets | $266.03M | $238.22M | $262.24M | $252.92M | $220.43M | $217.19M |
| Total Assets | $626.70M | $589.98M | $593.42M | $596.89M | $572.48M | $579.20M |
| Current Liabilities | $95.85M | $70.19M | $118.52M | $100.43M | $81.92M | $66.21M |
| Long-term Debt | $144.02M | $147.53M | $189.41M | $207.74M | - | $236.68M |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $281.45M | $264.21M | $231.56M | $237.10M | $214.61M | $200.20M |
| Retained Earnings | $107.38M | $88.42M | $59.75M | $63.46M | $51.88M | $47.71M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $74.69M | $41.13M | $12.47M | $40.03M | $60.53M | $53.37M |
| Investing Cash Flow | ($37.46M) | $56.79M | ($10.52M) | ($12.05M) | ($11.21M) | ($14.49M) |
| Financing Cash Flow | ($34.05M) | ($116.96M) | $1.54M | ($44.28M) | ($53.39M) | ($33.51M) |
| CapEx | $10.83M | $7.76M | $9.77M | $14.68M | $11.21M | $14.49M |
| Free Cash Flow | $63.86M | $33.37M | $2.70M | $25.35M | $49.33M | $38.88M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 26.6% | 25.8% | 23.6% | 24.6% | 26.2% | 26.7% |
| Operating margin | 11.2% | 15.6% | 7.9% | 9.5% | 9.4% | -15.6% |
| EBITDA margin | 13.6% | 18.8% | 11.7% | 12.9% | 13.2% | -11.5% |
| Net margin | 7.1% | 9.9% | 4.2% | -14.0% | 5.7% | -18.0% |
| Free cash flow margin | 9.7% | 5.9% | 0.5% | 4.1% | 9.1% | 8.1% |
| FCF / Net income | 1.36 | 0.59 | 0.11 | -0.29 | 1.61 | -0.45 |
| R&D / Revenue | 1.2% | 1.5% | 1.8% | 2.0% | 1.9% | 1.4% |
| SG&A / Revenue | 14.5% | 16.1% | 13.9% | 13.3% | 14.6% | 13.5% |
| Effective tax rate | 23.8% | 24.0% | 18.9% | - | 11.3% | - |
| Return on assets | 7.5% | 9.5% | 4.0% | -14.5% | 5.4% | -14.9% |
| Return on equity | 16.7% | 21.3% | 10.2% | -36.5% | 14.3% | -43.2% |
| Return on invested capital | 13.2% | 16.4% | 8.7% | 10.4% | - | -13.6% |
| Liquidity | ||||||
| Current ratio | 2.78 | 3.39 | 2.21 | 2.52 | 2.69 | 3.28 |
| Quick ratio | 1.21 | 1.44 | 1.03 | 1.16 | 1.42 | 2.08 |
| Cash ratio | 0.09 | 0.07 | 0.20 | 0.21 | 0.34 | 0.62 |
| Leverage | ||||||
| Debt / Equity | 0.51 | 0.56 | 0.82 | 0.88 | - | 1.18 |
| Debt / Assets | 0.23 | 0.25 | 0.32 | 0.35 | - | 0.41 |
| Debt / EBITDA | 1.62 | 1.38 | 2.85 | 2.61 | - | - |
| Interest coverage | - | 448.0x | 94.3x | 123.4x | 29.1x | -123.0x |
| Equity multiplier | 2.23 | 2.23 | 2.56 | 2.52 | 2.67 | 2.89 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 1.05 | 0.96 | 0.96 | 1.03 | 0.95 | 0.83 |
| Inventory turnover | 3.22 | 3.08 | 3.09 | 3.40 | 3.84 | 4.43 |
| Days sales outstanding | 54d | 56d | 54d | 51d | 48d | 63d |
| Days inventory outstanding | 113d | 119d | 118d | 107d | 95d | 82d |
| Days payable outstanding | 29d | 28d | 26d | 39d | 25d | 17d |
| Cash conversion cycle | 138d | 147d | 146d | 120d | 118d | 129d |
| Valuation | ||||||
| P / E | 16.7x | 10.0x | 30.3x | 22.2x | 30.3x | - |
| P / B | 2.7x | 2.1x | 2.9x | 3.5x | 4179.7x | 4880.7x |
| P / S | 1.2x | 1.0x | 1.2x | 1.3x | 1656.7x | 2035.1x |
| EV / EBITDA | 10.2x | 6.5x | 12.7x | 12.7x | 12553.7x | - |
| Growth | ||||||
| Revenue growth (YoY) | 15.4% | 0.1% | -7.8% | 13.8% | 12.8% | -16.0% |
| Revenue CAGR (3y) | 2.1% | 1.6% | 5.8% | 2.5% | 9.2% | 0.4% |
| Revenue CAGR (5y) | 6.4% | -0.1% | 6.4% | 5.3% | 5.4% | 3.7% |
| Gross profit growth (YoY) | 19.0% | 9.4% | -11.3% | 6.8% | 10.6% | -24.0% |
| Operating income growth (YoY) | -17.0% | 97.5% | -23.6% | 14.9% | - | - |
| Net income growth (YoY) | -16.5% | 136.7% | - | - | - | - |
| EPS growth (YoY) | -16.9% | 140.8% | -39.9% | 26.4% | - | - |
| EPS CAGR (3y) | 6.3% | 22.3% | - | -8.2% | -12.0% | - |
| EPS CAGR (5y) | - | 2.3% | -12.3% | -7.4% | -5.4% | - |
| FCF growth (YoY) | 91.4% | 1134.4% | -89.3% | -48.6% | 26.9% | -40.9% |
| FCF CAGR (5y) | 10.4% | -12.7% | -43.9% | -16.5% | -3.9% | -3.5% |
| Book value growth (YoY) | 6.5% | 14.1% | -2.3% | 10.5% | 7.2% | -36.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$656.05M totalWork Truck Solutions$360.33M · 54.9%
Work Truck Attachments$295.73M · 45.1%
Product / service
$527.00M totalIndependent Dealer$295.73M · 56.1%
Government Contract$144.16M · 27.4%
Fleet$76.81M · 14.6%
Product And Service Other$10.30M · 2.0%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Construction Machinery & Equip
Comparing DOUGLAS DYNAMICS against the 5 most active filers in the same SIC group.
Dividends
$1.18/share trailing 12 months · 0.0% YoY
| Ex-date | Per share |
|---|---|
| Mar 17, 2026 | $0.2950 |
| Dec 16, 2025 | $0.2950 |
| Sep 16, 2025 | $0.2950 |
| Jun 17, 2025 | $0.2950 |
| Mar 18, 2025 | $0.2950 |
| Dec 16, 2024 | $0.2950 |
| Sep 16, 2024 | $0.2950 |
| Jun 17, 2024 | $0.2950 |
| Mar 15, 2024 | $0.2950 |
| Dec 18, 2023 | $0.2950 |
| Sep 18, 2023 | $0.2950 |
| Jun 15, 2023 | $0.2950 |
| Mar 16, 2023 | $0.2950 |
| Dec 16, 2022 | $0.2900 |
| Sep 16, 2022 | $0.2900 |
| Jun 16, 2022 | $0.2900 |
| Mar 17, 2022 | $0.2900 |
| Dec 20, 2021 | $0.2850 |
| Sep 16, 2021 | $0.2850 |
| Jun 17, 2021 | $0.2850 |
| Mar 18, 2021 | $0.2850 |
| Dec 17, 2020 | $0.2800 |
| Sep 17, 2020 | $0.2800 |
| Jun 18, 2020 | $0.2800 |