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Douglas Dynamics, Inc.

PLOW Consumer Cyclical Auto Parts

Douglas Dynamics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $656.1 million, up 15.4% from fiscal 2024.

Revenue
+34.5%
EPS
+169.7%
Free cash flow
−129.2%
Total debt
−4.90%

Quarter to September 2026, against a year earlier

37.01 1.11 −2.91%
Market cap
$849.9M
P/E
13.2×
Fwd P/E
14.0×
Dividend yield
3.19%
F-score
6/9
Altman Z
3.31
Beneish M
−2.57
Dividend safety
69/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.08
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 2 — — — — — — — —
Insider Ownership 1.98%

Capital & Financial Ratios $m

Size
Market Cap 849.93
Revenue ttm 755.00
Net income ttm 65.75
Free cash flow ttm 34.12
Net debt Q 131.79
Valuation
P/E 13.19
Forward P/E 14.00
Price / sales 1.13
Forward P/S Powerpack
Price / FCF 25.03
Price / book 2.70
Financial health
Current ratio Q 1.97 (at or above 1.5: strong)
Debt / equity Q 0.43 (at or below 0.5: strong)
Interest coverage Q 10.66
Growth
Revenue growth Q +34.48% (above 0%: growing)
Operating income growth Q +122.07% (above 0%: growing)
EPS, this year +42.41% (at or above 15%: strong)
EPS, next year A +3.68%
Revenue, next year A +18.22% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +17.30% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.3×, against a ten-year median of 1.9×; over the ten years it ranged from 1.2× in 2025 to 2.8× in 2018.
P/E against its own 10 years 16.93%
10-year low 10-year high
P/S against its own 10 years 18.34%
10-year low 10-year high
P/B against its own 10 years 22.26%
10-year low 10-year high
EV/Sales against its own 10 years 6.38%
10-year low 10-year high
EV/FCF against its own 10 years 80.81%
10-year low 10-year high

Dividends

Yield
3.19%
Annual rate
1.18
Payout ratio
42.6%
Growth, 2017–25
+2.61%/yr
  1. 0.96 ’17
  2. 1.06 ’18 +10
  3. 1.09 ’19 +3
  4. 1.12 ’20 +3
  5. 1.14 ’21 +2
  6. 1.16 ’22 +2
  7. 1.18 ’23 +2
  8. 1.18 ’24 +0
  9. 1.18 ’25 +0
  10. 1.18 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 24 5 8 5
Receivables 89 87 98 218
Inventory 143 140 154 173
Other — — — —
262 238 266 406
2023 2024 2025 Q'26
Payables 31 32 39 43
ST’ Debt 7 — 7 7
Other 2 3 4 5
119 70 96 206

Compound Annual Growth %

10y 5y 3y
Sales 5.06% 6.44% 2.12%
Cash Flow 2.84% 6.95% 23.11%
Earnings 0.51% 0.00% 6.58%
Book Value 3.45% 7.05% 5.88%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.00 Actual 0.98

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.56 0.62 Beat by 0.06
Q1 FY26 0.12 0.36 Beat by 0.24
Q2 FY26 0.93 1.22 Beat by 0.29
Q3 FY26 1.00 0.98 Miss by 0.02
Q4 FY26 0.60 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.26 1.07 0.90 — —
’25 0.01 1.09 0.33 0.54 1.96
’24 (0.37) 1.02 1.36 0.33 2.36
’23 (0.58) 1.01 0.24 0.29 0.98
’22 (0.18) 0.75 0.56 0.49 1.63
’21 0.03 0.60 0.30 0.38 1.29
’20 (0.44) (4.55) 0.39 0.78 (3.81)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 138 215 218 — —
’25 115 194 162 185 656
’24 96 200 129 144 569
’23 83 207 144 134 568
’22 103 188 166 160 616
’21 103 158 128 153 541
’20 68 120 134 158 480
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) (24) (22) — —
’25 (1) (11) (9) 96 75
’24 (22) 3 (14) 74 41
’23 (57) (9) 2 77 12
’22 (26) (32) (16) 115 40
’21 24 (11) (33) 80 61
’20 (9) 3 (21) 80 53
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) (28) (26) — —
’25 (3) (14) (11) 93 64
’24 (23) 1 (15) 71 33
’23 (60) (12) 0 74 2
’22 (28) (36) (20) 111 28
’21 22 (13) (35) 76 49
’20 (11) 0 (25) 75 39
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 416 475 524 572 480 541 616 568 569 656 755 +5.2% 776 801 832 +8.2%
Gross margin, % 32.18 30.13 29.56 29.53 26.72 26.20 24.58 23.63 25.83 26.63 28.15 (5.5) pt
EBT 64 53 56 63 (99) 35 47 29 74 62 86 (0.4%)
EBT margin, % 15.30 11.14 10.64 10.95 (20.58) 6.39 7.69 5.15 13.00 9.38 11.45 (5.9) pt
Net income 39 55 44 49 (87) 31 39 24 56 47 66 +2.1%
Per share, $
Per share, $ Revenue 18.52 21.04 23.11 25.10 21.02 23.59 26.88 24.74 24.64 28.42 32.72 +4.9%
Earnings 1.71 2.42 1.91 2.13 (3.81) 1.31 1.65 1.01 2.39 1.99 2.81 +1.7%
Cash flow 3.11 2.94 2.57 3.39 2.34 2.64 1.75 0.54 1.78 3.24 2.10 +0.4%
Capex (0.44) (0.33) (0.43) (0.51) (0.63) (0.49) (0.53) (0.46) (0.34) (0.48) (0.62) +1.1%
Free cash flow 2.67 2.60 2.14 2.89 1.70 2.15 1.22 0.08 1.44 2.75 1.48 +0.3%
Book value 9.81 11.37 12.47 13.75 8.76 9.35 10.35 10.08 11.45 12.19 13.73 +2.4%
Shares, m 22 23 23 23 23 23 23 23 23 23 23 +0.3%
Valuation, ×
Valuation, × P/E 19.94 15.79 18.79 25.82 0.00 29.82 22.13 29.23 10.01 16.44 13.19 18.8
P/S 1.84 1.82 1.55 2.19 2.04 1.66 1.35 1.17 0.96 1.15 1.13 1.6
P/B 3.48 3.36 2.88 4.00 4.88 4.18 3.51 2.87 2.06 2.68 2.70 3.4
EV/Sales 2.54 2.39 2.03 2.56 2.45 1.99 1.65 1.46 1.23 1.35 1.31 2.0
EV/FCF 17.60 19.27 21.90 22.22 30.21 21.83 36.37 425.38 21.07 13.97 28.90 63.0
Cash, $m
Cash, $m Operating cash flow 70 66 58 77 53 61 40 12 41 75 48 +0.7%
Capex (10) (8) (10) (12) (14) (11) (12) (11) (8) (11) (14) +1.4%
Free cash flow 60 59 48 66 39 49 28 2 33 64 34 +0.6%
Balance, $m
Balance, $m Working capital 125 117 120 133 151 139 152 144 168 170 199 +3.5%
Net debt 291 271 248 209 197 180 186 164 142 134 132 (8.2%)
Shareholders’ equity 220 257 283 313 200 215 237 232 264 281 317 +2.8%
Returns, %
Returns, % ROA 6.67 8.19 6.36 7.02 (13.47) 5.24 6.48 3.90 9.31 7.54 8.65 +0.9 pt
ROIC 8.53 8.39 8.65 10.37 (11.81) 8.09 8.68 7.09 13.66 11.07 13.37 +2.5 pt
ROE 18.53 23.19 16.06 16.29 (33.72) 14.55 16.77 9.90 22.21 16.80 21.76 (1.7) pt
People
People Employees 1,633 1,664 1,663 1,677 1,767 1,436 1,813 1,804 1,673 1,764 — +0.9%
Revenue/emp, $m 0.25 0.29 0.32 0.34 0.27 0.38 0.34 0.31 0.34 0.37 — +4.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Douglas Dynamics, Inc. vs peers in Auto Parts (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ADNT Adient $1.3B 28.7× 31.0× +1.14% (above 0%: growing) n/m −59.87% (below 0%: shrinking) 6.68% 2.63% Compare
GT The Goodyear Tire & Rubber Company $1.3B — (loss-making) — (loss-making) −2.26% (below 0%: shrinking) n/m −40.11% (below 0%: shrinking) 0.00% 0.00% Compare
XPEL XPEL, Inc. $1.1B 18.9× 20.8× +9.88% (above 0%: growing) +29.06% (above 0%: growing) −41.79% (below 0%: shrinking) 44.63% 15.30% Compare
DCH Dauch Corporation $1.1B — (loss-making) — (loss-making) +92.40% (above 0%: growing) n/m −59.49% (below 0%: shrinking) 11.44% 3.37% Compare
SMP Standard Motor Products, Inc. $1.0B 14.6× 19.7× +1.80% (above 0%: growing) n/m +72.08% (above 0%: growing) 32.61% 9.88% Compare
PLOW Douglas Dynamics, Inc. $849.9M 13.2× 14.0× +34.48% (above 0%: growing) +169.65% (above 0%: growing) −129.22% (below 0%: shrinking) 27.44% 14.35%
FOXF Fox Factory Holding Corp. $711.2M — (loss-making) — (loss-making) −4.47% (below 0%: shrinking) +42.86% (above 0%: growing) +13.54% (above 0%: growing) 30.63% 4.89% Compare
MLR Miller Industries, Inc. $511.5M 29.1× 25.9× +18.78% (above 0%: growing) +100.00% (above 0%: growing) +22.07% (above 0%: growing) 14.03% 3.67% Compare
SLDP Solid Power, Inc. $465.5M — (loss-making) — (loss-making) −73.16% (below 0%: shrinking) n/m −13.54% (below 0%: shrinking) 0.00% (2,437.91%) Compare
Median of peers $1.0B 23.8× 23.4× +1.47% +42.86% −26.82% 12.74% 3.52%

All 55 Auto Parts stocks →

Pay and ownership Proxy statement filed 20 March 2026

Ownership

Directors and executive officers, together 1.54%
Allspring Global Investments Holdings, LLC 10.27%
Conestoga Capital Advisors LLC 10.14%
Pzena Investment Management LLC 10.07%
BlackRock, Inc. 7.09%
The Vanguard Group 5.86%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Douglas Dynamics, Inc. (PLOW) Latest News

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stockrow.com/PLOW · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com