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. In the quarter to June 2026, revenue grew 10.5%, EPS fell 1.82%, free cash flow fell 97.5% and total debt fell 4.84%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Douglas Dynamics, Inc. (PLOW) Altman Z-score
Douglas Dynamics, Inc.'s Altman Z-score for fiscal 2025 is 3.31, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.31 | 0.29 |
| FY2024 | 3.02 | 0.25 |
| FY2023 | 2.77 | (0.43) |
| FY2022 | 3.19 | 0.03 |
| FY2021 | 3.16 | 0.79 |
| FY2020 | 2.38 | (1.30) |
| FY2019 | 3.68 | 0.80 |
| FY2018 | 2.87 | 0.20 |
| FY2017 | 2.67 | 0.28 |
| FY2016 | 2.39 | (0.33) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.27 | — | 0.33 | |
| Retained earnings / total assets | 0.17 | — | 0.24 | |
| EBIT / total assets | 0.12 | — | 0.39 | |
| Market value of equity / total liabilities | 2.18 | — | 1.31 | |
| Sales / total assets | 1.05 | — | 1.05 | |
| Altman Z-score | Safe zone | 3.31 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.99 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| XPEL XPEL, Inc. compare | 11.8× |
| MLR Miller Industries, Inc. compare | 4.3× |
| PLOW Douglas Dynamics, Inc. | 3.3× |
| THRM Gentherm Inc compare | 3.3× |
| SMP Standard Motor Products, Inc. compare | 2.2× |
| ADNT Adient compare | 1.8× |
| GT The Goodyear Tire & Rubber Company compare | 1.4× |
| DCH Dauch Corporation compare | 1.4× |
| FOXF Fox Factory Holding Corp. compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets