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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. 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.

39.54 0.12 −0.30%
Market cap
$915.2M
P/E
17.7×
Fwd P/E
16.8×
Dividend yield
2.98%
F-score
6/9
Altman Z
3.31
Beneish M
−2.57
Dividend safety
69/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.08
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — 2 — — — — — — —
Insider Ownership 2.15%

Capital & Financial Ratios $m

Market Cap 915.23
Revenue 699.10
Net Income 52.55
Free Cash Flow 48.91
Net Debt 137.16
Current Ratio 2.16 (at or above 1.5: strong)
Debt/Equity 0.46 (at or below 0.5: strong)
P/E ratio 17.73
Fwd P/E 16.80
P/S ratio 1.31
P/B ratio 3.05
Past 5Y EPS Growth —
This Y EPS Growth 42.97% (at or above 15%: strong)
Next Y EPS Growth 2.50%
Next Y revenue growth 18.22% (at or above 10%: strong)
Next 5Y EPS Growth 19.47% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.5×, 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 31.04%
10-year low 10-year high
P/S against its own 10 years 34.98%
10-year low 10-year high
P/B against its own 10 years 37.15%
10-year low 10-year high
EV/Sales against its own 10 years 27.09%
10-year low 10-year high
EV/FCF against its own 10 years 53.96%
10-year low 10-year high

Dividends

Payout Ratio 0.54
Annual Dividend Rate 1.18
Annual Dividend Yield 2.98%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.18
0.30
0.30
0.30
2025 1.18
0.30
0.30
0.30
0.30
2024 1.18
0.30
0.30
0.30
0.30
2023 1.18
0.30
0.30
0.30
0.30
2022 1.16
0.29
0.29
0.29
0.29
2021 1.14
0.29
0.29
0.29
0.29
2020 1.12
0.28
0.28
0.28
0.28
2019 1.09
0.27
0.27
0.27
0.27
2018 1.06
0.27
0.27
0.27
0.27
2017 0.96
0.24
0.24
0.24
0.24
2016 0.94
0.24
0.24
0.24
0.24
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 24 5 8 2
Receivables 89 87 98 157
Inventory 143 140 154 179
Other — — — —
262 238 266 342
2023 2024 2025 Q'26
Payables 31 32 39 39
ST’ Debt 7 — 7 7
Other 2 3 4 4
119 70 96 158

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%

Revenue $m

Mar Jun Sep Dec Year
’26 138 215 — — —
’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) — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.26 1.07 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 16.89 28.55 33.54 34.27 24.12 34.99 27.76 23.15 21.31 21.30

Analyst estimates 2026–2028

Powerpack
High 34.75 42.60 49.50 56.55 56.89 51.44 40.82 41.40 30.98 34.41
People
People Employees 1,633 1,664 1,663 1,677 1,767 1,436 1,813 1,804 1,673 1,764
Revenue/emp, $m 0.25 0.29 0.32 0.34 0.27 0.38 0.34 0.31 0.34 0.37
Income, $m
Income, $m Revenue 416 475 524 572 480 541 616 568 569 656
Gross margin, % 32.18 30.13 29.56 29.53 26.72 26.20 24.58 23.63 25.83 26.63
EBT 64 53 56 63 (99) 35 47 29 74 62
EBT margin, % 15.30 11.14 10.64 10.95 (20.58) 6.39 7.69 5.15 13.00 9.38
Net income 39 55 44 49 (87) 31 39 24 56 47
Depreciation 18 20 20 20 21 21 21 22 19 16
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
Earnings 1.71 2.42 1.91 2.13 (3.81) 1.31 1.65 1.01 2.39 1.99
Cash flow 3.11 2.94 2.57 3.39 2.34 2.64 1.75 0.54 1.78 3.24
Capex (0.44) (0.33) (0.43) (0.51) (0.63) (0.49) (0.53) (0.46) (0.34) (0.48)
Free cash flow 2.67 2.60 2.14 2.89 1.70 2.15 1.22 0.08 1.44 2.75
Book value 9.81 11.37 12.47 13.75 8.76 9.35 10.35 10.08 11.45 12.19
Shares, m 22 23 23 23 23 23 23 23 23 23
Valuation, ×
Valuation, × P/E 19.94 15.79 18.79 25.82 0.00 29.82 22.13 29.23 10.01 16.44
P/S 1.84 1.82 1.55 2.19 2.04 1.66 1.35 1.17 0.96 1.15
P/B 3.48 3.36 2.88 4.00 4.88 4.18 3.51 2.87 2.06 2.68
EV/Sales 2.54 2.39 2.03 2.56 2.45 1.99 1.65 1.46 1.23 1.35
EV/FCF 17.60 19.27 21.90 22.22 30.21 21.83 36.37 425.38 21.07 13.97
Cash, $m
Cash, $m Operating cash flow 70 66 58 77 53 61 40 12 41 75
Capex (10) (8) (10) (12) (14) (11) (12) (11) (8) (11)
Free cash flow 60 59 48 66 39 49 28 2 33 64
Balance, $m
Balance, $m Working capital 125 117 120 133 151 139 152 144 168 170
Total debt 310 308 276 244 238 217 206 188 147 143
Net debt 291 271 248 209 197 180 186 164 142 134
Shareholders’ equity 220 257 283 313 200 215 237 232 264 281
Returns, %
Returns, % ROA 6.67 8.19 6.36 7.02 (13.47) 5.24 6.48 3.90 9.31 7.54
ROIC 8.53 8.39 8.65 10.37 (11.81) 8.09 8.68 7.09 13.66 11.07
ROE 18.53 23.19 16.06 16.29 (33.72) 14.55 16.77 9.90 22.21 16.80
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
THRM Gentherm Inc $1.6B 33.4× 22.0× +10.95% (above 0%: growing) +797.44% (above 0%: growing) −103.23% (below 0%: shrinking) 23.17% 2.57% Compare
ADNT Adient $1.4B 29.9× 25.0× +5.03% (above 0%: growing) −25.58% (below 0%: shrinking) +17.07% (above 0%: growing) 5.98% 2.52% Compare
GT The Goodyear Tire & Rubber Company $1.3B — (loss-making) — (loss-making) −4.82% (below 0%: shrinking) n/m −130.32% (below 0%: shrinking) 16.02% (0.52%) Compare
XPEL XPEL, Inc. $1.2B 22.0× 22.1× +14.71% (above 0%: growing) +10.17% (above 0%: growing) −231.01% (below 0%: shrinking) 44.14% 16.23% Compare
DCH Dauch Corporation $1.2B — (loss-making) — (loss-making) +92.40% (above 0%: growing) n/m −59.49% (below 0%: shrinking) 11.44% 3.37% Compare
PLOW Douglas Dynamics, Inc. $915.2M 17.7× 16.8× +10.46% (above 0%: growing) −1.82% (below 0%: shrinking) −97.51% (below 0%: shrinking) 31.12% 16.51%
SMP Standard Motor Products, Inc. $829.7M 16.2× 19.7× +1.57% (above 0%: growing) +18.26% (above 0%: growing) +108.33% (above 0%: growing) 32.82% 10.14% Compare
FOXF Fox Factory Holding Corp. $777.6M — (loss-making) 53.3× −4.47% (below 0%: shrinking) +42.86% (above 0%: growing) +13.54% (above 0%: growing) 30.63% 4.89% Compare
MLR Miller Industries, Inc. $582.0M 40.8× 26.2× +12.13% (above 0%: growing) −13.51% (below 0%: shrinking) +9.55% (above 0%: growing) 14.97% 4.48% Compare
Median of peers $1.2B 29.9× 23.6× +7.99% +14.22% −24.97% 19.60% 3.93%

All 53 Auto Parts stocks →

Douglas Dynamics, Inc. (PLOW) key facts

  • Strength: Douglas Dynamics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $656.1 million, up 15.4% from fiscal 2024.
  • Douglas Dynamics, Inc. (PLOW) is an Auto Parts company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, PLOW traded at $39.54, a market capitalization of $915.2 million.
  • Douglas Dynamics, Inc. pays an annual dividend of $1.18 per share, a yield of 2.98%, with a payout ratio of 53.6%.
  • Return on equity was 16.8% and debt-to-equity 0.46.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.31 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Douglas Dynamics, Inc. (PLOW) Latest News

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stockrow.com/PLOW · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com