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Douglas Dynamics (PLOW) Financials

Douglas Dynamics logo
$43.49 -0.42 (-0.95%)
Closing price 05/21/2026 03:59 PM Eastern
Extended Trading
$43.54 +0.05 (+0.11%)
As of 04:13 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Douglas Dynamics

Annual Income Statements for Douglas Dynamics

This table shows Douglas Dynamics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 44 39 55 44 49 -87 31 39 24 56 47
Consolidated Net Income / (Loss)		 44 39 55 44 49 -87 31 39 24 56 47
Net Income / (Loss) Continuing Operations		 44 39 55 44 49 -87 31 39 24 56 47
Total Pre-Tax Income 		66 64 53 56 63 -99 35 47 29 74 62
Total Operating Income		 77 70 71 73 87 -75 51 59 45 89 74
Total Gross Profit		 133 134 143 155 169 128 142 151 134 147 175
Total Revenue		 400 416 475 524 572 480 541 616 568 569 656
Operating Revenue		 400 416 475 524 572 480 541 616 568 569 656
Total Cost of Revenue		 268 282 332 369 403 352 400 465 434 422 481
Operating Cost of Revenue		 268 282 332 369 403 352 400 465 434 422 481
Total Operating Expenses		 56 64 72 81 82 203 91 93 89 58 101
Selling, General & Admin Expense		 48 54 61 70 71 65 79 82 79 92 95
Amortization Expense		 7.36 11 11 11 11 11 11 11 11 7.52 6.18
Impairment Charge		 - - - 0.00 0.00 128 1.21 0.00 0.00 1.22 0.00
Other Special Charges / (Income)		 - - - - - - - 0.00 0.00 -42 0.00
Total Other Income / (Expense), net		 -11 -6.11 -18 -18 -24 -24 -17 -11 -16 -15 -12
Interest Expense		 - - - 0.00 6.61 3.54 4.94 - 0.00 0.00 0.33
Interest & Investment Income		 -11 -15 -18 -17 -17 -20 -12 -11 -16 -15 -12
Other Income / (Expense), net		 -0.19 9.08 0.44 -0.76 -0.57 0.09 0.23 -0.14 0.00 0.44 0.34
Income Tax Expense		 22 25 -2.41 12 13 -12 3.90 8.75 5.51 18 15
Basic Earnings per Share		 $1.95 $1.71 $2.42 $1.91 $2.13 ($3.81) $1.31 $1.65 $1.01 $2.39 $1.99
Weighted Average Basic Shares Outstanding		 22.33M 22.48M 22.90M 23M 22.80M 22.86M 22.98M 22.89M 22.98M 23.09M 23.08M
Diluted Earnings per Share		 $1.94 $1.70 $2.40 $1.89 $2.11 ($3.81) $1.29 $1.63 $0.98 $2.36 $1.96
Weighted Average Diluted Shares Outstanding		 22.34M 22.48M 22.90M 23M 22.80M 22.86M 22.98M 22.89M 22.98M 23.09M 23.08M
Weighted Average Basic & Diluted Shares Outstanding		 22.30M 22.50M 22.90M 23M 22.80M 22.86M 22.98M 22.89M 22.98M 23.09M 23.08M
Cash Dividends to Common per Share		 $1.78 $1.88 $1.92 $2.12 $2.18 $1.12 $1.14 $1.16 $1.18 $1.18 $1.18

Quarterly Income Statements for Douglas Dynamics

This table shows Douglas Dynamics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 5.79 7.08 -8.35 24 32 7.91 0.15 26 7.96 13 6.38
Consolidated Net Income / (Loss)		 5.79 7.08 -8.35 24 32 7.91 0.15 26 7.96 13 6.38
Net Income / (Loss) Continuing Operations		 5.79 7.08 -8.35 24 32 7.91 0.15 26 7.96 13 6.38
Total Pre-Tax Income 		6.93 8.20 -9.94 32 42 9.97 0.49 34 10 16 7.90
Total Operating Income		 12 13 -6.42 36 46 13 3.20 37 14 19 9.91
Total Gross Profit		 32 30 19 61 31 36 28 60 38 48 38
Total Revenue		 144 134 96 200 129 144 115 194 162 185 138
Operating Revenue		 144 134 96 200 129 144 115 194 162 185 138
Total Cost of Revenue		 112 105 77 139 99 108 87 134 124 136 100
Operating Cost of Revenue		 112 105 77 139 99 108 87 134 124 136 100
Total Operating Expenses		 21 17 25 25 -15 23 25 23 24 29 28
Selling, General & Admin Expense		 18 14 21 23 26 21 23 22 22 27 26
Amortization Expense		 2.63 2.63 2.63 1.63 1.63 1.63 1.55 1.55 1.55 1.53 1.52
Total Other Income / (Expense), net		 -4.57 -4.45 -3.52 -4.18 -4.12 -3.01 -2.71 -2.85 -3.67 -2.87 -2.02
Interest Expense		 - - 0.00 0.00 0.00 - 0.33 0.00 0.00 - 0.00
Interest & Investment Income		 -4.61 -4.47 -3.52 -4.12 -4.47 -3.14 -2.38 -2.97 -3.76 -3.00 -2.06
Other Income / (Expense), net		 0.04 0.02 0.00 -0.05 0.35 0.14 0.00 0.12 0.09 0.13 0.04
Income Tax Expense		 1.14 1.12 -1.59 7.79 9.48 2.06 0.34 8.19 2.45 3.62 1.52
Basic Earnings per Share		 $0.25 $0.32 ($0.37) $1.03 $1.37 $0.36 $0.01 $1.10 $0.34 $0.54 $0.27
Weighted Average Basic Shares Outstanding		 22.98M 22.98M 23.01M 23.09M 23.09M 23.09M 23.12M 23.13M 23.04M 23.08M 23.10M
Diluted Earnings per Share		 $0.24 $0.31 ($0.37) $1.02 $1.36 $0.35 $0.00 $1.09 $0.33 $0.54 $0.26
Weighted Average Diluted Shares Outstanding		 22.98M 22.98M 23.01M 23.09M 23.58M 23.09M 23.12M 23.67M 23.57M 23.08M 23.59M
Weighted Average Basic & Diluted Shares Outstanding		 22.98M 22.98M 23.09M 23.09M 23.09M 23.09M 23.21M 23.04M 23.04M 23.08M 23.13M
Cash Dividends to Common per Share		 $0.30 $0.28 $0.30 $0.30 $0.30 $0.28 $0.30 $0.30 $0.30 $0.28 $0.30

Annual Cash Flow Statements for Douglas Dynamics

This table details how cash moves in and out of Douglas Dynamics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 13 -18 18 -9.06 7.85 5.37 -4.07 -16 3.49 -19 3.18
Net Cash From Operating Activities		 56 70 66 58 77 53 61 40 12 41 75
Net Cash From Continuing Operating Activities		 56 70 66 58 77 53 61 40 12 41 75
Net Income / (Loss) Continuing Operations		 44 39 55 44 49 -87 31 39 24 56 47
Consolidated Net Income / (Loss)		 44 39 55 44 49 -87 31 39 24 56 47
Depreciation Expense		 12 17 19 19 19 20 20 21 22 18 15
Amortization Expense		 0.72 0.95 1.21 1.21 1.21 1.36 0.89 0.49 0.59 0.70 0.49
Non-Cash Adjustments To Reconcile Net Income		 6.16 2.10 3.19 4.37 7.86 139 12 6.40 6.31 -29 16
Changes in Operating Assets and Liabilities, net		 -6.87 11 -12 -10 -0.15 -20 -3.73 -26 -40 -4.77 -3.88
Net Cash From Investing Activities		 -22 -191 -15 -9.69 -12 -14 -11 -12 -11 57 -37
Net Cash From Continuing Investing Activities		 -22 -191 -15 -9.69 -12 -14 -11 -12 -11 57 -37
Purchase of Property, Plant & Equipment		 -10 -9.83 -7.56 -9.69 -12 -14 -11 -12 -11 -7.81 -11
Acquisitions		 -12 -181 -7.39 - - - - - 0.00 0.00 -26
Sale of Property, Plant & Equipment		 - - - - - - - - 0.00 64 0.00
Other Investing Activities, net		 - - - - - - - 0.00 0.00 0.45 0.00
Net Cash From Financing Activities		 -22 103 -33 -58 -58 -34 -53 -44 1.54 -117 -34
Net Cash From Continuing Financing Activities		 -22 103 -33 -58 -58 -34 -53 -44 1.54 -117 -34
Repayment of Debt		 -1.90 -4.88 -4.76 -33 -33 -278 -251 -11 -19 -42 -154
Repurchase of Common Equity		 - - - - - 0.00 0.00 -6.00 0.00 0.00 -6.00
Payment of Dividends		 -20 -21 -22 -24 -25 -26 -27 -27 -27 -27 -28
Issuance of Debt		 - 129 - 0.00 0.00 271 224 0.00 47 -47 154
Other Financing Activities, net		 0.08 - -6.41 -0.02 -0.05 -0.07 - 0.00 0.75 -0.20 -0.28
Cash Interest Paid		 11 14 17 16 16 17 12 12 18 19 14
Cash Income Taxes Paid		 22 16 6.61 8.47 13 4.28 9.77 7.03 15 14 7.72

Quarterly Cash Flow Statements for Douglas Dynamics

This table details how cash moves in and out of Douglas Dynamics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 7.70 13 -22 2.22 4.22 -3.29 2.09 0.77 2.67 -2.35 -3.11
Net Cash From Operating Activities		 2.08 77 -22 2.51 -14 74 -1.34 -11 -8.52 96 -0.99
Net Cash From Continuing Operating Activities		 2.08 77 -22 2.51 -14 74 -1.34 -11 -8.52 96 -0.99
Net Income / (Loss) Continuing Operations		 5.79 7.08 -8.35 24 32 7.91 0.15 26 7.96 13 6.38
Consolidated Net Income / (Loss)		 5.79 7.08 -8.35 24 32 7.91 0.15 26 7.96 13 6.38
Depreciation Expense		 5.38 5.48 5.35 4.41 4.28 3.86 3.82 3.83 3.83 3.89 3.86
Amortization Expense		 0.15 0.15 0.15 0.20 0.18 0.18 0.17 0.11 0.11 0.11 0.11
Non-Cash Adjustments To Reconcile Net Income		 -0.77 0.82 3.12 4.31 -40 3.18 4.70 3.80 3.41 3.92 4.97
Changes in Operating Assets and Liabilities, net		 -8.47 63 -22 -31 -11 59 -10 -45 -24 75 -16
Net Cash From Investing Activities		 -2.43 -2.80 -1.33 -1.42 63 -3.74 -2.16 -2.97 -2.93 -29 -4.09
Net Cash From Continuing Investing Activities		 -2.43 -2.80 -1.33 -1.42 63 -3.74 -2.16 -2.97 -2.93 -29 -4.09
Purchase of Property, Plant & Equipment		 -2.43 -2.80 -1.33 -1.42 -1.23 -3.83 -2.16 -2.97 -2.93 -3.08 -3.16
Acquisitions		 - - - - - - 0.00 - - - -0.93
Net Cash From Financing Activities		 8.06 -61 0.77 1.14 -45 -74 5.59 15 14 -69 1.97
Net Cash From Continuing Financing Activities		 8.06 -61 0.77 1.14 -45 -74 5.59 15 14 -69 1.97
Repayment of Debt		 -13 0.00 -0.28 - -42 - -148 -1.97 -1.76 -1.88 -2.00
Repurchase of Common Equity		 - - - - - - 0.00 - - - -3.00
Payment of Dividends		 -6.88 -6.75 -6.75 -6.86 -6.91 -6.96 -7.02 -6.91 -7.02 -7.00 -7.13
Issuance of Debt		 27 -54 8.00 8.00 4.00 -67 161 30 23 -60 15
Other Financing Activities, net		 0.75 - -0.20 - - - -0.28 - -0.12 - -0.90

Annual Balance Sheets for Douglas Dynamics

This table presents Douglas Dynamics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 503 666 685 676 706 579 572 597 593 590 627
Total Current Assets		 169 176 198 199 212 217 220 253 262 238 266
Cash & Equivalents		 37 19 37 28 36 41 37 21 24 5.12 8.30
Accounts Receivable		 68 79 79 81 88 83 71 87 84 87 98
Inventories, net		 52 75 79 86 84 88 107 138 143 140 154
Prepaid Expenses		 2.10 2.89 2.88 3.59 3.51 5.33 4.54 7.77 6.90 6.05 5.42
Current Deferred & Refundable Income Taxes		 11 1.54 - - - 0.00 1.22 0.00 4.82 0.00 0.92
Plant, Property, & Equipment, net		 43 52 54 55 58 64 67 69 67 41 45
Total Noncurrent Assets		 291 438 433 422 436 298 285 275 264 310 316
Goodwill		 161 238 241 241 241 113 113 113 113 113 117
Intangible Assets		 128 195 186 175 164 153 142 132 121 114 116
Employee Benefit Assets		 - - - - 7.27 9.04 10 8.87 9.20 10 12
Other Noncurrent Operating Assets		 2.71 4.46 5.95 6.22 24 23 20 22 20 73 71
Total Liabilities & Shareholders' Equity		 503 666 685 676 706 579 572 597 593 590 627
Total Liabilities		 303 446 428 393 393 379 358 360 362 326 345
Total Current Liabilities		 42 51 81 79 78 66 82 100 119 70 96
Short-Term Debt		 1.63 2.83 33 33 22 1.67 11 11 54 0.00 12
Accounts Payable		 15 17 16 19 16 16 27 49 31 32 39
Accrued Expenses		 26 27 21 23 26 31 36 30 26 26 33
Current Deferred & Payable Income Tax Liabilities		 - - 3.00 0.11 2.99 5.21 0.00 3.49 0.00 1.69 0.00
Other Current Liabilities		 - 3.94 7.71 4.20 10 12 7.28 6.07 7.56 10 11
Total Noncurrent Liabilities		 261 394 348 314 314 313 276 259 243 256 249
Long-Term Debt		 183 307 275 243 222 237 206 195 181 147 135
Noncurrent Deferred & Payable Income Tax Liabilities		 55 55 39 48 47 27 30 30 28 25 33
Noncurrent Employee Benefit Liabilities		 17 17 17 8.37 14 16 17 15 14 14 15
Other Noncurrent Operating Liabilities		 6.00 16 17 15 31 34 23 20 20 71 66
Total Equity & Noncontrolling Interests		 200 220 257 283 313 200 215 237 232 264 281
Total Preferred & Common Equity		 200 220 257 283 313 200 215 237 232 264 281
Total Common Equity		 200 220 257 283 313 200 215 237 232 264 281
Common Stock		 142 145 148 152 155 158 164 165 165 170 171
Retained Earnings		 65 82 116 137 161 48 52 63 60 88 107
Accumulated Other Comprehensive Income / (Loss)		 -6.18 -6.67 -6.57 -6.05 -2.81 -5.50 -1.05 9.13 6.36 5.47 3.18

Quarterly Balance Sheets for Douglas Dynamics

This table presents Douglas Dynamics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 655 585 641 672 577 617 666 621 671 695 630
Total Current Assets		 310 248 305 337 251 294 316 274 327 349 268
Cash & Equivalents		 2.84 2.90 3.38 11 1.97 4.20 8.41 7.21 7.98 11 5.19
Accounts Receivable		 165 48 139 165 59 140 153 69 141 173 68
Inventories, net		 134 186 154 152 178 143 149 193 174 158 190
Prepaid Expenses		 7.49 7.28 7.68 9.03 6.54 5.34 5.74 5.18 4.10 5.95 4.83
Current Deferred & Refundable Income Taxes		 0.00 3.41 - - 6.22 0.92 0.00 - - - 0.00
Plant, Property, & Equipment, net		 67 67 67 67 64 63 39 41 42 42 46
Total Noncurrent Assets		 278 270 269 268 262 260 310 306 303 304 317
Goodwill		 113 113 113 113 113 113 113 113 113 113 117
Intangible Assets		 134 129 126 124 118 117 115 112 110 109 115
Employee Benefit Assets		 8.34 9.16 9.48 9.15 9.98 10 11 11 11 12 12
Other Noncurrent Operating Assets		 22 19 20 22 20 20 71 70 68 70 73
Total Liabilities & Shareholders' Equity		 655 585 641 672 577 617 666 621 671 695 630
Total Liabilities		 424 369 403 435 360 380 405 362 398 420 351
Total Current Liabilities		 162 114 151 188 122 145 148 116 155 174 101
Short-Term Debt		 95 63 85 104 66 78 67 19 49 72 27
Accounts Payable		 26 23 23 42 24 28 35 43 40 40 36
Accrued Expenses		 34 22 30 29 24 30 31 24 31 33 26
Current Deferred & Payable Income Tax Liabilities		 1.58 0.00 2.66 3.98 - - 3.73 1.61 7.13 1.60 0.12
Other Current Liabilities		 5.31 6.10 10 9.61 8.44 9.30 10 28 27 27 11
Total Noncurrent Liabilities		 263 254 252 247 238 235 257 246 244 246 250
Long-Term Debt		 198 192 190 186 177 173 147 140 139 137 133
Noncurrent Deferred & Payable Income Tax Liabilities		 31 29 29 28 28 28 25 25 25 30 34
Noncurrent Employee Benefit Liabilities		 15 16 16 14 15 15 15 13 14 14 15
Other Noncurrent Operating Liabilities		 19 18 18 20 18 20 70 68 67 65 68
Total Equity & Noncontrolling Interests		 230 216 238 237 217 237 261 259 273 275 279
Total Preferred & Common Equity		 230 216 238 237 217 237 261 259 273 275 279
Total Common Equity		 230 216 238 237 217 237 261 259 273 275 279
Common Stock		 163 165 169 169 166 168 169 172 168 169 170
Retained Earnings		 59 43 61 59 45 62 87 82 101 102 107
Accumulated Other Comprehensive Income / (Loss)		 8.39 7.54 8.91 8.77 6.70 6.24 4.20 5.02 4.80 4.40 3.29

Annual Metrics And Ratios for Douglas Dynamics

This table displays calculated financial ratios and metrics derived from Douglas Dynamics' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 22,387,797.00 22,501,640.00 22,590,897.00 22,700,991.00 22,795,412.00 22,857,457.00 22,980,951.00 - - - 23,040,878.00
DEI Adjusted Shares Outstanding		 22,387,797.00 22,501,640.00 22,590,897.00 22,700,991.00 22,795,412.00 22,857,457.00 22,980,951.00 - - - 23,040,878.00
DEI Earnings Per Adjusted Shares Outstanding		 1.97 1.73 2.45 1.93 2.16 -3.79 1.34 - - - 2.04
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 31.93% 3.96% 14.09% 10.35% 9.09% -16.01% 12.77% 13.78% -7.77% 0.06% 15.40%
EBITDA Growth		 9.98% 7.13% -5.73% 2.14% 14.44% -150.69% 234.52% 10.29% -16.10% 60.43% -16.65%
EBIT Growth		 7.17% 2.25% -9.68% 2.04% 18.30% -187.26% 168.44% 14.12% -23.38% 98.51% -17.05%
NOPAT Growth		 10.78% -17.10% 73.16% -21.87% 17.52% -177.38% 186.27% 5.56% -23.91% 84.98% -16.74%
Net Income Growth		 10.55% -11.70% 41.82% -20.64% 11.98% -276.04% 135.46% 25.80% -38.56% 136.69% -16.48%
EPS Growth		 9.60% -12.37% 41.18% -21.25% 11.64% -280.57% 133.86% 26.36% -39.88% 140.82% -16.95%
Operating Cash Flow Growth		 5.06% 23.83% -5.10% -12.32% 32.85% -30.96% 13.43% -33.87% -68.85% 229.87% 81.59%
Free Cash Flow Firm Growth		 220.24% -414.03% 148.00% -5.83% 40.72% -6.86% -32.90% -58.65% -16.21% 526.45% -60.52%
Invested Capital Growth		 3.91% 47.05% 3.13% 0.61% -1.68% -23.81% -0.67% 7.10% 4.68% -8.33% 3.68%
Revenue Q/Q Growth		 4.91% 2.80% 1.68% 2.72% 1.50% -0.44% -0.95% 1.13% -4.31% 1.66% 6.66%
EBITDA Q/Q Growth		 -0.03% 0.27% 3.49% -1.13% 0.55% 6.05% -17.31% 4.65% -5.04% -1.05% 7.54%
EBIT Q/Q Growth		 -1.03% -1.58% 4.14% -1.58% 0.67% 4.05% -22.51% 6.02% -7.72% 0.51% 9.38%
NOPAT Q/Q Growth		 3.28% -7.46% 71.73% -30.01% 3.07% 3.71% -19.01% 9.21% -9.89% -0.57% 9.39%
Net Income Q/Q Growth		 5.48% -11.81% 79.06% -31.12% -6.00% 7.09% -23.34% 7.51% -15.75% 1.50% 11.74%
EPS Q/Q Growth		 4.86% -12.37% 79.10% -31.52% -6.22% 7.30% -25.00% 9.40% -16.24% 1.72% 10.73%
Operating Cash Flow Q/Q Growth		 -5.83% -12.16% 14.32% 18.45% 40.75% -25.24% -0.71% 623.87% -75.24% -5.11% 40.48%
Free Cash Flow Firm Q/Q Growth		 197.37% -13.09% 57.71% 9.33% 32.21% -19.18% -3.35% 216.26% -63.97% -10.78% -4.52%
Invested Capital Q/Q Growth		 -12.35% -7.00% -5.18% -9.89% -12.56% -12.34% -14.12% -18.79% -14.04% -12.89% -11.24%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 33.18% 32.18% 30.13% 29.56% 29.53% 26.72% 26.20% 24.58% 23.63% 25.83% 26.63%
EBITDA Margin		 22.52% 23.20% 19.17% 17.75% 18.62% -11.24% 13.40% 12.99% 11.82% 18.95% 13.69%
Operating Margin		 19.32% 16.77% 14.91% 14.02% 15.14% -15.65% 9.44% 9.54% 7.90% 15.60% 11.22%
EBIT Margin		 19.27% 18.95% 15.00% 13.87% 15.04% -15.63% 9.49% 9.51% 7.90% 15.68% 11.27%
Profit (Net Income) Margin		 11.03% 9.37% 11.65% 8.38% 8.60% -18.03% 5.67% 6.27% 4.18% 9.88% 7.15%
Tax Burden Percent		 66.67% 61.24% 104.55% 78.74% 78.52% 87.58% 88.73% 81.52% 81.15% 75.99% 76.25%
Interest Burden Percent		 85.88% 80.74% 74.27% 76.70% 72.80% 131.69% 67.34% 80.80% 65.10% 82.88% 83.17%
Effective Tax Rate		 33.33% 38.76% -4.55% 21.26% 21.48% 0.00% 11.27% 18.48% 18.85% 24.01% 23.75%
Return on Invested Capital (ROIC)		 15.11% 9.95% 14.25% 10.93% 12.92% -11.44% 11.45% 11.71% 8.42% 15.89% 13.58%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.32% 8.24% 7.59% 5.56% 4.68% -28.18% 3.67% 6.64% 2.01% 9.50% 7.01%
Return on Net Nonoperating Assets (RNNOA)		 8.53% 8.58% 8.94% 5.34% 3.58% -22.28% 3.34% 5.38% 1.70% 6.76% 3.61%
Return on Equity (ROE)		 23.64% 18.53% 23.19% 16.28% 16.50% -33.72% 14.80% 17.09% 10.12% 22.65% 17.19%
Cash Return on Invested Capital (CROIC)		 11.28% -28.14% 11.17% 10.33% 14.61% 15.58% 12.13% 4.86% 3.85% 24.59% 9.96%
Operating Return on Assets (OROA)		 15.69% 13.49% 10.55% 10.68% 12.45% -11.68% 8.92% 10.02% 7.55% 15.07% 12.16%
Return on Assets (ROA)		 8.98% 6.67% 8.19% 6.45% 7.12% -13.47% 5.33% 6.60% 3.99% 9.49% 7.71%
Return on Common Equity (ROCE)		 23.64% 18.53% 23.19% 16.28% 16.50% -33.72% 14.80% 17.09% 10.12% 22.65% 17.19%
Return on Equity Simple (ROE_SIMPLE)		 22.03% 17.69% 21.55% 15.53% 15.70% -43.23% 14.30% 16.28% 10.24% 21.25% 0.00%
Net Operating Profit after Tax (NOPAT)		 52 43 74 58 68 -53 45 48 36 67 56
NOPAT Margin		 12.88% 10.27% 15.59% 11.04% 11.89% -10.95% 8.38% 7.77% 6.41% 11.86% 8.55%
Net Nonoperating Expense Percent (NNEP)		 4.79% 1.71% 6.66% 5.38% 8.24% 16.73% 7.78% 5.07% 6.41% 6.39% 6.57%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 10.80% 7.81% 16.41% 13.08%
Cost of Revenue to Revenue		 66.82% 67.82% 69.87% 70.44% 70.47% 73.28% 73.80% 75.42% 76.37% 74.17% 73.37%
SG&A Expenses to Revenue		 12.03% 12.87% 12.82% 13.35% 12.47% 13.46% 14.56% 13.34% 13.88% 16.13% 14.46%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 13.86% 15.41% 15.22% 15.54% 14.39% 42.37% 16.76% 15.05% 15.73% 10.22% 15.41%
Earnings before Interest and Taxes (EBIT)		 77 79 71 73 86 -75 51 59 45 89 74
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 90 97 91 93 106 -54 73 80 67 108 90
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.79 2.70 2.69 2.39 3.41 4.30 3.78 3.20 2.81 2.07 2.67
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14.54 15.54
Price to Revenue (P/Rev)		 0.89 1.43 1.46 1.29 1.87 1.79 1.50 1.23 1.14 0.96 1.15
Price to Earnings (P/E)		 8.11 15.27 12.50 15.41 21.72 0.00 26.46 19.66 27.41 9.72 16.04
Dividend Yield		 5.56% 3.55% 3.14% 3.56% 2.33% 2.98% 3.23% 3.50% 4.17% 4.99% 3.61%
Earnings Yield		 12.33% 6.55% 8.00% 6.49% 4.60% 0.00% 3.78% 5.09% 3.65% 10.29% 6.23%
Enterprise Value to Invested Capital (EV/IC)		 1.45 1.73 1.82 1.74 2.45 2.66 2.51 2.23 1.95 1.69 2.12
Enterprise Value to Revenue (EV/Rev)		 1.26 2.13 2.03 1.76 2.23 2.20 1.83 1.53 1.52 1.21 1.36
Enterprise Value to EBITDA (EV/EBITDA)		 5.61 9.18 10.57 9.94 11.99 0.00 13.68 11.81 12.82 6.38 9.93
Enterprise Value to EBIT (EV/EBIT)		 6.55 11.24 13.51 12.71 14.84 0.00 19.32 16.12 19.18 7.71 12.06
Enterprise Value to NOPAT (EV/NOPAT)		 9.80 20.74 13.00 15.98 18.78 0.00 21.87 19.73 23.63 10.20 15.89
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.95 12.68 14.50 15.89 16.51 19.82 16.39 23.61 69.07 16.71 11.94
Enterprise Value to Free Cash Flow (EV/FCFF)		 13.13 0.00 16.59 16.92 16.60 14.77 20.66 47.56 51.73 6.59 21.65
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.92 1.40 1.20 0.98 0.78 1.19 1.01 0.87 1.02 0.56 0.52
Long-Term Debt to Equity		 0.91 1.39 1.07 0.86 0.71 1.18 0.96 0.82 0.78 0.56 0.48
Financial Leverage		 0.83 1.04 1.18 0.96 0.77 0.79 0.91 0.81 0.85 0.71 0.51
Leverage Ratio		 2.63 2.78 2.83 2.52 2.32 2.50 2.78 2.59 2.54 2.39 2.23
Compound Leverage Factor		 2.26 2.24 2.10 1.94 1.69 3.30 1.87 2.09 1.65 1.98 1.85
Debt to Total Capital		 47.87% 58.40% 54.51% 49.37% 43.82% 54.35% 50.30% 46.54% 50.40% 35.70% 34.40%
Short-Term Debt to Total Capital		 0.42% 0.53% 5.80% 5.86% 3.97% 0.38% 2.58% 2.51% 11.52% 0.00% 2.89%
Long-Term Debt to Total Capital		 47.45% 57.87% 48.71% 43.50% 39.84% 53.97% 47.72% 44.03% 38.88% 35.70% 31.50%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 52.13% 41.60% 45.49% 50.63% 56.18% 45.65% 49.70% 53.46% 49.61% 64.30% 65.60%
Debt to EBITDA		 2.04 3.21 3.38 2.96 2.29 -4.42 2.99 2.58 3.50 1.36 1.64
Net Debt to EBITDA		 1.63 3.01 2.97 2.67 1.96 -3.66 2.48 2.32 3.14 1.31 1.55
Long-Term Debt to EBITDA		 2.02 3.18 3.02 2.61 2.09 -4.39 2.84 2.44 2.70 1.36 1.51
Debt to NOPAT		 3.57 7.24 4.16 4.77 3.59 -4.53 4.79 4.31 6.46 2.18 2.63
Net Debt to NOPAT		 2.86 6.81 3.66 4.29 3.07 -3.75 3.97 3.88 5.79 2.10 2.48
Long-Term Debt to NOPAT		 3.54 7.17 3.71 4.20 3.27 -4.50 4.54 4.08 4.98 2.18 2.41
Altman Z-Score		 2.50 2.22 2.45 2.66 3.39 2.19 3.02 3.08 2.72 3.02 3.31
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.06 3.43 2.45 2.52 2.71 3.28 2.69 2.52 2.21 3.39 2.78
Quick Ratio		 2.51 1.89 1.44 1.38 1.58 1.88 1.32 1.07 0.91 1.32 1.10
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 38 -121 58 55 77 72 48 20 17 104 41
Operating Cash Flow to CapEx		 564.14% 711.29% 877.35% 600.42% 670.22% 368.30% 540.11% 332.28% 118.52% 526.65% 670.89%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 11.63 20.22 9.73 0.00 0.00 0.00 124.01
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 11.70 15.07 12.26 0.00 0.00 0.00 224.97
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 9.95 10.98 9.99 0.00 0.00 0.00 191.44
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.81 0.71 0.70 0.77 0.83 0.75 0.94 1.05 0.95 0.96 1.08
Accounts Receivable Turnover		 6.23 5.69 6.02 6.53 6.75 5.61 7.02 7.81 6.66 6.64 7.09
Inventory Turnover		 5.36 4.47 4.31 4.46 4.72 4.09 4.11 3.80 3.10 2.99 3.28
Fixed Asset Turnover		 9.99 8.78 8.95 9.60 10.06 7.82 8.26 9.10 8.36 10.46 15.24
Accounts Payable Turnover		 22.01 17.72 19.74 21.08 23.14 21.72 18.30 12.13 10.76 13.24 13.56
Days Sales Outstanding (DSO)		 58.63 64.14 60.60 55.93 54.06 65.02 51.98 46.75 54.77 54.95 51.45
Days Inventory Outstanding (DIO)		 68.10 81.71 84.72 81.78 77.31 89.26 88.74 96.00 117.90 122.16 111.27
Days Payable Outstanding (DPO)		 16.58 20.59 18.49 17.31 15.77 16.80 19.94 30.10 33.91 27.57 26.92
Cash Conversion Cycle (CCC)		 110.14 125.26 126.83 120.40 115.60 137.48 120.79 112.64 138.76 149.54 135.80
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 348 511 527 531 522 398 395 423 443 406 421
Invested Capital Turnover		 1.17 0.97 0.91 0.99 1.09 1.04 1.37 1.51 1.31 1.34 1.59
Increase / (Decrease) in Invested Capital		 13 164 16 3.21 -8.91 -124 -2.68 28 20 -37 15
Enterprise Value (EV)		 505 887 962 924 1,276 1,058 992 945 861 687 892
Market Capitalization		 358 596 692 676 1,068 860 812 759 650 546 752
Book Value per Share		 $8.96 $9.80 $11.36 $12.46 $13.74 $8.76 $9.34 $10.36 $10.08 $11.44 $12.22
Tangible Book Value per Share		 ($3.93) ($9.45) ($7.55) ($5.86) ($4.02) ($2.88) ($1.77) ($0.33) ($0.11) $1.63 $2.10
Total Capital		 385 530 564 558 557 439 432 444 467 411 429
Total Debt		 184 310 308 276 244 238 217 206 235 147 148
Total Long-Term Debt		 183 307 275 243 222 237 206 195 181 147 135
Net Debt		 147 291 271 248 209 197 180 186 211 142 139
Capital Expenditures (CapEx)		 10 9.83 7.56 9.69 12 14 11 12 11 7.81 11
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 92 109 113 125 120 112 113 143 173 163 174
Debt-free Net Working Capital (DFNWC)		 129 128 150 153 156 153 150 164 197 168 183
Net Working Capital (NWC)		 128 125 117 120 133 151 139 152 144 168 170
Net Nonoperating Expense (NNE)		 7.39 3.74 19 14 19 34 15 9.29 13 11 9.23
Net Nonoperating Obligations (NNO)		 147 291 271 248 209 197 180 186 211 142 139
Total Depreciation and Amortization (D&A)		 13 18 20 20 20 21 21 21 22 19 16
Debt-free, Cash-free Net Working Capital to Revenue		 23.05% 26.25% 23.84% 23.84% 20.97% 23.25% 20.81% 23.20% 30.51% 28.66% 26.57%
Debt-free Net Working Capital to Revenue		 32.25% 30.72% 31.60% 29.15% 27.21% 31.79% 27.64% 26.56% 34.76% 29.56% 27.83%
Net Working Capital to Revenue		 31.85% 30.04% 24.70% 22.90% 23.34% 31.44% 25.58% 24.75% 25.30% 29.56% 25.94%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.95 $1.71 $2.42 $1.91 $2.13 ($3.81) $1.31 $1.65 $1.01 $2.39 $1.99
Adjusted Weighted Average Basic Shares Outstanding		 22.33M 22.48M 22.58M 22.68M 22.80M 22.86M 22.98M 22.89M 22.98M 23.09M 23.08M
Adjusted Diluted Earnings per Share		 $1.94 $1.70 $2.40 $1.89 $2.11 ($3.81) $1.29 $1.63 $0.98 $2.36 $1.96
Adjusted Weighted Average Diluted Shares Outstanding		 22.34M 22.48M 22.59M 22.70M 22.80M 22.86M 22.98M 22.89M 22.98M 23.09M 23.08M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 22.50M 22.59M 22.59M 22.70M 22.80M 22.86M 22.98M 22.89M 22.98M 23.09M 23.08M
Normalized Net Operating Profit after Tax (NOPAT)		 52 43 50 58 68 37 46 48 36 36 56
Normalized NOPAT Margin		 12.88% 10.27% 10.44% 11.04% 11.89% 7.69% 8.58% 7.77% 6.41% 6.37% 8.55%
Pre Tax Income Margin		 16.55% 15.30% 11.14% 10.64% 10.95% -20.58% 6.39% 7.69% 5.15% 13.00% 9.38%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 13.01 -21.19 10.41 0.00 0.00 0.00 222.75
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 10.29 -14.85 9.19 0.00 0.00 0.00 169.05
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 11.27 -25.28 8.14 0.00 0.00 0.00 189.21
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 8.54 -18.94 6.92 0.00 0.00 0.00 135.52
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 45.67% 54.99% 39.72% 55.54% 51.22% -29.95% 86.42% 70.00% 115.67% 48.93% 59.57%
Augmented Payout Ratio		 45.67% 54.99% 39.72% 55.54% 51.22% -29.95% 86.42% 85.54% 115.67% 48.93% 72.36%

Quarterly Metrics And Ratios for Douglas Dynamics

This table displays calculated financial ratios and metrics derived from Douglas Dynamics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 23,094,047.00 23,209,426.00 23,040,878.00 23,040,878.00 23,084,814.00
DEI Adjusted Shares Outstanding		 - - - - - - 23,094,047.00 23,209,426.00 23,040,878.00 23,040,878.00 23,084,814.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - 0.01 1.11 0.35 0.57 0.28
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -13.23% -16.00% 15.88% -3.55% -10.22% 6.93% 20.29% -2.79% 25.29% 28.55% 19.75%
EBITDA Growth		 -31.18% -16.31% 88.78% 1.99% 196.88% -6.25% 876.48% 0.47% -64.26% 36.72% 93.36%
EBIT Growth		 -40.66% -22.89% 53.36% 5.16% 300.56% 3.54% 149.95% 2.39% -69.33% 48.38% 210.57%
NOPAT Growth		 -39.82% -25.85% 53.45% 2.06% 268.62% -5.75% 121.51% 2.25% -69.62% 46.44% 727.78%
Net Income Growth		 -56.39% -38.53% 36.29% 1.56% 456.94% 11.73% 101.77% 6.64% -75.32% 62.32% 4,208.11%
EPS Growth		 -57.14% -38.00% 36.21% 0.99% 466.67% 12.90% 100.00% 6.86% -75.74% 54.29% 0.00%
Operating Cash Flow Growth		 112.77% -33.09% 62.01% 126.93% -781.05% -2.89% 93.82% -554.09% 39.85% 28.93% 25.65%
Free Cash Flow Firm Growth		 134.21% 33.28% 111.53% 6,322.77% 449.56% 631.59% 677.88% 9.85% -96.94% -99.75% -132.46%
Invested Capital Growth		 -1.11% 4.68% -2.27% -5.06% -9.54% -8.33% -10.20% -6.28% 1.76% 3.68% 5.71%
Revenue Q/Q Growth		 -30.47% -6.85% -28.75% 108.98% -35.27% 10.94% -19.84% 68.88% -16.57% 13.83% -25.33%
EBITDA Q/Q Growth		 -57.40% 7.20% -105.07% 4,507.66% 23.99% -66.15% -58.03% 470.30% -55.89% 29.49% -40.64%
EBIT Q/Q Growth		 -66.54% 9.77% -150.69% 664.73% 27.47% -71.63% -75.55% 1,057.77% -61.81% 37.25% -48.82%
NOPAT Q/Q Growth		 -64.32% 13.58% -141.17% 711.77% 28.86% -70.96% -90.60% 2,807.59% -61.71% 39.98% -46.88%
Net Income Q/Q Growth		 -75.83% 22.19% -218.02% 391.40% 32.54% -75.49% -98.13% 17,436.49% -69.33% 61.24% -50.32%
EPS Q/Q Growth		 -76.24% 29.17% -219.35% 375.68% 33.33% -74.26% -100.00% 0.00% -69.72% 63.64% -51.85%
Operating Cash Flow Q/Q Growth		 122.33% 3,585.28% -128.22% 111.60% -664.78% 625.49% -101.80% -751.46% 25.19% 1,226.43% -101.04%
Free Cash Flow Firm Q/Q Growth		 1,755.15% -157.69% 169.11% 768.34% 58.74% -44.20% 1.13% 22.63% -95.58% -95.38% -13,056.88%
Invested Capital Q/Q Growth		 1.06% -14.04% 3.53% 5.56% -3.71% -12.89% 1.43% 10.17% 4.55% -11.24% 3.40%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 22.29% 21.98% 19.78% 30.67% 23.86% 24.90% 24.45% 31.03% 23.51% 26.09% 27.41%
EBITDA Margin		 11.84% 13.63% -0.97% 20.44% 39.15% 11.95% 6.26% 21.12% 11.17% 12.71% 10.10%
Operating Margin		 7.98% 9.42% -6.71% 18.16% 35.44% 9.04% 2.78% 19.04% 8.69% 10.47% 7.19%
EBIT Margin		 8.00% 9.43% -6.71% 18.13% 35.71% 9.13% 2.79% 19.10% 8.74% 10.54% 7.23%
Profit (Net Income) Margin		 4.02% 5.27% -8.73% 12.18% 24.93% 5.51% 0.13% 13.36% 4.91% 6.96% 4.63%
Tax Burden Percent		 83.59% 86.36% 84.00% 75.76% 77.28% 79.33% 30.20% 76.01% 76.45% 77.98% 80.76%
Interest Burden Percent		 60.06% 64.72% 154.90% 88.63% 90.33% 76.02% 15.28% 91.99% 73.46% 84.60% 79.29%
Effective Tax Rate		 16.41% 13.64% 0.00% 24.24% 22.72% 20.67% 69.80% 23.99% 23.55% 22.02% 19.24%
Return on Invested Capital (ROIC)		 7.65% 10.68% -5.89% 15.90% 31.23% 9.61% 1.14% 17.98% 8.69% 12.97% 9.32%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.30% 8.74% -7.45% 14.68% 29.91% 8.26% 0.72% 16.97% 7.30% 11.37% 8.26%
Return on Net Nonoperating Assets (RNNOA)		 7.66% 7.40% -8.49% 16.03% 29.04% 5.87% 0.60% 14.22% 5.50% 5.85% 4.73%
Return on Equity (ROE)		 15.31% 18.08% -14.38% 31.93% 60.27% 15.48% 1.73% 32.20% 14.19% 18.82% 14.05%
Cash Return on Invested Capital (CROIC)		 8.92% 3.85% 11.24% 13.60% 23.84% 24.59% 28.08% 22.70% 9.18% 9.96% 9.08%
Operating Return on Assets (OROA)		 7.16% 9.01% -6.71% 16.54% 29.86% 8.78% 2.73% 17.27% 7.90% 11.37% 7.84%
Return on Assets (ROA)		 3.60% 5.03% -8.73% 11.11% 20.85% 5.29% 0.13% 12.07% 4.44% 7.50% 5.02%
Return on Common Equity (ROCE)		 15.31% 18.08% -14.38% 31.93% 60.27% 15.48% 1.73% 32.20% 14.19% 18.82% 14.05%
Return on Equity Simple (ROE_SIMPLE)		 11.88% 0.00% 13.12% 12.19% 21.22% 0.00% 24.97% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 9.61 11 -4.50 28 35 10 0.97 28 11 15 8.01
NOPAT Margin		 6.67% 8.13% -4.70% 13.76% 27.39% 7.17% 0.84% 14.47% 6.64% 8.17% 5.81%
Net Nonoperating Expense Percent (NNEP)		 1.35% 1.94% 1.56% 1.22% 1.32% 1.35% 0.42% 1.01% 1.39% 1.59% 1.06%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.34% - - - 2.50% 0.23% 6.09% 2.22% 3.51% 1.82%
Cost of Revenue to Revenue		 77.71% 78.02% 80.22% 69.33% 76.14% 75.10% 75.55% 68.97% 76.49% 73.91% 72.59%
SG&A Expenses to Revenue		 12.49% 10.60% 22.46% 11.69% 19.85% 14.72% 20.32% 11.19% 13.86% 14.78% 19.12%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 14.31% 12.56% 26.49% 12.51% -11.58% 15.86% 21.67% 11.99% 14.82% 15.61% 20.22%
Earnings before Interest and Taxes (EBIT)		 12 13 -6.42 36 46 13 3.21 37 14 19 9.96
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 17 18 -0.93 41 51 17 7.20 41 18 23 14
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.80 2.81 2.52 2.28 2.44 2.07 2.07 2.50 2.62 2.67 3.48
Price to Tangible Book Value (P/TBV)		 6,691.98 0.00 0.00 80.50 19.63 14.54 15.90 13.77 13.52 15.54 20.28
Price to Revenue (P/Rev)		 1.12 1.14 0.94 0.94 1.14 0.96 0.91 1.17 1.17 1.15 1.43
Price to Earnings (P/E)		 23.53 27.41 19.22 18.73 11.51 9.72 8.30 10.36 17.25 16.04 18.29
Dividend Yield		 4.08% 4.17% 4.95% 5.04% 4.28% 4.99% 5.08% 4.00% 3.77% 3.61% 2.80%
Earnings Yield		 4.25% 3.65% 5.20% 5.34% 8.69% 10.29% 12.05% 9.66% 5.80% 6.23% 5.47%
Enterprise Value to Invested Capital (EV/IC)		 1.83 1.95 1.72 1.63 1.81 1.69 1.67 1.91 1.94 2.12 2.59
Enterprise Value to Revenue (EV/Rev)		 1.58 1.52 1.36 1.37 1.51 1.21 1.17 1.48 1.49 1.36 1.66
Enterprise Value to EBITDA (EV/EBITDA)		 13.30 12.82 10.59 10.46 7.73 6.38 5.95 7.45 11.01 9.93 11.68
Enterprise Value to EBIT (EV/EBIT)		 19.33 19.18 15.09 14.58 9.49 7.71 6.98 8.67 13.59 12.06 13.97
Enterprise Value to NOPAT (EV/NOPAT)		 23.26 23.63 19.02 18.85 12.42 10.20 9.14 11.37 17.91 15.89 18.21
Enterprise Value to Operating Cash Flow (EV/OCF)		 18.67 69.07 16.51 13.22 19.43 16.71 11.22 18.18 17.28 11.94 15.02
Enterprise Value to Free Cash Flow (EV/FCFF)		 20.35 51.73 15.14 11.66 7.20 6.59 5.64 8.12 21.31 21.65 29.33
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.22 1.02 1.12 1.06 0.82 0.56 0.62 0.69 0.76 0.52 0.58
Long-Term Debt to Equity		 0.78 0.78 0.82 0.73 0.56 0.56 0.54 0.51 0.50 0.48 0.48
Financial Leverage		 1.22 0.85 1.14 1.09 0.97 0.71 0.83 0.84 0.75 0.51 0.57
Leverage Ratio		 2.84 2.54 2.68 2.65 2.69 2.39 2.52 2.53 2.54 2.23 2.32
Compound Leverage Factor		 1.71 1.64 4.15 2.35 2.43 1.81 0.38 2.32 1.86 1.89 1.84
Debt to Total Capital		 54.96% 50.40% 52.82% 51.50% 45.02% 35.70% 38.18% 40.77% 43.19% 34.40% 36.53%
Short-Term Debt to Total Capital		 19.68% 11.52% 14.34% 16.03% 14.13% 0.00% 4.64% 10.71% 14.94% 2.89% 6.23%
Long-Term Debt to Total Capital		 35.28% 38.88% 38.49% 35.48% 30.89% 35.70% 33.54% 30.06% 28.25% 31.50% 30.30%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 45.04% 49.61% 47.18% 48.50% 54.98% 64.30% 61.82% 59.23% 56.81% 65.60% 63.47%
Debt to EBITDA		 4.09 3.50 3.26 3.34 1.96 1.36 1.38 1.62 2.51 1.64 1.67
Net Debt to EBITDA		 3.93 3.14 3.24 3.28 1.88 1.31 1.32 1.55 2.38 1.55 1.61
Long-Term Debt to EBITDA		 2.62 2.70 2.38 2.30 1.35 1.36 1.21 1.20 1.64 1.51 1.38
Debt to NOPAT		 7.15 6.46 5.86 6.01 3.15 2.18 2.12 2.48 4.08 2.63 2.60
Net Debt to NOPAT		 6.87 5.79 5.82 5.91 3.03 2.10 2.03 2.37 3.87 2.48 2.51
Long-Term Debt to NOPAT		 4.59 4.98 4.27 4.14 2.16 2.18 1.86 1.82 2.67 2.41 2.15
Altman Z-Score		 2.24 2.54 2.26 2.41 2.50 2.59 2.34 2.60 2.49 3.02 3.35
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.80 2.21 2.06 2.03 2.14 3.39 2.37 2.11 2.01 2.78 2.65
Quick Ratio		 0.94 0.91 0.50 1.00 1.09 1.32 0.66 0.96 1.06 1.10 0.72
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 15 -8.87 6.13 53 85 47 48 59 2.58 0.12 -15
Operating Cash Flow to CapEx		 85.45% 2,738.28% -1,628.09% 176.18% -1,150.20% 1,943.68% -61.87% -383.95% -290.75% 3,116.54% -31.45%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 143.71 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -4.03 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -10.54 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.90 0.95 1.00 0.91 0.84 0.96 0.98 0.90 0.90 1.08 1.08
Accounts Receivable Turnover		 3.59 6.66 10.89 4.11 3.51 6.64 9.20 4.14 3.77 7.09 9.92
Inventory Turnover		 3.15 3.10 2.42 2.91 2.79 2.99 2.33 2.70 2.95 3.28 2.58
Fixed Asset Turnover		 8.85 8.36 8.83 8.82 10.49 10.46 11.20 11.15 15.05 15.24 15.65
Accounts Payable Turnover		 13.33 10.76 18.62 17.13 10.89 13.24 12.89 12.68 12.03 13.56 12.58
Days Sales Outstanding (DSO)		 101.61 54.77 33.53 88.89 103.91 54.95 39.67 88.18 96.90 51.45 36.81
Days Inventory Outstanding (DIO)		 115.74 117.90 151.07 125.59 131.02 122.16 156.59 135.25 123.86 111.27 141.23
Days Payable Outstanding (DPO)		 27.39 33.91 19.61 21.31 33.52 27.57 28.31 28.77 30.35 26.92 29.02
Cash Conversion Cycle (CCC)		 189.96 138.76 164.99 193.18 201.42 149.54 167.95 194.65 190.41 135.80 149.02
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 515 443 458 484 466 406 412 453 474 421 435
Invested Capital Turnover		 1.15 1.31 1.25 1.16 1.14 1.34 1.35 1.24 1.31 1.59 1.60
Increase / (Decrease) in Invested Capital		 -5.77 20 -11 -26 -49 -37 -47 -30 8.18 15 23
Enterprise Value (EV)		 941 861 789 788 842 687 689 864 919 892 1,127
Market Capitalization		 663 650 547 540 637 546 536 684 720 752 972
Book Value per Share		 $10.31 $10.08 $9.44 $10.25 $11.29 $11.44 $11.21 $11.77 $11.95 $12.22 $12.10
Tangible Book Value per Share		 $0.00 ($0.11) ($0.63) $0.29 $1.40 $1.63 $1.46 $2.14 $2.31 $2.10 $2.08
Total Capital		 526 467 460 488 474 411 419 461 485 429 440
Total Debt		 289 235 243 251 214 147 160 188 209 148 161
Total Long-Term Debt		 186 181 177 173 147 147 140 139 137 135 133
Net Debt		 278 211 241 247 205 142 153 180 199 139 156
Capital Expenditures (CapEx)		 2.43 2.80 1.33 1.42 1.23 3.83 2.16 2.97 2.93 3.08 3.16
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 242 173 193 223 227 163 171 214 237 174 189
Debt-free Net Working Capital (DFNWC)		 253 197 195 227 236 168 178 221 247 183 194
Net Working Capital (NWC)		 149 144 129 149 169 168 158 172 175 170 167
Net Nonoperating Expense (NNE)		 3.82 3.84 3.86 3.16 3.18 2.38 0.82 2.17 2.81 2.24 1.63
Net Nonoperating Obligations (NNO)		 278 211 241 247 205 142 153 180 199 139 156
Total Depreciation and Amortization (D&A)		 5.53 5.63 5.49 4.61 4.45 4.04 3.99 3.93 3.93 3.99 3.96
Debt-free, Cash-free Net Working Capital to Revenue		 40.73% 30.51% 33.22% 38.82% 40.62% 28.66% 29.03% 36.67% 38.47% 26.57% 27.85%
Debt-free Net Working Capital to Revenue		 42.60% 34.76% 33.56% 39.55% 42.12% 29.56% 30.26% 38.04% 40.20% 27.83% 28.62%
Net Working Capital to Revenue		 25.16% 25.30% 22.21% 25.92% 30.14% 29.56% 26.95% 29.55% 28.43% 25.94% 24.58%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.25 $0.32 ($0.37) $1.03 $1.37 $0.36 $0.01 $1.10 $0.34 $0.54 $0.27
Adjusted Weighted Average Basic Shares Outstanding		 22.98M 22.98M 23.01M 23.09M 23.09M 23.09M 23.12M 23.13M 23.04M 23.08M 23.10M
Adjusted Diluted Earnings per Share		 $0.24 $0.31 ($0.37) $1.02 $1.36 $0.35 $0.00 $1.09 $0.33 $0.54 $0.26
Adjusted Weighted Average Diluted Shares Outstanding		 22.98M 22.98M 23.01M 23.09M 23.58M 23.09M 23.12M 23.67M 23.57M 23.08M 23.59M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 22.98M 22.98M 23.09M 23.09M 23.09M 23.09M 23.21M 23.04M 23.04M 23.08M 23.13M
Normalized Net Operating Profit after Tax (NOPAT)		 9.61 11 -3.64 28 2.75 10 2.24 28 11 15 8.01
Normalized NOPAT Margin		 6.67% 8.13% -3.80% 13.76% 2.12% 7.17% 1.95% 14.47% 6.64% 8.17% 5.81%
Pre Tax Income Margin		 4.81% 6.10% -10.39% 16.07% 32.26% 6.94% 0.43% 17.57% 6.42% 8.92% 5.73%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 9.66 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 2.91 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 3.15 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -3.60 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 97.46% 115.67% 95.61% 94.41% 49.30% 48.93% 42.91% 41.94% 66.47% 59.57% 52.80%
Augmented Payout Ratio		 97.46% 115.67% 95.61% 94.41% 49.30% 48.93% 42.91% 50.99% 80.77% 72.36% 69.74%

Financials Breakdown Chart

Key Financial Trends

Douglas Dynamics (PLOW) has shown improving profitability and a strengthening balance sheet in the latest four-year window, with a notable jump in cash flow from operations in late 2025 and gradual deleveraging. Here are the key takeaways for retail investors.

  • Net income in Q4 2025 rose to $12.84 million, up from about $7.91 million in Q4 2024, signaling improved profitability into the latest quarter.
  • Cash flow from continuing operating activities in Q4 2025 was about $95.93 million, indicating strong operating cash generation relative to quarterly earnings.
  • Long-term debt declined across 2025 (roughly $140.47 million in Q1 2025 to $136.93 million by Q3 2025), showing deleveraging progress.
  • Total liabilities decreased from about $435.01 million at year-end 2024 to around $419.61 million by Q3 2025, improving leverage metrics.
  • Total equity rose to about $275.33 million by Q3 2025, up from prior year levels, reflecting a stronger capital base.
  • Dividend policy remained shareholder-friendly, with most 2025 quarters reporting a per-share dividend of $0.30 (Q4 2025 was $0.28 per share).
  • Revenue shows quarterly seasonality (Q2 around $194.3 million, Q3 around $162.1 million, Q4 around $184.5 million in 2025), suggesting earnings are somewhat affected by cyclic demand rather than a single growth trend.
  • Gross margin and earnings per share exhibit variability across quarters (e.g., Q4 2025 gross margin around 26% with diluted EPS of $0.54), indicating sensitivity to product mix and one-time items.
  • Net cash from financing activities was negative in Q4 2025 (approximately $-68.9 million), reflecting sizable financing outflows that may pressure liquidity if not offset by cash from operations.
  • Investing cash flows remained negative due to ongoing capital expenditures, consistent with growth and productivity initiatives, which is common for a manufacturing-focused company.
05/22/26 03:23 AM ETAI Generated. May Contain Errors.

Douglas Dynamics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Douglas Dynamics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

In the past 10 years, Douglas Dynamics' net income has ranged from -$86.55 million in 2020 to $56.15 million in 2024, and is currently $46.90 million as of their latest financial filing in 2025. See where experts think Douglas Dynamics is headed by visiting Douglas Dynamics' forecast page.

Douglas Dynamics' total operating income in 2025 was $73.61 million, based on the following breakdown:
  • Total Gross Profit: $174.68 million
  • Total Operating Expenses: $101.07 million

Over the last 10 years, Douglas Dynamics' total revenue changed from $400.41 million in 2015 to $656.05 million in 2025, a change of 63.8%.

Douglas Dynamics' total liabilities were at $345.26 million at the end of 2025, a 6.0% increase from 2024, and a 14.1% increase since 2015.

In the past 10 years, Douglas Dynamics' cash and equivalents has ranged from $5.12 million in 2024 to $41.03 million in 2020, and is currently $8.30 million as of their latest financial filing in 2025.

Over the last 10 years, Douglas Dynamics' book value per share changed from 8.96 in 2015 to 12.22 in 2025, a change of 36.4%.


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Financial statements for NYSE:PLOW last updated on 5/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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