Dorman Products, Inc. (DORM) 10-Year Financial Performance & Capital Metrics

DORM • • Industrial / General

Consumer CyclicalAuto Parts & EquipmentAftermarket Parts & RetailReplacement Parts Manufacturers

AboutDorman Products, Inc. supplies replacement parts and fasteners for passenger cars, light trucks, and medium- and heavy-duty trucks in the automotive aftermarket industry worldwide. It offers original equipment dealer products, such as intake and exhaust manifolds, window regulators, radiator fan assemblies, tire pressure monitor sensors, exhaust gas recirculation coolers, and complex electronics modules; fluid reservoirs, variable valve timing components, complex electronics, and integrated door lock actuators; and oil drain plugs, and wheel bolts and lug nuts. The company also provides automotive replacement parts, including door handles, keyless remotes and cases, and door hinge repairs; and heavy duty aftermarket parts for class 4-8 vehicles, such as lighting, cooling, engine management, wheel hardware, air tanks, and cab products. It offers powertrain products comprising cooling products, harmonic balancers, fluid lines and reservoirs, connectors, 4-wheel drive components, other engine, and transmission and axle components; and chassis products, such as control arms, ball joints, tie-rod ends, brake hardware and hydraulics, axle hardware, suspension arms, knuckles, links, bushings, leaf springs, other suspension, steering, and brake components. The company also provides automotive body products, including window lift motors, switches and handles, wiper, and other interior and exterior automotive body components; and hardware products comprising threaded bolts; automotive and home electrical wiring components; and other hardware assortments and merchandise. It offers its products under the OE Solutions, HELP!, OE FIX, Conduct-Tite, and HD Solutions brands through automotive aftermarket retailers, such as on-line platforms; national, regional, and local warehouse distributors; and specialty markets; salvage yards; local independent parts wholesalers; and mass merchants. The company was founded in 1918 and is headquartered in Colmar, Pennsylvania.Show more

Revenue $2.01B +4.1%
EBITDA $350M +29.7%
Net Income $190M +47.0%
EPS (Diluted) 6.14 +49.8%
Gross Margin 40.13% +13.0%
EBITDA Margin 17.4% +24.6%
Operating Margin 14.58% +31.0%
Net Margin 9.46% +41.2%
ROE 15.44% +32.0%
ROIC 12.12% +37.7%
Debt/Equity 0.44 -24.3%
Interest Coverage 7.37 +65.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 17.8%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.2%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.33%

5Y15.18%

3Y14.31%

TTM7.94%

Profit (Net Income) CAGR

10Y7.76%

5Y17.8%

3Y13.04%

TTM33.04%

EPS CAGR

10Y9.45%

5Y19.12%

3Y14.22%

TTM34.28%

ROCE

10Y Avg19.97%

5Y Avg15.03%

3Y Avg13.88%

Latest16.25%

Peer Comparison

Replacement Parts Manufacturers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
INEOINNEOVA Holdings Ltd	9.76M	0.59	655.56	-2%	1.38%	18.29%	19.39%	2.30
GTThe Goodyear Tire & Rubber Company	2.67B	9.32	38.83	-5.92%	-9.56%	-55.07%		1.79
XPELXPEL, Inc.	1.5B	54.30	32.91	6.08%	10.12%	17.06%	2.74%	0.09
DORMDorman Products, Inc.	3.94B	128.79	20.98	4.11%	11.62%	16.67%	4.87%	0.44
SMPStandard Motor Products, Inc.	882.61M	40.12	16.64	7.77%	3.95%	9.98%	3.7%	1.05
MPAAMotorcar Parts of America, Inc.	265.99M	13.60	-13.74	5.53%	0.31%	0.95%	15.38%	0.78

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	802.96M	859.6M	903.22M	973.71M	991.33M	1.09B	1.35B	1.73B	1.93B	2.01B
Revenue Growth %	0.07%	0.07%	0.05%	0.08%	0.02%	0.1%	0.23%	0.29%	0.11%	0.04%
Cost of Goods Sold+	494.91M	521.53M	544.57M	600.42M	651.5M	709.63M	882.33M	1.17B	1.24B	1.2B
COGS % of Revenue	0.62%	0.61%	0.6%	0.62%	0.66%	0.65%	0.66%	0.67%	0.64%	0.6%
Gross Profit+	308.05M	338.07M	358.65M	373.28M	339.82M	383.12M	462.92M	564.45M	685.42M	806.36M
Gross Margin %	0.38%	0.39%	0.4%	0.38%	0.34%	0.35%	0.34%	0.33%	0.36%	0.4%
Gross Profit Growth %	0.07%	0.1%	0.06%	0.04%	-0.09%	0.13%	0.21%	0.22%	0.21%	0.18%
Operating Expenses+	161.89M	169.47M	182.41M	202.14M	234M	249.74M	291.37M	393.4M	470.66M	513.45M
OpEx % of Revenue	0.2%	0.2%	0.2%	0.21%	0.24%	0.23%	0.22%	0.23%	0.24%	0.26%
Selling, General & Admin	161.89M	169.47M	182.41M	202.14M	234M	249.74M	291.37M	393.4M	470.66M	513.45M
SG&A % of Revenue	0.2%	0.2%	0.2%	0.21%	0.24%	0.23%	0.22%	0.23%	0.24%	0.26%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	146.16M	168.6M	176.24M	171.14M	105.83M	133.37M	171.55M	171.05M	214.76M	292.91M
Operating Margin %	0.18%	0.2%	0.2%	0.18%	0.11%	0.12%	0.13%	0.1%	0.11%	0.15%
Operating Income Growth %	0.04%	0.15%	0.05%	-0.03%	-0.38%	0.26%	0.29%	-0%	0.26%	0.36%
EBITDA+	162.34M	187.51M	198.46M	199.53M	131.74M	165.68M	206.74M	215.72M	269.49M	349.61M
EBITDA Margin %	0.2%	0.22%	0.22%	0.2%	0.13%	0.15%	0.15%	0.12%	0.14%	0.17%
EBITDA Growth %	0.06%	0.16%	0.06%	0.01%	-0.34%	0.26%	0.25%	0.04%	0.25%	0.3%
D&A (Non-Cash Add-back)	16.19M	18.91M	22.22M	28.39M	25.91M	32.31M	35.19M	44.68M	54.73M	56.7M
EBIT	146.16M	168.6M	176.24M	171.14M	106.04M	136.34M	171.93M	171.78M	216.56M	295.98M
Net Interest Income+	-216K	-241K	0	0	0	0	-2.16M	-15.58M	-48.06M	-39.73M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	216K	241K	0	0	0	0	2.16M	15.58M	48.06M	39.73M
Other Income/Expense	-216K	-241K	348K	-8K	-21K	2.36M	-1.78M	-14.85M	-46.26M	-36.66M
Pretax Income+	145.94M	168.36M	176.59M	171.13M	105.81M	135.74M	169.77M	156.2M	168.5M	256.25M
Pretax Margin %	0.18%	0.2%	0.2%	0.18%	0.11%	0.12%	0.13%	0.09%	0.09%	0.13%
Income Tax+	53.61M	62.31M	69.99M	37.53M	22.05M	28.87M	38.23M	34.65M	39.24M	66.25M
Effective Tax Rate %	0.63%	0.63%	0.6%	0.78%	0.79%	0.79%	0.77%	0.78%	0.77%	0.74%
Net Income+	92.33M	106.05M	106.6M	133.6M	83.76M	106.87M	131.53M	121.55M	129.26M	190M
Net Margin %	0.11%	0.12%	0.12%	0.14%	0.08%	0.1%	0.1%	0.07%	0.07%	0.09%
Net Income Growth %	0.03%	0.15%	0.01%	0.25%	-0.37%	0.28%	0.23%	-0.08%	0.06%	0.47%
Net Income (Continuing)	92.33M	106.05M	106.6M	133.6M	83.76M	106.87M	131.53M	121.55M	129.26M	190M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.60	3.07	3.13	4.02	2.56	3.30	4.12	3.85	4.10	6.14
EPS Growth %	0.04%	0.18%	0.02%	0.28%	-0.36%	0.29%	0.25%	-0.07%	0.06%	0.5%
EPS (Basic)	2.65	3.07	3.18	4.05	2.57	3.31	4.13	3.87	4.13	6.17
Diluted Shares Outstanding	35.54M	34.6M	34.05M	33.21M	32.69M	32.37M	31.96M	31.54M	31.53M	30.96M
Basic Shares Outstanding	34.86M	34.52M	33.57M	33M	32.61M	32.28M	31.81M	31.43M	31.3M	30.8M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	478.63M	551.61M	532.85M	631.44M	754.59M	922.93M	1.08B	1.27B	1.23B	1.37B
Cash & Short-Term Investments	78.66M	149.12M	71.69M	43.46M	68.35M	155.58M	58.78M	46.03M	36.81M	57.14M
Cash Only	78.66M	149.12M	71.69M	43.46M	68.35M	155.58M	58.78M	46.03M	36.81M	57.14M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	203.92M	230.53M	241.88M	400.66M	391.81M	460.88M	472.76M	427.38M	526.87M	573.79M
Days Sales Outstanding	92.7	97.88	97.75	150.19	144.26	153.94	128.27	89.98	99.65	104.24
Inventory	193.72M	168.85M	212.15M	270.5M	280.81M	298.72M	531.99M	755.9M	637.38M	707.98M
Days Inventory Outstanding	142.87	118.17	142.19	164.44	157.32	153.65	220.07	235.96	186.96	214.83
Other Current Assets	0	3.12M	7.13M	0	13.61M	7.76M	13.05M	39.8M	32.65M	30.86M
Total Non-Current Assets+	143.23M	160.18M	233.07M	257.92M	286.48M	297.73M	596.54M	1.07B	1.06B	1.05B
Property, Plant & Equipment	87.05M	88.44M	92.69M	98.65M	134.03M	130.01M	173.89M	258.45M	263.59M	283M
Fixed Asset Turnover	9.22x	9.72x	9.74x	9.87x	7.40x	8.41x	7.74x	6.71x	7.32x	7.10x
Goodwill	0	28.15M	66M	72.61M	74.46M	91.08M	197.33M	443.04M	443.89M	442.89M
Intangible Assets	29.89M	1.64M	22.16M	25.16M	21.3M	25.21M	178.81M	322.41M	301.56M	278.21M
Long-Term Investments	0	0	21.1M	18.4M	19.3M	8.5M	9.4M	9.4M	10.8M	11.2M
Other Non-Current Assets	18.74M	29.52M	23.24M	36.78M	33.05M	30.48M	46.5M	48.77M	38.86M	33.68M
Total Assets+	621.87M	711.79M	765.92M	889.36M	1.04B	1.22B	1.67B	2.34B	2.29B	2.42B
Asset Turnover	1.29x	1.21x	1.18x	1.09x	0.95x	0.90x	0.80x	0.74x	0.84x	0.83x
Asset Growth %	0.07%	0.14%	0.08%	0.16%	0.17%	0.17%	0.37%	0.4%	-0.02%	0.06%
Total Current Liabilities+	98.57M	103.85M	110.78M	143.39M	220.5M	322.64M	665.05M	678.29M	547.15M	563.8M
Accounts Payable	63.97M	72.63M	80.22M	109.1M	90.44M	117.88M	177.39M	179.82M	176.66M	231.81M
Days Payables Outstanding	47.18	50.83	53.77	66.32	50.67	60.63	73.38	56.13	51.82	70.34
Short-Term Debt	0	0	0	0	5.35M	0	239.36M	251.86M	125.3M	28.13M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	500K	500K	500K	600K	114.94M	5.47M	0	0	221.21M	57.96M
Current Ratio	4.86x	5.31x	4.81x	4.40x	3.42x	2.86x	1.62x	1.87x	2.25x	2.43x
Quick Ratio	2.89x	3.69x	2.89x	2.52x	2.15x	1.93x	0.82x	0.76x	1.09x	1.17x
Cash Conversion Cycle	188.4	165.23	186.17	248.31	250.92	246.96	274.96	269.8	234.79	248.73
Total Non-Current Liabilities+	5.26M	6.3M	20.34M	18.34M	46.99M	44.46M	75.33M	620.86M	577.05M	567.25M
Long-Term Debt	0	0	0	0	0	0	0	482.46M	467.24M	439.51M
Capital Lease Obligations	0	0	0	0	29.73M	37.08M	52.44M	98.22M	91.26M	105.14M
Deferred Tax Liabilities	0	0	6.6M	4.79M	3.96M	3.82M	17.98M	11.83M	8.93M	3.7M
Other Non-Current Liabilities	5.26M	6.3M	13.73M	13.55M	13.3M	3.56M	4.92M	28.35M	9.63M	18.89M
Total Liabilities	103.83M	110.15M	131.12M	161.73M	267.49M	367.1M	740.38M	1.3B	1.12B	1.13B
Total Debt+	0	0	0	0	35.08M	37.08M	301.87M	848.46M	683.8M	572.78M
Net Debt	-78.66M	-149.12M	-71.69M	-43.46M	-33.27M	-118.49M	243.09M	802.43M	646.99M	515.64M
Debt / Equity	-	-	-	-	0.05x	0.04x	0.32x	0.81x	0.59x	0.44x
Debt / EBITDA	-	-	-	-	0.27x	0.22x	1.46x	3.93x	2.54x	1.64x
Net Debt / EBITDA	-0.48x	-0.80x	-0.36x	-0.22x	-0.25x	-0.72x	1.18x	3.72x	2.40x	1.47x
Interest Coverage	676.65x	699.59x	-	-	-	-	79.35x	10.98x	4.47x	7.37x
Total Equity+	518.04M	601.64M	634.81M	727.62M	773.58M	853.56M	932.74M	1.04B	1.17B	1.29B
Equity Growth %	0.12%	0.16%	0.06%	0.15%	0.06%	0.1%	0.09%	0.12%	0.12%	0.11%
Book Value per Share	14.58	17.39	18.64	21.91	23.67	26.37	29.18	33.05	37.05	41.78
Total Shareholders' Equity	518.04M	601.64M	634.81M	727.62M	773.58M	853.56M	932.74M	1.04B	1.17B	1.29B
Common Stock	349K	345K	336K	330K	326K	322K	316K	314K	313K	306K
Retained Earnings	474.89M	557.11M	589.66M	679.43M	720.65M	789.15M	856.41M	956.87M	1.07B	1.18B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-92.6M	-105.73M	-119.57M	0	0	0	-1.44M	-3.3M	-2.59M	-6.78M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	92.06M	121.54M	94.24M	78.11M	95.31M	151.97M	100.34M	41.69M	208.76M	231.05M
Operating CF Margin %	0.11%	0.14%	0.1%	0.08%	0.1%	0.14%	0.07%	0.02%	0.11%	0.11%
Operating CF Growth %	0.54%	0.32%	-0.22%	-0.17%	0.22%	0.59%	-0.34%	-0.58%	4.01%	0.11%
Net Income	92.33M	106.05M	106.6M	133.6M	83.76M	106.87M	131.53M	121.55M	129.26M	190M
Depreciation & Amortization	16.19M	18.91M	22.22M	28.39M	25.91M	32.31M	35.19M	44.68M	54.73M	56.7M
Stock-Based Compensation	882K	2.38M	3.16M	3.46M	3.08M	7.59M	8.23M	9.37M	11.48M	15.01M
Deferred Taxes	-5.11M	-4.89M	4.68M	-58K	1.06M	-9.6M	-11.97M	-5.88M	-2.96M	-10.84M
Other Non-Cash Items	3.26M	1.22M	299K	-570K	39K	-2.18M	-2.24M	-34K	-15.88M	90K
Working Capital Changes	-15.49M	-2.13M	-42.72M	-86.71M	-18.55M	16.98M	-60.41M	-127.99M	32.12M	-19.92M
Change in Receivables	-1.15M	-27.82M	-5.71M	-66.4M	8.81M	-67.37M	10.92M	48.48M	-104.02M	-47.23M
Change in Inventory	-20.2M	24.87M	-25.15M	-46.84M	-10.96M	-12.33M	-153.82M	-133.79M	118.61M	-72.09M
Change in Payables	5.39M	8.66M	3.72M	26.96M	-19.08M	25.25M	47M	-5.54M	-3.14M	55.71M
Cash from Investing+	-23.82M	-26.25M	-94.44M	-59.15M	-29.56M	-30.26M	-365.32M	-526.84M	-43.9M	-39.32M
Capital Expenditures	-21.69M	-20.06M	-24.45M	-26.11M	-29.56M	-15.45M	-19.84M	-37.88M	-43.97M	-39.42M
CapEx % of Revenue	0.03%	0.02%	0.03%	0.03%	0.03%	0.01%	0.01%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.13M	6.2M	10M	5M	0	0	0	0	0	0
Cash from Financing+	-37.24M	-24.82M	-77.27M	-46.94M	-40.85M	-34.48M	168.24M	472.5M	-174.11M	-170.98M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	93K	-145K	-1.17M	-1.59M	488K	4.19M	-8.48M	-4.45M	700K	4.26M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	70.37M	101.48M	69.79M	52.01M	65.75M	136.52M	80.5M	3.81M	164.79M	191.63M
FCF Margin %	0.09%	0.12%	0.08%	0.05%	0.07%	0.12%	0.06%	0%	0.09%	0.1%
FCF Growth %	1.36%	0.44%	-0.31%	-0.25%	0.26%	1.08%	-0.41%	-0.95%	42.31%	0.16%
FCF per Share	1.98	2.93	2.05	1.57	2.01	4.22	2.52	0.12	5.23	6.19
FCF Conversion (FCF/Net Income)	1.00x	1.15x	0.88x	0.58x	1.14x	1.42x	0.76x	0.34x	1.62x	1.22x
Interest Paid	281K	266K	291K	250K	338K	753K	1.78M	11.65M	49.51M	38.71M
Taxes Paid	57.15M	62.35M	74.65M	30.45M	28.92M	28.34M	46.23M	62.86M	35.47M	56.7M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	18.84%	18.94%	17.24%	19.61%	11.16%	13.14%	14.73%	12.31%	11.69%	15.44%
Return on Invested Capital (ROIC)	25.68%	28.36%	26.03%	20.58%	11.14%	13.56%	13.47%	8.49%	8.8%	12.12%
Gross Margin	38.36%	39.33%	39.71%	38.34%	34.28%	35.06%	34.41%	32.56%	35.52%	40.13%
Net Margin	11.5%	12.34%	11.8%	13.72%	8.45%	9.78%	9.78%	7.01%	6.7%	9.46%
Debt / Equity	-	-	-	-	0.05x	0.04x	0.32x	0.81x	0.59x	0.44x
Interest Coverage	676.65x	699.59x	-	-	-	-	79.35x	10.98x	4.47x	7.37x
FCF Conversion	1.00x	1.15x	0.88x	0.58x	1.14x	1.42x	0.76x	0.34x	1.62x	1.22x
Revenue Growth	6.85%	7.05%	5.07%	7.8%	1.81%	10.23%	23.11%	28.88%	11.31%	4.11%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Chassis	278.58M	297.35M	324.4M	458.99M	715M	-	-
Chassis Growth	-	6.74%	9.10%	41.49%	55.78%	-	-
Powertrain	393.98M	395.98M	442.22M	539.24M	644.06M	-	-
Powertrain Growth	-	0.51%	11.68%	21.94%	19.44%	-	-
Hardware	44.8M	46.5M	59.43M	58.43M	60.23M	-	-
Hardware Growth	-	3.79%	27.81%	-1.68%	3.09%	-	-
Automotive Body	256.34M	251.51M	266.7M	288.6M	-	-	-
Automotive Body Growth	-	-1.89%	6.04%	8.21%	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	913.18M	929.91M	1.03B	1.27B	1.61B	1.77B	1.85B
UNITED STATES Growth	-	1.83%	10.89%	23.07%	26.59%	10.31%	4.31%
Non-US	-	-	-	-	127.28M	157.7M	160.78M
Non-US Growth	-	-	-	-	-	23.90%	1.95%
Non Us	60.52M	61.42M	61.56M	76.2M	-	-	-
Non Us Growth	-	1.48%	0.23%	23.77%	-	-	-

Frequently Asked Questions

Valuation & Price

Dorman Products, Inc. (DORM) has a price-to-earnings (P/E) ratio of 21.0x. This is roughly in line with market averages.

Growth & Financials

Dorman Products, Inc. (DORM) reported $2.13B in revenue for fiscal year 2024. This represents a 314% increase from $513.4M in 2011.

Dorman Products, Inc. (DORM) grew revenue by 4.1% over the past year. Growth has been modest.

Yes, Dorman Products, Inc. (DORM) is profitable, generating $247.1M in net income for fiscal year 2024 (9.5% net margin).

Dividend & Returns

Dorman Products, Inc. (DORM) has a return on equity (ROE) of 15.4%. This is reasonable for most industries.

Dorman Products, Inc. (DORM) generated $105.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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