Douglas Dynamics, Inc. (PLOW) 10-Year Financial Performance & Capital Metrics

PLOW • • Industrial / General

Consumer CyclicalAuto Parts & EquipmentSpecialty Vehicle ComponentsCommercial Vehicle Components

AboutDouglas Dynamics, Inc. operates as a manufacturer and upfitter of commercial work truck attachments and equipment in North America. It operates through two segments, Work Truck Attachments and Work Truck Solutions. The Work Truck Attachments segment manufactures and sells snow and ice control attachments, including snowplows, and sand and salt spreaders for light trucks and heavy duty trucks, as well as various related parts and accessories. The Work Truck Solutions segment primarily manufactures municipal snow and ice control products; provides truck and vehicle upfits where it attaches component pieces of equipment, truck bodies, racking, and storage solutions to a vehicle chassis for use by end users for work related purposes; and manufactures storage solutions for trucks and vans, and cable pulling equipment for trucks. This segment also offers up-fit and storage solutions. It also provides customized turnkey solutions to governmental agencies, such as Departments of Transportation and municipalities. The company sells its products under the BLIZZARD, FISHER, SNOWEX, WESTERN, TURFEX, SWEEPEX, HENDERSON, BRINEXTREME, and DEJANA brands. It distributes its products primarily to professional snowplowers who are contracted to remove snow and ice from commercial and residential areas. The company was founded in 1948 and is headquartered in Milwaukee, Wisconsin.Show more

Revenue $569M
EBITDA $107M +60.1%
Net Income $56M +136.7%
EPS (Diluted) 2.36 +133.7%
Gross Margin 25.83% +9.3%
EBITDA Margin 18.75% +60.0%
Operating Margin 15.6% +97.4%
Net Margin 9.88% +136.6%
ROE 22.65% +123.8%
ROIC 14.09% +89.7%
Debt/Equity 0.84 -24.4%
Interest Coverage 5.81 +102.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Good 3Y average ROE of 16.6%
✓Healthy dividend yield of 3.2%
✓Trading near 52-week high

✗Weaknesses

✗Thin 5Y average net margin of 1.6%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y6.48%

5Y-0.11%

3Y1.64%

TTM9.99%

Profit (Net Income) CAGR

10Y3.46%

5Y2.69%

3Y22.31%

TTM-24.14%

EPS CAGR

10Y2.92%

5Y2.26%

3Y22.3%

TTM-23.91%

ROCE

10Y Avg10.38%

5Y Avg7.2%

3Y Avg13%

Latest17.84%

Peer Comparison

Commercial Vehicle Components

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PLOWDouglas Dynamics, Inc.	850.67M	36.92	15.64	0.06%	6.82%	15.24%	3.92%	0.84
MLRMiller Industries, Inc.	461.14M	40.34	7.37	9.03%	3.59%	7.16%	0.33%	0.16
CVGICommercial Vehicle Group, Inc.	64.28M	1.75	-2.11	-13.42%	-8.35%	-40.19%		1.23

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	400.41M	416.27M	474.93M	524.07M	571.71M	480.15M	541.45M	616.07M	568.18M	568.5M
Revenue Growth %	0.32%	0.04%	0.14%	0.1%	0.09%	-0.16%	0.13%	0.14%	-0.08%	0%
Cost of Goods Sold+	267.55M	282.29M	331.84M	369.18M	402.89M	351.87M	399.58M	464.61M	433.91M	421.67M
COGS % of Revenue	0.67%	0.68%	0.7%	0.7%	0.7%	0.73%	0.74%	0.75%	0.76%	0.74%
Gross Profit+	132.86M	133.97M	143.09M	154.89M	168.82M	128.28M	141.87M	151.46M	134.27M	146.84M
Gross Margin %	0.33%	0.32%	0.3%	0.3%	0.3%	0.27%	0.26%	0.25%	0.24%	0.26%
Gross Profit Growth %	0.14%	0.01%	0.07%	0.08%	0.09%	-0.24%	0.11%	0.07%	-0.11%	0.09%
Operating Expenses+	55.51M	64.86M	73M	81.43M	82.24M	203.42M	90.74M	92.7M	89.36M	58.13M
OpEx % of Revenue	0.14%	0.16%	0.15%	0.16%	0.14%	0.42%	0.17%	0.15%	0.16%	0.1%
Selling, General & Admin	48.15M	50.66M	63.04M	71.24M	71.29M	64.62M	78.84M	82.18M	78.84M	91.68M
SG&A % of Revenue	0.12%	0.12%	0.13%	0.14%	0.12%	0.13%	0.15%	0.13%	0.14%	0.16%
Research & Development	2.95M	3.13M	2.93M	3.19M	0	0	0	0	10.08M	8.4M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	-	-	-	-	0.02%	0.01%
Other Operating Expenses	-193K	-277K	-115K	-758K	10.96M	138.8M	11.89M	10.52M	439K	-41.95M
Operating Income+	77.35M	69.12M	70.09M	73.46M	86.57M	-75.14M	51.13M	58.75M	44.91M	88.71M
Operating Margin %	0.19%	0.17%	0.15%	0.14%	0.15%	-0.16%	0.09%	0.1%	0.08%	0.16%
Operating Income Growth %	0.07%	-0.11%	0.01%	0.05%	0.18%	-1.87%	1.68%	0.15%	-0.24%	0.98%
EBITDA+	89.63M	85.86M	88.67M	92.55M	105.78M	-55.4M	71.45M	79.69M	66.57M	106.6M
EBITDA Margin %	0.22%	0.21%	0.19%	0.18%	0.19%	-0.12%	0.13%	0.13%	0.12%	0.19%
EBITDA Growth %	0.1%	-0.04%	0.03%	0.04%	0.14%	-1.52%	2.29%	0.12%	-0.16%	0.6%
D&A (Non-Cash Add-back)	12.28M	16.74M	18.58M	19.09M	19.21M	19.74M	20.32M	20.94M	21.66M	17.89M
EBIT	77.16M	78.89M	71.25M	72.7M	79.4M	-78.59M	46.43M	58.61M	44.91M	89.15M
Net Interest Income+	-10.89M	-15.2M	-18.34M	-16.94M	-16.78M	-20.24M	-11.84M	-11.25M	-15.68M	-15.26M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	10.89M	15.2M	18.34M	16.94M	16.78M	20.24M	11.84M	11.25M	15.68M	15.26M
Other Income/Expense	-11.09M	-6.11M	-17.89M	-17.7M	-23.96M	-23.69M	-16.55M	-11.39M	-15.68M	-14.82M
Pretax Income+	66.26M	63.7M	52.91M	55.76M	62.62M	-98.83M	34.59M	47.36M	29.23M	73.89M
Pretax Margin %	0.17%	0.15%	0.11%	0.11%	0.11%	-0.21%	0.06%	0.08%	0.05%	0.13%
Income Tax+	22.09M	24.69M	-2.41M	11.85M	13.45M	-12.28M	3.9M	8.75M	5.51M	17.74M
Effective Tax Rate %	0.67%	0.61%	1.05%	0.79%	0.79%	0.88%	0.89%	0.82%	0.81%	0.76%
Net Income+	44.18M	39.01M	55.32M	43.91M	49.17M	-86.55M	30.69M	38.61M	23.72M	56.15M
Net Margin %	0.11%	0.09%	0.12%	0.08%	0.09%	-0.18%	0.06%	0.06%	0.04%	0.1%
Net Income Growth %	0.11%	-0.12%	0.42%	-0.21%	0.12%	-2.76%	1.35%	0.26%	-0.39%	1.37%
Net Income (Continuing)	44.18M	39.01M	55.32M	43.91M	49.17M	-86.55M	30.69M	38.61M	23.72M	56.15M
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)+	1.94	1.70	2.40	1.93	2.11	-3.81	1.29	1.63	1.01	2.36
EPS Growth %	0.1%	-0.12%	0.41%	-0.2%	0.09%	-2.81%	1.34%	0.26%	-0.38%	1.34%
EPS (Basic)	1.95	1.71	2.42	1.94	2.13	-3.81	1.31	1.65	1.01	2.39
Diluted Shares Outstanding	22.34M	22.48M	22.59M	22.7M	22.81M	22.85M	22.96M	22.92M	22.96M	23.51M
Basic Shares Outstanding	22.33M	22.48M	22.58M	22.68M	22.78M	22.85M	22.95M	22.92M	22.96M	23.07M
Dividend Payout Ratio	0.46%	0.55%	0.4%	0.56%	0.51%	-	0.86%	0.7%	1.16%	0.49%

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+	169.24M	182.16M	198.11M	199.09M	211.53M	217.19M	220.43M	252.92M	262.24M	238.22M
Cash & Short-Term Investments	36.84M	18.61M	36.88M	27.82M	35.66M	41.03M	36.96M	20.67M	24.16M	5.12M
Cash Only	36.84M	18.61M	36.88M	27.82M	35.66M	41.03M	36.96M	20.67M	24.16M	5.12M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	72.56M	80.13M	79.12M	81.48M	87.87M	83.19M	72.26M	86.77M	88.58M	87.41M
Days Sales Outstanding	66.14	70.26	60.81	56.75	56.1	63.24	48.71	51.41	56.9	56.12
Inventory	51.58M	74.81M	79.23M	86.2M	84.48M	87.63M	106.67M	137.71M	142.61M	139.65M
Days Inventory Outstanding	70.37	96.73	87.15	85.22	76.54	90.9	97.44	108.19	119.96	120.88
Other Current Assets	6.15M	0	0	0	0	0	0	7.77M	6.9M	6.05M
Total Non-Current Assets+	336.26M	489.74M	487.06M	477.1M	494.17M	362.01M	352.05M	343.97M	331.18M	351.76M
Property, Plant & Equipment	42.64M	52.14M	53.96M	55.2M	81M	85.76M	85.25M	86.09M	85.35M	112.11M
Fixed Asset Turnover	9.39x	7.98x	8.80x	9.49x	7.06x	5.60x	6.35x	7.16x	6.66x	5.07x
Goodwill	160.93M	238.29M	241.01M	241.01M	241.01M	113.13M	113.13M	113.13M	113.13M	113.13M
Intangible Assets	127.65M	194.85M	186.15M	174.68M	163.72M	152.79M	142.11M	131.59M	121.07M	113.55M
Long-Term Investments	-3.82M	-5.73M	-39.27M	-48.2M	0	0	0	0	0	0
Other Non-Current Assets	2.71M	4.46M	5.95M	6.22M	8.44M	10.33M	11.55M	13.15M	11.63M	12.96M
Total Assets+	505.5M	671.9M	685.18M	676.19M	705.7M	579.2M	572.48M	596.89M	593.42M	589.98M
Asset Turnover	0.79x	0.62x	0.69x	0.78x	0.81x	0.83x	0.95x	1.03x	0.96x	0.96x
Asset Growth %	0.05%	0.33%	0.02%	-0.01%	0.04%	-0.18%	-0.01%	0.04%	-0.01%	-0.01%
Total Current Liabilities+	41.73M	51.39M	80.78M	79.07M	78.1M	66.21M	81.92M	100.43M	118.52M	70.19M
Accounts Payable	14.55M	17.3M	16.32M	18.7M	16.11M	16.28M	27.38M	49.25M	31.37M	32.32M
Days Payables Outstanding	19.86	22.37	17.95	18.49	14.6	16.89	25.01	38.69	26.39	27.98
Short-Term Debt	1.63M	6.77M	40.46M	36.95M	28.68M	9.55M	13.79M	12.35M	55.98M	2.61M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	12.51M	13.41M	9.38M	8.42M	12.17M	17.2M	19.18M	15.12M	15.98M	12.93M
Current Ratio	4.06x	3.54x	2.45x	2.52x	2.71x	3.28x	2.69x	2.52x	2.21x	3.39x
Quick Ratio	2.82x	2.09x	1.47x	1.43x	1.63x	1.96x	1.39x	1.15x	1.01x	1.40x
Cash Conversion Cycle	116.66	144.62	130.01	123.49	118.04	137.25	121.15	120.9	150.47	149.02
Total Non-Current Liabilities+	263.27M	400.04M	347.71M	314.37M	314.43M	312.79M	275.95M	259.36M	243.34M	255.58M
Long-Term Debt	184.84M	306.73M	274.87M	242.95M	222.08M	236.68M	206.06M	195.3M	181.49M	146.68M
Capital Lease Obligations	0	0	0	0	18.98M	17.43M	15.41M	14.03M	13.89M	64.78M
Deferred Tax Liabilities	54.93M	60.29M	39.27M	48.2M	47.21M	26.68M	29.79M	29.84M	27.9M	24.57M
Other Non-Current Liabilities	21.16M	33.03M	33.57M	23.23M	26.16M	32M	24.7M	20.2M	20.05M	19.54M
Total Liabilities	305.01M	451.44M	428.5M	393.44M	392.53M	379M	357.87M	359.79M	361.85M	325.77M
Total Debt+	186.47M	313.49M	315.33M	279.9M	273.57M	267.99M	239.88M	226.53M	256.7M	221.47M
Net Debt	149.63M	294.88M	278.46M	252.08M	237.9M	226.96M	202.92M	205.86M	232.55M	216.35M
Debt / Equity	0.93x	1.42x	1.23x	0.99x	0.87x	1.34x	1.12x	0.96x	1.11x	0.84x
Debt / EBITDA	2.08x	3.65x	3.56x	3.02x	2.59x	-	3.36x	2.84x	3.86x	2.08x
Net Debt / EBITDA	1.67x	3.43x	3.14x	2.72x	2.25x	-	2.84x	2.58x	3.49x	2.03x
Interest Coverage	7.10x	4.55x	3.82x	4.34x	5.16x	-3.71x	4.32x	5.22x	2.87x	5.81x
Total Equity+	200.5M	220.46M	256.68M	282.76M	313.16M	200.2M	214.61M	237.1M	231.56M	264.21M
Equity Growth %	0.16%	0.1%	0.16%	0.1%	0.11%	-0.36%	0.07%	0.1%	-0.02%	0.14%
Book Value per Share	8.97	9.81	11.36	12.45	13.73	8.76	9.35	10.35	10.08	11.24
Total Shareholders' Equity	200.5M	220.46M	256.68M	282.76M	313.16M	200.2M	214.61M	237.1M	231.56M	264.21M
Common Stock	224K	225K	226K	227K	228K	229K	230K	229K	230K	231K
Retained Earnings	64.83M	82.39M	115.74M	136.76M	160.75M	47.71M	51.88M	63.46M	59.75M	88.42M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-6.18M	-6.67M	-6.57M	-6.05M	-2.81M	-5.5M	-1.05M	9.13M	6.36M	5.47M
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+	56.47M	69.92M	67.17M	58.18M	77.3M	53.37M	60.53M	40.03M	12.47M	41.13M
Operating CF Margin %	0.14%	0.17%	0.14%	0.11%	0.14%	0.11%	0.11%	0.06%	0.02%	0.07%
Operating CF Growth %	0.05%	0.24%	-0.04%	-0.13%	0.33%	-0.31%	0.13%	-0.34%	-0.69%	2.3%
Net Income	44.18M	39.01M	55.32M	43.91M	49.17M	-86.55M	30.69M	38.61M	23.72M	56.15M
Depreciation & Amortization	12.28M	16.74M	18.58M	19.09M	19.21M	19.74M	20.32M	20.94M	21.66M	17.89M
Stock-Based Compensation	3.27M	2.9M	3.5M	4.55M	3.24M	2.83M	5.79M	6.73M	953K	4.86M
Deferred Taxes	5.81M	5.41M	-15.24M	9.55M	-2.12M	-19.6M	1.62M	-3.27M	7.56M	-3.04M
Other Non-Cash Items	3.6M	155K	903K	1.03M	2.16M	131.42M	7.46M	-532K	5.26M	-33.29M
Working Capital Changes	-12.68M	5.7M	4.1M	-19.94M	5.64M	5.53M	-5.35M	-22.45M	-46.69M	-1.44M
Change in Receivables	-7.09M	2.42M	-1.15M	-511K	-7.75M	3.04M	12.09M	-14.25M	2.68M	-4.35M
Change in Inventory	-5.29M	605K	894K	-12.35M	4.05M	-1.8M	-24.28M	-32.48M	-3.89M	3.36M
Change in Payables	4.8M	-113K	-1.67M	3.04M	-2.56M	-21K	10.42M	21.52M	-17.12M	991K
Cash from Investing+	-21.83M	-191.17M	-15.77M	-9.69M	-11.53M	-14.49M	-11.21M	-12.05M	-10.52M	56.79M
Capital Expenditures	-10.01M	-9.83M	-8.38M	-9.69M	-11.53M	-14.49M	-11.21M	-12.05M	-10.52M	-7.81M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	-9.69M	0	0	0	0	0	64.6M
Cash from Financing+	-21.99M	103.02M	-33.14M	-57.55M	-57.92M	-33.51M	-53.39M	-44.28M	1.54M	-116.96M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-20.17M	-21.45M	-21.97M	-24.38M	-25.18M	-25.93M	-26.52M	-27.03M	-27.44M	-27.48M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	111K	-2.32M	-7.09M	0	0	0	-1.37M	0	-334K	-279K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	46.46M	60.09M	58.79M	48.49M	65.76M	38.88M	49.33M	27.98M	1.95M	33.32M
FCF Margin %	0.12%	0.14%	0.12%	0.09%	0.12%	0.08%	0.09%	0.05%	0%	0.06%
FCF Growth %	-0.04%	0.29%	-0.02%	-0.18%	0.36%	-0.41%	0.27%	-0.43%	-0.93%	16.11%
FCF per Share	2.08	2.67	2.60	2.14	2.88	1.70	2.15	1.22	0.08	1.42
FCF Conversion (FCF/Net Income)	1.28x	1.79x	1.21x	1.33x	1.57x	-0.62x	1.97x	1.04x	0.53x	0.73x
Interest Paid	10.52M	14.23M	17.22M	15.88M	15.78M	16.84M	12.31M	11.66M	18.18M	18.94M
Taxes Paid	21.63M	16.44M	6.61M	8.46M	13.28M	4.28M	9.77M	7.03M	14.51M	13.6M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	23.64%	18.53%	23.19%	16.28%	16.5%	-33.72%	14.8%	17.09%	10.12%	22.65%
Return on Invested Capital (ROIC)	16.88%	11.98%	10.01%	10.3%	11.96%	-11.52%	9.08%	10.24%	7.43%	14.09%
Gross Margin	33.18%	32.18%	30.13%	29.56%	29.53%	26.72%	26.2%	24.58%	23.63%	25.83%
Net Margin	11.03%	9.37%	11.65%	8.38%	8.6%	-18.03%	5.67%	6.27%	4.18%	9.88%
Debt / Equity	0.93x	1.42x	1.23x	0.99x	0.87x	1.34x	1.12x	0.96x	1.11x	0.84x
Interest Coverage	7.10x	4.55x	3.82x	4.34x	5.16x	-3.71x	4.32x	5.22x	2.87x	5.81x
FCF Conversion	1.28x	1.79x	1.21x	1.33x	1.57x	-0.62x	1.97x	1.04x	0.53x	0.73x
Revenue Growth	31.93%	3.96%	14.09%	10.35%	9.09%	-16.01%	12.77%	13.78%	-7.77%	0.06%

Revenue by Segment

	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
Work Truck Attachments	-	-	-	-	-	-	-	-	-	325.71M
Work Truck Attachments Growth	-	-	-	-	-	-	-	-	-	-
Work Truck Solutions	-	-	-	-	-	-	-	-	-	9.62M
Work Truck Solutions Growth	-	-	-	-	-	-	-	-	-	-
Specialty Attachments	-	-	-	-	360.64M	350.56M	327.05M	293.63M	252.84M	-
Specialty Attachments Growth	-	-	-	-	-	-2.79%	-6.71%	-10.22%	-13.89%	-
Work Truck Solutions	-	-	-	-	65.04M	137.77M	13.23M	11.48M	7.77M	-
Work Truck Solutions Growth	-	-	-	-	-	111.81%	-90.39%	-13.25%	-32.30%	-
Corporate	-	-	-	-	-	-	-9.63M	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-
Equipment Product	123.31M	164.46M	254.23M	349.42M	-	-	-	-	-	-
Equipment Product Growth	-	33.37%	54.59%	37.44%	-	-	-	-	-	-
Parts And Accessories	-	-	49.28M	50.98M	-	-	-	-	-	-
Parts And Accessories Growth	-	-	-	3.46%	-	-	-	-	-	-
Parts and Accessories	16.73M	29.86M	-	-	-	-	-	-	-	-
Parts and Accessories Growth	-	78.54%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Douglas Dynamics, Inc. (PLOW) has a price-to-earnings (P/E) ratio of 15.6x. This is roughly in line with market averages.

Growth & Financials

Douglas Dynamics, Inc. (PLOW) reported $615.1M in revenue for fiscal year 2024. This represents a 195% increase from $208.8M in 2011.

Douglas Dynamics, Inc. (PLOW) grew revenue by 0.1% over the past year. Growth has been modest.

Yes, Douglas Dynamics, Inc. (PLOW) is profitable, generating $42.0M in net income for fiscal year 2024 (9.9% net margin).

Dividend & Returns

Yes, Douglas Dynamics, Inc. (PLOW) pays a dividend with a yield of 3.17%. This makes it attractive for income-focused investors.

Douglas Dynamics, Inc. (PLOW) has a return on equity (ROE) of 22.7%. This is excellent, indicating efficient use of shareholder capital.

Douglas Dynamics, Inc. (PLOW) generated $41.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...