Revenue growth remains highly inconsistent, oscillating between a 19.8% gain in 2026Q1 and a 16.0% decline in 2023Q4, while gross margins have struggled to stabilize, ranging from 19.8% to 31.0% over the past ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 678.78M | 656.05M | 568.5M | 568.18M | 616.07M | 541.45M | 480.15M | 571.71M | 524.07M | 474.93M | 416.27M | 400.41M | 303.51M | 194.32M | 140.03M | 208.8M | 176.79M | 174.34M | 180.11M | 140.06M |
| Revenue Growth % | 15.46% | 15.4% | 0.06% | -7.77% | 13.78% | 12.77% | -16.01% | 9.09% | 10.35% | 14.09% | 3.96% | 31.93% | 56.19% | 38.77% | -32.93% | 18.1% | 1.41% | -3.2% | 28.59% | - |
| Cost of Goods Sold | 497.52M | 487.55M | 421.67M | 433.91M | 464.61M | 399.58M | 351.87M | 402.89M | 369.18M | 331.84M | 282.29M | 267.55M | 187.19M | 128.67M | 96.07M | 136.98M | 116.49M | 117.26M | 117.91M | 97.25M |
| COGS % of Revenue | - | 74.32% | 74.17% | 76.37% | 75.42% | 73.8% | 73.28% | 70.47% | 70.44% | 69.87% | 67.82% | 66.82% | 61.67% | 66.22% | 68.61% | 65.6% | 65.89% | 67.26% | 65.47% | 69.43% |
| Gross Profit | 181.26M | 168.5M | 146.84M | 134.27M | 151.46M | 141.87M | 128.28M | 168.82M | 154.89M | 143.09M | 133.97M | 132.86M | 116.33M | 65.65M | 43.96M | 71.82M | 60.3M | 57.08M | 62.2M | 42.82M |
| Gross Margin % | 26.7% | 25.68% | 25.83% | 23.63% | 24.58% | 26.2% | 26.72% | 29.53% | 29.56% | 30.13% | 32.18% | 33.18% | 38.33% | 33.78% | 31.39% | 34.4% | 34.11% | 32.74% | 34.53% | 30.57% |
| Gross Profit Growth % | - | 14.75% | 9.36% | -11.35% | 6.76% | 10.6% | -24.01% | 8.99% | 8.25% | 6.8% | 0.84% | 14.22% | 77.19% | 49.33% | -38.78% | 19.1% | 5.65% | -8.23% | 45.27% | - |
| Operating Expenses | 100.94M | 94.89M | 58.13M | 89.36M | 92.7M | 90.74M | 203.42M | 82.24M | 81.43M | 73M | 64.86M | 55.51M | 44.04M | 37.5M | 25.09M | 31.64M | 38.89M | 27.64M | 26.56M | 22.18M |
| OpEx % of Revenue | - | 14.46% | 10.22% | 15.73% | 15.05% | 16.76% | 42.37% | 14.39% | 15.54% | 15.37% | 15.58% | 13.86% | 14.51% | 19.3% | 17.92% | 15.15% | 22% | 15.85% | 14.75% | 15.84% |
| Selling, General & Admin | 26.41B | 94.89M | 91.68M | 78.84M | 82.18M | 78.84M | 64.62M | 71.29M | 71.24M | 63.04M | 50.66M | 48.15M | 36.49M | 30.63M | 19.89M | 26.43M | 32.89M | 27.64M | 26.56M | 22.18M |
| SG&A % of Revenue | - | 14.46% | 16.13% | 13.88% | 13.34% | 14.56% | 13.46% | 12.47% | 13.59% | 13.27% | 12.17% | 12.03% | 12.02% | 15.76% | 14.21% | 12.66% | 18.6% | 15.85% | 14.75% | 15.84% |
| Research & Development | 0 | 0 | 8.4M | 10.08M | 0 | 0 | 0 | 0 | 3.19M | 2.93M | 3.13M | 2.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 1.48% | 1.77% | - | - | - | - | 0.61% | 0.62% | 0.75% | 0.74% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | -41.95M | 439K | 10.52M | 11.89M | 138.8M | 10.96M | -758K | -115K | -277K | -193K | -221K | -161K | -320K | 5.2M | 6M | 0 | 0 | 0 |
| Operating Income | 80.32M | 73.61M | 88.71M | 44.91M | 58.75M | 51.13M | -75.14M | 86.57M | 73.46M | 70.09M | 69.12M | 77.35M | 72.22M | 27.51M | 18.87M | 40.18M | 21.41M | 29.44M | 35.64M | 20.64M |
| Operating Margin % | 11.83% | 11.22% | 15.6% | 7.9% | 9.54% | 9.44% | -15.65% | 15.14% | 14.02% | 14.76% | 16.6% | 19.32% | 23.79% | 14.16% | 13.47% | 19.24% | 12.11% | 16.89% | 19.79% | 14.73% |
| Operating Income Growth % | - | -17.02% | 97.53% | -23.56% | 14.9% | 168.05% | -186.79% | 17.85% | 4.81% | 1.41% | -10.64% | 7.11% | 162.55% | 45.77% | -53.04% | 87.69% | -27.28% | -17.39% | 72.69% | - |
| EBITDA | 95.71M | 88.97M | 106.6M | 66.57M | 79.69M | 71.45M | -55.4M | 105.78M | 92.55M | 88.67M | 85.86M | 89.63M | 81.44M | 36.2M | 26.89M | 48.36M | 33.11M | 41.4M | 46.45M | 31.43M |
| EBITDA Margin % | 14.1% | 13.56% | 18.75% | 11.72% | 12.94% | 13.2% | -11.54% | 18.5% | 17.66% | 18.67% | 20.63% | 22.39% | 26.83% | 18.63% | 19.2% | 23.16% | 18.73% | 23.74% | 25.79% | 22.44% |
| EBITDA Growth % | -16.56% | -16.54% | 60.13% | -16.46% | 11.53% | 228.97% | -152.37% | 14.31% | 4.36% | 3.28% | -4.21% | 10.06% | 124.98% | 34.63% | -44.4% | 46.04% | -20.01% | -10.87% | 47.77% | - |
| D&A (Non-Cash Add-back) | 15.39M | 15.36M | 17.89M | 21.66M | 20.94M | 20.32M | 19.74M | 19.21M | 19.09M | 18.58M | 16.74M | 12.28M | 9.22M | 8.69M | 8.02M | 8.18M | 11.71M | 11.96M | 10.81M | 10.8M |
| EBIT | 80.66M | 73.62M | 89.15M | 44.91M | 58.61M | 46.43M | -78.59M | 79.4M | 72.7M | 71.25M | 78.89M | 77.16M | 70.13M | 27.34M | 18.55M | 39.29M | 13.48M | 29.35M | 35.56M | 17.82M |
| Net Interest Income | -11.79M | -12.11M | -15.26M | -15.68M | -11.25M | -11.84M | -20.24M | -16.78M | -16.94M | -18.34M | -15.2M | -10.89M | -8.13M | -8.33M | -8.39M | -8.92M | -10.94M | -15.52M | -17.3M | -19.62M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 11.79M | 12.11M | 15.26M | 15.68M | 11.25M | 11.84M | 20.24M | 16.78M | 16.94M | 18.34M | 15.2M | 10.89M | 8.13M | 8.33M | 8.39M | 8.92M | 10.94M | 15.52M | 17.3M | 19.62M |
| Other Income/Expense | -11.41M | -12.1M | -14.82M | -15.68M | -11.39M | -16.55M | -23.69M | -23.96M | -17.7M | -17.89M | -6.11M | -11.09M | -10.22M | -8.49M | -8.71M | -9.81M | -18.87M | -15.61M | -17.37M | -22.44M |
| Pretax Income | 68.91M | 61.51M | 73.89M | 29.23M | 47.36M | 34.59M | -98.83M | 62.62M | 55.76M | 52.91M | 63.7M | 66.26M | 62M | 19.02M | 10.16M | 30.37M | 2.53M | 13.83M | 18.26M | -1.81M |
| Pretax Margin % | 10.15% | 9.38% | 13% | 5.15% | 7.69% | 6.39% | -20.58% | 10.95% | 10.64% | 11.14% | 15.3% | 16.55% | 20.43% | 9.79% | 7.25% | 14.55% | 1.43% | 7.93% | 10.14% | -1.29% |
| Income Tax | 15.79M | 14.61M | 17.74M | 5.51M | 8.75M | 3.9M | -12.28M | 13.45M | 11.85M | -2.41M | 24.69M | 22.09M | 22.04M | 7.38M | 4.14M | 11.33M | 872K | 3.99M | 6.79M | -749K |
| Effective Tax Rate % | 22.91% | 23.75% | 24.01% | 18.85% | 18.48% | 11.27% | 12.42% | 21.48% | 21.26% | -4.55% | 38.76% | 33.33% | 35.54% | 38.8% | 40.8% | 37.31% | 34.41% | 28.82% | 37.19% | 41.47% |
| Net Income | 6.42B | 46.9M | 56.15M | 23.72M | 38.61M | 30.69M | -86.55M | 49.17M | 43.91M | 55.32M | 39.01M | 44.18M | 39.96M | 11.64M | 6.01M | 19.04M | 1.66M | 9.84M | 11.47M | -1.06M |
| Net Margin % | 946.22% | 7.15% | 9.88% | 4.18% | 6.27% | 5.67% | -18.03% | 8.6% | 8.38% | 11.65% | 9.37% | 11.03% | 13.17% | 5.99% | 4.29% | 9.12% | 0.94% | 5.65% | 6.37% | -0.75% |
| Net Income Growth % | 9834.49% | -16.48% | 136.69% | -38.56% | 25.8% | 135.46% | -276.04% | 11.98% | -20.64% | 41.82% | -11.7% | 10.55% | 243.34% | 93.6% | -68.42% | 1045.61% | -83.11% | -14.19% | 1185.24% | - |
| Net Income (Continuing) | 53.13M | 46.9M | 56.15M | 23.72M | 38.61M | 30.69M | -86.55M | 49.17M | 43.91M | 55.32M | 39.01M | 44.18M | 39.96M | 11.64M | 6.01M | 19.04M | 1.66M | 9.84M | 11.47M | -1.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 272.29 | 1.97 | 2.36 | 1.01 | 1.63 | 1.29 | -3.81 | 2.11 | 1.93 | 2.40 | 1.70 | 1.94 | 1.77 | 0.51 | 0.26 | 0.85 | 0.09 | 0.67 | 0.77 | -0.07 |
| EPS Growth % | -18.26% | -16.53% | 133.66% | -38.04% | 26.36% | 133.86% | -280.57% | 9.33% | -19.58% | 41.18% | -12.37% | 9.6% | 247.06% | 96.15% | -69.41% | 844.44% | -86.57% | -12.99% | 1150.48% | - |
| EPS (Basic) | - | 2.03 | 2.39 | 1.01 | 1.65 | 1.31 | -3.81 | 2.13 | 1.94 | 2.42 | 1.71 | 1.95 | 1.78 | 0.52 | 0.27 | 0.87 | 0.09 | 0.68 | 0.79 | -0.07 |
| Diluted Shares Outstanding | 23.59M | 23.58M | 23.51M | 22.96M | 22.92M | 22.96M | 22.85M | 22.81M | 22.7M | 22.59M | 22.48M | 22.34M | 22.19M | 22.07M | 21.96M | 21.81M | 19.29M | 14.75M | 14.97M | 14.42M |
| Basic Shares Outstanding | 23.1M | 23.06M | 23.07M | 22.96M | 22.92M | 22.95M | 22.85M | 22.78M | 22.68M | 22.58M | 22.48M | 22.33M | 22.17M | 22.03M | 21.89M | 21.65M | 18.8M | 14.42M | 14.61M | 14.42M |
| Dividend Payout Ratio | - | 59.57% | 48.93% | 115.67% | 70% | 86.42% | - | 51.22% | 55.54% | 39.72% | 54.99% | 45.67% | 49.04% | 160.66% | 303.24% | 135.47% | 494.71% | - | - | - |
Weather-dependent revenue volatility
According to the provided quarterly income statements, Douglas Dynamics exhibits significant top-line volatility, with revenue growth fluctuating between a 19.8% increase in 2026Q1 and a 16.0% contraction in 2023Q4, reflecting the inherent seasonality of the North American snow and ice control market.
The revenue trajectory appears heavily indexed to pre-season stocking programs, which complicates the assessment of underlying organic growth. Investors should monitor whether recent double-digit growth signals a genuine recovery in chassis supply chain fluidity or merely a temporary clearing of channel inventory.
As reported in financial statements, the company's gross margin has oscillated between 19.8% and 31.0% over the last ten quarters, suggesting that Douglas Dynamics struggles to maintain consistent pricing power amidst fluctuating raw material costs and the lower-margin nature of its upfitting segment.
The variability in gross margins indicates that the company may lack the ability to fully pass through input cost inflation to its dealer network in real-time. This margin sensitivity warrants further investigation into the product mix shift between high-margin proprietary attachments and lower-margin municipal upfitting services.
Based on the reported figures, operating income has demonstrated extreme sensitivity to revenue volume, swinging from a $6.4 million loss in 2024Q1 to a $45.9 million profit in 2024Q3, which highlights the company's limited ability to scale SG&A expenses efficiently during off-peak periods.
The lack of consistent operating leverage suggests that the company's cost structure remains largely fixed, leaving it vulnerable to deleveraging during mild winters. Analysts should scrutinize whether management can optimize SG&A overhead to protect operating margins when seasonal demand fails to materialize as expected.
Data from recent filings indicates that net income is subject to significant non-operating noise, as evidenced by the 2026Q1 net margin of 46.3% compared to the 0.1% margin in 2025Q1, suggesting that reported EPS may not accurately reflect the core profitability of the business.
The wide variance in net margins appears to be driven by items outside of core operations, potentially including tax anomalies or non-recurring gains. Investors should focus on operating income trends rather than net income to gauge the true health of the manufacturing and upfitting segments.
Based on the provided financial data, the company's cash position of $8.3 million appears insufficient relative to its $656 million annual revenue base, raising concerns about the firm's ability to navigate a prolonged downturn or a series of consecutive low-snowfall seasons without external financing.
Short-sellers may focus on this thin liquidity buffer as a primary risk factor, especially if working capital requirements remain elevated due to inventory buildup. The disconnect between reported revenue growth and the apparent lack of cash accumulation warrants a deeper look into the company's cash conversion cycle.
Quick answers to the most common questions about buying PLOW stock.
For fiscal year 2025, Douglas Dynamics, Inc. (PLOW) reported total revenue of $656.1M. This represents a 368.4% increase compared to $140.1M in 2007.
Douglas Dynamics, Inc. (PLOW) is profitable, generating $46.9M in net income for the fiscal year ending 2025 with a net profit margin of 7.1%.
Douglas Dynamics, Inc. (PLOW) reported an operating income of $73.6M, resulting in an operating profit margin of 11.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Douglas Dynamics, Inc. (PLOW) generated $168.5M in gross profit for the year, representing a gross profit margin of 25.7%. This demonstrates the company's core pricing power and production efficiency.