Revenue growth remains highly volatile, swinging from a negative 23.7% in 2024Q2 to 18.7% in 2026Q1, while gross margins appear structurally capped near the 31.44% average.
| 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 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 697.08M | 669.34M | 593.71M | 669.68M | 637.02M | 517.42M | 466.45M | 444.86M | 420.88M | 378.21M | 336.63M | 354.67M | 388.19M | 409.78M | 439.19M | 424.4M | 338.31M | 257.21M | 269.74M | 254.61M | 216.94M | 205.8M | 183.11M | 153.33M | 169.84M | 196.37M | 207.33M |
| Revenue Growth % | 15.92% | 12.74% | -11.34% | 5.13% | 23.12% | 10.93% | 4.85% | 5.7% | 11.28% | 12.35% | -5.08% | -8.63% | -5.27% | -6.7% | 3.48% | 25.45% | 31.53% | -4.65% | 5.94% | 17.36% | 5.41% | 12.39% | 19.42% | -9.72% | -13.51% | -5.29% | - |
| Cost of Goods Sold | 481.99M | 458.87M | 403.9M | 434.83M | 421.84M | 351.18M | 312.44M | 304.27M | 288.65M | 259.58M | 227.22M | 251.21M | 267.24M | 278.88M | 294.75M | 283.56M | 230.09M | 172.44M | 182.47M | 172.5M | 147.13M | 138.38M | 123.6M | 107.37M | 119.17M | 137.27M | 143.8M |
| COGS % of Revenue | - | 68.56% | 68.03% | 64.93% | 66.22% | 67.87% | 66.98% | 68.4% | 68.58% | 68.63% | 67.5% | 70.83% | 68.84% | 68.06% | 67.11% | 66.81% | 68.01% | 67.04% | 67.65% | 67.75% | 67.82% | 67.24% | 67.5% | 70.02% | 70.17% | 69.9% | 69.36% |
| Gross Profit | 215.09M | 210.47M | 189.81M | 234.85M | 215.18M | 166.24M | 154.01M | 140.59M | 132.23M | 118.63M | 109.41M | 103.45M | 120.95M | 130.9M | 144.44M | 140.85M | 108.22M | 84.77M | 87.27M | 82.1M | 69.81M | 67.42M | 59.51M | 45.97M | 50.67M | 59.1M | 63.53M |
| Gross Margin % | 30.86% | 31.44% | 31.97% | 35.07% | 33.78% | 32.13% | 33.02% | 31.6% | 31.42% | 31.37% | 32.5% | 29.17% | 31.16% | 31.94% | 32.89% | 33.19% | 31.99% | 32.96% | 32.35% | 32.25% | 32.18% | 32.76% | 32.5% | 29.98% | 29.83% | 30.1% | 30.64% |
| Gross Profit Growth % | - | 10.88% | -19.18% | 9.14% | 29.44% | 7.94% | 9.54% | 6.33% | 11.47% | 8.42% | 5.76% | -14.47% | -7.6% | -9.37% | 2.55% | 30.16% | 27.66% | -2.86% | 6.29% | 17.62% | 3.54% | 13.29% | 29.46% | -9.28% | -14.26% | -6.98% | - |
| Operating Expenses | 159.37M | 155.44M | 139.05M | 150.69M | 145.82M | 118.69M | 113.81M | 107.97M | 99.3M | 92.52M | 87.94M | 91.1M | 101.61M | 99.75M | 99.66M | 95.5M | 79.74M | 65.31M | 63.28M | 60.38M | 53.09M | 49.53M | 43.68M | 40.48M | 51.09M | 51.53M | 46.91M |
| OpEx % of Revenue | - | 23.22% | 23.42% | 22.5% | 22.89% | 22.94% | 24.4% | 24.27% | 23.59% | 24.46% | 26.12% | 25.69% | 26.18% | 24.34% | 22.69% | 22.5% | 23.57% | 25.39% | 23.46% | 23.72% | 24.47% | 24.07% | 23.86% | 26.4% | 30.08% | 26.24% | 22.62% |
| Selling, General & Admin | 132.2M | 127.19M | 116.24M | 125.73M | 115.2M | 95.2M | 91.5M | 88.42M | 81.76M | 77.21M | 73.86M | 67.47M | 78.22M | 80.26M | 83.31M | 80.22M | 69.39M | 56.7M | 54.41M | 53.7M | 46.76M | 44.28M | 40.14M | 36.7M | 46.86M | 47.31M | 40.45M |
| SG&A % of Revenue | - | 19% | 19.58% | 18.78% | 18.08% | 18.4% | 19.62% | 19.87% | 19.43% | 20.41% | 21.94% | 19.02% | 20.15% | 19.59% | 18.97% | 18.9% | 20.51% | 22.04% | 20.17% | 21.09% | 21.56% | 21.51% | 21.92% | 23.93% | 27.59% | 24.09% | 19.51% |
| Research & Development | 24.94M | 23.69M | 21.92M | 22.48M | 19.66M | 19.19M | 17.63M | 17.19M | 15.11M | 14.33M | 14.03M | 14.88M | 16.3M | 14.71M | 15.45M | 13.36M | 12.04M | 9.22M | 8.87M | 8.3M | 7.66M | 6.7M | 5.67M | 5.21M | 5.6M | 6.24M | 5.71M |
| R&D % of Revenue | - | 3.54% | 3.69% | 3.36% | 3.09% | 3.71% | 3.78% | 3.86% | 3.59% | 3.79% | 4.17% | 4.2% | 4.2% | 3.59% | 3.52% | 3.15% | 3.56% | 3.58% | 3.29% | 3.26% | 3.53% | 3.26% | 3.09% | 3.4% | 3.3% | 3.18% | 2.75% |
| Other Operating Expenses | 2.09M | 4.56M | 887K | 2.48M | 10.95M | 4.3M | 4.68M | 2.37M | 2.43M | 985K | 54K | 8.75M | 7.09M | 4.78M | 0 | 0 | 0 | -603K | 0 | -1.63M | -1.33M | -1.45M | -2.12M | -1.42M | -1.37M | -2.02M | 744K |
| Operating Income | 55.72M | 55.03M | 50.76M | 84.15M | 69.36M | 47.55M | 40.21M | 32.63M | 32.93M | 26.11M | 21.48M | 12.35M | 21.24M | 31.15M | 44.12M | 45.35M | 28.48M | 19.46M | 23.99M | 21.72M | 16.72M | 17.89M | 15.83M | 5.48M | -426K | 7.57M | 18.8M |
| Operating Margin % | 7.99% | 8.22% | 8.55% | 12.57% | 10.89% | 9.19% | 8.62% | 7.33% | 7.83% | 6.9% | 6.38% | 3.48% | 5.47% | 7.6% | 10.05% | 10.69% | 8.42% | 7.57% | 8.89% | 8.53% | 7.71% | 8.69% | 8.64% | 3.58% | -0.25% | 3.86% | 9.07% |
| Operating Income Growth % | - | 8.43% | -39.69% | 21.33% | 45.87% | 18.26% | 23.23% | -0.93% | 26.15% | 21.55% | 73.93% | -41.85% | -31.82% | -29.4% | -2.72% | 59.25% | 46.35% | -18.88% | 10.45% | 29.92% | -6.56% | 13.04% | 188.6% | 1387.32% | -105.63% | -59.74% | - |
| EBITDA | 73.35M | 78.06M | 71.59M | 103.07M | 85.79M | 63.11M | 54.05M | 46.38M | 45.38M | 38.9M | 33.48M | 23.88M | 34.09M | 43.24M | 55.69M | 55.88M | 37.87M | 26.71M | 32.54M | 29.8M | 24.25M | 25.11M | 23.21M | 13.81M | 8.59M | 17.89M | 30.22M |
| EBITDA Margin % | 10.52% | 11.66% | 12.06% | 15.39% | 13.47% | 12.2% | 11.59% | 10.42% | 10.78% | 10.28% | 9.94% | 6.73% | 8.78% | 10.55% | 12.68% | 13.17% | 11.2% | 10.38% | 12.06% | 11.7% | 11.18% | 12.2% | 12.68% | 9.01% | 5.06% | 9.11% | 14.57% |
| EBITDA Growth % | -0.06% | 9.05% | -30.54% | 20.14% | 35.93% | 16.78% | 16.54% | 2.2% | 16.66% | 16.2% | 40.17% | -29.96% | -21.14% | -22.36% | -0.35% | 47.54% | 41.8% | -17.91% | 9.19% | 22.85% | -3.39% | 8.16% | 68.04% | 60.77% | -51.98% | -40.79% | - |
| D&A (Non-Cash Add-back) | 17.63M | 23.03M | 20.83M | 18.91M | 16.43M | 15.56M | 13.84M | 13.75M | 12.44M | 12.79M | 12M | 11.53M | 12.86M | 12.09M | 11.56M | 10.53M | 9.39M | 7.25M | 8.55M | 8.08M | 7.54M | 7.21M | 7.38M | 8.33M | 9.02M | 10.32M | 11.41M |
| EBIT | 45.76M | 55.03M | 51.11M | 84.84M | 76.72M | 48.14M | 40.68M | 32.63M | 32.93M | 26.11M | 21.48M | 12.35M | 23.14M | 32.01M | 44.12M | 46.82M | 30.83M | 30.12M | 25.3M | 21.72M | 16.78M | 17.89M | 15.83M | 5.48M | -426K | 7.57M | 16.63M |
| Net Interest Income | 1.43M | 1.01M | 352K | -2.09M | -2.58M | -1.85M | -2.14M | -1.43M | -804K | -631K | -553K | -174K | -175K | 168K | 51K | -252K | -275K | -143K | 302K | 555K | 930K | 724K | 267K | -69K | -400K | -742K | -926K |
| Interest Income | 2.58M | 2.32M | 2.57M | 1.81M | 631K | 169K | 259K | 783K | 486K | 430K | 291K | 391K | 483K | 618K | 648K | 575K | 374K | 380K | 846K | 1.15M | 1.49M | 1.1M | 696K | 421K | 287K | 685K | 682K |
| Interest Expense | 1.16M | 1.3M | 2.22M | 3.9M | 3.21M | 2.02M | 2.4M | 2.22M | 1.29M | 1.06M | 844K | 565K | 658K | 450K | 597K | 827K | 649K | 523K | 544K | 595K | 564K | 379K | 429K | 490K | 687K | 1.43M | 1.61M |
| Other Income/Expense | -9.44M | -9.41M | 13K | -1.81M | 4.34M | 1.35M | 364K | -1.17M | -346K | -302K | -526K | -643K | 172K | 646K | 705K | 640K | 1.7M | 10.13M | 772K | 250K | -4.66M | 615K | 122K | 3.48M | -153K | -139K | -1.67M |
| Pretax Income | 46.28M | 45.62M | 50.77M | 82.34M | 73.7M | 48.9M | 40.57M | 31.46M | 32.59M | 25.81M | 20.95M | 11.71M | 21.41M | 31.79M | 44.83M | 45.99M | 30.18M | 29.59M | 24.76M | 21.97M | 17.58M | 18.51M | 15.95M | 8.96M | -579K | 7.43M | 17.14M |
| Pretax Margin % | 6.64% | 6.82% | 8.55% | 12.3% | 11.57% | 9.45% | 8.7% | 7.07% | 7.74% | 6.82% | 6.22% | 3.3% | 5.52% | 7.76% | 10.21% | 10.84% | 8.92% | 11.51% | 9.18% | 8.63% | 8.1% | 8.99% | 8.71% | 5.85% | -0.34% | 3.78% | 8.26% |
| Income Tax | 11.98M | 10.31M | 13.66M | 19.01M | 19.3M | 13.18M | 10.81M | 8.12M | 6.01M | 13.15M | 5.7M | 5.03M | 8.55M | 11.21M | 15.54M | 15.01M | 7.17M | 6.76M | 7.72M | 7.76M | 5.52M | 6.52M | 5.27M | 4.58M | 561K | 2.26M | 6.08M |
| Effective Tax Rate % | 25.88% | 22.61% | 26.9% | 23.08% | 26.19% | 26.94% | 26.64% | 25.82% | 18.43% | 50.96% | 27.19% | 42.98% | 39.93% | 35.25% | 34.67% | 32.63% | 23.77% | 22.84% | 31.17% | 35.3% | 31.38% | 35.23% | 33.03% | 51.1% | -96.89% | 30.36% | 35.51% |
| Net Income | 34.29M | 35.28M | 37.09M | 63.33M | 54.4M | 35.73M | 29.8M | 23.3M | 26.58M | 12.65M | 15.26M | 6.67M | 12.86M | 20.59M | 29.29M | 30.98M | 23.11M | 23.36M | 17.62M | 14.16M | 12.06M | 11.99M | 13.04M | 4.38M | -1.14M | 5.18M | 11.05M |
| Net Margin % | 4.92% | 5.27% | 6.25% | 9.46% | 8.54% | 6.91% | 6.39% | 5.24% | 6.32% | 3.35% | 4.53% | 1.88% | 3.31% | 5.02% | 6.67% | 7.3% | 6.83% | 9.08% | 6.53% | 5.56% | 5.56% | 5.82% | 7.12% | 2.86% | -0.67% | 2.64% | 5.33% |
| Net Income Growth % | -12.11% | -4.88% | -41.43% | 16.43% | 52.24% | 19.88% | 27.89% | -12.33% | 110.06% | -17.05% | 128.54% | -48.1% | -37.53% | -29.7% | -5.48% | 34.05% | -1.04% | 32.54% | 24.46% | 17.4% | 0.62% | -8.06% | 197.44% | 484.47% | -122.02% | -53.16% | - |
| Net Income (Continuing) | 34.3M | 35.31M | 37.11M | 63.34M | 54.4M | 35.72M | 29.76M | 23.34M | 26.58M | 12.65M | 15.26M | 6.67M | 12.86M | 20.59M | 29.29M | 30.98M | 23.01M | 22.83M | 17.04M | 14.16M | 12.06M | 11.99M | 13.04M | 4.38M | -1.14M | 5.18M | 11.05M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 869K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 58K | 33K | 9K | -8K | -13K | -17K | -9K | 33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -675K | -675K | -145K | 736K | 904K | 0 | 0 | 0 | 0 | 0 | 0 | 44K |
| EPS (Diluted) | 6.96 | 7.14 | 7.50 | 12.67 | 10.88 | 7.19 | 5.98 | 4.58 | 5.20 | 2.47 | 2.95 | 1.24 | 2.39 | 3.77 | 5.45 | 5.78 | 4.33 | 4.35 | 3.30 | 2.61 | 2.14 | 2.08 | 2.26 | 0.76 | -0.20 | 0.90 | 1.91 |
| EPS Growth % | -11.91% | -4.8% | -40.81% | 16.45% | 51.32% | 20.23% | 30.57% | -11.92% | 110.53% | -16.27% | 137.9% | -48.12% | -36.6% | -30.83% | -5.71% | 33.49% | -0.46% | 31.82% | 26.44% | 21.96% | 2.88% | -7.96% | 197.37% | 480% | -122.22% | -52.88% | - |
| EPS (Basic) | - | 7.17 | 7.56 | 12.87 | 11.03 | 7.28 | 6.05 | 4.63 | 5.28 | 2.48 | 2.95 | 1.25 | 2.39 | 3.84 | 5.50 | 5.89 | 4.41 | 4.46 | 3.34 | 2.64 | 2.16 | 2.10 | 2.28 | 0.76 | -0.20 | 0.90 | 1.91 |
| Diluted Shares Outstanding | 4.93M | 4.94M | 4.95M | 5M | 5M | 4.97M | 4.98M | 5.09M | 5.11M | 5.13M | 5.18M | 5.37M | 5.38M | 5.47M | 5.37M | 5.36M | 5.33M | 5.37M | 5.34M | 5.42M | 5.66M | 5.78M | 5.77M | 5.77M | 5.77M | 5.75M | 5.79M |
| Basic Shares Outstanding | 4.91M | 4.92M | 4.91M | 4.92M | 4.93M | 4.91M | 4.92M | 5.03M | 5.03M | 5.1M | 5.17M | 5.35M | 5.38M | 5.36M | 5.32M | 5.26M | 5.24M | 5.23M | 5.28M | 5.37M | 5.61M | 5.72M | 5.72M | 5.77M | 5.77M | 5.75M | 5.79M |
| Dividend Payout Ratio | - | 11.67% | 10.99% | 6.48% | 7.54% | 11.55% | 14.04% | 18.15% | 15.38% | 32.39% | 27.34% | 65.78% | 34.31% | 11.2% | 22.17% | 14.14% | 18.79% | 18.29% | 24.1% | 30.33% | 37.38% | 38.19% | 35.23% | 105.48% | - | 77.86% | 31.48% |
Commodity Input Cost Volatility
According to recent financial disclosures, PLPC experienced a revenue growth rate of 18.7% in 2026Q1, following a period of significant fluctuation where quarterly growth swung from negative 23.7% in 2024Q2 to double-digit expansion, suggesting that project-based utility demand remains highly sensitive to timing and macro-driven capital expenditure cycles.
The erratic nature of top-line growth suggests that the company's reliance on large-scale utility infrastructure projects creates lumpy revenue recognition patterns. Investors should monitor whether the recent acceleration reflects a sustainable increase in grid-hardening demand or merely the timing of project completions that may not repeat in subsequent quarters.
As reported in quarterly filings, the company maintains a gross margin profile hovering around 31.44%, which appears to be structurally capped by its heavy reliance on raw material inputs like aluminum and steel, limiting its ability to achieve the higher margin tiers seen in specialized industrial peers.
The inability to consistently expand gross margins beyond the low-30% range indicates that PLPC may lack the pricing power to fully offset commodity price volatility. This suggests that profitability remains tethered to the spread between raw material costs and finished goods pricing, rather than significant operational efficiency gains.
Based on the provided income statement data, operating margins have struggled to scale, fluctuating between 4.8% and 10.5% over the last ten quarters, which implies that SG&A and R&D expenses are growing at a pace that frequently outstrips the company's ability to drive incremental operating income from revenue gains.
The lack of consistent operating leverage suggests that the company's global manufacturing footprint may be burdened by fixed costs that do not flex efficiently with volume changes. This warrants further investigation into whether management's current expense discipline is sufficient to protect bottom-line profitability during periods of revenue deceleration.
Analysis of the income statement reveals that net income has experienced extreme variance, such as the drop to $2.6 million in 2025Q3, which appears to be driven by non-operating items or tax anomalies rather than a fundamental collapse in the core business's ability to generate cash.
The significant gap between operating income and net income suggests that investors should focus on operating performance metrics to gauge the true health of the business. The impact of stock-based compensation and other non-operating charges appears to create noise that obscures the underlying earnings power of the company's core utility hardware segments.
Quick answers to the most common questions about buying PLPC stock.
For fiscal year 2025, Preformed Line Products Company (PLPC) reported total revenue of $669.3M. This represents a 222.8% increase compared to $207.3M in 2000.
Preformed Line Products Company (PLPC) is profitable, generating $35.3M in net income for the fiscal year ending 2025 with a net profit margin of 5.3%.
Preformed Line Products Company (PLPC) reported an operating income of $55.0M, resulting in an operating profit margin of 8.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Preformed Line Products Company (PLPC) generated $210.5M in gross profit for the year, representing a gross profit margin of 31.4%. This demonstrates the company's core pricing power and production efficiency.