Douglas Dynamics Inc Financials
This page shows Douglas Dynamics Inc (PLOW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Douglas Dynamics is using cash-generative operations to support a working-capital-heavy manufacturing model while steadily lowering leverage.
The latest year showed gross margin expansion to26.6% but a drop in operating margin to11.2% , so the extra gross profit did not fully reach operating earnings. Because free cash flow still rose to$63.9M while net income was$46.9M , the lower operating margin looks less like factory-level weakness and more like costs or timing items below gross profit.
The balance sheet is becoming less debt-dependent, with long-term debt down to
Liquidity sits in inventory and receivables, which together reached about
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Douglas Dynamics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Douglas Dynamics Inc has an operating margin of 11.2%, meaning the company retains $11 of operating profit per $100 of revenue. This strong profitability earns a score of 73/100, reflecting efficient cost management and pricing power. This is down from 15.6% the prior year.
Douglas Dynamics Inc's revenue surged 15.4% year-over-year to $656.1M, reflecting rapid business expansion. This strong growth earns a score of 59/100.
Douglas Dynamics Inc has a moderate D/E ratio of 0.51. This balance of debt and equity financing earns a leverage score of 37/100.
With a current ratio of 2.78, Douglas Dynamics Inc holds $2.78 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.
Douglas Dynamics Inc has a free cash flow margin of 9.7%, earning a moderate score of 55/100. The company generates positive cash flow after capital investments, but with room for improvement.
Douglas Dynamics Inc earns a strong 16.7% return on equity (ROE), meaning it generates $17 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 79/100. This is down from 21.3% the prior year.
Douglas Dynamics Inc scores 3.74, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Douglas Dynamics Inc passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Douglas Dynamics Inc generates $1.59 in operating cash flow ($74.7M OCF vs $46.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Douglas Dynamics Inc generated $656.1M in revenue in fiscal year 2025. This represents an increase of 15.4% from the prior year.
Douglas Dynamics Inc's EBITDA was $89.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 16.5% from the prior year.
Douglas Dynamics Inc reported $46.9M in net income in fiscal year 2025. This represents a decrease of 16.5% from the prior year.
Douglas Dynamics Inc earned $1.96 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 16.9% from the prior year.
Cash & Balance Sheet
Douglas Dynamics Inc generated $63.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 91.4% from the prior year.
Douglas Dynamics Inc held $8.3M in cash against $144.0M in long-term debt as of fiscal year 2025.
Douglas Dynamics Inc paid $1.18 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Douglas Dynamics Inc had 23M shares outstanding in fiscal year 2025. This represents a decrease of 0.1% from the prior year.
Margins & Returns
Douglas Dynamics Inc's gross margin was 26.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the prior year.
Douglas Dynamics Inc's operating margin was 11.2% in fiscal year 2025, reflecting core business profitability. This is down 4.4 percentage points from the prior year.
Douglas Dynamics Inc's net profit margin was 7.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.7 percentage points from the prior year.
Douglas Dynamics Inc's ROE was 16.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.6 percentage points from the prior year.
Capital Allocation
Douglas Dynamics Inc invested $7.7M in research and development in fiscal year 2025. This represents a decrease of 8.3% from the prior year.
Douglas Dynamics Inc spent $6.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Douglas Dynamics Inc invested $10.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 39.5% from the prior year.
PLOW Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $137.8M-25.3% | $184.5M+13.8% | $162.1M-16.6% | $194.3M+68.9% | $115.1M-19.8% | $143.5M+10.9% | $129.4M-35.3% | $199.9M |
| Cost of Revenue | $100.0M | N/A | $124.0M-7.5% | $134.0M+54.2% | $86.9M | N/A | $98.5M-28.9% | $138.6M |
| Gross Profit | $37.8M-21.5% | $48.1M+26.3% | $38.1M-36.8% | $60.3M+114.3% | $28.1M-21.3% | $35.7M+15.8% | $30.9M-49.6% | $61.3M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $26.3M | N/A | $22.5M+3.3% | $21.8M-7.0% | $23.4M | N/A | $25.7M+9.9% | $23.4M |
| Operating Income | $9.9M | N/A | $14.1M-61.9% | $37.0M+1055.4% | $3.2M | N/A | $45.9M+26.3% | $36.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $1.5M | N/A | $2.5M-70.1% | $8.2M+2295.0% | $342K | N/A | $9.5M+21.7% | $7.8M |
| Net Income | $6.4M | N/A | $8.0M-69.3% | $26.0M+17436.5% | $148K | N/A | $32.3M+32.5% | $24.3M |
| EPS (Diluted) | $0.26-51.9% | $0.54+63.6% | $0.33-69.7% | $1.09 | $0.00-100.0% | $0.33-75.7% | $1.36+33.3% | $1.02 |
PLOW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $630.3M+0.6% | $626.7M-9.8% | $694.9M+3.5% | $671.5M+8.1% | $621.0M+5.3% | $590.0M-11.4% | $665.6M+7.9% | $617.0M |
| Current Assets | $267.7M+0.6% | $266.0M-23.7% | $348.5M+6.7% | $326.7M+19.1% | $274.3M+15.1% | $238.2M-24.6% | $316.1M+7.6% | $293.8M |
| Cash & Equivalents | $5.2M-37.5% | $8.3M-22.1% | $10.6M+33.4% | $8.0M+10.7% | $7.2M+40.8% | $5.1M-39.2% | $8.4M+100.5% | $4.2M |
| Inventory | $185.8M+24.1% | $149.7M+7.9% | $138.7M-9.5% | $153.3M-10.6% | $171.5M+25.1% | $137.0M-5.7% | $145.4M+4.3% | $139.4M |
| Accounts Receivable | $67.7M-30.6% | $97.6M-43.8% | $173.5M+22.9% | $141.2M+103.9% | $69.2M-20.8% | $87.4M-42.9% | $153.1M+9.2% | $140.2M |
| Goodwill | $116.8M0.0% | $116.8M+3.2% | $113.1M0.0% | $113.1M0.0% | $113.1M0.0% | $113.1M0.0% | $113.1M0.0% | $113.1M |
| Total Liabilities | $350.9M+1.6% | $345.3M-17.7% | $419.6M+5.4% | $398.2M+10.0% | $362.2M+11.2% | $325.8M-19.5% | $404.8M+6.4% | $380.3M |
| Current Liabilities | $100.9M+5.3% | $95.8M-44.8% | $173.7M+12.3% | $154.7M+33.6% | $115.8M+65.0% | $70.2M-52.4% | $147.5M+1.7% | $145.0M |
| Long-Term Debt | N/A | $144.0M | N/A | N/A | N/A | $147.5M | N/A | N/A |
| Total Equity | $279.4M-0.7% | $281.4M+2.2% | $275.3M+0.8% | $273.3M+5.6% | $258.9M-2.0% | $264.2M+1.3% | $260.8M+10.2% | $236.7M |
| Retained Earnings | $106.6M-0.7% | $107.4M+5.8% | $101.5M+0.9% | $100.6M+23.4% | $81.6M-7.8% | $88.4M+1.1% | $87.5M+40.8% | $62.1M |
PLOW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$994K-101.0% | $95.9M+1226.4% | -$8.5M+25.2% | -$11.4M-751.5% | -$1.3M-101.8% | $74.4M+625.5% | -$14.2M-664.8% | $2.5M |
| Capital Expenditures | $3.2M+14.0% | $2.8M-5.3% | $2.9M-1.2% | $3.0M+37.2% | $2.2M-42.9% | $3.8M+248.3% | $1.1M-35.0% | $1.7M |
| Free Cash Flow | -$4.2M-104.5% | $93.2M+913.9% | -$11.4M+20.2% | -$14.3M-310.2% | -$3.5M-105.0% | $70.6M+563.2% | -$15.2M-1923.6% | $836K |
| Investing Cash Flow | -$4.1M+86.1% | -$29.4M-903.9% | -$2.9M+1.2% | -$3.0M-37.2% | -$2.2M+42.3% | -$3.7M-105.9% | $63.3M+4547.3% | -$1.4M |
| Financing Cash Flow | $2.0M+102.9% | -$68.9M-588.1% | $14.1M-6.7% | $15.1M+170.7% | $5.6M+107.6% | -$74.0M-64.7% | -$44.9M-4046.3% | $1.1M |
| Dividends Paid | $7.1M+1.9% | $7.0M-0.3% | $7.0M+1.5% | $6.9M-1.5% | $7.0M+0.9% | $7.0M+0.7% | $6.9M+0.7% | $6.9M |
| Share Buybacks | $3.0M | $0 | $0-100.0% | $6.0M | $0 | $0 | $0 | N/A |
PLOW Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.4%+1.3pp | 26.1%+2.6pp | 23.5%-7.5pp | 31.0%+6.6pp | 24.4%-0.5pp | 24.9%+1.0pp | 23.9%-6.8pp | 30.7% |
| Operating Margin | 7.2% | N/A | 8.7%-10.4pp | 19.0%+16.3pp | 2.8% | N/A | 35.4%+17.3pp | 18.2% |
| Net Margin | 4.6% | N/A | 4.9%-8.4pp | 13.4%+13.2pp | 0.1% | N/A | 24.9%+12.8pp | 12.2% |
| Return on Equity | 2.3% | N/A | 2.9%-6.6pp | 9.5%+9.4pp | 0.1% | N/A | 12.4%+2.1pp | 10.3% |
| Return on Assets | 1.0% | N/A | 1.1%-2.7pp | 3.9%+3.9pp | 0.0% | N/A | 4.9%+0.9pp | 3.9% |
| Current Ratio | 2.65-0.1 | 2.78+0.8 | 2.01-0.1 | 2.11-0.3 | 2.37-1.0 | 3.39+1.3 | 2.14+0.1 | 2.03 |
| Debt-to-Equity | 1.26+0.7 | 0.51-1.0 | 1.52+0.1 | 1.46+0.1 | 1.40+0.8 | 0.56-1.0 | 1.55-0.1 | 1.61 |
| FCF Margin | -3.0%-53.5pp | 50.5%+57.5pp | -7.1%+0.3pp | -7.4%-4.3pp | -3.0%-52.2pp | 49.2%+61.0pp | -11.8%-12.2pp | 0.4% |
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Frequently Asked Questions
What is Douglas Dynamics Inc's annual revenue?
Douglas Dynamics Inc (PLOW) reported $656.1M in total revenue for fiscal year 2025. This represents a 15.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Douglas Dynamics Inc's revenue growing?
Douglas Dynamics Inc (PLOW) revenue grew by 15.4% year-over-year, from $568.5M to $656.1M in fiscal year 2025.
Is Douglas Dynamics Inc profitable?
Yes, Douglas Dynamics Inc (PLOW) reported a net income of $46.9M in fiscal year 2025, with a net profit margin of 7.1%.
What is Douglas Dynamics Inc's EBITDA?
Douglas Dynamics Inc (PLOW) had EBITDA of $89.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Douglas Dynamics Inc have?
As of fiscal year 2025, Douglas Dynamics Inc (PLOW) had $8.3M in cash and equivalents against $144.0M in long-term debt.
What is Douglas Dynamics Inc's gross margin?
Douglas Dynamics Inc (PLOW) had a gross margin of 26.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Douglas Dynamics Inc's operating margin?
Douglas Dynamics Inc (PLOW) had an operating margin of 11.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Douglas Dynamics Inc's net profit margin?
Douglas Dynamics Inc (PLOW) had a net profit margin of 7.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Douglas Dynamics Inc pay dividends?
Yes, Douglas Dynamics Inc (PLOW) paid $1.18 per share in dividends during fiscal year 2025.
What is Douglas Dynamics Inc's return on equity (ROE)?
Douglas Dynamics Inc (PLOW) has a return on equity of 16.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Douglas Dynamics Inc's free cash flow?
Douglas Dynamics Inc (PLOW) generated $63.9M in free cash flow during fiscal year 2025. This represents a 91.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Douglas Dynamics Inc's operating cash flow?
Douglas Dynamics Inc (PLOW) generated $74.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Douglas Dynamics Inc's total assets?
Douglas Dynamics Inc (PLOW) had $626.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Douglas Dynamics Inc's capital expenditures?
Douglas Dynamics Inc (PLOW) invested $10.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Douglas Dynamics Inc spend on research and development?
Douglas Dynamics Inc (PLOW) invested $7.7M in research and development during fiscal year 2025.
What is Douglas Dynamics Inc's current ratio?
Douglas Dynamics Inc (PLOW) had a current ratio of 2.78 as of fiscal year 2025, which is generally considered healthy.
What is Douglas Dynamics Inc's debt-to-equity ratio?
Douglas Dynamics Inc (PLOW) had a debt-to-equity ratio of 0.51 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Douglas Dynamics Inc's return on assets (ROA)?
Douglas Dynamics Inc (PLOW) had a return on assets of 7.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Douglas Dynamics Inc's Altman Z-Score?
Douglas Dynamics Inc (PLOW) has an Altman Z-Score of 3.74, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Douglas Dynamics Inc's Piotroski F-Score?
Douglas Dynamics Inc (PLOW) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Douglas Dynamics Inc's earnings high quality?
Douglas Dynamics Inc (PLOW) has an earnings quality ratio of 1.59x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Douglas Dynamics Inc?
Douglas Dynamics Inc (PLOW) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.