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Douglas Dynamics, Inc (PLOW) stock

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NYSE: PLOW NYSE Construction Machinery & Heavy Transportation Equipment Next results ~February 23, 2027

C Fundamentals grade

Douglas Dynamics, Inc is a US-listed company in the construction machinery & heavy transportation equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$40

Cash-flow model

Base case. Range ~$28–$56 across our lower- and higher-growth cases (4.1%–14.1% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 1% below our base value.

Price used: $39.87, November 2, 2026

Douglas Dynamics, Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds144 adding, 95 cuttingOf 48 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Douglas Dynamics files

Where Douglas Dynamics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $699m, up 20.1% on a year earlier, faster than the 15.5% growth a quarter earlier. That growth ranks 4 of 19 among the construction machinery & heavy transportation equipment companies we cover. Free-cash-flow margin held at 7.0%. Operating margin narrowed to 11.3% from 17.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 1 financial-health checks. Our cash-flow model value is $39.73 a share, against a share price of $40.23. At that price, our model says the market is pricing in about 9.3% a year of cash-flow growth for five years, faster than the 5.2% a year revenue growth it has delivered.

Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 23, 2027 (estimated)

Douglas Dynamics, Inc's trailing-twelve-month revenue grew 20.1% year on year, with a free-cash-flow margin of 7.0%. Where it lags: days sales outstanding of 82 days ranks 12 of 13 construction machinery & heavy transportation equipment companies we cover.

Our discounted-cash-flow model values the business at ~$40 per share in the base case (~$28–$56 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 32.7% while net income fell 20.7%: a 53pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.1% over the last 12 months, against a median of 10.1% for construction machinery & heavy transportation equipment companies we cover.
  • Growth speeding up. The growth rate is 4.6 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 7.1% over 90 days.

Things to watch

  • Margins narrowing. Operating margin is down 5.7 points on a year ago.
  • Below peers: days sales outstanding. Days sales outstanding of 82 days ranks 12 of 13 construction machinery & heavy transportation equipment companies we cover (median 50 days).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.4% ranks 18 of 20 construction machinery & heavy transportation equipment companies we cover (median 0.6%).

Latest results: FY2026 Q2

Filed August 3, 2026
Earnings per share
$1.22 against an average estimate of $1.06: beat by 14.8%
Revenue
$215m, up 10.5% on a year earlier
Share reaction
+1.1% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Next report
November 2, 2026; average EPS estimate $0.92

Douglas Dynamics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week+1.6%
  • 1 month-1.6%
  • This year+24.7%
  • 1 year+35.9%
  • 5 years+12.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$699M
Operating margin
11.3%
Net margin
7.5%
EPS (TTM, diluted)
$2.22

Growth

Revenue growth
+20.1%
Change in growth rate
+4.6 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
$49.2M
FCF margin
7.0%
Stock pay % of revenue
1.4%

Earnings

Last results
November 3, 2026
Next results (est.)
February 23, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Douglas Dynamics, Inc valuation models and calculator

What the price is pricing in

The share price implies about 7.9% a year of cash-flow growth for five years.That is close to the 5.2% a year revenue growth Douglas Dynamics has delivered.

  • Priced in7.9%
  • Last 12 months20.1%
  • 3 years a year4.3%
  • 5 years a year5.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($37.51, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$40
Price used
$37.51close November 3, 2026
Implied change
▲ +7%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Douglas Dynamics, Inc's free cash flow after stock-based pay with after-tax interest added back ($46.2M, FY2026 Q2 TTM), growing 11.4% and 7.5% in the next two years (forecasts, guidance and its record), then back to 9.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$28–~$56 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Douglas Dynamics, Inc's free cash flow after stock-based pay ( $46.2M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Douglas Dynamics, Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$40 ~$28–$56 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$39 ~$33–$55 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$24 ~$18–$31 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$29 ~$25–$34 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$34 ~$24–$40 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Douglas Dynamics, Inc with Construction Machinery & Heavy Transportation Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −16%
  • Last year's free-cash-flow margin change, if it persists ▲ +12%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $20$30$44$62$85$116
8.5% $13$20$30$43$60$82
10% $9$15$22$32$45$61

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$14.72$24.36$28.17$27.41$43.10$34.63$32.52$31.21$26.62$22.23$31.98$39.87
Market value$329m$548m$636m$622m$983m$791m$747m$715m$611m$523m$755m$946m
+ Net debt (− = net cash)$147m$291m$271m$248m$209m$197m$183m$187m$212m$142m$141m$199m
Enterprise value$476m$839m$907m$870m$1.2bn$989m$930m$902m$823m$665m$896m$1.1bn
Multiples
Price / sales 0.8x1.3x1.3x1.2x1.7x1.6x1.4x1.2x1.1x0.9x1.2x1.4x
Price / earnings 7.4x14.0x11.5x14.2x20.0x—24.3x18.5x25.8x9.3x16.1x18.0x
Price / free cash flow 7.1x9.1x10.8x12.8x15.0x20.5x15.3x25.9xn/m15.7x11.8x19.2x
EV / EBITDA 5.3x9.7x10.1x9.4x11.3x—13.0x11.3x12.4x6.2x10.1x12.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

52 /100

Moderate moat

How hard Douglas Dynamics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Cash operating profit has been a median 9.1% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 27.0%, moving by 2.3 percentage points (standard deviation) across 10 years.

  • Durability 3 / 20

    Operating margin has been a median 12.3%; its worst year was -15.4%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 9 of 10 years, at a median 8.0% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 3.6% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.20 +44% $776m +18%
Next $3.28 +3% $801m +3%

Next year's EPS estimate has moved +7.1% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +12.6% on 90 days ago. In the last 30 days, 4 analysts raised Douglas Dynamics, Inc's forecast and 0 cut it.

Consensus EPS forecast Douglas Dynamics, Inc, last 90 days
$2.80 $3.00 $3.20 $3.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.85 Current fiscal year, 60 days ago: $3.12 Current fiscal year, 30 days ago: $3.12 Current fiscal year, 7 days ago: $3.12 Current fiscal year, Now: $3.20 $3.20 Next fiscal year, 90 days ago: $3.06 Next fiscal year, 60 days ago: $3.23 Next fiscal year, 30 days ago: $3.23 Next fiscal year, 7 days ago: $3.23 Next fiscal year, Now: $3.28 $3.28

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.85$3.06
60 days ago $3.12$3.23
30 days ago $3.12$3.23
7 days ago $3.12$3.23
Now $3.20$3.28

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.06 $1.22 +14.8%
Mar 2026 $0.13 $0.36 +188.0%
Dec 2025 $0.52 $0.62 +19.2%
Sept 2025 $0.39 $0.40 +1.7%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Douglas Dynamics, Inc's revenue by +11.4% next year and +7.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.7%, weight 62%) and the company's own record (+9.1%, weight 38%) . How the weights are set.

Analyst recommendations

3 analysts, Oct 2026
Buy267%
Hold133%
Sell00%

Monthly trend

  1. Oct 2026213
  2. Sep 2026213
  3. Aug 2026213

Counts of recommendations published by analysts covering Douglas Dynamics, Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.3%
of tradable shares
Days to cover
2.86
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.5%
of shares
Employees
1,764
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +35.9%

$29.35 on October 31, 2025 to $39.87

ThenNowEffect
Revenue (last 12 months) $582m $699m +20.1%
Net margin 11.4% 7.5% −33.9%
P/E multiple 10.5x 18.0x +71.6%
Share count 24m 24m −0.1%

Biggest factor: p/e multiple.

Last 3 years +64.8%

$24.19 on November 3, 2023 to $39.87

ThenNowEffect
Revenue (last 12 months) $616m $699m +13.5%
Net margin 5.8% 7.5% +29.8%
P/E multiple 15.5x 18.0x +15.7%
Share count 23m 24m −3.4%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PLOW−6%−4%−15%−17%+44%+25%
Industry peers (median)+16%−13%+36%+25%+4%+9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PLOW17%42%50%33%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PLOW−30%−29%−39%−26%−20%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 56% from December 20, 2019 to April 15, 2024. Getting back needed a 125% gain, reached on February 25, 2026, 681 days after the low.

Price behaviour

52-week range
$28.75 – $53.80
From 52-week high
−25.9%
vs 50-day average
−0.7%
vs 200-day average
−6.4%
Volatility (1 year)
35%
Beta vs S&P 500
0.91

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
10 up, 1 down
typical move ±5.6%
After a week
9 up, 2 down
typical move ±6.4%
After a month
8 up, 3 down
typical move ±6.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +1.1% +3.3% −3.3% −7.8%
May 5, 2026 +1.9% +2.2% +0.8% +0.4%
February 24, 2026 +8.2% +1.6% +6.1% +1.4%
November 4, 2025 +5.7% −0.8% +5.1% +8.4%
August 5, 2025 +7.9% +0.3% +11.5% +18.3%
May 6, 2025 +5.0% −0.4% +20.2% +12.8%
February 25, 2025 +8.5% −0.4% +1.9% −5.4%
October 29, 2024 −11.5% −0.1% −9.4% −1.6%
July 30, 2024 +9.5% +1.1% +3.9% +4.8%
April 30, 2024 +0.6% −1.9% +5.9% +8.8%
February 27, 2024 +2.2% +0.1% +2.8% +2.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Douglas Dynamics, Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Douglas Dynamics, Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Douglas Dynamics, Inc
$550M $600M $650M $700M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $593.7M Revenue (TTM), FY23 Q4: $568.2M Revenue (TTM), FY24 Q1: $581.3M Revenue (TTM), FY24 Q2: $573.9M Revenue (TTM), FY24 Q3: $559.2M Revenue (TTM), FY24 Q4: $568.5M Revenue (TTM), FY25 Q1: $587.9M Revenue (TTM), FY25 Q2: $582.3M Revenue (TTM), FY25 Q3: $615.1M Revenue (TTM), FY25 Q4: $656.1M Revenue (TTM), FY26 Q1: $678.8M Revenue (TTM), FY26 Q2: $699.1M $699.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $593.7M
FY23 Q4 $568.2M
FY24 Q1 $581.3M
FY24 Q2 $573.9M
FY24 Q3 $559.2M
FY24 Q4 $568.5M
FY25 Q1 $587.9M
FY25 Q2 $582.3M
FY25 Q3 $615.1M
FY25 Q4 $656.1M
FY26 Q1 $678.8M
FY26 Q2 $699.1M
Revenue growth, TTM YoY Douglas Dynamics, Inc
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -2.5% Revenue growth, TTM YoY, FY23 Q4: -7.8% Revenue growth, TTM YoY, FY24 Q1: -2.5% Revenue growth, TTM YoY, FY24 Q2: -6.8% Revenue growth, TTM YoY, FY24 Q3: -5.8% Revenue growth, TTM YoY, FY24 Q4: 0.1% Revenue growth, TTM YoY, FY25 Q1: 1.1% Revenue growth, TTM YoY, FY25 Q2: 1.5% Revenue growth, TTM YoY, FY25 Q3: 10.0% Revenue growth, TTM YoY, FY25 Q4: 15.4% Revenue growth, TTM YoY, FY26 Q1: 15.5% Revenue growth, TTM YoY, FY26 Q2: 20.1% 20.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -2.5%
FY23 Q4 -7.8%
FY24 Q1 -2.5%
FY24 Q2 -6.8%
FY24 Q3 -5.8%
FY24 Q4 0.1%
FY25 Q1 1.1%
FY25 Q2 1.5%
FY25 Q3 10.0%
FY25 Q4 15.4%
FY26 Q1 15.5%
FY26 Q2 20.1%
Operating margin (TTM) Douglas Dynamics, Inc
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 8.2% Operating margin (TTM), FY23 Q4: 7.9% Operating margin (TTM), FY24 Q1: 9.0% Operating margin (TTM), FY24 Q2: 9.4% Operating margin (TTM), FY24 Q3: 15.8% Operating margin (TTM), FY24 Q4: 15.6% Operating margin (TTM), FY25 Q1: 16.7% Operating margin (TTM), FY25 Q2: 17.0% Operating margin (TTM), FY25 Q3: 10.9% Operating margin (TTM), FY25 Q4: 11.2% Operating margin (TTM), FY26 Q1: 11.8% Operating margin (TTM), FY26 Q2: 11.3% 11.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 8.2%
FY23 Q4 7.9%
FY24 Q1 9.0%
FY24 Q2 9.4%
FY24 Q3 15.8%
FY24 Q4 15.6%
FY25 Q1 16.7%
FY25 Q2 17.0%
FY25 Q3 10.9%
FY25 Q4 11.2%
FY26 Q1 11.8%
FY26 Q2 11.3%
FCF margin (TTM) Douglas Dynamics, Inc
0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 6.6% FCF margin (TTM), FY23 Q4: 0.5% FCF margin (TTM), FY24 Q1: 6.7% FCF margin (TTM), FY24 Q2: 9.0% FCF margin (TTM), FY24 Q3: 6.6% FCF margin (TTM), FY24 Q4: 5.9% FCF margin (TTM), FY25 Q1: 8.9% FCF margin (TTM), FY25 Q2: 6.4% FCF margin (TTM), FY25 Q3: 6.6% FCF margin (TTM), FY25 Q4: 9.7% FCF margin (TTM), FY26 Q1: 9.3% FCF margin (TTM), FY26 Q2: 7.0% 7.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 6.6%
FY23 Q4 0.5%
FY24 Q1 6.7%
FY24 Q2 9.0%
FY24 Q3 6.6%
FY24 Q4 5.9%
FY25 Q1 8.9%
FY25 Q2 6.4%
FY25 Q3 6.6%
FY25 Q4 9.7%
FY26 Q1 9.3%
FY26 Q2 7.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Douglas Dynamics took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $656M
  2. Cost of revenue $481M · 73.4%
  3. Gross profit $175M · 26.6%
  4. Research and development $7.7M · 1.2%
  5. Selling, general and admin $94.9M · 14.5%
  6. Operating income $73.6M · 11.2%
  7. Income tax $14.6M · 2.2%
  8. Interest and other $12.1M · 1.8%
  9. Net income $46.9M · 7.1%

Shares of revenue. Source: Douglas Dynamics's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 174 177 209 140 194 304 400 416 475 524 572 480 541 616 568 569 656 699
Gross profit 57 60 72 44 66 116 133 134 143 155 169 128 142 151 134 147 175 191
EBITDA 41 33 48 27 36 81 90 87 89 93 106 −55 71 80 67 107 89 94
Operating income 29 21 40 19 28 72 77 70 71 73 87 −75 51 59 45 89 74 79
Net income 10 2 19 6 11 40 44 39 55 44 49 −87 31 39 24 56 47 53
Diluted EPS $0.67 $0.09 $0.85 $0.26 $0.51 $1.77 $1.94 $1.70 $2.40 $1.89 $2.11 −$3.81 $1.29 $1.63 $0.98 $2.36 $1.96 $2.22
Growth (year on year)
Revenue — +1.4% +18.1% −32.9% +38.8% +56.2% +31.9% +4.0% +14.1% +10.3% +9.1% −16.0% +12.8% +13.8% −7.8% +0.1% +15.4% +20.1%
EBITDA — −20.0% +46.0% −44.4% +34.6% +125.0% +10.1% −3.4% +3.3% +3.5% +14.3% −152.4% — +11.5% −16.5% +60.1% −16.5% −18.0%
Operating income — −27.3% +87.7% −53.0% +45.8% +162.6% +7.1% −9.8% +1.4% +3.7% +17.9% −186.8% — +14.9% −23.6% +97.5% −17.0% −20.5%
Net income — −83.2% — −68.4% +92.8% +248.7% +10.5% −11.7% +41.8% −20.6% +12.0% −276.0% — +25.8% −38.6% +136.7% −16.5% −20.7%
Diluted EPS — −86.6% — −69.4% +96.2% +247.1% +9.6% −12.4% +41.2% −21.3% +11.6% −280.6% — +26.4% −39.9% +140.8% −16.9% −20.8%
Margins
Gross margin 32.7% 34.1% 34.4% 31.4% 33.8% 38.3% 33.2% 32.2% 30.1% 29.6% 29.5% 26.7% 26.2% 24.6% 23.6% 25.8% 26.6% 27.3%
EBITDA margin 23.7% 18.7% 23.2% 19.2% 18.6% 26.8% 22.4% 20.8% 18.8% 17.7% 18.5% −11.5% 13.2% 12.9% 11.7% 18.8% 13.6% 13.5%
Operating margin 16.9% 12.1% 19.2% 13.5% 14.2% 23.8% 19.3% 16.8% 14.9% 14.0% 15.1% −15.6% 9.4% 9.5% 7.9% 15.6% 11.2% 11.3%
Net margin 5.6% 0.9% 9.0% 4.2% 5.9% 13.2% 11.0% 9.4% 11.6% 8.4% 8.6% −18.0% 5.7% 6.3% 4.2% 9.9% 7.1% 7.5%
Free-cash-flow margin 10.0% 7.2% 21.7% 10.1% 15.2% 16.0% 11.6% 14.4% 12.4% 9.3% 11.5% 8.1% 9.0% 4.5% 0.5% 5.9% 9.7% 7.0%
Cash flow
Cash from operations 26 16 48 16 32 54 56 70 66 58 77 53 61 40 12 41 75 62
Capital spending 8 3 2 1 3 5 10 10 8 10 12 15 12 12 10 8 11 13
Free cash flow 17 13 45 14 29 48 46 60 59 48 66 39 49 28 3 33 64 49
Stock-based pay 1 4 2 2 3 3 3 3 4 5 3 3 6 7 1 5 7 10
Free cash flow after stock pay 17 9 43 12 27 46 43 57 55 44 63 36 43 21 2 29 57 39
Balance sheet
Cash 69 20 39 24 20 19 37 19 37 28 36 41 37 21 24 5 8 2
Total debt 0 121 123 112 124 188 184 310 308 276 244 238 220 208 236 148 149 201
Net debt (negative = net cash) −69 101 84 88 104 169 147 291 271 248 209 197 183 187 212 142 141 199
Diluted shares — 19m 22m 22m 22m 22m 22m 22m 23m 23m 23m 23m 23m 23m 23m 24m 24m 24m
Returned to shareholders
Dividends — 8 26 18 19 20 20 21 22 24 25 26 27 27 27 27 28 28
Buybacks 1 0 — — — — — — — — — 0 0 6 0 0 6 6
Total returned 1 8 26 18 19 20 20 21 22 24 25 26 27 33 27 27 34 34

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 1 checks passed · June 30, 2026
What it owns · $726m
Short-term assets $342mLonger-term assets $383m
What it owes, and who funded it · $458m
Short-term liabilities $158mShareholders' equity $300m
  • Short-term assets cover short-term liabilities $342m of assets due within a year against $158m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Douglas Dynamics, Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$6M
Dividends (TTM)
$28.2M
Returned to shareholders
70%
of free cash flow
Buybacks, last 3 fiscal years
$6M
Diluted share count
+0.1%
year over year
Total shareholder yield
3.7%
dividends 3.1% + buybacks 0.7% of market value
Dividend payout ratio
54%
of net income paid out
Sales & admin spending
15.2%
of revenue
Days sales outstanding
82 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction machinery & heavy transportation equipment
Last 12 months unless stated PLOW MLR FSTR RAIL WNC ASTE Median
Revenue, last 12 months $699m $771m $558m $464m $1.5bn $1.6bn $2.1bn
Revenue growth, last 12 months 20.1% −20.9% 10.1% −0.5% −7.3% 18.7% 10.1%
Revenue growth, 3-year average 4.3% −8.7% 1.7% 6.4% −16.4% 4.5% 4.3%
Revenue growth, latest quarter 10.5% 12.1% −3.5% −4.6% 24.8% 23.6% 17.8%
Gross margin 27.3% 14.7% 21.4% 12.5% 0.9% 25.7% 21.4%
Operating margin 11.3% 5.9% 4.4% 3.8% −10.4% 3.4% 5.9%
Operating margin, 3-year average 12.6% 6.2% 3.2% 4.8% −0.6% 3.2% 8.6%
Net margin 7.5% 1.9% 2.0% −2.8% −9.1% 1.3% 3.2%
Cash from operations / revenue 8.9% 17.1% 10.5% 4.6% −8.1% 5.2% 8.9%
Free-cash-flow margin 7.0% 14.6% 8.4% 3.9% −9.0% 2.1% 7.0%
Free-cash-flow margin, 3-year average 7.5% 5.9% 4.7% 7.0% 0.6% 1.7% 5.9%
Stock pay / revenue 1.4% 0.5% 1.1% 0.6% 0.7% 0.6% 0.6%
Change in share count 0.1% −0.5% −0.5% 6.4% −2.6% 1.2% −0.1%

Median of all 23 companies we cover in construction machinery & heavy transportation equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 construction machinery & heavy transportation equipment companies
Measure Company Peer median Rank
Revenue growth Growth 20.1% 10.1% 6 of 23
Change in growth rate Growth +4.6pp +4.6pp 12 of 23
Gross margin Profitability 27.3% 21.4% 8 of 23
Operating margin Profitability 11.3% 5.8% 8 of 21
Net margin Profitability 7.5% 3.2% 10 of 23
Free-cash-flow margin Cash generation 7.0% 7.0% 12 of 23
Stock pay as % of revenue Cash generation 1.4% 0.6% 18 of 20
Long-term debt as % of assets Balance sheet 23.0% 24.0% 9 of 18
Change in share count Balance sheet 0.1% -0.1% 14 of 21
Days sales outstanding Balance sheet 82 days 50 days 12 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Work Truck Solutions $360M 54.9% ▲ 15.3%
Work Truck Attachments $296M 45.1% ▲ 15.5%
Products and services
Line of business Revenue Share YoY
Independent Dealer $425M 64.7% ▲ 5.0%
Government Contract $144M 22.0% ▲ 59.3%
Fleet $76.8M 11.7% ▲ 16.6%
Other $10.3M 1.6% ▲ 33.8%

From Douglas Dynamics, Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.2B
Institutions reporting
246
Shares held vs prior quarter
0.0%
Positions opened / closed
46 / 24

Top buyers and sellers, Q2 2026: 144 institutions bought and 95 sold ; the biggest buyer was Alta Fox Capital Management, LLC (+192K shares) and the biggest seller Allspring Global Investments Holdings, LLC (−521K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $109M 2.0M 9.4% ▲ 9.1%
Allspring Global Investments Holdings, LLC $80.4M 1.5M 6.9% ▼ 25.3%
Pzena Investment Management LLC $74.7M 1.4M 6.4% ▼ 13.1%
Vanguard Capital Management LLC $53.2M 985K 4.6% ▲ 1.5%
Dimensional Fund Advisors LP $49.6M 919K 4.3% ▼ 1.8%
T. Rowe Price Investment Management, Inc. $42.7M 791K 3.7% ▲ 0.4%
Punch & Associates Investment Management, Inc. $35.6M 659K 3.1% ▲ 6.0%
Geode Capital Management, LLC $35.5M 658K 3.1% ▲ 19.5%
State Street Corp $34.5M 640K 3.0% ▲ 5.7%
Nuveen, LLC $34.2M 633K 2.9% ▲ 2.2%
Silvercrest Asset Management Group LLC $32.3M 599K 2.8% ▼ 3.8%
Arrowstreet Capital, Limited Partnership $27.8M 515K 2.4% ▼ 4.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Douglas Dynamics, Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $78,658 2 trades by 2 insiders · 53% under pre-set plans
Net ▼ $78,658 net selling
Insider Date Trade Shares Price Value
Bernauer Christopher E Pres. Work Truck Attachments March 9, 2026 Sell 869 $42.61 $37,028
Sisulak Jon J Controller March 9, 2026 Sell pre-set plan 977 $42.61 $41,630

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 23, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 3, 2026
  • May 5, 2026
  • February 24, 2026
  • November 4, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Douglas Dynamics, Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Douglas Dynamics, Inc in brief

What does Douglas Dynamics, Inc do?
Douglas Dynamics, Inc is a US-listed company in the construction machinery & heavy transportation equipment industry. Its financial year ends in December.
What is Douglas Dynamics, Inc's stock ticker?
Douglas Dynamics, Inc trades under the ticker PLOW on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Douglas Dynamics, Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Douglas Dynamics, Inc reported revenue of $699M, 20.1% higher than a year earlier, according to its SEC filings.
What is Douglas Dynamics, Inc's free cash flow?
Douglas Dynamics, Inc's free-cash-flow margin is 7.0% of revenue over the trailing twelve months, ranking 12 of the 23 construction machinery & heavy transportation equipment companies we cover.
What is Douglas Dynamics, Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Douglas Dynamics, Inc's free cash flow after stock-based pay gives ~$40 per share in the base case, and ~$28–$56 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Douglas Dynamics, Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Allspring Global Investments Holdings, LLC and Pzena Investment Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Douglas Dynamics, Inc buying back stock, and does it pay a dividend?
Douglas Dynamics, Inc spent $6M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.1% over the year.
What is Douglas Dynamics, Inc's market cap?
On November 2, 2026, Douglas Dynamics, Inc's market capitalisation was about $946M, with a price-to-earnings ratio of 18.0 and net debt of $199M. Market figures come from third-party market data and may be delayed.
Does Douglas Dynamics, Inc pay a dividend?
Yes: Douglas Dynamics, Inc paid $28.2M in dividends over the trailing twelve months, a dividend yield of 3.07% and a payout ratio of 53.7%.
Who are Douglas Dynamics, Inc's competitors?
In our Construction Machinery & Heavy Transportation Equipment peer group, the companies closest to Douglas Dynamics, Inc are Miller Industries Inc, Foster L B Co, Freightcar America, Inc., Wabash National Corp and Astec Industries Inc. The side-by-side comparison below sets their revenue, margins and growth against Douglas Dynamics, Inc's.
Are insiders buying or selling Douglas Dynamics, Inc stock?
Over the last 12 months, Douglas Dynamics, Inc's directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Douglas Dynamics, Inc's next earnings date?
Around February 23, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Douglas Dynamics, Inc announces its own schedule.