Dorman Products, Inc. DORM
We are one of the leading suppliers of replacement and upgrade parts in the motor vehicle aftermarket industry, serving passenger cars, light-, medium-, and heavy-duty trucks, as well as specialty vehicles, including utility terrain vehicles ("UTVs") and all-terrain vehicles ("ATVs"). As of December 31, 2025, we marketed approximately 144,000 distinct parts compared to approximately 138,000 as of December 31, 2024, many of which we designed and engineered. This number excludes private-label stock keeping units and other variations in how we market, package, and distribute our products, includes distinct parts of acquired companies, and reflects distinct parts that have been discontinued at the end of their lifecycle. Our products are sold under our various brand names, under our customers' private-label brands, or in bulk. We are one of the leading aftermarket suppliers of parts that were traditionally available to professional installers and consumers only from original equipment manufacturers ("OEMs") or salvage yards. These parts include, among others, leaf springs, intake manifolds, exhaust manifolds, oil filters and coolers, window regulators, radiator fan assemblies, tire pressure monitor sensors, exhaust gas recirculation ("EGR") coolers, driveshafts, UTV windshields, and complex electronics modules. For 2025, approximately 76% of our products were sold under brands we own, and the remainder of our products were sold for resale under customers' private labels, other brands, or in bulk. We generate most of our net sales from customers in North America, primarily in the United States. Our products are sold primarily through aftermarket retailers, including their online platforms; dealers; and national, regional, and local wholesale distributors and specialty markets. We also distribute aftermarket parts outside the United States, with sales primarily into Canada and Mexico, and to a lesser extent, Europe, the Middle East, and Australia.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.13B | $2.01B | $1.93B | $1.73B | $1.35B | $1.09B | $991.3M | $973.7M | $903.2M | $859.6M |
| Cost of revenue | $1.23B | $1.20B | $1.24B | $1.17B | $882.3M | $709.6M | $651.5M | $600.4M | $544.6M | $521.5M |
| Gross profit | $897.7M | $806.4M | $685.4M | $564.5M | $462.9M | $383.1M | $339.8M | $373.3M | $358.6M | $338.1M |
| SG&A | $541.5M | $513.5M | $470.7M | $393.4M | $291.4M | $249.7M | $234.0M | $202.1M | $182.4M | $169.5M |
| Operating income | $299.5M | $292.9M | $214.8M | $171.0M | $171.6M | $133.4M | $105.8M | $171.1M | $176.2M | $168.6M |
| Interest expense | $28.6M | $39.7M | $48.1M | $15.6M | $2.2M | $599.0K | $231.0K | — | — | $241.0K |
| Pre-tax income | $275.4M | $256.3M | $168.5M | $156.2M | $169.8M | $135.7M | $105.8M | $171.1M | $176.6M | $168.4M |
| Income tax | $71.3M | $66.2M | $39.2M | $34.7M | $38.2M | $28.9M | $22.0M | $37.5M | $70.0M | $62.3M |
| Net income | $204.2M | $190.0M | $129.3M | $121.5M | $131.5M | $106.9M | $83.8M | $133.6M | $106.6M | $106.0M |
| EPS, basic | 6.69 | 6.17 | 4.11 | 3.87 | 4.13 | 3.31 | 2.57 | 4.04 | 3.14 | 3.07 |
| EPS, diluted | 6.64 | 6.14 | 4.10 | 3.85 | 4.12 | 3.30 | 2.56 | 4.02 | 3.13 | 3.07 |
| Shares, diluted (wtd. avg.) | $30.8M | $31.0M | $31.5M | $31.5M | $32.0M | $32.4M | $32.7M | $33.2M | $34.1M | $34.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $49.4M | $57.1M | $36.8M | $46.0M | $58.8M | $155.6M | $68.4M | $43.5M | $71.7M | $149.1M |
| Receivables | $479.3M | $573.8M | $526.9M | $427.4M | $472.8M | $460.9M | $391.8M | $400.7M | $241.9M | $230.5M |
| Inventory | $959.0M | $708.0M | $637.4M | $755.9M | $532.0M | $298.7M | $280.8M | $270.5M | $212.1M | $168.9M |
| Total current assets | $1.52B | $1.37B | $1.23B | $1.27B | $1.08B | $922.9M | $754.6M | $720.3M | $532.8M | $551.6M |
| Property, plant and equipment | $168.8M | $164.5M | $160.1M | $148.5M | $114.9M | $91.0M | $101.8M | $98.6M | $92.7M | $88.4M |
| Goodwill | $387.3M | $442.9M | $443.9M | $443.0M | $197.3M | $91.1M | $74.5M | $72.6M | $66.0M | $28.1M |
| Other intangibles | $257.1M | $278.2M | $301.6M | $322.4M | $178.8M | $25.2M | $21.3M | $25.2M | $22.2M | $1.6M |
| Total assets | $2.49B | $2.42B | $2.29B | $2.34B | $1.67B | $1.22B | $1.04B | $978.1M | $765.9M | $711.8M |
| Accounts payable | $185.1M | $231.8M | $176.7M | $179.8M | $177.4M | $117.9M | $90.4M | $109.1M | $80.2M | $72.6M |
| Short-term debt | $37.5M | $28.1M | $15.6M | $12.5M | $0 | — | — | — | — | — |
| Total current liabilities | $492.8M | $563.8M | $547.2M | $678.3M | $665.0M | $322.6M | $220.5M | $232.1M | $110.8M | $103.8M |
| Long-term debt | $402.4M | $439.5M | $467.2M | $482.5M | $0 | — | — | — | — | — |
| Retained earnings | $1.34B | $1.18B | $1.07B | $956.9M | $856.4M | $789.2M | $720.7M | $679.4M | $589.7M | $557.1M |
| Total equity | $1.48B | $1.29B | $1.17B | $1.04B | $932.7M | $853.6M | $773.6M | $727.6M | $634.8M | $601.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $113.6M | $231.0M | $208.8M | $41.7M | $100.3M | $152.0M | $95.3M | $78.1M | $94.2M | $121.5M |
| Depreciation and amortisation | $55.7M | $56.7M | $54.7M | $44.7M | $35.2M | $32.3M | $25.9M | $28.4M | $22.2M | $18.9M |
| Stock-based compensation | $19.6M | $15.0M | $11.5M | $9.4M | $8.2M | $7.6M | $3.1M | $3.5M | $3.2M | $2.4M |
| Capital expenditure | $38.0M | $39.4M | $44.0M | $37.9M | $19.8M | $15.4M | $29.6M | $26.1M | $24.4M | $20.1M |
| Investing cash flow | -$38.0M | -$39.3M | -$43.9M | -$526.8M | -$365.3M | -$30.3M | -$29.6M | -$59.1M | -$94.4M | -$26.3M |
| Financing cash flow | -$83.7M | -$171.0M | -$174.1M | $472.5M | $168.2M | -$34.5M | -$40.9M | -$46.9M | -$77.3M | -$24.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-013339.
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