DOUGLAS DYNAMICS, INC PLOW
Home to the best-selling brands in the industry, Douglas Dynamics, Inc. (the "Company," "we," "us," "our") is North America's premier manufacturer and upfitter of commercial work truck attachments and equipment. For more than 75 years, the Company has been innovating products that enable end-users to perform their jobs more efficiently and effectively, providing opportunities for businesses to increase profitability. Our commitment to continuous improvement enables us to consistently produce high quality products and drive shareholder value. The Douglas Dynamics portfolio of products and services is separated into two segments: First, the Work Truck Attachments segment, which includes our operations that manufacture and sell snow and ice control attachments and other products sold under the FISHER®, SNOWEX® and WESTERN® brands, and truck-mounted service cranes and dump hoists under the VENCO® and VENTURO® brands. Second, the Work Truck Solutions segment, which includes manufactured municipal snow and ice control products under the HENDERSON® brand and the upfit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands. For additional financial information regarding our reportable business segments, see Note 16 of the Notes to Consolidated Financial Statements of this report.
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 | $656.1M | $568.5M | $568.2M | $616.1M | $541.5M | $480.2M | $571.7M | $524.1M | $474.9M | $416.3M |
| Cost of revenue | $481.4M | $421.7M | $433.9M | $464.6M | $399.6M | $351.9M | $402.9M | $369.2M | $331.8M | $282.3M |
| Gross profit | $174.7M | $146.8M | $134.3M | $151.5M | $141.9M | $128.3M | $168.8M | $154.9M | $143.1M | $134.0M |
| R&D | $7.7M | $8.4M | $10.1M | $12.2M | $10.2M | $6.7M | $5.7M | $3.2M | $2.9M | $3.1M |
| SG&A | $94.9M | $91.7M | $78.8M | $82.2M | $78.8M | $64.6M | $71.3M | $70.0M | $60.9M | $53.6M |
| Operating income | $73.6M | $88.7M | $44.9M | $58.8M | $51.1M | -$75.1M | $86.6M | $73.5M | $70.8M | $69.8M |
| Pre-tax income | $61.5M | $73.9M | $29.2M | $47.4M | $34.6M | -$98.8M | $62.6M | $55.8M | $52.9M | $63.7M |
| Income tax | $14.6M | $17.7M | $5.5M | $8.8M | $3.9M | $12.3M | $13.5M | $11.9M | $2.4M | $24.7M |
| Net income | $46.9M | $56.2M | $23.7M | $38.6M | $30.7M | -$86.6M | — | — | — | — |
| EPS, basic | 1.99 | 2.39 | 1.01 | 1.65 | 1.31 | -3.81 | 2.13 | 1.91 | 2.42 | 1.71 |
| EPS, diluted | 1.96 | 2.36 | 0.98 | 1.63 | 1.29 | -3.81 | 2.11 | 1.89 | 2.40 | 1.70 |
| Shares, diluted (wtd. avg.) | $23.6M | $23.5M | $23.0M | $22.9M | $23.0M | $22.8M | $22.81B | $22.70B | $22.59B | $22.48B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.3M | $5.1M | $24.2M | $20.7M | $37.0M | $41.0M | $35.7M | $27.8M | $36.9M | $18.6M |
| Receivables | $97.6M | $87.4M | $83.8M | $86.8M | $71.0M | $83.2M | $87.9M | $81.5M | $79.1M | $78.6M |
| Inventory | $149.7M | $137.0M | $140.4M | $136.5M | $104.0M | $79.5M | $77.9M | $82.0M | $71.5M | $70.9M |
| Total current assets | $266.0M | $238.2M | $262.2M | $252.9M | $220.4M | $217.2M | $211.5M | $199.1M | $198.1M | $176.4M |
| Property, plant and equipment | $44.8M | $41.3M | $67.3M | $68.7M | $66.8M | $64.3M | $58.4M | $55.2M | $54.0M | $52.1M |
| Goodwill | $116.8M | $113.1M | $113.1M | $113.1M | $113.1M | $113.1M | $241.0M | $241.0M | $241.0M | $238.3M |
| Other intangibles | $116.3M | $113.5M | $121.1M | $131.6M | $142.1M | $152.8M | $163.7M | $174.7M | $186.2M | $194.9M |
| Total assets | $626.7M | $590.0M | $593.4M | $596.9M | $572.5M | $579.2M | $705.7M | $676.2M | $685.2M | $666.2M |
| Accounts payable | $38.7M | $32.3M | $31.4M | $49.3M | $27.4M | $16.3M | $16.1M | $18.7M | $16.3M | $17.3M |
| Short-term debt | $7.4M | $0 | $6.8M | $11.1M | $11.1M | $1.7M | $22.1M | $32.7M | $32.7M | $2.8M |
| Total current liabilities | $95.8M | $70.2M | $118.5M | $100.4M | $81.9M | $66.2M | $78.1M | $79.1M | $80.8M | $51.4M |
| Long-term debt | $144.0M | $147.5M | $189.4M | $207.7M | — | $236.7M | $222.1M | $242.9M | $274.9M | $306.7M |
| Retained earnings | $107.4M | $88.4M | $59.7M | $63.5M | $51.9M | $47.7M | $160.7M | $136.8M | $115.7M | $82.4M |
| Total equity | $281.4M | $264.2M | $231.6M | $237.1M | $214.6M | $200.2M | $313.2M | $282.8M | $256.7M | $220.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $74.7M | $41.1M | $12.5M | $40.0M | $60.5M | $53.4M | $77.3M | $58.2M | $66.4M | $69.9M |
| Depreciation and amortisation | $15.4M | $17.9M | $21.7M | $20.9M | $20.3M | $19.7M | $19.2M | $19.1M | $18.6M | $16.7M |
| Stock-based compensation | $6.7M | $4.9M | $953.0K | $6.7M | $5.8M | $2.8M | $3.2M | $4.5M | $3.5M | $2.9M |
| Capital expenditure | $10.8M | $7.8M | $9.8M | $12.4M | $11.9M | $14.7M | $11.5M | $9.7M | $7.6M | $9.8M |
| Investing cash flow | -$37.5M | $56.8M | -$10.5M | -$12.0M | -$11.2M | -$14.5M | -$11.5M | -$9.7M | -$14.9M | -$191.2M |
| Financing cash flow | -$34.1M | -$117.0M | $1.5M | -$44.3M | -$53.4M | -$33.5M | -$57.9M | -$57.5M | -$33.1M | $103.0M |
| Dividends paid | $27.9M | $27.5M | $27.4M | $27.0M | $26.5M | $25.9M | $25.2M | $24.4M | $22.0M | $21.5M |
| Buybacks | $6.0M | $0 | $0 | $6.0M | $0 | $0 | — | — | — | — |
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 0001437749-26-005316.
Others in SIC 3531
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|---|---|---|---|---|
| CAT | CATERPILLAR INC | $374.15B | 43.3x | 4.3% |
| CNH | CNH Industrial N.V. | $17.82B | 35.1x | -10.0% |
| ASTE | ASTEC INDUSTRIES INC | $1.02B | 26.3x | 8.1% |
| AEBI | Aebi Schmidt Holding AG | $1.00B | 76.2x | 40.6% |
| MTW | MANITOWOC CO INC | $772.1M | 107.0x | 2.9% |
| CMCO | COLUMBUS MCKINNON CORP | $543.8M | — | 23.9% |
| GENC | GENCOR INDUSTRIES INC | $270.0M | 17.2x | 2.0% |