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Douglas Dynamics, Inc. operates as a manufacturer and upfitter of commercial vehicle attachments and equipment in North America. It operates in two segments, Work Truck Attachments and Work Truck Solutions. The Work Truck Attachments segment manufactures and sells snow and ice control attachments, and other products sold under the FISHER, WESTERN, and SNOWEX brands, as well as truck-mounted service cranes and dump hoists under the VENCO and VENTURO brands. The Work Truck Solutions segment engages in the manufacturing of municipal snow and ice control products under the HENDERSON brand; and upfit of attachments and storage under the HENDERSON and DEJANA brands, and related sub brands. The company also provides customized turnkey solutions to governmental agencies, such as departments of transportation and municipalities. It sells its products through a distributor network primarily to professional snowplowers who are contracted to remove snow and ice from commercial and residential areas. Douglas Dynamics, Inc. was founded in 1946 and is headquartered in Milwaukee, Wisconsin.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $656M | $89M | $47M | $64M | 16.7% | 15.4% | -16.5% |
| 2024 | $569M | $107M | $56M | $33M | 21.3% | 0.1% | 136.7% |
| 2023 | $568M | $67M | $24M | $2M | 10.2% | -7.8% | -38.6% |
| 2022 | $616M | $80M | $39M | $28M | 16.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 616.07 | 568.18 | 568.50 | 656.05 |
| Cost Of Revenue | 464.61 | 433.91 | 421.67 | 481.37 |
| Gross Profit | 151.46 | 134.27 | 146.84 | 174.68 |
| Operating Expense | 92.70 | 89.36 | 99.20 | 101.07 |
| Operating Income | 58.75 | 44.91 | 47.63 | 73.61 |
| EBITDA | 79.55 | 66.57 | 107.04 | 88.98 |
| EBIT | 58.61 | 44.91 | 89.15 | 73.62 |
| Pretax Income | 47.36 | 29.23 | 73.89 | 61.51 |
| Tax Provision | 8.75 | 5.51 | 17.74 | 14.61 |
| Net Income | 38.61 | 23.72 | 56.15 | 46.90 |
| Net Income Common Stockholders | 37.87 | 23.20 | 55.07 | 45.85 |
| Total Expenses | 557.32 | 523.27 | 520.87 | 582.45 |
| Interest Expense | 11.25 | 15.68 | 15.26 | 12.11 |
| Selling General And Administration | 82.18 | 78.84 | 91.68 | 94.89 |
| Normalized EBITDA | 79.55 | 66.57 | 65.97 | 89.31 |
| Normalized Income | 38.61 | 23.72 | 24.93 | 47.15 |
| Basic EPS | 1.65 | 1.01 | 2.39 | 1.99 |
| Diluted EPS | 1.63 | 0.98 | 2.36 | 1.96 |
| Tax Effect Of Unusual Items | 0 | 0 | 9.86 | -0.08 |
| Tax Rate For Calcs | 0.18 | 0.19 | 0.24 | 0.24 |
| Total Unusual Items | 0 | 0 | 41.07 | -0.33 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 41.07 | -0.33 |
| Net Income From Continuing Operation Net Minority Interest | 38.61 | 23.72 | 56.15 | 46.90 |
| Reconciled Depreciation | 20.94 | 21.66 | 17.89 | 15.36 |
| Reconciled Cost Of Revenue | 454.19 | 422.77 | 411.30 | 472.19 |
| Net Interest Income | -11.25 | -15.68 | -15.26 | -12.11 |
| Net Income From Continuing And Discontinued Operation | 38.61 | 23.72 | 56.15 | 46.90 |
| Total Operating Income As Reported | 58.75 | 44.91 | 88.71 | 73.61 |
| Diluted Average Shares | 22.92 | 22.96 | 23.51 | 23.62 |
| Basic Average Shares | 22.92 | 22.96 | 23.07 | 23.09 |
| Diluted NI Availto Com Stockholders | 37.87 | 23.20 | 55.59 | 46.28 |
| Average Dilution Earnings | 0 | 0 | 0.53 | 0.43 |
| Otherunder Preferred Stock Dividend | 0.74 | 0.53 | 1.08 | 1.05 |
| Net Income Including Noncontrolling Interests | 38.61 | 23.72 | 56.15 | 46.90 |
| Net Income Continuous Operations | 38.61 | 23.72 | 56.15 | 46.90 |
| Other Income Expense | -0.14 | 0 | 41.52 | 0.01 |
| Other Non Operating Income Expenses | -0.14 | 0 | 0.44 | 0.34 |
| Special Income Charges | 0 | 0 | 41.07 | -0.33 |
| Other Special Charges | 0 | 0 | -42.30 | 0.33 |
| Write Off | 0 | 0 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 0 | 1.22 | 0 |
| Net Non Operating Interest Income Expense | -11.25 | -15.68 | -15.26 | -12.11 |
| Interest Expense Non Operating | 11.25 | 15.68 | 15.26 | 12.11 |
| Depreciation Amortization Depletion Income Statement | 10.52 | 10.52 | 7.52 | 6.18 |
| Depreciation And Amortization In Income Statement | 10.52 | 10.52 | 7.52 | 6.18 |
| Amortization | 10.52 | 10.52 | 7.52 | 6.18 |
| Amortization Of Intangibles Income Statement | 10.52 | 10.52 | 7.52 | 6.18 |
| Operating Revenue | 616.07 | 568.18 | 568.50 | 656.05 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Douglas Dynamics, Inc.this co. | PLOW | $1.0B | 22.54↓ discount | 3.62 | 16.7% | 13.83 |
| Liquidity Services, Inc. | LQDT | $1.1B | 38.52 | 5.32 | 13.8% | 20.26 |
| LGI Homes, Inc. | LGIH | $1.1B | 14.50 | 0.50 | 3.5% | 31.64 |
| Arhaus, Inc. | ARHS | $1.0B | 15.29 | 2.48 | 16.1% | 10.01 |
| Accel Entertainment, Inc. | ACEL | $1.0B |
| 20.82 |
| 3.81 |
| 18.8% |
| 7.10 |
| ACV Auctions Inc. | ACVA | $958M | - | 2.10 | -15.4% | -24.26 |
| Biglari Holdings Inc. | BH | $934M | - | 0.35 | -7.2% | 3.32 |
| Winnebago Industries, Inc. | WGO | $928M | 36.15 | 0.76 | 2.1% | 11.45 |
| Gentherm Incorporated | THRM | $928M | 51.09 | 1.30 | 2.5% | 9.90 |
| Peer Median | - | 28.48 | 1.70 | 3.0% | 9.96 | |