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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% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 616.07 | 568.18 | 568.50 | 656.05 |
| Operating 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 |
| Selling General And Administration | - | 82.18 | 78.84 | 91.68 | 94.89 |
| Total Expenses | - | 557.32 | 523.27 | 520.87 | 582.45 |
| Operating Income | - | 58.75 | 44.91 | 47.64 | 73.61 |
| Total Operating Income As Reported | - | 58.75 | 44.91 | 88.71 | 73.61 |
| EBITDA | - | 79.55 | 66.57 | 107.04 | 88.98 |
| Normalized EBITDA | - | 79.55 | 66.57 | 65.97 | 89.31 |
| EBIT | - | 58.61 | 44.91 | 89.15 | 73.62 |
| Interest Expense | - | 11.25 | 15.68 | 15.26 | 12.11 |
| Net Interest Income | - | -11.25 | -15.68 | -15.26 | -12.11 |
| Other Non Operating Income Expenses | 0.23 | -0.14 | - | 0.44 | 0.34 |
| Other Income Expense | -5.92 | -0.14 | - | 41.52 | 0.01 |
| Interest Expense Non Operating | - | 11.25 | 15.68 | 15.26 | 12.11 |
| Net Non Operating Interest Income Expense | - | -11.25 | -15.68 | -15.26 | -12.11 |
| Pretax Income | - | 47.36 | 29.23 | 73.89 | 61.51 |
| Tax Provision | - | 8.75 | 5.51 | 17.74 | 14.61 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 9.86 | -0.08 |
| Net Income Continuous Operations | - | 38.61 | 23.72 | 56.15 | 46.90 |
| Net Income From Continuing And Discontinued Operation | - | 38.61 | 23.72 | 56.15 | 46.90 |
| Net Income From Continuing Operation Net Minority Interest | - | 38.61 | 23.72 | 56.15 | 46.90 |
| Net Income | - | 38.61 | 23.72 | 56.15 | 46.90 |
| Net Income Common Stockholders | - | 37.87 | 23.20 | 55.07 | 45.85 |
| Net Income Including Noncontrolling Interests | - | 38.61 | 23.72 | 56.15 | 46.90 |
| Normalized Income | - | 38.61 | 23.72 | 24.93 | 47.15 |
| Diluted NI Availto Com Stockholders | - | 37.87 | 23.20 | 55.60 | 46.28 |
| Basic Average Shares | - | 22.92 | 22.96 | 23.07 | 23.09 |
| Diluted Average Shares | - | 22.92 | 22.96 | 23.51 | 23.62 |
| Reconciled Depreciation | - | 20.94 | 21.66 | 17.89 | 15.36 |
| Reconciled Cost Of Revenue | - | 454.19 | 422.77 | 411.30 | 472.20 |
| Total Unusual Items | - | 0 | 0 | 41.07 | -0.33 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | 41.07 | -0.33 |
| Special Income Charges | - | 0 | 0 | 41.07 | -0.33 |
| Other Special Charges | 4.94 | - | - | -42.30 | 0.33 |
| Write Off | 1.21 | 0 | - | - | - |
| Impairment Of Capital Assets | - | 0 | 0 | 1.22 | 0 |
| 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 |
| Otherunder Preferred Stock Dividend | - | 0.74 | 0.53 | 1.08 | 1.05 |
| Average Dilution Earnings | - | 0 | 0 | 0.53 | 0.43 |
| Amortization | - | 10.52 | 10.52 | 7.52 | 6.18 |
| Amortization Of Intangibles Income Statement | - | 10.52 | 10.52 | 7.52 | 6.18 |
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 | 22.07↑ premium | 3.68 | 16.7% | 14.00 |
| The RealReal, Inc. | REAL | $1.1B | -26.17 | -2.63 | 10.1% | 72.97 |
| MasterBrand, Inc. | MBC | $1.1B | 39.88 | 0.79 | 2.0% | 9.61 |
| Papa John's International, Inc. | PZZA | $1.1B | 34.79 | -2.39 | -6.9% | 10.83 |
| ACV Auctions Inc. | ACVA | $1.0B |
| - |
| - |
| - |
| - |
| - |
| - |
| 2.39 |
| -15.4% |
| - |
| MillerKnoll, Inc. | MLKN | $1.0B | -27.33 | 0.79 | -2.9% | 13.45 |
| Accel Entertainment, Inc. | ACEL | $982M | 19.09 | 3.64 | 19.1% | 7.02 |
| Arhaus, Inc. | ARHS | $940M | 13.97 | 2.25 | 16.1% | 7.10 |
| Biglari Holdings Inc. | BH | $930M | -24.80 | 1.78 | -7.2% | 151.51 |
| Peer Median | - | 13.97 | 1.28 | -0.5% | 10.83 | |