One-glance verdict
Within fair range
$46.82 our estimate vs market $39.80
Wall Street consensus: $54.00 (15.3% higher than our fair-value estimate)
15% below our estimate
Fundamentals snapshot
Douglas Dynamics, Inc.
PLOW · NYQ · Consumer Cyclical · Auto Parts
Current price
$39.80
52-week range
$28.52 - $55.00
Market cap
$918.47M
Balance sheet
Stretched
6.08x Adequate
Net debt $288.14M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 6.6% last year.
- Reward Returns 18.3% on equity, ahead of 25% of its peers.
- Risk Net debt grew 2.4% over 3 years.
- Risk Insider ownership is only 1.5% (peer median: 1.7%).
What this company does
Douglas Dynamics, Inc.
Douglas Dynamics, Inc. makes equipment for work trucks, like snow plows and salt spreaders, mainly selling to people who clear snow for businesses and homes. Their business is heavily influenced by the weather, meaning they sell more when it snows a lot, which directly impacts their earnings (the profits a company makes).
How the company got here
Douglas Dynamics traces its roots back to 1946, starting as a manufacturer of snowplows. Over the decades, it grew by acquiring and developing brands that became well-known in the professional snow and ice removal industry. A key part of its history involves expanding beyond just snowplows to include a wider range of equipment for work trucks, aiming to provide year-round solutions for its customers. This strategic expansion has shaped it into the diversified manufacturer it is today.
What it actually does
Douglas Dynamics makes and outfits equipment for commercial work trucks. Think of the trucks you see clearing snow in the winter or hauling equipment for construction and maintenance. The company provides attachments like snowplows and salt spreaders, as well as other truck accessories such as cranes and storage systems. These products are designed to help professionals in various industries, especially those involved in snow removal and municipal services, do their jobs more efficiently.
Work Truck Attachments
This part of Douglas Dynamics focuses on attachments for work trucks, primarily for snow and ice control. You'd recognize brands like FISHER, WESTERN, and SNOWEX, which make the plows and spreaders that professional snowplowers use. This segment also includes truck-mounted service cranes and dump hoists under the VENCO and VENTURO brands, which are useful for construction and other heavy-duty tasks. These products are sold mainly through distributors to people who clear snow from commercial properties and residential areas.
Work Truck Solutions
The Work Truck Solutions segment is geared towards municipal customers and includes manufacturing and upfitting services. Under the HENDERSON brand, it produces snow and ice control products specifically for cities and towns, like large plows and spreaders for public roads. This segment also involves upfitting trucks with attachments and storage solutions, often customized for government agencies like departments of transportation. Essentially, it provides comprehensive solutions for public works departments to manage winter conditions and other municipal needs.
What management is betting on now
Management is focused on growing the company by expanding its product offerings and strengthening its market position in both attachment and solution segments. They are looking to capitalize on the professional snow and ice management market, which benefits from recurring needs due to weather. Additionally, the company aims to increase its presence in the broader work truck market by offering more year-round equipment and customized solutions. This strategy involves leveraging their established brands and distribution networks to drive sales and profitability.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-15.24M
FY2024 Q4
$70.17M
FY2025 Q1
$-3.50M
FY2025 Q2
$-14.35M
FY2025 Q3
$-11.45M
FY2025 Q4
$92.85M
FY2026 Q1
$-4.16M
FY2026 Q2
$-28.34M
Revenue
$214.65M
Net income
$25.38M
Diluted EPS
1.07
Operating cash flow
$-24.20M
Free cash flow
$-28.34M
Fetching…
Sources
Revenue
$137.80M
Net income
$6.38M
Diluted EPS
0.26
Operating cash flow
$-994.00K
Free cash flow
$-4.16M
Fetching…
Sources
Revenue
$184.54M
Net income
$12.84M
Diluted EPS
0.54
Operating cash flow
$95.93M
Free cash flow
$92.85M
Fetching…
Sources
Revenue
$162.12M
Net income
$7.96M
Diluted EPS
0.33
Operating cash flow
$-8.52M
Free cash flow
$-11.45M
Fetching…
Sources
Revenue
$194.33M
Net income
$25.95M
Diluted EPS
1.09
Operating cash flow
$-11.38M
Free cash flow
$-14.35M
Fetching…
Sources
Revenue
$115.07M
Net income
$148.00K
Diluted EPS
0.00
Operating cash flow
$-1.34M
Free cash flow
$-3.50M
Fetching…
Sources
Revenue
$143.55M
Net income
$7.91M
Diluted EPS
0.33
Operating cash flow
$74.40M
Free cash flow
$70.17M
Fetching…
Sources
Revenue
$129.40M
Net income
$32.26M
Diluted EPS
1.36
Operating cash flow
$-14.16M
Free cash flow
$-15.24M
Fetching…
Sources
Is it cheap or expensive?
Fair value $46.82 vs current price $39.80
Wall Street consensus is the average analyst price target: $54.00 (15.3% higher than our fair-value estimate).
Our most-likely fair value is $46.82 a share — about 17.6% away from today's price of $39.80, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $288.1M. Interest coverage 6.1x.
Net debt
$288.14M
Interest coverage
6.08x
Douglas Dynamics, Inc.'s profit covers its interest bill about 6.1 times over. which is weaker than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
PLOW
BASELINE
Douglas Dynamics, Inc.
Total debt $290.51M Interest coverage 6.08x This is the baseline the peer rows are being compared against.
Total debt $278.86M Interest coverage 10.19x +68% vs PLOW Carries about 1.7x more debt cushion than PLOW.
Total debt $1.08B Interest coverage 8.31x +37% vs PLOW Carries about 1.4x more debt cushion than PLOW.
Total debt $485.80M Interest coverage 25.31x +317% vs PLOW Carries about 4.2x more debt cushion than PLOW.
What you should know
The case for and against PLOW
3 Rewards
2 Risks
Rewards
-
Revenue grew 6.6% last year.
-
Returns 18.3% on equity, ahead of 25% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Net debt grew 2.4% over 3 years.
-
Insider ownership is only 1.5% (peer median: 1.7%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
18.09x
Forward P/E
12.33x
P/B
3.06x
P/S
1.31x
EV/EBITDA
12.80x
PEG ratio
0.84x
Profitability
How much profit each dollar creates
Gross margin
27.3%
Operating margin
16.5%
Net margin
7.5%
ROE
18.3%
ROA
7.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.97x
Current ratio
2.16x
Quick ratio
1.00x
Total debt
$290.51M
Total cash
$2.37M
Growth
How the business has been compounding
Revenue TTM
$699.10M
Revenue 5Y CAGR
4.9%
EPS TTM
2.20
EPS 5Y CAGR
6.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$62.22M
Free CF TTM
$63.86M
FCF margin
9.1%
Dividend
Shareholder payout
Yield
3.0%
Payout ratio
53.6%
Last ex-div date
2026-09-15