One-glance verdict
Within fair range
$34.61 our estimate vs market $40.71
Wall Street consensus: $54.00 (56.0% higher than our fair-value estimate)
18% above our estimate
Fundamentals snapshot
Douglas Dynamics, Inc.
PLOW · NYQ · Consumer Cyclical · Auto Parts
Current price
$40.71
52-week range
$28.52 - $55.00
Market cap
$939.47M
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 is a leading maker of snowplows and salt spreaders that attach to work trucks. The company earns most of its money selling this equipment to professional snow removal companies and local governments. Because its business depends heavily on clearing snow and ice, the company's financial performance is often tied to how severe the winter weather is.
How the company got here
Founded over 75 years ago, Douglas Dynamics has grown to become a leading manufacturer of equipment for work trucks in North America. The company built its reputation on producing reliable snow and ice control equipment. Over time, it has expanded by acquiring other established brands, allowing it to offer a wider range of products and services. This strategy of growth through acquisition has helped it become a major player in the work truck industry.
What it actually does
Think of the snowplows you see clearing streets and parking lots in the winter; there's a good chance Douglas Dynamics made them. The company manufactures and attaches specialized equipment to commercial trucks, turning them into highly specific work vehicles. Their products range from snowplows and salt spreaders to cranes and storage solutions for all kinds of professional trucks. They sell these products through a network of distributors to customers like professional snowplowers and government agencies.
Work Truck Attachments
This is the company's original and largest business, focused on making equipment that attaches to work trucks. It includes well-known brands of snowplows and salt spreaders like FISHER, WESTERN, and SNOWEX. This segment also produces truck-mounted cranes and hoists, which are lifting devices used on work sites. A significant portion of this division's sales comes from parts and accessories, creating a steady stream of revenue (money the company earns from sales) as customers maintain their equipment.
Work Truck Solutions
This part of the business focuses on customizing and outfitting larger commercial trucks, often for cities and towns. Under the HENDERSON and DEJANA brands, they take a basic truck chassis (the vehicle's frame) and add all the necessary equipment to turn it into a complete, ready-to-use work vehicle. This could involve installing complex snow and ice control systems for municipal vehicles or adding custom storage and equipment for other specialized work trucks.
What management is betting on now
The company's leadership is focused on three main areas for growth: optimizing, expanding, and activating. 'Optimize' refers to making their manufacturing processes more efficient to produce high-quality products. 'Expand' involves increasing their capacity to outfit more trucks, especially for municipal customers. 'Activate' means they are actively looking for opportunities to acquire other companies that fit well with their business, a strategy that has been key to their growth.
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 $34.61 vs current price $40.71
Wall Street consensus is the average analyst price target: $54.00 (56.0% higher than our fair-value estimate).
Our most-likely fair value is $34.61 a share — about 15.0% away from today's price of $40.71, 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)
18.50x
Forward P/E
12.61x
P/B
3.13x
P/S
1.34x
EV/EBITDA
12.98x
PEG ratio
0.86x
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
2.9%
Payout ratio
53.6%
Last ex-div date
2026-09-15