PLOWNYSEConstruction Machinery & EquipFiscal year ends December 31
DOUGLAS DYNAMICS, INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 3, 2026
$39.54+0.00 (0.00%)
Close on Oct 19, 2026
- Market cap
- $932.75M
- P/E (TTM)
- 18.0
- Dividend yield
- 2.98%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
26.6%−0.1 pts over 5 years
Operating margin
11.2%+26.9 pts over 5 years
Net margin
7.1%+25.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +15.4% | +2.1% | +6.4% | +5.1% | |
| Gross profit | +19.0% | +4.9% | +6.4% | +2.8% | |
| Operating income | -17.0% | +7.8% | – | -0.5% | |
| Net income | -16.5% | +6.7% | – | – | |
| EPS, diluted | -16.9% | +6.3% | – | +0.1% | |
| Free cash flow | +91.4% | +32.2% | +10.5% | +3.2% | |
| Dividend per share | 0.0% | +0.6% | +1.0% | +2.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -33.7% | 17.2% | |
| Return on assets | – | -13.5% | 7.7% | |
| Current ratio | 3.43 | 3.28 | 2.78 | |
| Debt to equity | 1.40 | 1.19 | – | |
| Net debt to EBITDA | 3.36× | -3.56× | – | |
| Interest coverage | – | -123.0× | – | |
| Inventory turnover | 4.6× | 4.5× | 3.4× | |
| Capex to revenue | 2.4% | 3.1% | 1.7% | |
| Diluted shares | 22.48B | 23M | 24M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Douglas Dynamics generated $228.86M from operations and spent $201.04M on capital expenditure, dividends and share buybacks. 26% of that went back into the business.
Generated
$228.86M
Used
$201.04M
Capital expenditure$52.64M26%Dividends$136.40M68%Share buybacks$12.00M6%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.1%
×Asset turnover1.08×
×Equity multiplier2.23×
=Return on equity, FY202517.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.1% | 1.08× | 2.23× | 17.2% |
| FY2024 | 9.9% | 0.96× | 2.39× | 22.7% |
| FY2023 | 4.2% | 0.95× | 2.54× | 10.1% |
| FY2022 | 6.3% | 1.05× | 2.59× | 17.1% |
| FY2021 | 5.7% | 0.94× | 2.78× | 14.8% |
| FY2020 | -18.0% | 0.75× | 2.50× | -33.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$46.90M
- Cash generatingOperating cash flow above zero$74.69M
- Return on assets improvedROA up on the prior year9.5% → 7.9%
- Earnings backed by cashOperating cash flow above net income$74.69M vs $46.90M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.39 → 2.78
- No dilutionShare count did not rise24M → 24M
- Gross margin improvedGross margin up on the prior year25.83% → 26.63%
- More efficientAsset turnover rose0.96 → 1.11