olivLaw · US equity research
Douglas Dynamics, Inc. PLOW
Construction Machinery & Equip · SIC 3531 · Vertical: Construction Machinery & Equip (SIC 3531)
Douglas Dynamics makes snow and ice control equipment, truck-mounted cranes and dump hoists, and upfit services for commercial vehicles in North America. It reported a record second quarter in 2026 and raised its annual outlook, after a stretch of weak winters. For today's analysis the key issues are dependence on snowfall and material costs, as shown in and.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Douglas Dynamics, Inc. (PLOW) stock was 38.12 USD (+3.98% on the day), with market capitalisation 879.7 m USD, P/E 13.8 on diluted EPS of 2.76 USD over the last 12 months, dividend yield 3.15%, beta 0.80, 52-week range 29.61–54.20 USD. Latest reported quarter (Q3 2026): revenue of 218.0 m USD (+34.5% YoY), net income of 21.2 m USD (+165.8% YoY), diluted EPS 0.89 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.5
- weak (30–45)
- Bollinger (20, 2)
- 37.90 – 41.04
- in the lower half of the band · %B 0.07 · band width 8.0%
- SMA 50 / 200
- 40.09 / 43.07
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.46 / -0.30
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.3% | −1.1% | −5.2 pp | — |
| 3 months | −16.5% | −0.5% | −16.0 pp | — |
| 6 months | −16.1% | +4.4% | −20.5 pp | — |
| Year to date | +16.8% | +12.3% | +4.4 pp | — |
| 1 year | +28.6% | +13.5% | +15.0 pp | +13.1% |
| 3 years | +40.0% | +76.4% | −36.4 pp | +21.9% |
| 5 years | −12.6% | +63.7% | −76.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 143.5 m | 115.1 m | 194.3 m | 162.1 m | 184.5 m | 137.8 m | 214.6 m | 218.0 m |
| Cost of revenue | 107.8 m | 86.9 m | 134.0 m | 124.0 m | 136.4 m | 100.0 m | 147.9 m | 158.2 m |
| Gross profit | 35.7 m | 28.1 m | 60.3 m | 38.1 m | 48.1 m | 37.8 m | 66.8 m | 59.8 m |
| SG&A | 21.1 m | 23.4 m | 21.8 m | 22.5 m | 27.3 m | 26.3 m | 29.8 m | 27.0 m |
| Operating income | 13.0 m | 3.2 m | 37.0 m | 14.1 m | 19.3 m | 9.9 m | 35.4 m | 31.3 m |
| Depreciation & amortisation | 3.9 m | 3.8 m | 3.8 m | 3.8 m | 3.9 m | 3.9 m | 3.8 m | 3.8 m |
| Pre-tax income | 10.0 m | 490.0 k | 34.1 m | 10.4 m | 16.5 m | 7.9 m | 33.7 m | 28.4 m |
| Income tax | 2.1 m | 342.0 k | 8.2 m | 2.5 m | 3.6 m | 1.5 m | 8.3 m | 7.2 m |
| Net income | 7.9 m | 148.0 k | 26.0 m | 8.0 m | 12.8 m | 6.4 m | 25.4 m | 21.2 m |
| Diluted EPS | 0.33 | 0.00 | 1.09 | 0.33 | 0.54 | 0.26 | 1.07 | 0.89 |
| Operating cash flow | 74.4 m | -1.3 m | -11.4 m ≈ | -8.5 m ≈ | 95.9 m | -994.0 k | -24.2 m ≈ | -22.3 m ≈ |
| Capex | 4.2 m | 2.2 m | 3.0 m ≈ | 2.9 m ≈ | 2.8 m | 3.2 m | 4.1 m ≈ | 3.9 m ≈ |
| Dividends paid | 7.0 m | 7.0 m | 6.9 m ≈ | 7.0 m ≈ | 7.0 m | 7.1 m | 7.1 m ≈ | 6.9 m ≈ |
| Share repurchases | 0 | 0 | 6.0 m ≈ | 0 ≈ | 0 | 3.0 m | 3.0 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 11 percentile of its own 36-quarter history (min 8.6, median 19.8, max 31.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 524.1 m | 571.7 m | 480.2 m | 541.5 m | 616.1 m | 568.2 m | 568.5 m | 656.1 m |
| Revenue YoY | +10.3% | +9.1% | −16.0% | +12.8% | +13.8% | −7.8% | +0.1% | +15.4% |
| Net income | unavailable | unavailable | -86.6 m | 30.7 m | 38.6 m | 23.7 m | 56.2 m | 46.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | +25.8% | −38.6% | +136.7% | −16.5% |
| Diluted EPS | 1.89 | 2.11 | -3.81 | 1.29 | 1.63 | 0.98 | 2.36 | 1.96 |
| Diluted EPS YoY | −21.3% | +11.6% | −280.6% | unavailable | +26.4% | −39.9% | +140.8% | −16.9% |
| net % | unavailable | unavailable | -18.0% | 5.7% | 6.3% | 4.2% | 9.9% | 7.1% |
| Free cash flow | 48.5 m | 65.8 m | 38.7 m | 48.7 m | 27.6 m | 2.7 m | 33.4 m | 63.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.3 m USD
- Financial debt
- 149.0 m USD
- Net debt
- 140.7 m USD
- Equity
- 281.4 m USD
- Total assets
- 626.7 m USD
- Debt / equity
- 0.53x
- Current ratio
- 2.78x
- ROE
- 17.2%
- ROA
- 7.7%
- FCF margin
- 9.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 480.2 m | 541.5 m | 616.1 m | 568.2 m | 568.5 m | 656.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 351.9 m | 399.6 m | 464.6 m | 433.9 m | 421.7 m | 481.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 128.3 m | 141.9 m | 151.5 m | 134.3 m | 146.8 m | 174.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 6.7 m | 10.2 m | 12.2 m | 10.1 m | 8.4 m | 7.7 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 64.6 m | 78.8 m | 82.2 m | 78.8 m | 91.7 m | 94.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | -75.1 m | 51.1 m | 58.8 m | 44.9 m | 88.7 m | 73.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 19.7 m | 20.3 m | 20.9 m | 21.7 m | 17.9 m | 15.4 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | -55.4 m ≈ | 71.5 m ≈ | 79.7 m ≈ | 66.6 m ≈ | 106.6 m ≈ | 89.0 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 611.0 k | 1.8 m | 476.0 k | 476.0 k | 198.0 k | 0 | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | -98.8 m | 34.6 m | 47.4 m | 29.2 m | 73.9 m | 61.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | -12.3 m | 3.9 m | 8.8 m | 5.5 m | 17.7 m | 14.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -86.6 m | 30.7 m | 38.6 m | 23.7 m | 56.2 m | 46.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -3.81 | 1.29 | 1.63 | 0.98 | 2.36 | 1.96 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 22.8 m | 23.0 m | 22.9 m | 23.0 m | 23.5 m | 23.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 1.12 | 1.14 | 1.16 | 1.18 | 1.18 | 1.18 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 41.0 m | 37.0 m | 20.7 m | 24.2 m | 5.1 m | 8.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 83.2 m | 71.0 m | 86.8 m | 83.8 m | 87.4 m | 97.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 79.5 m | 104.0 m | 136.5 m | 140.4 m | 137.0 m | 149.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 217.2 m | 220.4 m | 252.9 m | 262.2 m | 238.2 m | 266.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 64.3 m | 66.8 m | 68.7 m | 67.3 m | 41.3 m | 44.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 113.1 m | 113.1 m | 113.1 m | 113.1 m | 113.1 m | 116.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 152.8 m | 142.1 m | 131.6 m | 121.1 m | 113.6 m | 116.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 579.2 m | 572.5 m | 596.9 m | 593.4 m | 590.0 m | 626.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 16.3 m | 27.4 m | 49.3 m | 31.4 m | 32.3 m | 38.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 1.7 m | 0 | 0 | 47.0 m | 0 | 5.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 236.7 m | — | 207.7 m | 189.4 m | 147.5 m | 144.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 66.2 m | 81.9 m | 100.4 m | 118.5 m | 70.2 m | 95.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 200.2 m † | 214.6 m † | 237.1 m † | 231.6 m † | 264.2 m † | 281.4 m † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 53.4 m | 60.5 m | 40.0 m | 12.5 m | 41.1 m | 74.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 14.7 m | 11.9 m | 12.4 m | 9.8 m | 7.8 m | 10.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 38.7 m ≈ | 48.7 m ≈ | 27.6 m ≈ | 2.7 m ≈ | 33.4 m ≈ | 63.9 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -14.5 m | -11.2 m | -12.0 m | -10.5 m | 56.8 m | -37.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -33.5 m | -53.4 m | -44.3 m | 1.5 m | -117.0 m | -34.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 25.9 m | 26.5 m | 27.0 m | 27.4 m | 27.5 m | 27.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 0 | 0 | 6.0 m | 0 | 0 | 6.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 879.7 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet93
- Growth30
- Quality74
- Returns55
- Valuation70
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.51 – 128.07 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)15.74 – 26.89 (Mid 20.01)WACC 8.8% · starting FCFF 34.4 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 28.7%
- Peers: EV/EBITDA32.38 – 46.78 (Mid 42.57)3 companies used · median multiple 9.6x · quartiles 7.5x – 10.5xAEBI, ASTE, MTW
- Peers: P/E89.97 – 128.07 (Mid 113.13)5 companies used · median multiple 41.0x · quartiles 32.6x – 46.4xAEBI, ASTE, CAT, CNH, MTW
- Dividend discount (DDM)15.51 – 20.85 (Mid 17.79)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 19.8% | 100 (on a fixed band) | 11% |
| Net margin · Quality | 8.7% | 71 (vs peers) | 7% |
| FCF conversion · Quality | 52.4% | 32 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 2.1% | 18 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 6.3% | 42 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.8x | 91 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 97 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 13.8x | 100 (vs peers) | 11% |
| EV/EBITDA · Valuation | 8.7x | 57 (on a fixed band) | 11% |
| FCF yield · Valuation | 3.9% | 49 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 3.9% | 55 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 81.8% | 55 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet93/100 · 2/3 factors with a value
- Growth30/100 · 2/2 factors with a value
- Quality74/100 · 3/3 factors with a value
- Returns55/100 · 2/2 factors with a value
- Valuation70/100 · 3/3 factors with a value
Memo
DOUGLAS DYNAMICS, INC (PLOW). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 656.1 m USD in 2025; YoY growth 15.4%; net margin 8.7%; ROE 22.2%; net debt/EBITDA 0.8x.
The estimated value range is 24.06–36.83 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 31.29 USD, the price of 38.12 USD leaves a potential of -17.9% (value / price − 1) and a margin of safety of -21.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 19.8%
- Net margin: 8.7%
- Net debt / EBITDA: 0.8x
- Current ratio: 2.0x
- P/E (TTM): 13.8x
What contradicts it
- Revenue CAGR 3Y: 2.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Construction Machinery & Equip (SIC 3531) · same industry (4-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CATCaterpillar Inc | 270.6 bn | 23.2 | 56.1% | 15.2% | +4.3% | +3% / +136% |
| CNHCnh Industrial N.V. | 14.5 bn | 47.0 | 4.0% | 1.7% | −8.8% | +24% / +9% |
| ASTEAstec Industries, Inc. | 904.9 m | 46.4 | 2.9% | 1.3% | +8.1% | −11% / +26% |
| AEBIAebi Schmidt Holding AG | 902.5 m | 41.0 | 3.6% | 1.1% | +40.6% | −2% / unavailable |
| PLOWDouglas Dynamics, Inc | 879.7 m | 13.8 | 22.2% | 8.7% | +15.4% | +29% / +40% |
| MTWThe Manitowoc Company, Inc. | 837.7 m | 32.6 | 3.8% | 1.1% | +2.9% | +106% / +62% |
| CMCOColumbus McKinnon Corporation | 537.7 m | — | -30.8% | -19.6% | +23.9% | +13% / −47% |
| GENCGencor Industries, Inc. | — | — | 6.9% | 13.5% | +2.0% | +31% / +17% |
1- and 3-year price returns: for PLOW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 22.70 Total return -38% · Per year -38% | 40.18 Total return 9% · Per year 9% | 60.59 Total return 63% · Per year 63% |
| 3 years | 20.99 Total return -38% · Per year -15% | 41.90 Total return 20% · Per year 6% | 69.53 Total return 95% · Per year 25% |
| 5 years | 19.41 Total return -38% · Per year -9% | 43.70 Total return 32% · Per year 6% | 79.78 Total return 132% · Per year 18% |
- Exit P/E± 10.48
- Net margin± 7.33
- Annual revenue growth± 6.16
- Annual dilution± 0.62
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Douglas Dynamics makes snow and ice control equipment, truck-mounted cranes and dump hoists, and upfit services for commercial vehicles in North America. It reported a record second quarter in 2026 and raised its annual outlook, after a stretch of weak winters. For today's analysis the key issues are dependence on snowfall and material costs, as shown in 1 and 3.
SWOT
Strengths
- A large installed base and well-known brands create customer loyalty and predictable replacement sales 1.
- An extensive distribution network and efficient production allow fast response to sudden winter demand 1.
- Cash generation is described as strong, supporting dividends, buybacks and acquisitions 1.
Weaknesses
Opportunities
Risks
- Snowfall dependencehigh
Attachments results depend on snow, and weak seasons can reduce sales and cash flow in following years 1.
- Steel priceshigh
Steel is a key material, and its volatile price could reduce margins if it cannot be passed on to customers 1.
- Tariffs and trademedium
Tariffs and export restrictions on materials from China could raise costs, and the final effect of tariff decisions remains uncertain 2.
- Suppliers and OEMsmedium
Supplier or OEM delays and failures to meet volume and quality needs could affect deliveries 1.
- Acquisition integrationlow
The company must reach the projected performance of Venco Venturo assets, and unexpected costs could weigh on results 2.
Investment thesis
What would need to be true (bull case)
- The second quarter of 2026 was a record, with higher sales and adjusted EBITDA, and annual guidance was raised 3.
- The large installed base and distribution network provide predictable replacement demand even in variable-snow years 1.
- The Venco Venturo acquisition and strong municipal demand could support revenue growth in coming years 13.
What would break the thesis
What to watch
- Attachments sales in the third quarter as pre-season shipments split roughly evenly between quartersQ3 2026
- Delivery against the raised adjusted EBITDA and sales guidance ranges2026
- Effect of IEEPA tariff refunds and tariffs on cost of salesnext 10-Q
- Commercial demand trends in Work Truck Solutions and cost optimisation measuresQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Douglas Dynamics, Inc. (NYSE: PLOW) describes itself as North America's premier manufacturer and upfitter of commercial work truck attachments and equipment 1. It runs two segments: Work Truck Attachments, which includes FISHER, SNOWEX and WESTERN snow and ice control products plus VENCO and VENTURO cranes and dump hoists, and Work Truck Solutions, which covers HENDERSON municipal products and DEJANA upfit 1. Venco Venturo was acquired in 2025 and extends the Attachments range 1.
Net sales for fiscal 2025 were 656.1 million USD, up from the prior year, and net income was 46.9 million USD 1. Work Truck Attachments generated 295.7 million USD of sales and Work Truck Solutions 360.3 million USD 1. The business relies on an installed base of over 500,000 snowplows and spreaders and a network of about 3,000 points of sale 1.
The model is seasonal: Attachments sales depend on the level, timing and location of snowfall, and distributors typically buy in the second and third quarters 1. Parts and accessories, roughly a fifth of Attachments sales, provide a revenue stream that follows each equipment sale 1.
Segments
Market context
Demand for snow equipment is driven mainly by the replacement cycle of the installed base, which depends on wear and on snowfall in a given season 1. The company notes snowfall was below average for seven seasons in a row up to 2025, and the season ended March 2025 was 17.6% below the 1980-2025 average 1. The market is dominated by North American producers, and in Work Truck Solutions competition comes from regional upfitters 1.
The market is also shaped by US economic conditions, municipal budgets and steel prices, a significant cost component 1. Prices rose sharply in the 2021-2023 inflation period, and in 2024 and 2025 increases returned to the historical range of 2% to 4% a year 1.
Trends
- Snowfall variabilitymixed
Low-snow seasons reduced Attachments sales in 2023 and 2024, and a better winter more recently supported the recovery 13. If snowfall stays below average, equipment demand could decline.
- Municipal demandtailwind
Municipal demand for equipment and upfit supports Work Truck Solutions, and the company is investing in capacity to meet it 3. If government budgets tighten, demand could slow 1.
- Softer commercial demandheadwind
Management flagged softer commercial demand in some Solutions business lines, leading to actions to optimise sales and cost 3.
- Tariffs and material costsmixed
Tariffs on materials from China and steel demand could raise costs, and the Supreme Court invalidated IEEPA tariffs in February 2026, with partial refunds already received 2. The final effect remains uncertain.
Competitive position
The company says it competes only with other North American manufacturers and upfitters and names no listed competitors 1. Its cited advantages are product breadth, distribution network and operational efficiency 1.
In Work Truck Solutions the company is a regional leader in the Northeast and Mid-Atlantic, competing with other regional upfitters and smaller firms 1. Competition could compress margins if customers become more price-sensitive 1.
- Other regional upfit producers
Regional upfitters operating near OEM plants, not named in the source 1.
- Smaller upfit businesses
Smaller firms in the upfit market competing in local niches 1.
- Other North American snow equipment makers
North American producers in snow and ice control, not identified in the source 1.
- Offshore component suppliers
Offshore sourcing is an indirect source of cost competition 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Kirk Douglas a fost Ulise în prima mare ecranizare modernă a „Odiseei”! Soția și vrăjitoarea care îl seduceau erau jucate de aceeași actriță (P)G4Media · 03 Nov 2026 · RO
- Michael Douglas spune că Cher nu ar fi trebuit să câștige Oscarul pentru „Moonstruck”Mediafax · 02 Nov 2026 · RO
- Michael Douglas erős mondattal indított Catherine Zeta-Jonesszal való megismerkedésükkorIndex.hu English (HU) · 01 Nov 2026 · EN
- College Success: Understanding the Roles of Financial Aid, Loans, Preparation, and Incentives -- by Douglas N. Harris, Christopher R. Taber, Alan YangNBER — New Working Papers · 26 Oct 2026 · EN
- Michael Douglas opens up about trust and communication in sex scenesSurge — GDELT DOC · 24 Oct 2026 · RO
- How The McDonnell Douglas MD-11's 3-Engine Design Created Handling Problems That Ended Its Passenger CareerSimple Flying · 22 Oct 2026 · EN
- Michael Douglas dezvăluie că n-a vrut să joace în filmul cu cele mai mari încasări din toate timpurile: „Ar fi trebuit să mă omoare”HotNews.ro · 21 Oct 2026 · RO
- Orașul din Spania unde Michael Douglas revine mereu: „Priveliștea noastră liniștită!” - MediafaxMediafax · 20 Oct 2026 · RO
- Why The Douglas DC-8 Outlasted The Boeing 707 By DecadesSimple Flying · 19 Oct 2026 · EN
- Too Little too Late? Nationwide Carbon Trading in China -- by Shuang Zhang, Douglas AlmondNBER — New Working Papers · 19 Oct 2026 · EN
- Michael Douglas își schimbă radical viața la 82 de ani. Ce planuri are actorul: „Valorile mele s-au schimbat” - Film NowSurge — Google News · 12 Oct 2026 · RO
- Michael Douglas a șocat pe toată lumea dezvăluind că a vândut odată 88 kg de marijuana pentru a-și plăti școlarizarea. - Vietnam.vnSurge — Google News · 12 Oct 2026 · RO
- Michael Douglas dezvăluie de ce l-a iertat pe tatăl său legendar, după ce și-a promis că nu îi va călca pe urme - HotNews.roHotNews.ro · 11 Oct 2026 · RO
- Michael Douglas dezvăluie de ce l-a iertat pe tatăl său legendar, după ce și-a promis că nu îi va călca pe urmeHotNews.ro · 11 Oct 2026 · RO
- Country diary: The house martins are gone for another year. But they’re not forgotten | Ed DouglasThe Guardian — Environment · 10 Oct 2026 · EN
- The McDonnell Douglas MD-80s Still Flying More Than 45 Years After 1st FlightSimple Flying · 09 Oct 2026 · EN
- The McDonnell Douglas Military Airframes The Pentagon Is Flying Deep Into The 2040s & BeyondSimple Flying · 09 Oct 2026 · EN
- Cine e actrița cu care Michael Douglas și-a înșelat soția. Povestea lor toridă a avut loc pe platourile de filmare - PRO TV.roSurge — Google News · 08 Oct 2026 · RO
- De ce spune Michael Douglas că i s-a făcut rușine când a văzut un film al său cu prințesa DianaHotNews.ro · 07 Oct 2026 · RO
- Editura Nemira publică autobiografia actorului Michael Douglas, „O aventură pe cinste”, concomitent cu lansarea internațională a volumului - JurnalulSurge — Google News · 07 Oct 2026 · RO
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Current report01 May 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Proxy statement20 Mar 2026
- Annual report24 Feb 2026
- Current report24 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Douglas Dynamics, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Douglas Dynamics, Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Douglas Dynamics, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.