# Douglas Dynamics (PLOW.US)

Canonical: https://gigainvestors.com/s/PLOW

Analysis as of: 2026-10-16T07:31:14.248Z. Financial observations: FY2007–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $39.66 per share; close as of 2026-10-15.

Estimated value: low $25.81 per share, central $29.72 per share, high $34.53 per share. Buy at or below the central value $29.72 per share. Valuation as of 2026-10-16T07:31:14.248Z; scenarios are not confidence intervals.

Expected annual return: 8.2% at the stated quote. About 8.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.98×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: -0.16×

- FY2021: 0.09×

- FY2022: 0.10×

- FY2023: 0.08×

- FY2024: 0.08×

- FY2025: 0.11×

- LTM to Jun 2026: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.7%

- ROIC, second-lowest year: 9.9%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 26.7%

- Recent gross margin (lower of latest and 3-year median): 26.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 9.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 23.8%

- FY2018: 19.7%

- FY2019: 21.9%

- FY2020: -18.9%

- FY2021: 14.9%

- FY2022: 14.5%

- FY2023: 10.4%

- FY2024: 9.9%

- FY2025: 14.9%

- LTM to Jun 2026: 12.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.22×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $240M

- Net income, five-year total: $196M

- Return on incremental invested capital: 23.7%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 3.4 pp

- Working capital / revenue, final three-year average: 33.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.30×

- FY2022: 1.23×

- FY2023: 1.47×

- FY2024: 1.18×

- FY2025: 1.09×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.7% vs 10.4%

- Per-share earnings: 1.98 to 1.99 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: -$3.9M

- Cumulative retained earnings: $25M

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.1%

- Per-share value change: $0.01

- Per-share value, starting three-year median: $1.98

- Per-share value, ending three-year median: $1.99

- Buybacks concentrated in cheaper years (correlation): 0.37

- Average buyback yield: 0.3%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $215M

- Cumulative net income, 10 years: $297M

- ROIC, first three-year median: 19.7%

- ROIC, last three-year median: 10.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.74

- FY2017: $2.45

- FY2018: $1.93

- FY2019: $2.16

- FY2020: -$3.79

- FY2021: $1.34

- FY2022: $1.68

- FY2023: $1.03

- FY2024: $2.39

- FY2025: $1.99

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 9.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.59×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.83×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.6%

- FY2017: -1.7%

- FY2018: -2.1%

- FY2019: -4.0%

- FY2020: -24.2%

- FY2021: -5.2%

- FY2022: -0.2%

- FY2023: 1.9%

- FY2024: 2.5%

- FY2025: -4.4%

## Holders

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 26% since Jun 2026 · sales +6.6%

Story as of 2026-10-16T09:59:24.795Z; price observation 2026-10-15.

Price needs cash profits to grow 4.8% a year for ten years

### Sales · FY2025–2026

sales +6.6%; source https://www.sec.gov/Archives/edgar/data/1287213/000143774926005316/plow20251231_10k.htm; observed 2026-02-24.

- FY2017: $475M 

- FY2018: $524M 

- FY2019: $572M 

- FY2020: $480M 

- FY2021: $541M 

- FY2022: $616M 

- FY2023: $568M 

- FY2024: $569M 

- FY2025: $656M 

- FY2026: $699M 

### Gross margin · FY2026

gross margin 27.3%; source https://www.sec.gov/Archives/edgar/data/1287213/000143774926005316/plow20251231_10k.htm; observed 2026-02-24.

- FY2017: 30.1% 

- FY2018: 29.6% 

- FY2019: 29.5% 

- FY2020: 26.7% 

- FY2021: 26.2% 

- FY2022: 24.6% 

- FY2023: 23.6% 

- FY2024: 25.8% 

- FY2025: 26.6% 

- FY2026: 27.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto parts; annual sales are USD 656.1 million.

- Source: https://www.sec.gov/Archives/edgar/data/1287213/000143774926005316/plow20251231_10k.htm (filed 2026-02-24); FY2025: revenue 656053000; grossProfit 174680000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PLOW.US: 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.

### Why customers stay

Margins ranged from 23.6% to 26.6% during 2023–25; it earns 14.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 23.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 25.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1287213/000143774926005316/plow20251231_10k.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 26.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on capital observations [[2017,0.23830020161221777],[2018,0.1968589988167292],[2019,0.21923613958579516],[2020,-0.18903024262244966],[2021,0.1490627703099326],[2022,0.14521281634132652],[2023,0.10383257359962249],[2024,0.09851789952623706],[2025,0.14949793375762788],[2026,0.12827602406346963]]; median 0.14713779332562954. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 51.5% of cash earnings; earns 23.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2016: growth capex 0; upkeep 9830000; cash acquisitions 181344000; owner earnings 45921000. Growth capex plus acquisitions / owner earnings = 3.949042921539165.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2017: growth capex 0; upkeep 8380000; cash acquisitions 7385000; owner earnings 65528000. Growth capex plus acquisitions / owner earnings = 0.11269991454034917.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2018: growth capex 0; upkeep 9690000; owner earnings 53300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2019: growth capex 0; upkeep 11533000; owner earnings 56845000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2021: growth capex 0; upkeep 11208000; owner earnings 39799000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2022: growth capex 0; upkeep 12047000; owner earnings 47500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: growth capex 0; upkeep 10521000; cash acquisitions 0; owner earnings 34864000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: growth capex 0; upkeep 7810000; cash acquisitions 0; owner earnings 66231000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1287213/000143774926005316/plow20251231_10k.htm (filed 2026-02-24); FY2025: growth capex 0; upkeep 11133000; cash acquisitions 26327000; owner earnings 51123000. Growth capex plus acquisitions / owner earnings = 0.5149736909023336.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Incremental return on capital 0.23675774153392054, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,21451000],[2017,21974000],[2018,24383000],[2019,25183000],[2020,25926000],[2021,26522000],[2022,27026000],[2023,27441000],[2024,27477000],[2025,27936000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1287213/000143774926005316/plow20251231_10k.htm (filed 2026-02-24); FY2025: cash repurchases 6000000 USD.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PLOW.US SharesStats.PercentInsiders = 1.5150000000000001 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 4.8% yearly over ten years; actual growth was 0.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Ten-year compound average after fade. Initial solved rate 0.05571352785896211. Price 39.66; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.0789753723685784 → FY2025 2.164311563663138. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $32.10 per share

- 2016-11: $31.95 per share

- 2016-12: $33.65 per share

- 2017-01: $33.80 per share

- 2017-02: $33.35 per share

- 2017-03: $30.65 per share

- 2017-04: $31.90 per share

- 2017-05: $30.45 per share

- 2017-06: $32.90 per share

- 2017-07: $31.80 per share

- 2017-08: $34.90 per share

- 2017-09: $39.40 per share

- 2017-10: $41.95 per share

- 2017-11: $40.75 per share

- 2017-12: $37.80 per share

- 2018-01: $41.20 per share

- 2018-02: $44.50 per share

- 2018-03: $43.35 per share

- 2018-04: $41.75 per share

- 2018-05: $46.05 per share

- 2018-06: $48.00 per share

- 2018-07: $49.10 per share

- 2018-08: $45.80 per share

- 2018-09: $43.90 per share

- 2018-10: $43.39 per share

- 2018-11: $37.27 per share

- 2018-12: $35.89 per share

- 2019-01: $35.40 per share

- 2019-02: $42.18 per share

- 2019-03: $38.07 per share

- 2019-04: $37.76 per share

- 2019-05: $37.10 per share

- 2019-06: $39.79 per share

- 2019-07: $41.10 per share

- 2019-08: $41.76 per share

- 2019-09: $44.57 per share

- 2019-10: $46.83 per share

- 2019-11: $54.11 per share

- 2019-12: $55.00 per share

- 2020-01: $52.43 per share

- 2020-02: $43.53 per share

- 2020-03: $35.51 per share

- 2020-04: $36.96 per share

- 2020-05: $36.54 per share

- 2020-06: $35.12 per share

- 2020-07: $35.35 per share

- 2020-08: $38.39 per share

- 2020-09: $34.20 per share

- 2020-10: $34.11 per share

- 2020-11: $39.12 per share

- 2020-12: $42.77 per share

- 2021-01: $40.80 per share

- 2021-02: $48.18 per share

- 2021-03: $46.15 per share

- 2021-04: $44.73 per share

- 2021-05: $43.85 per share

- 2021-06: $40.69 per share

- 2021-07: $39.90 per share

- 2021-08: $39.74 per share

- 2021-09: $36.30 per share

- 2021-10: $42.30 per share

- 2021-11: $39.75 per share

- 2021-12: $39.06 per share

- 2022-01: $36.53 per share

- 2022-02: $36.74 per share

- 2022-03: $34.59 per share

- 2022-04: $30.96 per share

- 2022-05: $31.42 per share

- 2022-06: $28.74 per share

- 2022-07: $31.86 per share

- 2022-08: $29.10 per share

- 2022-09: $28.02 per share

- 2022-10: $33.95 per share

- 2022-11: $38.92 per share

- 2022-12: $36.16 per share

- 2023-01: $40.41 per share

- 2023-02: $37.29 per share

- 2023-03: $31.89 per share

- 2023-04: $29.31 per share

- 2023-05: $28.26 per share

- 2023-06: $29.88 per share

- 2023-07: $31.05 per share

- 2023-08: $30.27 per share

- 2023-09: $30.18 per share

- 2023-10: $24.28 per share

- 2023-11: $27.32 per share

- 2023-12: $29.68 per share

- 2024-01: $25.15 per share

- 2024-02: $25.10 per share

- 2024-03: $24.12 per share

- 2024-04: $22.64 per share

- 2024-05: $24.86 per share

- 2024-06: $23.40 per share

- 2024-07: $28.91 per share

- 2024-08: $27.84 per share

- 2024-09: $27.58 per share

- 2024-10: $22.65 per share

- 2024-11: $25.89 per share

- 2024-12: $23.63 per share

- 2025-01: $25.85 per share

- 2025-02: $27.04 per share

- 2025-03: $23.23 per share

- 2025-04: $23.98 per share

- 2025-05: $27.49 per share

- 2025-06: $29.47 per share

- 2025-07: $28.60 per share

- 2025-08: $33.67 per share

- 2025-09: $31.26 per share

- 2025-10: $30.23 per share

- 2025-11: $32.31 per share

- 2025-12: $32.65 per share

- 2026-01: $37.68 per share

- 2026-02: $45.92 per share

- 2026-03: $42.09 per share

- 2026-04: $46.13 per share

- 2026-05: $44.55 per share

- 2026-06: $53.95 per share

- 2026-07: $44.13 per share

- 2026-08: $41.07 per share

- 2026-09: $39.25 per share

- 2026-10: $39.66 per share

## Annual estimated value (USD per share)

- FY2016: low $22.78 per share, central $25.86 per share, high $29.96 per share

- FY2017: low $29.00 per share, central $34.23 per share, high $39.65 per share

- FY2018: low $30.82 per share, central $35.94 per share, high $41.68 per share

- FY2019: low $32.48 per share, central $38.32 per share, high $44.43 per share

- FY2020: low $24.74 per share, central $27.96 per share, high $32.25 per share

- FY2021: low $27.88 per share, central $32.97 per share, high $38.19 per share

- FY2022: low $25.19 per share, central $31.47 per share, high $36.67 per share

- FY2023: low $21.87 per share, central $26.64 per share, high $30.97 per share

- FY2024: low $19.43 per share, central $22.11 per share, high $25.67 per share

- FY2025: low $23.67 per share, central $27.24 per share, high $31.66 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1287213/000143774926005316/plow20251231_10k.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.