PLOW Financials Douglas Dynamics, Inc

10 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:20 UTC Overview →

Growth & profitability

Revenue has grown 6.4% per year over the past 5 years.
Operating margin has expanded, at 11.2% in the latest year.
Free cash flow has grown 10.5% per year over the past 5 years.

Financial health

Total debt ($149M) exceeds cash ($8M); net debt is $141M.
Total debt has grown slower than revenue (-8.8% vs 6.4% per year).
Total debt is 1.7× EBITDA.

Shareholder returns

Dividends have been paid for 10 consecutive years, consuming 59.6% of earnings and 43.7% of free cash flow.
The dividend has grown 1.5% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$656M	$47M	26.6%	11.2%	16.7%	7.5%	$64M	$149M	$8M
2024	$569M	$56M	25.8%	15.6%	21.3%	9.5%	$33M	$148M	$5M
2023	$568M	$24M	23.6%	7.9%	10.2%	4.0%	$3M	$236M	$24M
2022	$616M	$39M	24.6%	9.5%	16.3%	6.5%	$28M	$208M	$21M
2021	$541M	$31M	26.2%	9.4%	14.3%	5.4%	$49M	—	$37M
2020	$480M	-$87M	26.7%	-15.6%	-43.2%	-14.9%	$39M	$237M	$41M
2019	$572M	—	29.5%	15.1%	0.0%	0.0%	—	$222M	$36M
2018	$524M	—	29.6%	14.0%	0.0%	0.0%	—	$243M	$28M
2017	$475M	—	30.1%	14.9%	0.0%	0.0%	—	$275M	—
2016	$416M	—	32.2%	16.8%	0.0%	0.0%	—	$307M	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$215M	$25M	31.1%	16.5%	8.5%	3.5%	-$28M	—	$2M
Mar '26	$138M	$6M	27.4%	7.2%	2.3%	1.0%	-$4M	—	$5M
Dec '25	$185M	$13M	26.1%	10.5%	4.6%	2.0%	$93M	$149M	$8M
Sep '25	$162M	$8M	23.5%	8.7%	2.9%	1.1%	-$11M	—	$11M
Jun '25	$194M	$26M	31.0%	19.0%	9.5%	3.9%	-$14M	—	$8M
Mar '25	$115M	$148000	24.5%	2.8%	0.1%	0.0%	-$3M	—	$7M
Dec '24	$144M	$8M	24.9%	9.0%	3.0%	1.3%	$71M	$148M	$5M
Sep '24	$129M	$32M	23.9%	35.4%	12.4%	4.8%	-$15M	—	$8M
Jun '24	$200M	$24M	30.7%	18.2%	10.3%	3.9%	$1M	—	$4M
Mar '24	$96M	-$8M	19.8%	-6.7%	-3.8%	-1.4%	-$23M	—	$2M
Dec '23	$134M	$7M	22.0%	9.4%	3.1%	1.2%	$74M	$236M	$24M
Sep '23	$144M	$6M	22.3%	8.0%	2.4%	0.9%	-$354000	—	$11M
Jun '23	$207M	$24M	29.6%	16.7%	10.1%	3.7%	-$12M	—	$3M
Mar '23	$83M	-$13M	13.7%	-16.7%	-6.1%	-2.2%	-$60M	—	$3M
Dec '22	$160M	$12M	23.7%	10.4%	4.9%	1.9%	$111M	$208M	$21M
Sep '22	$166M	$13M	24.8%	11.7%	5.8%	2.0%	-$20M	—	$3M
Jun '22	$188M	$18M	27.3%	13.6%	8.1%	2.9%	-$36M	—	$6M
Mar '22	$103M	-$4M	20.5%	-2.9%	-1.9%	-0.7%	-$28M	—	$8M
Dec '21	$153M	$9M	23.7%	8.5%	4.1%	1.5%	$76M	—	$37M
Sep '21	$128M	$7M	24.0%	8.1%	3.3%	1.2%	-$35M	$246M	—

Valuation over time

How the market has priced PLOW against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 19.0× (Mar '23) to 19.6× (Nov '26).
The price-to-sales ratio has risen from 1.2× (Mar '23) to 1.4× (Nov '26).
The dividend yield has fallen from 3.7% (Mar '23) to 3.0% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is PLOW growing its revenue and profit?

Over the past 5 years, Douglas Dynamics, Inc's revenue has grown 6.4% per year. These are computed facts, not advice.

How much debt does PLOW have?

As of FY2025, Douglas Dynamics, Inc reported $149M of total debt against $8M of cash.

What is PLOW's profit margin?

In FY2025, gross margin was 26.6%, operating margin 11.2%, and net margin 7.1%.

What is PLOW's P/E ratio?

Douglas Dynamics, Inc's P/E (TTM) is 17.50 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the PLOW stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 19.6× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.