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 41 d ago 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 20.3× (Sep '26).
The price-to-sales ratio has risen from 1.2× (Mar '23) to 1.5× (Sep '26).
The dividend yield has fallen from 3.7% (Mar '23) to 2.9% (Sep '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?

As of Sep '26, Douglas Dynamics, Inc traded at a price-to-earnings ratio of about 20.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.