Download PDF

1. Company Snapshot

1.a. Company Description

Douglas Dynamics, Inc.operates as a manufacturer and upfitter of commercial work truck attachments and equipment in North America.It operates through two segments, Work Truck Attachments and Work Truck Solutions.


The Work Truck Attachments segment manufactures and sells snow and ice control attachments, including snowplows, and sand and salt spreaders for light trucks and heavy duty trucks, as well as various related parts and accessories.The Work Truck Solutions segment primarily manufactures municipal snow and ice control products; provides truck and vehicle upfits where it attaches component pieces of equipment, truck bodies, racking, and storage solutions to a vehicle chassis for use by end users for work related purposes; and manufactures storage solutions for trucks and vans, and cable pulling equipment for trucks.This segment also offers up-fit and storage solutions.


It also provides customized turnkey solutions to governmental agencies, such as Departments of Transportation and municipalities.The company sells its products under the BLIZZARD, FISHER, SNOWEX, WESTERN, TURFEX, SWEEPEX, HENDERSON, BRINEXTREME, and DEJANA brands.It distributes its products primarily to professional snowplowers who are contracted to remove snow and ice from commercial and residential areas.


The company was founded in 1948 and is headquartered in Milwaukee, Wisconsin.

Show Full description

1.b. Last Insights on PLOW

Douglas Dynamics' recent performance was driven by strong Q2 2025 earnings, with EPS jumping 28% to $1.14 per share, surpassing estimates. The company's Work Truck Solutions segment delivered a record quarter, prompting a raise and narrowing of 2025 guidance ranges. A quarterly cash dividend of $0.295 per share was declared, demonstrating the company's commitment to shareholder returns. The strong earnings report and guidance boost investor confidence, fueled by the company's premier position in North America's work truck attachments and equipment market.

1.c. Company Highlights

2. Douglas Dynamics' Q3 2025 Earnings: A Strong Performance

Douglas Dynamics reported a robust third quarter in 2025, with net sales increasing 25% to $162.1 million, driven by higher demand and improved throughput at its Work Truck Solutions and Attachments segments. Gross profit grew 23% to $38.1 million, while adjusted EBITDA increased 31% to $20.1 million, with margins expanding 60 basis points to 12.4%. The company's adjusted earnings per share (EPS) came in at $0.40, beating analyst estimates of $0.36. The strong EPS performance was driven by a 60% increase in adjusted net income to $9.5 million.

Publication Date: Nov -17

📋 Highlights
  • Record Q3 Net Sales Growth:: Net sales surged 25% to $162.1 million, driven by higher demand and improved throughput across segments.
  • Strong Adjusted EBITDA Margin Expansion:: Adjusted EBITDA rose 31% to $20.1 million, with margins increasing 60 basis points to 12.4%.
  • Attachments Segment Performance:: Net sales grew 13% to $68.1 million, with adjusted EBITDA up 29% to $10.5 million.
  • Strategic Acquisition of Venco Venturo:: First acquisition in 9+ years, modestly accretive to 2026 earnings and free cash flow, targeting $30–$40 million in annual sales.
  • Guidance Upside:: Full-year net sales raised to $635–$660 million, with adjusted EBITDA of $87–$102 million and adjusted EPS of $1.85–$2.25.

Segment-wise Performance

The Attachments segment reported a 13% increase in net sales to $68.1 million, with adjusted EBITDA rising 29% to $10.5 million. The Work Truck Solutions segment produced record results, with net sales up 36% to $94 million and adjusted EBITDA increasing 34% to $9.6 million. The strong performance in both segments was driven by higher demand and improved operational efficiency.

Acquisition and Guidance Update

The company completed its acquisition of Venco Venturo, a provider of truck-mounted cranes and dump hoists, which is expected to be modestly accretive to earnings and free cash flow in 2026. Douglas Dynamics raised its guidance ranges, expecting net sales of $635 million to $660 million, adjusted EBITDA of $87 million to $102 million, and adjusted EPS of $1.85 to $2.25. The effective tax rate is expected to be around 24% to 25%.

Valuation and Outlook

With a P/E Ratio of 16.96 and an EV/EBITDA ratio of 11.97, the company's valuation appears reasonable, considering its strong earnings growth prospects. Analysts estimate revenue growth of 10.4% for next year, which is expected to drive further expansion in the company's margins and profitability. The company's ROE of 15.66% and ROIC of 8.27% indicate a strong ability to generate returns for shareholders.

3. NewsRoom

Card image cap

Douglas Dynamics Declares Quarterly Cash Dividend

Dec -05

Source: globenewswire.com

Card image cap

Geode Capital Management LLC Acquires 2,572 Shares of Douglas Dynamics, Inc. $PLOW

Dec -02

Source: defenseworld.net

Card image cap

Douglas Dynamics, Inc. (PLOW) Q3 2025 Earnings Call Transcript

Nov -04

Source: seekingalpha.com

Card image cap

Douglas Dynamics Reports Third Quarter 2025 Results

Nov -03

Source: globenewswire.com

Card image cap

Douglas Dynamics Acquires the Assets of Venco Venturo Industries LLC

Nov -03

Source: globenewswire.com

Card image cap

Douglas Dynamics Announces Changes to its Board of Directors

Oct -29

Source: globenewswire.com

Card image cap

Douglas Dynamics Announces Third Quarter 2025 Earnings Release and Conference Call

Oct -21

Source: globenewswire.com

Card image cap

Is Douglas Dynamics (PLOW) Stock Outpacing Its Auto-Tires-Trucks Peers This Year?

Sep -11

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.99%)

6. Segments

Work Truck Attachments

Expected Growth: 6.5%

Douglas Dynamics' Work Truck Attachments segment growth of 6.5% is driven by increasing demand for snow and ice control equipment, expansion in municipal and commercial markets, and strategic acquisitions. Additionally, the company's focus on innovation, quality, and customer service contributes to its market share growth.

Work Truck Solutions

Expected Growth: 7.5%

Douglas Dynamics' Work Truck Solutions segment growth of 7.5% is driven by increasing demand for commercial trucks, rising infrastructure spending, and growing adoption of snow and ice control equipment. Additionally, the company's strategic acquisitions and investments in product innovation, such as its proprietary snowplow technology, have expanded its market share and driven revenue growth.

7. Detailed Products

Snowplows

Douglas Dynamics offers a range of snowplows designed for efficient snow removal, including municipal, contractor, and homeowner models.

Salt Spreaders

The company provides a variety of salt spreaders for ice control and snow removal, suitable for different vehicle types and applications.

Towable Plows

Douglas Dynamics offers towable plows for light commercial and residential use, featuring easy attachment and detachment.

Hiniker Snow and Ice Control Equipment

The company's Hiniker brand offers a range of snow and ice control equipment, including plows, spreaders, and other accessories.

De-icing and Anti-icing Solutions

Douglas Dynamics provides de-icing and anti-icing solutions for roads, bridges, and other infrastructure, including liquid and solid products.

8. Douglas Dynamics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Douglas Dynamics, Inc. is medium due to the presence of alternative products in the market, but the company's strong brand reputation and customer loyalty mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for Douglas Dynamics, Inc. due to the company's strong market position and limited buyer concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Douglas Dynamics, Inc. due to the presence of multiple suppliers, but the company's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants is high for Douglas Dynamics, Inc. due to the relatively low barriers to entry in the industry, but the company's strong brand reputation and established distribution network provide some protection.

Intensity Of Rivalry

The intensity of rivalry is high for Douglas Dynamics, Inc. due to the presence of several established competitors in the market, leading to a highly competitive environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 51.19%
Debt Cost 9.69%
Equity Weight 48.81%
Equity Cost 9.69%
WACC 9.69%
Leverage 104.86%

11. Quality Control: Douglas Dynamics, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Douglas Dynamics

A-Score: 6.4/10

Value: 5.8

Growth: 3.7

Quality: 5.7

Yield: 8.0

Momentum: 7.0

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
Standard Motor Products

A-Score: 5.6/10

Value: 5.4

Growth: 3.3

Quality: 3.8

Yield: 6.0

Momentum: 8.5

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Strattec Security

A-Score: 5.6/10

Value: 7.9

Growth: 6.7

Quality: 6.0

Yield: 0.0

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
Dana

A-Score: 4.8/10

Value: 4.7

Growth: 3.3

Quality: 2.4

Yield: 5.0

Momentum: 9.0

Volatility: 4.7

1-Year Total Return ->

View Full Report
Stock-Card
Monro

A-Score: 4.1/10

Value: 7.3

Growth: 2.6

Quality: 2.8

Yield: 8.0

Momentum: 1.0

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Holley

A-Score: 4.0/10

Value: 6.8

Growth: 5.9

Quality: 2.6

Yield: 0.0

Momentum: 6.5

Volatility: 2.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

31.81$

Current Price

31.81$

Potential

-0.00%

Expected Cash-Flows