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Douglas Dynamics, Inc.

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Douglas Dynamics, Inc. • NYSE
$32.31 ▼ -0.40% (-0.13)
Market Cap $744.45 M
52w High $34.25
52w Low $21.30
Dividend Yield 1.18%
P/E 18.57
Volume 50.13K
Outstanding Shares 23.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $162.121M ▼ $24.023M ▲ $7.96M ▼ 4.91% ▼ $0.34 ▼ $17.999M ▼
Q2-2025 $194.327M ▲ $23.301M ▼ $25.954M ▲ 13.356% ▲ $1.1 ▲ $40.944M ▲
Q1-2025 $115.067M ▼ $24.937M ▲ $148K ▼ 0.129% ▼ $0.01 ▼ $6.697M ▼
Q4-2024 $143.549M ▲ $22.766M ▲ $7.907M ▼ 5.508% ▼ $0.33 ▼ $16.972M ▼
Q3-2024 $129.398M $-14.98M $32.258M 24.929% $1.37 $50.486M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.52M ▲ $694.936M ▲ $419.609M ▲ $275.327M ▲
Q2-2025 $7.98M ▲ $671.471M ▲ $398.207M ▲ $273.264M ▲
Q1-2025 $7.207M ▲ $621.04M ▲ $362.155M ▲ $258.885M ▼
Q4-2024 $5.119M ▼ $589.983M ▼ $325.768M ▼ $264.215M ▲
Q3-2024 $8.413M $665.587M $404.831M $260.756M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.781M ▼ $-8.516M ▲ $-2.929M ▲ $14.11M ▼ $2.665M ▲ $-11.445M ▲
Q2-2025 $25.954M ▲ $-11.384M ▼ $-2.965M ▼ $15.122M ▲ $773K ▼ $-14.349M ▼
Q1-2025 $148K ▼ $-1.337M ▼ $-2.161M ▲ $5.586M ▲ $2.088M ▲ $-3.498M ▼
Q4-2024 $7.907M ▼ $74.404M ▲ $-3.742M ▼ $-73.956M ▼ $-3.294M ▼ $70.576M ▲
Q3-2024 $32.258M $-14.159M $63.285M $-44.909M $4.217M $-15.39M

Revenue by Products

Product Q4-2021Q1-2022Q2-2025Q3-2025
Government Contract
Government Contract
 $0 ▲$0 ▲$30.00M ▲$40.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Work Truck Attachments
Work Truck Attachments
 $100.00M ▲$50.00M ▼$0 ▼$0 ▲
Work Truck Solutions
Work Truck Solutions
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue over the past few years has been fairly steady rather than fast‑growing, which fits a mature, niche industrial business. Profitability, however, has improved recently, with operating and net income both recovering well from the pandemic‑era loss and looking healthier than in the middle of the period. Margins suggest a solid, but not exceptional, level of profitability that can move around with winter severity, input costs, and municipal budgets. Overall, the income statement tells a story of a stable, cyclical business that has managed its ups and downs reasonably well.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative and steady over time, with total assets and equity moving gradually rather than sharply. Debt has come down a bit from prior years, while equity has edged up, which points to slow strengthening of the capital structure. Cash on hand is modest, so the company is not sitting on a large cash cushion, but it also does not appear over‑leveraged. In short, the balance sheet supports ongoing operations comfortably, but it is not overly fortified for extreme shocks.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive, even in weaker years, which is a good sign for the resilience of the model. Capital spending has been relatively modest and predictable, allowing free cash flow to stay positive most years, though not by a wide margin. This pattern suggests disciplined investment, decent cash conversion from earnings, and an ability to fund needs internally most of the time. The main watch point is that free cash flow can tighten in softer operating years, so working capital swings and demand cycles matter.

Competitive Edge

Competitive Edge Douglas Dynamics holds a leading, specialized position in North American snow and ice control equipment, backed by well‑known brands and a long operating history. Its dealer and distributor network, combined with the Douglas Dynamics Management System, creates meaningful barriers for new entrants and helps maintain product quality and cost control. The company also benefits from scale and a broad product set that serves both private contractors and municipalities, making it a go‑to provider for many customers. The flip side is reliance on a relatively narrow, weather‑driven niche, where mild winters or constrained municipal budgets can pressure demand.

Innovation and R&D

Innovation and R&D Innovation here is practical and applied: making plows and spreaders more durable, easier to mount, safer, and more efficient for contractors and municipalities. The company invests in features like advanced mounting systems, trip‑edge designs, liquid de‑icing technology, and patented product improvements, all protected through an active patent strategy. Operational innovation via its management system is just as important, driving lean manufacturing and smooth integration of acquisitions. Looking ahead, opportunities include expanding liquid de‑icing, adding telematics and “smart” features, and tailoring products for electric trucks, all of which could deepen customer stickiness over time.

Summary

Douglas Dynamics combines a steady, cyclical financial profile with a strong, defensible niche in snow and ice control. Earnings and cash flow have proven resilient, gradually improving after a difficult period, while the balance sheet remains moderate and manageable. Its moat rests on trusted brands, a dense distribution network, operational excellence, and a full suite of truck equipment solutions. Key uncertainties are tied to weather patterns, economic cycles, and municipal spending, while key opportunities lie in continued product innovation, smart technology integration, and disciplined expansion within its specialized market.

NEWS

November 3, 2025 · 6:00 PM UTC

Douglas Dynamics Reports Third Quarter 2025 Results

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November 3, 2025 · 5:00 PM UTC

Douglas Dynamics Acquires the Assets of Venco Venturo Industries LLC

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October 29, 2025 · 7:58 AM UTC

Douglas Dynamics Announces Changes to its Board of Directors

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October 21, 2025 · 8:05 AM UTC

Douglas Dynamics Announces Third Quarter 2025 Earnings Release and Conference Call

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September 5, 2025 · 8:45 AM UTC

Douglas Dynamics Declares Quarterly Cash Dividend

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